- GAAP Net Investment Income (“NII”) was $8.9 million, or $0.12
per share in the first quarter, representing a 9.5% increase from
prior quarter NII of $8.1 million, or $0.11 per share. First
quarter NII provided dividend coverage of 122% on a GAAP basis, up
from the prior quarter dividend coverage of 112%.
- Net Asset Value (“NAV”) increased to $319.8 million as of March
31, 2023, up from $318.5 million as of December 31, 2022; NAV per
share increased to $4.41 per share from $4.39 per share as of
December 31, 2022.
- Gross deployments during the first quarter were $37.6 million,
substantially all of which were in first lien loans. The weighted
average yield on gross deployments during the quarter was 11.9%, up
from 11.5% on deployments in the prior quarter. During the quarter,
8 new portfolio companies were added bringing total portfolio
companies held at quarter-end to 121, up from 116 at the end of
2022 and 86 at the end of 2021. Gross repayments during the quarter
were $20.7 million, including full exits from 3 existing portfolio
companies, including two legacy investments which further reduced
exposure to non-core legacy assets to less than 1% of total
portfolio fair market value.
- The Company’s weighted-average portfolio yield as of March 31,
2023 increased to 12.4% based on total portfolio fair value, up
from 11.9% as of December 31, 2022. The increase was largely driven
by a rise in LIBOR and SOFR rates during the quarter.
- Net leverage was 0.81x as of March 31, 2023, up from 0.77x as
of December 31, 2022, driven by new net deployments. Total
available liquidity for deployment into portfolio company
investments, including cash, was $98.2 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 July 6, 2023 to stockholders of record at the
close of business on June 15, 2023.
“We continued to successfully execute on our strategy of (i)
increasing the earnings power of our portfolio via disciplined
growth and (ii) increasing the resiliency of our portfolio by
creating a diversified portfolio of senior secured assets. Our NII
continued to grow this quarter, increasing 9.5% from the prior
quarter. We are very pleased that our NII covered our $0.10
dividend for the third consecutive quarter, with increased coverage
of 122% this quarter, up from 112% in the fourth 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 had at the
end of 2020. At the end of the quarter, 82% of our portfolio
consisted of first lien investments, up from 74% at the end of 2021
and 50% at the end of 2020. We have now exceeded our target of
having at least 80% of the portfolio in first lien
investments."
“Even as we grew our loan portfolio, we were highly selective
during the first quarter in which we saw reduced origination
activity across the market. Corporate mergers and acquisitions,
demand for growth financings as well as refinancing activity
remained muted in the rising interest rate environment. Still, we
added 8 new portfolio companies during the quarter, drawing upon
the power of the BlackRock platform. We deployed $38 million in the
first quarter on a gross basis – almost entirely in first lien
loans. This is our fourth consecutive quarter with net positive
deployments, totaling approximately $91 million over the last 12
months. Our relatively modest leverage ratio of 0.81x provides
flexibility to continue to selectively grow our portfolio and
further increase our earnings power,” Mr. Keenan continued.
“Against the macroeconomic backdrop of continued inflation,
higher interest rates, and softening consumer demand, we remain
conservative in underwriting new investments and vigilant in
monitoring our existing portfolio. We believe we are well
positioned to withstand the impact of a deteriorating economic
environment. Additionally, during the quarter, we exited and
realized our non-core legacy investments in Advanced Lighting
(previously a non-accrual asset) and Kemmerer, reducing our
non-core exposure to less than 1% of the portfolio. Our credit
quality remains solid as there were no new non-accrual investments
in the first quarter, demonstrating our unwavering focus on our
strong credit culture.” Mr. Keenan concluded.
March 31, 2023
December 31, 2022
December 31, 2021
December 31, 2020
Portfolio Composition
First Lien Debt
82%
79%
74%
50%
Second Lien Debt
13%
16%
19%
27%
Junior Capital1
5%
5%
7%
23%
Portfolio Company Count
121
116
86
55
Non-Core
Assets
Portfolio Company Count2
1
3
5
6
Fair Market Value ("FMV", in Millions)
4
9
26
42
% of investments, at FMV
1%
2%
5%
9%
_______________________________________________
- Includes unsecured/subordinated debt and equity
investments.
- Excludes portfolio companies with zero FMV.
Financial Highlights
Q1 2023
Q4 2022
Q1 2022
($'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
$8.1
$0.11
$6.5
$0.09
Net realized and unrealized
gains/(losses)
$(0.3)
—
$(13.2)
$(0.18)
$(1.0)
$(0.01)
Basic earnings/(losses)
$8.5
$0.12
$(5.1)
$(0.07)
$5.5
$0.07
Dividends declared
$7.3
$0.10
$7.3
$0.10
$7.4
$0.10
Net Investment Income/(loss), as
adjusted1
$8.9
$0.12
$8.1
$0.11
$6.0
$0.08
Basic earnings/(losses), as adjusted1
$8.5
$0.12
$(5.1)
$(0.07)
$5.1
$0.07
_______________________________________________
- Non-GAAP basis financial measure, excluding the hypothetical
liquidation basis capital gain incentive fee accrual (reversal), if
any, under GAAP. See Supplemental Information.
- Totals may not foot due to rounding.
($'s in millions, except per share
data)
March 31, 2023
December 31, 2022
March 31, 2022
Total assets
$602.5
$589.1
$533.3
Investment portfolio, at FMV
$587.8
$570.5
$517.8
Debt outstanding
$263.1
$253.0
$171.6
Total net assets
$319.8
$318.5
$346.9
Net asset value per share
$4.41
$4.39
$4.70
Net leverage ratio1
0.81x
0.77x
0.46x
_______________________________________________
- 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
- Reduced Exposure in Non-Core Legacy
Portfolio: During the first quarter, the Company
received $2.4 million in proceeds from the full sale of its first
lien debt and equity positions in Kemmerer Operations, LLC and
Kemmerer Holdings, LLC (collectively, "Kemmerer"), and $0.8 million
in proceeds from the full sale of its non-accrual second lien
secured note position in Advanced Lighting Technologies, LLC
("Advanced Lighting"), further reducing the Company's non-core
legacy exposure.
- Other Junior Capital
Exposure: As of March 31, 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.
- Revolving Credit Facility
Amendment: Due to the transition away from LIBOR indices
and the discontinuation of publication of the U.S. Dollar LIBOR
benchmarks effective June 30, 2023, the Company entered into an
amendment to its senior secured revolving credit facility (the
"Credit Facility") on April 26, 2023 to remove and replace the
LIBOR-based interest rate benchmark provisions with customary
SOFR-based interest rate benchmark provisions plus a negotiated
credit spread adjustment of 0.10%. Other material terms of the
Credit Facility were otherwise unchanged.
First Quarter Financial Updates
- NII was $8.9 million, or approximately $0.12 per share, for the
three months ended March 31, 2023, an increase of 9.5% from the
prior quarter, largely driven by an increase in our weighted
average yield as a result of higher LIBOR and SOFR rates, and net
deployments during 2022 and the first quarter of 2023. Relative to
our dividend declared of $0.10 per share, dividend coverage was
122% on a GAAP basis, up from 112% in the prior quarter.
- NAV increased to $319.8 million at March 31, 2023, up from
$318.5 million at December 31, 2022; NAV per share increased to
$4.41 per share from $4.39 per share as of December 31, 2022.
Portfolio and Investment Activity*
($’s in millions)
Three Months Ended
March 31, 2023
December 31, 2022
March 31, 2022
Investment deployments
$37.6
$36.0
$44.0
Investment exits
$20.7
$27.9
$78.7
Number of portfolio company investments at
end of period
121
116
93
Weighted average yield of debt and income
producing equity securities, at FMV
12.5%
12.0%
8.5%
% of Portfolio invested in Secured debt,
at FMV
95%
94%
92%
% of Portfolio invested in
Unsecured/subordinated debt, at FMV
4%
4%
5%
% of Portfolio invested in Equity, at
FMV
1%
2%
3%
Average investment by portfolio company,
at amortized cost
$5.6
$5.7
$6.3
_______________________________________________
*Balance sheet amounts and yield
information above are as of period end.
- We deployed $37.6 million during the quarter while exits and
repayments totaled $20.7 million, resulting in a $16.9 million net
increase in our portfolio.
- Deployments consisted of investments/fundings into 8 new
portfolio companies and primarily 7 existing portfolio companies,
which are outlined as follows:
New
Portfolio Companies
- $6.1 million SOFR ("S") + 7.50% first lien term loan, $0.3
million unfunded delayed draw term loan ("DDTL") and $0.4 million
unfunded revolver to Showtime Acquisition, L.L.C. (World Choice), a
live dinner attraction and family entertainment operator;
- $5.9 million S + 7.25% first lien term loan and $0.5 million
unfunded revolver to Bynder Bidco B.V. and Bynder Bidco, Inc., a
digital asset management provider;
- $5.1 million S + 7.50% first lien term loan and $0.5 million
unfunded revolver to Disco Parent, Inc. (Duck Creek), a property
and casualty insurance software provider;
- $3.5 million S + 6.00% first lien term loan to FSK Pallet
Holding Corp. (Kamps), a provider of recycled wood pallet solutions
to the North American market;
- $3.3 million S + 7.75% first lien term loan and $0.4 million
unfunded revolver to Oranje Holdco, Inc. (KnowBe4), a cybersecurity
awareness training provider;
- $2.2 million S + 8.00% first lien term loan to Tessian Inc., a
provider of cloud e-mail security software;
- $1.8 million S + 6.50% first lien, $0.7 million unfunded DDTL,
and $0.3 million unfunded revolver to LJ Avalon Holdings, LLC
(Ardurra), a provider of water and transportation infrastructure
engineering and consulting services; and
- $0.7 million S + 5.25% first lien term loan to Geo Parent
Corporation, a geohazard mitigation solutions provider.
Incremental Investment /Funding Primarily in
the Following Existing Portfolio Companies
- $2.0 million S + 6.75% DDTL funding to GC Champion Acquisition
LLC (Numerix);
- $1.0 million S + 6.25% DDTL funding to Wealth Enhancement
Group, LLC;
- $0.9 million S + 7.50% first lien term loan and $0.2 million
DDTL funding to Aerospike, Inc.;
- $0.7 million S + 3.75% first lien term loan to NEP Group,
Inc.;
- $0.6 million 12.00% fixed rate first lien term loan to Magenta
Buyer, LLC (McAfee);
- $0.6 million S + 7.25% DDTL funding to Grey Orange
Incorporated; and
- $0.5 million S + 6.50% DDTL funding and $0.1 million S + 6.25%
revolver funding to Accordion Partners, LLC.
- Exits and repayments were primarily concentrated in three
complete exits of portfolio company investments and one partial
paydown:
- $15.0 million full repayment at par of second lien term loan in
Zest Acquisition Corp.;
- $2.4 million of proceeds from the full sale of our first lien
debt and equity positions in Kemmerer, a non-core legacy
position;
- $1.1 million of proceeds from the partial repayment of first
lien term loan and DDTL in Persado, Inc.; and
- $0.8 million of proceeds from the full sale of our non-accrual
second lien secured note position in Advanced Lighting.
- There were no new non-accrual investments during the quarter
ended March 31, 2023. After exiting our non-accrual position in
Advanced Lighting during the quarter, only two non-accrual
investment positions remain, representing approximately 2.7% and
11.3% 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 1.35 at March 31, 2023, as compared to 1.33 at
December 31, 2022, and 1.21 at December 31, 2021.
- During the quarter ended March 31, 2023, net realized and
unrealized losses were $(0.3) million, including $(0.6) million of
realized losses on portfolio exits, partially offset by $0.3
million of net unrealized appreciation on investments and our
interest rate swap.
Liquidity and Capital Resources
- At March 31, 2023, we had $5.2 million in cash and cash
equivalents and $93.0 million of availability under our Credit
Facility, subject to leverage restrictions, resulting in $98.2
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 0.81x at quarter-end, and our
220% asset coverage ratio provided the Company with additional debt
capacity of $93.0 million under its asset coverage requirements,
subject to borrowing capacity and borrowing base restrictions.
Further, as of March 31, 2023, approximately 83.9% 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 first quarter of 2023, the Company declared a cash
dividend of $0.10 per share, payable on July 6, 2023 to
stockholders of record at the close of business on June 15,
2023.
Conference Call
BlackRock Capital Investment Corporation will host a
webcast/teleconference at 10:00 a.m. (Eastern Time) on Tuesday, May
2, 2023, to discuss its first quarter 2023 financial results. All
interested parties are welcome to participate. You can access the
teleconference by dialing, from the United States, (877) 502-9276
or from outside the United States, +1 (773) 305-6867, 10 minutes
before 10:00 a.m. and referencing the BlackRock Capital Investment
Corporation Conference Call (ID Number 5586820). This
teleconference can also be accessed using Microsoft Edge, Google
Chrome, or Firefox via this link: BlackRock Capital Investment
Corporation First 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 Tuesday, May 2, 2023 and ending at 3:00 p.m. on
Tuesday, May 16, 2023. The replay of the teleconference can be
accessed via the following link: BlackRock Capital Investment
Corporation First 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
March 31, 2023
(Unaudited)
December 31, 2022
Assets
Investments at fair value:
Non-controlled, non-affiliated investments
(cost of $589,444,287 and $569,528,145)
$
572,111,003
$
551,686,646
Non-controlled, affiliated investments
(cost of $1,139,598 and $3,849,638)
—
3,574,438
Controlled investments (cost of
$84,922,381 and $84,922,381)
15,673,000
15,228,000
Total investments at fair value (cost of
$675,506,266 and $658,300,164)
587,784,003
570,489,084
Interest, dividends and fees
receivable
6,236,671
5,515,446
Cash and cash equivalents
5,164,450
9,531,190
Due from broker
1,868,232
1,946,507
Deferred debt issuance costs
942,605
1,055,117
Receivable for investments sold
116,102
12,096
Prepaid expenses and other assets
382,314
510,706
Total assets
$
602,494,377
$
589,060,146
Liabilities
Debt (net of deferred issuance costs of
$913,305 and $996,839)
$
263,086,695
$
253,003,161
Dividends payable
7,257,191
7,257,191
Income incentive fees payable
5,279,252
3,403,349
Management fees payable
2,130,472
2,186,540
Interest and debt related payables
1,335,009
738,719
Interest Rate Swap at fair value
1,165,514
1,332,299
Payable for investments purchased
607,368
600,391
Accrued administrative expenses
292,634
397,299
Accrued expenses and other liabilities
1,557,683
1,618,844
Total liabilities
282,711,818
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)
(457,127,572
)
(458,387,778
)
Treasury stock at cost, 11,909,890 shares
held
(73,373,702
)
(73,373,702
)
Total net assets
319,782,559
318,522,353
Total liabilities and net assets
$
602,494,377
$
589,060,146
Net assets per share
$
4.41
$
4.39
BlackRock Capital Investment
Corporation Consolidated Statements of Operations
(Unaudited)
Three Months Ended
March 31, 2023
March 31, 2022
Investment income
Interest income (excluding PIK):
Non-controlled, non-affiliated
investments
$
17,412,475
$
11,606,903
PIK interest income:
Non-controlled, non-affiliated
investments
1,029,231
123,018
Non-controlled, affiliated investments
31,794
115,896
PIK dividend income:
Non-controlled, non-affiliated
investments
86,342
75,882
Other income:
Non-controlled, non-affiliated
investments
204,123
260,588
Total investment income
18,763,965
12,182,287
Operating expenses
Interest and other debt expenses
4,718,231
2,728,951
Management fees
2,130,472
2,059,864
Incentive fees on income
1,875,903
19,013
Incentive fees on capital gains(1)
—
(471,501
)
Administrative expenses
292,634
365,507
Professional fees
193,427
302,857
Insurance expense
160,957
199,758
Director fees
149,625
153,125
Investment advisor expenses
17,093
25,819
Other operating expenses
364,131
303,799
Total expenses
9,902,473
5,687,192
Net investment income(1)
8,861,492
6,495,095
Realized and unrealized gain (loss) on
investments and Interest Rate Swap
Net realized gain (loss):
Non-controlled, non-affiliated
investments
(157,791
)
825,913
Non-controlled, affiliated investments
(441,906
)
—
Net realized gain (loss)
(599,697
)
825,913
Net change in unrealized appreciation
(depreciation):
Non-controlled, non-affiliated
investments
508,216
(2,537,021
)
Non-controlled, affiliated investments
(864,398
)
582,458
Controlled investments
445,000
155,929
Interest Rate Swap
166,784
—
Net change in unrealized appreciation
(depreciation)
255,602
(1,798,634
)
Net realized and unrealized gain
(loss)
(344,095
)
(972,721
)
Net increase (decrease) in net assets
resulting from operations
$
8,517,397
$
5,522,374
Net investment income per
share—basic(1)
$
0.12
$
0.09
Earnings (loss) per share—basic(1)
$
0.12
$
0.07
Weighted average shares
outstanding—basic
72,571,907
73,822,190
Net investment income per
share—diluted(1)(2)
$
0.12
$
0.09
Earnings (loss) per
share—diluted(1)(2)
$
0.12
$
0.07
Weighted average shares
outstanding—diluted
72,571,907
90,815,927
_______________________________________________
- 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 months ended March 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.
- For the three months ended March 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. 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
March 31, 2023
March 31, 2022
GAAP Basis:
Net Investment Income
$8,861,492
$6,495,095
Net Investment Income per share
0.12
0.09
Addback: GAAP incentive fee (reversal)
based on capital gains
—
(471,501)
Addback: GAAP incentive fee based on
Income
1,875,903
19,013
Pre-Incentive Fee1:
Net Investment Income
$10,737,395
$6,042,607
Net Investment Income per share
0.15
0.08
Less: Incremental incentive fee based on
Income
(1,875,903)
(19,013)
As Adjusted2:
Net Investment Income
$8,861,492
$6,023,594
Net Investment Income per share
0.12
0.08
_______________________________________________
- Pre-Incentive Fee: Amounts are adjusted to remove the
impact of all accrued (reversed) incentive fees recorded during the
period.
- 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 months ended March 31, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230501005502/en/
Investor Contact: Nik Singhal 212.810.5427
Press Contact: Brian Beades 212.810.5596
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