- GAAP Net Investment Income (“NII”) was $8.9 million, or $0.12
per share, in the second quarter, consistent with the first quarter
NII level. Second quarter NII provided dividend coverage of 123% on
a GAAP basis, an increase from the prior quarter dividend coverage
of 122%.
- Net Asset Value (“NAV”) decreased to $314.0 million as of June
30, 2023, down from $319.8 million as of March 31, 2023, driven
largely by net unrealized depreciation in portfolio fair value of
$7.0 million during the quarter. NAV per share decreased to $4.33
per share from $4.41 per share as of March 31, 2023.
- Gross deployments during the second quarter were $20.8 million,
substantially all of which were in first lien loans. The weighted
average yield on gross deployments during the quarter was 12.1%, up
from 11.9% on deployments in the prior quarter. During the quarter,
3 new portfolio companies were added. Total portfolio companies
held at quarter-end were 121, which was flat from the prior
quarter, up from 116 at the end of 2022 and 86 at the end of 2021.
Gross repayments during the quarter were $6.5 million, including
full exits from 3 existing portfolio companies.
- The Company’s weighted-average portfolio yield as of June 30,
2023 increased to 12.8% based on total portfolio fair value, up
from 12.4% as of March 31, 2023. The increase was largely driven by
a rise in LIBOR and SOFR rates.
- Net leverage was 0.86x as of June 30, 2023, up from 0.81x as of
March 31, 2023, driven by borrowings to fund new deployments during
the quarter. Total available liquidity at quarter-end, including
borrowing capacity and cash on hand, was $85.4 million, subject to
leverage and borrowing base restrictions.
BlackRock Capital Investment Corporation (NASDAQ:BKCC) (“BCIC”
or the “Company,” “we,” “us” or “our”) announced today that its
Board of Directors declared a quarterly dividend of $0.10 per
share, payable on October 6, 2023 to stockholders of record at the
close of business on September 15, 2023.
“We are pleased to see the successful transformation of the
Company’s portfolio, which now represents a well diversified pool
of income producing assets, with a first lien heavy orientation.
With a relatively modest leverage ratio of 0.86x, we have the
flexibility to selectively grow our portfolio and continue to
increase our earnings power. For the fourth consecutive quarter,
our NII covered our $0.10 dividend, with a robust coverage of 123%
for the quarter,” said James E. Keenan, Chairman and Interim CEO of
the Company. “We ended the quarter with a well-diversified
portfolio of 121 companies, more than double the number of
portfolio companies we held at the end of 2020. At quarter-end, 84%
of our portfolio consisted of first lien investments, up from 74%
at the end of 2021 and 50% at the end of 2020."
“Even as the overall lending activity remains muted in this
rising interest rate environment, we have been able to take
advantage of our investing capacity and selectively grow our loan
portfolio. While origination activity is lower than historical
levels, we are seeing better pricing, less levered capital
structures and ability to negotiate better structural protections.
We added 3 new portfolio companies during the second quarter,
drawing upon the power of the BlackRock platform. We deployed $21
million in the quarter on a gross basis – almost entirely in first
lien loans. This was our fifth consecutive quarter with net
positive deployment, totaling approximately $105 million of
investments into new and existing portfolio companies over that
period,” Mr. Keenan continued.
“Against the macroeconomic backdrop of continued inflation,
higher interest rates, and softening consumer demand, we remain
conservative in underwriting new investments and vigilant in
monitoring our existing portfolio. We believe we are well
positioned to withstand the impact of a deteriorating economic
environment. Our credit quality remains solid, with no new
non-accrual investments in the second quarter, demonstrating our
unwavering focus on our strong credit culture.” Mr. Keenan
concluded.
June 30, 2023
December 31, 2022
December 31, 2021
December 31, 2020
Portfolio Composition
First Lien Debt
84%
79%
74%
50%
Second Lien Debt
12%
16%
19%
27%
Junior Capital1
4%
5%
7%
23%
Portfolio Company Count
121
116
86
55
Non-Core
Assets
Portfolio Company Count2
1
3
5
6
Fair Market Value ("FMV", in
Millions)3
—
9
26
42
% of investments, at FMV3
—
2%
5%
9%
_______________________________________________
1. Includes unsecured/subordinated debt
and equity investments. 2. Excludes portfolio companies with zero
FMV. 3. As of June 30, 2023, the fair market value of non-core
assets is less than $0.1 million, therefore the FMV and the % of
investments at FMV of non-core assets have been rounded to
zero.
Financial Highlights
Q2 2023
Q1 2023
Q2 2022
($'s in millions, except per share
data)2
Total Amount
Per Share
Total Amount
Per Share
Total Amount
Per Share
Net Investment Income/(loss)
$8.9
$0.12
$8.9
$0.12
$7.1
$0.10
Net realized and unrealized
gains/(losses)
$(7.4)
$(0.10)
$(0.3)
—
$(9.7)
$(0.13)
Basic earnings/(losses)
$1.5
$0.02
$8.5
$0.12
$(2.5)
$(0.03)
Dividends declared
$7.3
$0.10
$7.3
$0.10
$7.4
$0.10
Net Investment Income/(loss), as
adjusted1
$8.9
$0.12
$8.9
$0.12
$6.0
$0.08
Basic earnings/(losses), as adjusted1
$1.5
$0.02
$8.5
$0.12
$(3.6)
$(0.05)
_______________________________________________
1. Non-GAAP basis financial measure, excluding the hypothetical
liquidation basis capital gain incentive fee accrual (reversal), if
any, under GAAP. See Supplemental Information. 2. Totals may not
foot due to rounding.
($'s in millions, except per share
data)
June 30, 2023
March 31, 2023
December 31, 2022
June 30, 2022
Total assets
$619.0
$602.5
$589.1
$585.3
Investment portfolio, at FMV
$595.8
$587.8
$570.5
$557.4
Debt outstanding
$283.2
$263.1
$253.0
$237.0
Total net assets
$314.0
$319.8
$318.5
$335.4
Net asset value per share
$4.33
$4.41
$4.39
$4.57
Net leverage ratio1
0.86x
0.81x
0.77x
0.64x
_______________________________________________
1. Calculated as the ratio between (a) debt, excluding unamortized
debt issuance costs, less available cash and receivable for
investments sold, plus payables for investments purchased, and (b)
NAV.
Business Updates
- Continued Portfolio Growth and
Deployment: The Company continued to see net positive
deployment of capital into portfolio investments including $14.3
million during the three months ended June 30, 2023, marking the
fifth consecutive quarter of portfolio growth. The Company has
deployed approximately $105 million of capital into new and
existing portfolio companies on a net basis since March 31, 2022,
predominantly all of which was invested in first lien loans.
- Non-Core Legacy Portfolio and Other
Junior Capital Exposure: As of June 30, 2023, the
Company's non-core assets have been reduced to 0.01% of the entire
portfolio at fair value, down from 9% at the end of 2020. As of
June 30, 2023, the Company’s other junior capital (including
unsecured/subordinated debt and equity) exposure, excluding
non-core assets, remained low at 4% of the portfolio, down from 6%
at December 31, 2021 and 21% at December 31, 2020. During the
second quarter, the Company received a $0.5 million partial
repayment of its unsecured debt position in Gordon Brothers Finance
Company ("GBFC"), a non-accrual investment.
Second Quarter Financial Updates
- NII was $8.9 million, or approximately $0.12 per share, for the
three months ended June 30, 2023, consistent with prior quarter
NII. Relative to our dividend declared of $0.10 per share, dividend
coverage was 123% on a GAAP basis, up from 122% in the prior
quarter. As compared to the second quarter of 2022, NII increased
$1.8 million, representing a 25% year-over-year increase; dividend
coverage similarly increased from 97% in the second quarter of 2022
to 123% in the current quarter.
- NAV decreased to $314.0 million at June 30, 2023, down from
$319.8 million at March 31, 2023, largely driven by $7.0 million of
unrealized depreciation in portfolio fair value. This decrease was
concentrated in certain positions including Stitch Holdings, L.P.
(a legacy non-core equity position), Astra Acquisition Corp. and
Thras.io, LLC. NAV per share decreased to $4.33 per share from
$4.41 per share as of March 31, 2023.
Portfolio and Investment Activity*
($’s in millions)
Three Months Ended
June 30, 2023
March 31, 2023
June 30, 2022
Investment deployments
$20.8
$37.6
$73.5
Investment exits
$6.5
$20.7
$25.1
Number of portfolio company investments at
end of period
121
121
100
Weighted average yield of debt and income
producing equity securities, at FMV
12.9%
12.5%
9.3%
% of Portfolio invested in Secured debt,
at FMV
96%
95%
94%
% of Portfolio invested in
Unsecured/subordinated debt, at FMV
3%
4%
4%
% of Portfolio invested in Equity, at
FMV
1%
1%
2%
Average investment by portfolio company,
at amortized cost
$5.7
$5.6
$6.3
_______________________________________________
*Balance sheet amounts and yield information above are as of period
end.
- We deployed $20.8 million during the quarter while exits and
repayments totaled $6.5 million, resulting in a $14.3 million net
increase in our portfolio.
- Deployments consisted of investments/fundings into 3 new
portfolio companies and primarily 5 existing portfolio companies,
which are outlined as follows:
New Portfolio
Companies
- $6.1 million SOFR ("S") + 6.50% first lien term loan and $0.6
million unfunded revolver to Serrano Parent, LLC (Sumo Logic), a
cloud-native software provider for observability and security
management;
- $4.5 million S + 7.00% first lien term loan and $0.5 million
unfunded revolver to Fusion Risk Management, Inc., a software
provider of business continuity and risk management solutions;
and
- $2.2 million S + 7.50% first lien term loan and $0.3 million
unfunded revolver to Lucky US BuyerCo LLC (Global Payments), a
payment services provider to the gaming sector.
Incremental Investment
/Funding Primarily in the Following Existing Portfolio
Companies
- $1.7 million S + 9.00% delayed draw term loan ("DDTL") funding
to Freedom Financial Network Funding, LLC;
- $1.5 million S + 5.75% first lien term loan and $0.3 million
unfunded revolver to Superman Holdings, LLC (Foundation
Software);
- $0.9 million S + 6.75% first lien term loan, $0.2 million
unfunded DDTL, and $0.2 million unfunded revolver to Sonny's
Enterprises, LLC;
- $0.7 million S + 6.25% DDTL funding to Wealth Enhancement
Group, LLC; and
- $0.6 million S + 6.25% DDTL funding to Accordion Partners,
LLC.
- Exits and repayments were primarily concentrated in three
complete exits of portfolio company investments and one partial
paydown:
- $3.3 million full repayment at par of first lien term loan and
DDTL in Sunland Asphalt & Construction, LLC;
- $0.4 million full repayment at par of first lien term loan in
Fusion Risk Management, Inc.;
- $0.3 million full repayment at par of first lien term loan in
RigUp, Inc.; and
- $0.5 million partial repayment of unsecured debt position in
GBFC, a non-accrual position.
- There were no new non-accrual investments during the quarter
ended June 30, 2023. At quarter-end, the Company had only two
non-accrual investment positions, representing approximately 2.5%
and 11.0% of total debt and preferred stock investments, at fair
value and cost, respectively.
- The weighted average internal investment rating of the
portfolio at FMV was 1.44 at June 30, 2023, as compared to 1.35 at
March 31, 2023, 1.33 at December 31, 2022 and 1.21 at December 31,
2021.
- During the quarter ended June 30, 2023, net realized and
unrealized losses were $(7.4) million, including $(7.0) million of
unrealized depreciation on investments and $(0.6) million of
depreciation on our interest rate swap, which was partially offset
by $0.2 million of realized gains during the quarter.
Liquidity and Capital Resources
- At June 30, 2023, we had $12.4 million in cash and cash
equivalents and $73.0 million of availability under our Credit
Facility, subject to leverage restrictions, resulting in $85.4
million of availability for deployment into portfolio company
investments, including current unfunded commitments and for general
use in the normal course of business.
- Net leverage, adjusted for available cash, receivables for
investments sold, payables for investments purchased and
unamortized debt issuance costs, was 0.86x at quarter-end, and our
210% asset coverage ratio provided the Company with additional debt
capacity of $73.0 million under its asset coverage requirements,
subject to borrowing capacity and borrowing base restrictions.
Further, as of June 30, 2023, approximately 84% of our assets were
invested in qualifying assets, exceeding the 70% requirement for a
business development company under Section 55(a) of the Investment
Company Act of 1940.
- For the second quarter of 2023, the Company declared a cash
dividend of $0.10 per share, payable on October 6, 2023 to
stockholders of record at the close of business on September 15,
2023.
Conference Call
BlackRock Capital Investment Corporation will host a
webcast/teleconference at 10:00 a.m. (Eastern Time) on Thursday,
August 3, 2023, to discuss its second quarter 2023 financial
results. All interested parties are welcome to participate. You can
access the teleconference by dialing, from the United States, (877)
400-0505 or from outside the United States, +1 (773) 305-6865, 10
minutes before 10:00 a.m. and referencing the BlackRock Capital
Investment Corporation Conference Call (ID Number 9021727). This
teleconference can also be accessed using Microsoft Edge, Google
Chrome, or Firefox via this link: Second Quarter 2023 Earnings
Call. Once clicked-on, please enter your information to be
connected. Please note that the link becomes active 15 minutes
prior to the scheduled start time. A live, listen-only webcast will
also be available via the investor relations section of
www.blackrockbkcc.com.
The teleconference and the webcast will be available for replay
by 3:00 p.m. on Thursday, August 3, 2023 and ending at 3:00 p.m. on
Thursday, August 17, 2023. The replay of the teleconference can be
accessed via the following link: Second Quarter 2023 Earnings Call
Replay. To access the webcast, please visit the investor relations
section of www.blackrockbkcc.com.
Prior to the webcast/teleconference, an investor presentation
that complements the earnings conference call will be posted to
BlackRock Capital Investment Corporation’s website within the
Presentations section of the Investors page.
About BlackRock Capital Investment Corporation
Formed in 2005, BlackRock Capital Investment Corporation is a
business development company that provides debt and equity capital
to middle-market companies.
The Company's investment objective is to generate both current
income and capital appreciation through debt and equity
investments. We invest primarily in middle-market companies in the
form of senior debt securities and loans, and our investment
portfolio may include junior secured and unsecured debt securities
and loans, each of which may include an equity component.
BlackRock Capital Investment
Corporation Consolidated Statements of Assets and
Liabilities
June 30, 2023
(Unaudited)
December 31, 2022
Assets
Investments at fair value:
Non-controlled, non-affiliated investments
(cost of $605,038,194 and $569,528,145)
$580,838,411
$551,686,646
Non-controlled, affiliated investments
(cost of $1,139,598 and $3,849,638)
—
3,574,438
Controlled investments (cost of
$84,419,465 and $84,922,381)
14,999,000
15,228,000
Total investments at fair value (cost of
$690,597,257 and $658,300,164)
595,837,411
570,489,084
Cash and cash equivalents
12,405,398
9,531,190
Interest, dividends and fees
receivable
6,836,319
5,515,446
Due from broker
2,097,000
1,946,507
Deferred debt issuance costs
1,347,337
1,055,117
Receivable for investments sold
36,986
12,096
Prepaid expenses and other assets
403,727
510,706
Total assets
$618,964,178
$589,060,146
Liabilities
Debt (net of deferred issuance costs of
$828,843 and $996,839)
$283,171,157
$253,003,161
Dividends payable
7,257,191
7,257,191
Income incentive fees payable
7,165,434
3,403,349
Management fees payable
2,221,908
2,186,540
Interest and debt related payables
1,698,635
738,719
Interest Rate Swap at fair value
1,445,045
1,332,299
Accrued administrative expenses
288,454
397,299
Payable for investments purchased
1,463
600,391
Accrued expenses and other liabilities
1,685,832
1,618,844
Total liabilities
304,935,119
270,537,793
Net Assets
Common stock, par value $.001 per share,
200,000,000 common shares authorized, 84,481,797 issued and
72,571,907 outstanding
84,482
84,482
Paid-in capital in excess of par
850,199,351
850,199,351
Distributable earnings (losses)
(462,881,072)
(458,387,778)
Treasury stock at cost, 11,909,890 shares
held
(73,373,702)
(73,373,702)
Total net assets
314,029,059
318,522,353
Total liabilities and net assets
$618,964,178
$589,060,146
Net assets per share
$4.33
$4.39
BlackRock Capital Investment
Corporation
Consolidated Statements of
Operations
(Unaudited)
Three Months Ended
Six Months Ended
June 30, 2023
June 30, 2022
June 30, 2023
June 30, 2022
Investment income
Interest income (excluding PIK):
Non-controlled, non-affiliated
investments
$18,541,747
$11,646,011
$35,954,222
$23,252,914
PIK interest income:
Non-controlled, non-affiliated
investments
999,236
126,140
2,028,467
249,158
Non-controlled, affiliated investments
—
116,572
31,794
232,468
PIK dividend income:
Non-controlled, non-affiliated
investments
89,040
78,729
175,382
154,611
Other income:
Non-controlled, non-affiliated
investments
311,438
301,503
515,561
562,091
Total investment income
19,941,461
12,268,955
38,705,426
24,451,242
Operating expenses
Interest and other debt expenses
5,482,450
2,860,691
10,200,681
5,589,642
Management fees
2,221,908
1,947,167
4,352,380
4,007,031
Incentive fees on income
1,886,182
69,343
3,762,085
88,356
Incentive fees on capital gains(1)
—
(1,073,068)
—
(1,544,569)
Director fees
299,375
153,125
449,000
306,250
Administrative expenses
288,454
299,262
581,088
664,769
Professional fees
249,734
207,489
443,161
510,346
Insurance expense
162,746
196,114
323,703
395,872
Investment advisor expenses
17,094
25,819
34,187
51,638
Other operating expenses
423,298
462,797
787,429
766,596
Total expenses
11,031,241
5,148,739
20,933,714
10,835,931
Net investment income(1)
8,910,220
7,120,216
17,771,712
13,615,311
Realized and unrealized gain (loss) on
investments and Interest Rate Swap
Net realized gain (loss):
Non-controlled, non-affiliated
investments
195,593
—
37,802
825,913
Non-controlled, affiliated investments
—
—
(441,906)
—
Net realized gain (loss)
195,593
—
(404,104)
825,913
Net change in unrealized appreciation
(depreciation):
Non-controlled, non-affiliated
investments
(6,866,500)
(9,875,353)
(6,358,284)
(12,412,374)
Non-controlled, affiliated investments
—
(352,787)
(864,398)
229,671
Controlled investments
(171,084)
766,458
273,916
922,387
Interest Rate Swap
(564,538)
(198,694)
(397,754)
(198,694)
Net change in unrealized appreciation
(depreciation)
(7,602,122)
(9,660,376)
(7,346,520)
(11,459,010)
Net realized and unrealized gain
(loss)
(7,406,529)
(9,660,376)
(7,750,624)
(10,633,097)
Net increase (decrease) in net assets
resulting from operations
$1,503,691
$(2,540,160)
$10,021,088
$2,982,214
Net investment income per
share—basic(1)
$0.12
$0.10
$0.24
$0.18
Earnings (loss) per share—basic(1)
$0.02
$(0.03)
$0.14
$0.04
Weighted average shares
outstanding—basic
72,571,907
73,667,822
72,571,907
73,744,580
Net investment income per
share—diluted(1)(2)
$0.12
$0.10
$0.24
$0.18
Earnings (loss) per
share—diluted(1)(2)
$0.02
$(0.03)
$0.14
$0.04
Weighted average shares
outstanding—diluted
72,571,907
87,860,082
72,571,907
89,329,839
_______________________________________________ (1) Net investment
income and per share amounts displayed above are net of the accrual
(reversal) for incentive fees on capital gains which is reflected
on a hypothetical liquidation basis in accordance with GAAP for the
three and six months ended June 30, 2022. Refer to Supplemental
Information section below for further details and as adjusted
figures that reflect that there were no incentive fees on capital
gains realized and payable to the Advisor during such periods. (2)
For the three and six month periods ended June 30, 2022, the impact
of the hypothetical conversion of the 2022 Convertible Notes was
antidilutive.
Supplemental Information
The Company reports its financial results on a generally
accepted accounting principles (“GAAP”) basis; however, management
believes that evaluating the Company’s ongoing operating results
may be enhanced if investors have additional non-GAAP basis
financial measures. Management reviews non-GAAP financial measures
to assess ongoing operations and, for the reasons described below,
considers them to be effective indicators, for both management and
investors, of the Company’s financial performance over time. The
Company’s management does not advocate that investors consider such
non-GAAP financial measures in isolation from, or as a substitute
for, financial information prepared in accordance with GAAP.
The Company records its liability for incentive fees based on
capital gains (if any) by performing a hypothetical liquidation
basis calculation at the end of each reporting period, as required
by GAAP, which assumes that all unrealized capital appreciation and
depreciation is realized as of the reporting date. It should be
noted that incentive fees based on capital gains (if any) are not
due and payable until the end of the annual measurement period, or
every June 30. The incremental incentive fees disclosed for a given
period are not necessarily indicative of actual full year results.
Changes in the economic environment, financial markets,
geopolitical conditions and other parameters could cause actual
results to differ from estimates and such differences could be
material. There can be no assurance that unrealized capital
appreciation and depreciation will be realized in the future, or
that any accrued capital gains incentive fee will become payable.
Incentive fee amounts on capital gains actually paid by the Company
will specifically exclude consideration of unrealized capital
appreciation, consistent with requirements under the Investment
Advisers Act of 1940 and the Company’s investment management
agreement. For a more detailed description of the Company’s
incentive fees, please refer to the Company's Annual Report on Form
10-K for the fiscal year ended December 31, 2022, on file with the
Securities and Exchange Commission ("SEC").
Computations for the periods below are derived from the
Company's financial statements as follows:
Three Months Ended
Six Months Ended
June 30, 2023
June 30, 2022
June 30, 2023
June 30, 2022
GAAP Basis:
Net Investment Income
$8,910,220
$7,120,216
$17,771,712
$13,615,311
Net Investment Income per share
0.12
0.10
0.24
0.18
Addback: GAAP incentive fee (reversal)
based on capital gains
—
(1,073,068)
—
(1,544,569)
Addback: GAAP incentive fee based on
Income
1,886,182
69,343
3,762,085
88,356
Pre-Incentive Fee1:
Net Investment Income
$10,796,402
$6,116,491
$21,533,797
$12,159,098
Net Investment Income per share
0.15
0.08
0.30
0.16
Less: Incremental incentive fee based on
Income
(1,886,182)
(69,343)
(3,762,085)
(88,356)
As Adjusted2:
Net Investment Income
$8,910,220
$6,047,148
$17,771,712
$12,070,742
Net Investment Income per share
0.12
0.08
0.24
0.16
_______________________________________________
1. Pre-Incentive Fee: Amounts are
adjusted to remove the impact of all accrued (reversed) incentive
fees recorded during the period.
2. As Adjusted: Amounts are
adjusted to remove the GAAP accrual (reversal) for incentive fee
based on capital gains (if any) and to include only the incremental
incentive fee based on income. Adjusted amounts reflect the fact
that no incentive fee on capital gains was realized and payable to
the Advisor during the three and six month periods ended June 30,
2023 and 2022, respectively. Under the current investment
management agreement, incentive fee based on income is calculated
for each calendar quarter and may be paid on a quarterly basis if
certain thresholds are met.
Forward-looking statements
This press release, and other statements that BlackRock Capital
Investment Corporation may make, may contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act, with respect to BlackRock Capital Investment
Corporation’s future financial or business performance, strategies
or expectations. Forward-looking statements are typically
identified by words or phrases such as “trend,” “potential,”
“opportunity,” “pipeline,” “believe,” “comfortable,” “expect,”
“anticipate,” “current,” “intention,” “estimate,” “position,”
“assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,”
“seek,” “achieve,” and similar expressions, or future or
conditional verbs such as “will,” “would,” “should,” “could,” “may”
or similar expressions.
BlackRock Capital Investment Corporation cautions that
forward-looking statements are subject to numerous assumptions,
risks and uncertainties, which may change over time.
Forward-looking statements speak only as of the date they are made,
and BlackRock Capital Investment Corporation assumes no duty to and
does not undertake to update forward-looking statements. Actual
results could differ materially from those anticipated in
forward-looking statements and future results could differ
materially from historical performance.
In addition to factors previously disclosed in BlackRock Capital
Investment Corporation’s SEC reports and those identified elsewhere
in this press release, the following factors, among others, could
cause actual results to differ materially from forward-looking
statements or historical performance: (1) our future operating
results; (2) our business prospects and the prospects of our
portfolio companies; (3) the impact of investments that we expect
to make; (4) our contractual arrangements and relationships with
third parties; (5) the dependence of our future success on the
general economy and its impact on the industries in which we
invest; (6) the financial condition of and ability of our current
and prospective portfolio companies to achieve their objectives;
(7) our expected financings and investments; (8) the adequacy of
our cash resources and working capital, including our ability to
obtain continued financing on favorable terms; (9) the timing of
cash flows, if any, from the operations of our portfolio companies;
(10) the impact of increased competition; (11) the ability of our
investment advisor to locate suitable investments for us and to
monitor and administer our investments; (12) potential conflicts of
interest in the allocation of opportunities between us and other
investment funds managed by our investment advisor or its
affiliates; (13) the ability of our investment advisor to attract
and retain highly talented professionals; (14) changes in law and
policy accompanying the new administration and uncertainty pending
any such changes; (15) increased geopolitical unrest, terrorist
attacks or acts of war, which may adversely affect the general
economy, domestic and local financial and capital markets, or the
specific industries of our portfolio companies; (16) changes and
volatility in political, economic or industry conditions, the
interest rate environment, inflation, credit risk, foreign exchange
rates or financial and capital markets; (17) the unfavorable
resolution of legal proceedings; and (18) the impact of changes to
tax legislation and, generally, our tax position.
BlackRock Capital Investment Corporation’s Annual Report on Form
10-K for the year ended December 31, 2022, filed with the SEC on
March 1, 2023, identifies additional factors that can affect
forward-looking statements.
Available Information
BlackRock Capital Investment Corporation’s filings with the SEC,
press releases, earnings releases and other financial information
are available on its website at www.blackrockbkcc.com. The
information contained on our website is not a part of this press
release.
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version on businesswire.com: https://www.businesswire.com/news/home/20230802687333/en/
Investor: Nik Singhal 212.810.5427
Press: Christopher Beattie 646.231.8518
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