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Share Name | Share Symbol | Market | Type |
---|---|---|---|
BlackRock Capital Investment Corporation | NASDAQ:BKCC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.68 | 3.66 | 3.69 | 0 | 01:00:00 |
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 in cash on March 29, 2024 to stockholders of record at the close of business on March 15, 2024. Stockholders that participate in the Company’s dividend reinvestment plan will receive this dividend in cash and not in shares of the Company’s common stock to facilitate the anticipated closing of the merger with TCPC.
“We again generated solid NII in the fourth quarter, producing 15% year-over-year growth and providing healthy dividend coverage of 128%. We selectively grew our portfolio during the quarter with new investments in first lien loans. Over the past several quarters, we have successfully diversified and strengthened the portfolio as we continue to identify attractive investment opportunities to prudently grow on behalf of our shareholders,” said James E. Keenan, Chairman and Interim CEO of the Company. “We finished 2023 with a well-diversified portfolio of 121 companies, more than doubling our number of portfolio companies over the past three years, while first lien loans comprised 85% of the portfolio, up from 50% at the end of 2020."
“We have strategically positioned the Company for NAV stability and overall sound credit quality across market cycles. We are excited about our proposed merger with BlackRock TCP Capital Corp. We believe this transaction positions the combined company for sustained growth and would create meaningful value for the stockholders of BCIC, including opportunities to benefit from more efficient access to capital, the potential for improved trading dynamics, combined operating efficiencies, and a base management fee reduction that has been proposed in conjunction with a successful closing of the transaction. This merger is a strategic next step in the growth and evolution of BlackRock's business development company platform," Mr. Keenan added.
December 31, 2023
December 31, 2022
December 31, 2021
December 31, 2020
Portfolio Composition
First Lien Debt
85%
79%
74%
50%
Second Lien Debt
11%
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 Millions3
—
9
26
42
% of investments, at FMV3
—
2%
5%
9%
_____________________________________________
Financial Highlights
Q4 2023
Q3 2023
Q4 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)
$9.3
$0.13
$9.5
$0.13
$8.1
$0.11
Net realized and unrealized gains/(losses)
$(3.9)
$(0.06)
$1.3
$0.02
$(13.2)
$(0.18)
Basic earnings/(losses)
$5.4
$0.07
$10.8
$0.15
$(5.1)
$(0.07)
Dividends declared
$7.3
$0.10
$7.3
$0.10
$7.3
$0.10
Net Investment Income/(loss), as adjusted1
$9.0
$0.12
$9.8
$0.13
$8.1
$0.11
Basic earnings/(losses), as adjusted1
$5.1
$0.07
$11.1
$0.15
$(5.1)
$(0.07)
_____________________________________________
2023 Totals
2022 Totals
($'s in millions, except per share data)2
Total Amount
Per Share
Total Amount
Per Share
Net Investment Income/(loss)
$36.6
$0.50
$29.4
$0.40
Net realized and unrealized gains/(losses)
$(10.3)
$(0.14)
$(25.9)
$(0.35)
Basic earnings/(losses)
$26.2
$0.36
$3.5
$0.05
Dividends declared
$(29.0)
$0.40
$(29.3)
$0.40
Net Investment Income/(loss), as adjusted1
$36.6
$0.50
$27.8
$0.38
Basic earnings/(losses), as adjusted1
$26.2
$0.36
$1.9
$0.03
_____________________________________________
($'s in millions, except per share data)
December 31, 2023
September 30, 2023
December 31, 2022
Total assets
$627.3
$618.0
$589.1
Investment portfolio, at FMV
$604.5
$595.3
$570.5
Debt outstanding
$292.3
$275.3
$253.0
Total net assets
$315.7
$317.6
$318.5
Net asset value per share
$4.35
$4.38
$4.39
Net leverage ratio1
0.91x
0.84x
0.77x
_____________________________________________
Business Updates
Fourth Quarter Financial Updates
Portfolio and Investment Activity*
($’s in millions)
Three Months Ended
Year Ended
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
Investment deployments
$25.4
$36.0
$124.1
$231.5
Investment exits
$12.6
$27.9
$83.4
$192.4
Number of portfolio company investments at end of period
121
116
121
116
Weighted average yield of debt and income producing equity securities, at FMV
12.7%
12.0%
12.7%
12.0%
% of Portfolio invested in Secured debt, at FMV
96%
94%
96%
94%
% of Portfolio invested in Unsecured/subordinated debt, at FMV
3%
4%
3%
4%
% of Portfolio invested in Equity, at FMV
1%
2%
1%
2%
Average investment by portfolio company, at amortized cost
$5.8
$5.7
$5.8
$5.7
_____________________________________________
*Balance sheet amounts and yield information above are as of period end.
New Portfolio Companies
Existing Portfolio Companies
Liquidity and Capital Resources
Conference Call
BlackRock Capital Investment Corporation will host a webcast/teleconference at 10:00 a.m. (Eastern Time) on Wednesday, March 6, 2024, to discuss its fourth 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 (786) 460-7166, 10 minutes before 10:00 a.m. and referencing the BlackRock Capital Investment Corporation Conference Call (ID Number 8358810). This teleconference can also be accessed using Microsoft Edge, Google Chrome, or Firefox via this link: BlackRock Capital Investment Corporation Fourth 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 Wednesday, March 6, 2024 and ending at 3:00 p.m. on Wednesday, March 20, 2024. The replay of the teleconference can be accessed via the following link: BlackRock Capital Investment Corporation Fourth 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
December 31, 2023
December 31, 2022
Assets
Investments at fair value:
Non-controlled, non-affiliated investments (cost of $616,753,604 and $569,528,145)
$588,902,268
$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)
15,625,000
15,228,000
Total investments at fair value (cost of $702,312,667 and $658,300,164)
604,527,268
570,489,084
Cash and cash equivalents
9,359,280
9,531,190
Interest, dividends and fees receivable
8,222,648
5,515,446
Deferred debt issuance costs
2,969,390
1,055,117
Due from broker
1,823,087
1,946,507
Receivable for investments sold
16,751
12,096
Prepaid expenses and other assets
367,048
510,706
Total assets
$627,285,472
$589,060,146
Liabilities
Debt (net of deferred issuance costs of $658,063 and $996,839)
$292,341,938
$253,003,161
Dividends payable
7,257,191
7,257,191
Payable for investments purchased
2,580,510
600,391
Management fees payable
2,281,541
2,186,540
Income incentive fees payable
1,908,371
3,403,349
Interest and debt related payables
1,517,339
738,719
Interest Rate Swap at fair value
1,379,397
1,332,299
Accrued administrative expenses
354,773
397,299
Accrued expenses and other liabilities
1,934,553
1,618,844
Total liabilities
311,555,613
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
849,324,658
850,199,351
Distributable earnings (losses)
(460,305,579)
(458,387,778)
Treasury stock at cost, 11,909,890 shares held
(73,373,702)
(73,373,702)
Total net assets
315,729,859
318,522,353
Total liabilities and net assets
$627,285,472
$589,060,146
Net assets per share
$4.35
$4.39
BlackRock Capital Investment Corporation
Consolidated Statements of Operations
Three Months Ended (Unaudited)
Year Ended
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
Investment income
Interest income (excluding PIK):
Non-controlled, non-affiliated investments
$18,736,190
$16,400,756
$74,097,252
$54,387,478
PIK interest income:
Non-controlled, non-affiliated investments
1,288,363
512,299
4,885,376
1,138,311
Non-controlled, affiliated investments
—
109,309
31,794
456,686
PIK dividend income:
Non-controlled, non-affiliated investments
108,835
83,725
376,040
319,524
Other income:
Non-controlled, non-affiliated investments
175,932
353,070
964,712
1,633,795
Total investment income
20,309,320
17,459,159
80,355,174
57,935,794
Operating expenses
Interest and other debt expenses
5,828,348
4,213,025
21,711,617
13,140,402
Management fees
2,281,541
2,186,540
8,912,663
8,311,686
Incentive fees on income
1,908,371
1,712,604
7,740,902
3,422,362
Incentive fees on capital gains(1)
(261,077)
—
—
(1,544,569)
Professional fees
392,437
112,420
1,365,075
836,788
Administrative expenses
354,773
397,299
1,161,339
1,407,775
Director fees
158,125
158,125
815,250
613,750
Insurance expense
102,949
164,534
571,104
747,428
Investment advisor expenses
17,094
25,819
68,374
103,276
Other operating expenses
250,783
396,017
1,443,478
1,525,774
Total expenses
11,033,344
9,366,383
43,789,802
28,564,672
Net investment income(1)
9,275,976
8,092,776
36,565,372
29,371,122
Realized and unrealized gain (loss) on investments and Interest Rate Swap
Net realized gain (loss):
Non-controlled, non-affiliated investments
121,018
—
363,087
1,196,573
Non-controlled, affiliated investments
—
—
(441,906)
—
Net realized gain (loss)
121,018
—
(78,819)
1,196,573
Net change in unrealized appreciation (depreciation):
Non-controlled, non-affiliated investments
(4,900,498)
(10,151,765)
(10,009,837)
(23,845,171)
Non-controlled, affiliated investments
—
288,182
(864,398)
620,438
Controlled investments
574,000
(3,214,001)
899,916
(2,523,687)
Interest Rate Swap
318,350
(117,641)
(275,964)
(1,332,299)
Net change in unrealized appreciation (depreciation)
(4,008,148)
(13,195,225)
(10,250,283)
(27,080,719)
Net realized and unrealized gain (loss)
(3,887,130)
(13,195,225)
(10,329,102)
(25,884,146)
Net increase (decrease) in net assets resulting from operations
$5,388,846
$(5,102,449)
$26,236,270
$3,486,976
Net investment income per share—basic(1)
$0.13
$0.11
$0.50
$0.40
Earnings (loss) per share—basic(1)
$0.07
$(0.07)
$0.36
$0.05
Weighted average shares outstanding—basic
72,571,907
72,611,050
72,571,907
73,314,124
Net investment income per share—diluted(1)(2)
$0.13
$0.11
$0.50
$0.40
Earnings (loss) per share—diluted(1)(2)
$0.07
$(0.07)
$0.36
$0.05
Weighted average shares outstanding—diluted
72,571,907
72,611,050
72,571,907
81,042,705
_____________________________________________
(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 month period ended December 31, 2023 and for the year ended December 31, 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 year ended December 31, 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. 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, 2023, on file with the SEC.
Computations for the periods below are derived from the Company's financial statements as follows:
Three Months Ended
Year Ended
December 31, 2023
December 31, 2022
December 31, 2023
December 31, 2022
GAAP Basis:
Net Investment Income
$9,275,976
$8,092,776
$36,565,372
$29,371,122
Net Investment Income per share
0.13
0.11
0.50
0.40
Addback: GAAP incentive fee (reversal) based on capital gains
(261,077)
—
—
(1,544,569)
Addback: GAAP incentive fee based on Income
1,908,371
1,712,604
7,740,902
3,422,362
Pre-Incentive Fee1:
Net Investment Income
$10,923,270
$9,805,380
$44,306,274
$31,248,915
Net Investment Income per share
0.15
0.14
0.61
0.43
Less: Incremental incentive fee based on Income
(1,908,371)
(1,712,604)
(7,740,902)
(3,422,362)
As Adjusted2:
Net Investment Income
$9,014,899
$8,092,776
$36,565,372
$27,826,553
Net Investment Income per share
0.12
0.11
0.50
0.38
_____________________________________________
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.
Certain additional factors related to the Merger could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with (1) the timing or likelihood of the Merger closing; (2) the expected synergies and savings associated with the Merger; (3) the ability to realize the anticipated benefits of the Merger, including the expected accretion to net investment income and the elimination or reduction of certain expenses and costs due to the Merger; (4) the percentage of our and TCPC stockholders voting in favor of the proposals submitted for their approval; (5) the possibility that competing offers or acquisition proposals will be made; (6) the possibility that any or all of the various conditions to the consummation of the Merger may not be satisfied or waived; (7) risks related to diverting management’s attention from ongoing business operations; (8) the risk that stockholder litigation in connection with the Merger may result in significant costs of defense and liability; (9) changes in the economy, financial markets and political environment, including the impacts of inflation and rising interest rates; (10) risks associated with possible disruption in the operations of BCIC and TCPC or the economy generally due to terrorism, war or other geopolitical conflict, natural disasters or public health crises and epidemics; (11) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); (12) conditions in our and TCPC’s operating areas, particularly with respect to business development companies or regulated investment companies; and (13) other considerations that may be disclosed from time to time in our and TCPC’s publicly disseminated documents and filings.
BlackRock Capital Investment Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 5, 2024, 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240305339473/en/
Investor Contact: Nik Singhal 212.810.5427
Press Contact: Christopher Beattie 646.231.8518
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