UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
(Mark One)
For the quarterly period ended
OR
For the transition period from to
Commission file number
(Exact Name of Registrant as Specified in Its Charter)
|
|
|
|
|
|
|
(State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification No.) |
|
|
|
|
|
|
|
(Address of Principal Executive Offices) |
(Zip Code) |
Registrant’s Telephone Number, Including Area Code:
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐ Accelerated filer ☐
Smaller reporting company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each class |
Trading symbol(s) |
Name of each exchange on which registered |
|
|
|
|
The number of shares of the Registrant’s common stock, $.001 par value per share, outstanding at April 28, 2023 was
BLACKROCK CAPITAL INVESTMENT CORPORATION
FORM 10-Q
FOR THE THREE MONTHS ENDED MARCH 31, 2023
Table of Contents
|
|
INDEX |
PAGE NO. |
|
|
|
|
|
PART I. |
|
|
|
|
|
|
|
Item 1. |
3 |
|
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
4 |
|
|
|
|
|
|
|
5 |
|
|
|
|
|
|
|
6 |
|
|
|
|
|
|
|
Consolidated Schedules of Investments as of March 31, 2023 (unaudited) and December 31, 2022 |
7 |
|
|
|
|
|
|
25 |
|
|
|
|
|
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
44 |
|
|
|
|
|
Item 3. |
52 |
|
|
|
|
|
|
Item 4. |
53 |
|
|
|
|
|
|
PART II. |
|
|
|
|
|
|
|
Item 1. |
54 |
|
|
|
|
|
|
Item 1A. |
54 |
|
|
|
|
|
|
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
54 |
|
|
|
|
|
Item 3. |
54 |
|
|
|
|
|
|
Item 4. |
54 |
|
|
|
|
|
|
Item 5. |
55 |
|
|
|
|
|
|
Item 6. |
56 |
|
|
|
|
|
|
57 |
||
2
PART I. FINANCI AL INFORMATION
In this Quarterly Report, “Company”, “we”, “us” and “our” refer to BlackRock Capital Investment Corporation unless the context states otherwise.
Item 1. Consolidated Financial Statements
BlackRock Capital Investment Corporation
Consolidated Statements of Assets and Liabilities
|
|
|
March 31,
|
|
|
December 31,
|
|
||
|
|
|
(Unaudited) |
|
|
|
|
||
|
Assets |
|
|
|
|
|
|
||
|
Investments at fair value: |
|
|
|
|
|
|
||
|
Non-controlled, non-affiliated investments (cost of $
|
|
$ |
|
|
|
$ |
|
|
|
Non-controlled, affiliated investments (cost of $
|
|
|
|
|
|
|
|
|
|
Controlled investments (cost of $
|
|
|
|
|
|
|
|
|
|
Total investments at fair value (cost of $
|
|
|
|
|
|
|
|
|
|
Interest, dividends and fees receivable |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
|
|
|
|
|
|
Due from broker |
|
|
|
|
|
|
|
|
|
Deferred debt issuance costs |
|
|
|
|
|
|
|
|
|
Receivable for investments sold |
|
|
|
|
|
|
|
|
|
Prepaid expenses and other assets |
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
||
|
Liabilities |
|
|
|
|
|
|
||
|
Debt (net of deferred issuance costs of $
|
|
$ |
|
|
|
$ |
|
|
|
Dividends payable |
|
|
|
|
|
|
|
|
|
Income incentive fees payable (see Note 3) |
|
|
|
|
|
|
|
|
|
Management fees payable |
|
|
|
|
|
|
|
|
|
Interest and debt related payables |
|
|
|
|
|
|
|
|
|
Interest Rate Swap at fair value |
|
|
|
|
|
|
|
|
|
Payable for investments purchased |
|
|
|
|
|
|
|
|
|
Accrued administrative expenses |
|
|
|
|
|
|
|
|
|
Accrued expenses and other liabilities |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
||
|
Net assets |
|
|
|
|
|
|
||
|
Common stock, par value $
|
|
|
|
|
|
|
|
|
|
Paid-in capital in excess of par |
|
|
|
|
|
|
|
|
|
Distributable earnings (losses) |
|
|
(
|
) |
|
|
(
|
) |
|
Treasury stock at cost,
|
|
|
(
|
) |
|
|
(
|
) |
|
Total net assets |
|
|
|
|
|
|
|
|
|
Total liabilities and net assets |
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
||
|
Net assets per share |
|
$ |
|
|
|
$ |
|
|
The accompanying notes are an integral part of these consolidated financial statements.
3
BlackRock Capital Investment Corporation
Consolidated Statem ents of Operations
(Unaudited)
|
|
|
Three Months Ended |
|
|||||
|
|
|
March 31, 2023 |
|
|
March 31, 2022 |
|
||
|
Investment income |
|
|
|
|
|
|
||
|
Interest income (excluding PIK): |
|
|
|
|
|
|
||
|
Non-controlled, non-affiliated investments |
|
$ |
|
|
|
$ |
|
|
|
PIK interest income: |
|
|
|
|
|
|
||
|
Non-controlled, non-affiliated investments |
|
|
|
|
|
|
|
|
|
Non-controlled, affiliated investments |
|
|
|
|
|
|
|
|
|
PIK dividend income: |
|
|
|
|
|
|
||
|
Non-controlled, non-affiliated investments |
|
|
|
|
|
|
|
|
|
Other income: |
|
|
|
|
|
|
||
|
Non-controlled, non-affiliated investments |
|
|
|
|
|
|
|
|
|
Total investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Operating expenses |
|
|
|
|
|
|
||
|
Interest and other debt expenses |
|
|
|
|
|
|
|
|
|
Management fees |
|
|
|
|
|
|
|
|
|
Incentive fees on income |
|
|
|
|
|
|
|
|
|
Incentive fees on capital gains (1) |
|
|
|
|
|
|
(
|
) |
|
Administrative expenses |
|
|
|
|
|
|
|
|
|
Professional fees |
|
|
|
|
|
|
|
|
|
Insurance expense |
|
|
|
|
|
|
|
|
|
Director fees |
|
|
|
|
|
|
|
|
|
Investment advisor expenses |
|
|
|
|
|
|
|
|
|
Other operating expenses |
|
|
|
|
|
|
|
|
|
Total expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Net investment income (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Realized and unrealized gain (loss) on investments and Interest Rate Swap |
|
|
|
|
|
|
||
|
Net realized gain (loss): |
|
|
|
|
|
|
||
|
Non-controlled, non-affiliated investments |
|
|
(
|
) |
|
|
|
|
|
Non-controlled, affiliated investments |
|
|
(
|
) |
|
|
|
|
|
Net realized gain (loss) |
|
|
(
|
) |
|
|
|
|
|
Net change in unrealized appreciation (depreciation): |
|
|
|
|
|
|
||
|
Non-controlled, non-affiliated investments |
|
|
|
|
|
|
(
|
) |
|
Non-controlled, affiliated investments |
|
|
(
|
) |
|
|
|
|
|
Controlled investments |
|
|
|
|
|
|
|
|
|
Interest Rate Swap |
|
|
|
|
|
|
|
|
|
Net change in unrealized appreciation (depreciation) |
|
|
|
|
|
|
(
|
) |
|
Net realized and unrealized gain (loss) |
|
|
(
|
) |
|
|
(
|
) |
|
|
|
|
|
|
|
|
||
|
Net increase (decrease) in net assets resulting from operations |
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
||
|
Net investment income per share—basic (1) |
|
$ |
|
|
|
$ |
|
|
|
Earnings (loss) per share—basic (1) |
|
$ |
|
|
|
$ |
|
|
|
Weighted average shares outstanding—basic |
|
|
|
|
|
|
|
|
|
Net investment income per share—diluted (1)(2) |
|
$ |
|
|
|
$ |
|
|
|
Earnings (loss) per share—diluted (1)(2) |
|
$ |
|
|
|
$ |
|
|
|
Weighted average shares outstanding—diluted |
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these consolidated financial statements.
4
BlackRock Capital Investment Corporation
Consolidated Statements o f Changes in Net Assets
(Unaudited)
|
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
Shares Outstanding |
|
|
Par Amount, Shares Issued |
|
|
Paid in Capital
|
|
|
Distributable
|
|
|
Treasury Stock at Cost |
|
|
Total Net
|
|
||||||
|
Balance at December 31, 2022 |
|
|
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
(
|
) |
|
$ |
(
|
) |
|
$ |
|
|
|
Net investment income |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net realized and unrealized gain (loss) |
|
— |
|
|
|
|
|
|
|
|
|
(
|
) |
|
|
|
|
|
(
|
) |
||||
|
Dividends to common stockholders (2) |
|
— |
|
|
|
|
|
|
|
|
|
(
|
) |
|
|
|
|
|
(
|
) |
||||
|
Balance at March 31, 2023 |
|
|
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
(
|
) |
|
$ |
(
|
) |
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
Shares Outstanding |
|
|
Par Amount, Shares Issued |
|
|
Paid in Capital
|
|
|
Distributable
|
|
|
Treasury Stock at Cost |
|
|
Total Net
|
|
||||||
|
Balance at December 31, 2021 |
|
|
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
(
|
) |
|
$ |
(
|
) |
|
$ |
|
|
|
Cumulative effect of adjustment for the adoption of |
|
— |
|
|
|
|
|
|
(
|
) |
|
|
|
|
|
|
|
|
|
(
|
) |
|||
|
Repurchase of common stock |
|
|
(
|
) |
|
|
|
|
|
|
|
|
|
|
|
(
|
) |
|
|
(
|
) |
|||
|
Net investment income |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net realized and unrealized gain (loss) |
|
— |
|
|
|
|
|
|
|
|
|
(
|
) |
|
|
|
|
|
(
|
) |
||||
|
Dividends to common stockholders (2) |
|
— |
|
|
|
|
|
|
|
|
|
(
|
) |
|
|
|
|
|
(
|
) |
||||
|
Balance at March 31, 2022 |
|
|
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
(
|
) |
|
$ |
(
|
) |
|
$ |
|
|
The accompanying notes are an integral part of these consolidated financial statements.
5
BlackRock Capital Investment Corporation
Consolidated Stateme nts of Cash Flows
(Unaudited)
|
|
|
Three Months Ended |
|
|
|||||
|
|
|
March 31, 2023 |
|
|
March 31, 2022 |
|
|
||
|
Operating activities |
|
|
|
|
|
|
|
||
|
Net increase (decrease) in net assets resulting from operations |
|
$ |
|
|
|
$ |
|
|
|
|
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
||
|
Net realized (gain) loss |
|
|
|
|
|
|
(
|
) |
|
|
Net change in unrealized (appreciation) depreciation of investments |
|
|
(
|
) |
|
|
|
|
|
|
Net change in unrealized (appreciation) depreciation on Interest Rate Swap |
|
|
(
|
) |
|
|
|
|
|
|
Interest and dividend income paid in kind |
|
|
(
|
) |
|
|
(
|
) |
|
|
Net amortization of investment discounts and premiums |
|
|
(
|
) |
|
|
(
|
) |
|
|
Amortization of deferred debt issuance costs |
|
|
|
|
|
|
|
|
|
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
||
|
Purchase of investments |
|
|
(
|
) |
|
|
(
|
) |
|
|
Proceeds from disposition of investments |
|
|
|
|
|
|
|
|
|
|
Decrease (increase) in interest, dividends and fees receivable |
|
|
(
|
) |
|
|
|
|
|
|
Decrease (increase) in due from broker |
|
|
|
|
|
|
|
|
|
|
Decrease (increase) in receivable for investments sold |
|
|
(
|
) |
|
|
|
|
|
|
Decrease (increase) in prepaid expenses and other assets |
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in payable for investments purchased |
|
|
|
|
|
|
(
|
) |
|
|
Increase (decrease) in interest and debt related payables |
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in management fees payable |
|
|
(
|
) |
|
|
(
|
) |
|
|
Increase (decrease) in income incentive fees payable |
|
|
|
|
|
|
(
|
) |
|
|
Increase (decrease) in accrued capital gains incentive fees |
|
|
|
|
|
|
(
|
) |
|
|
Increase (decrease) in accrued administrative expenses |
|
|
(
|
) |
|
|
(
|
) |
|
|
Increase (decrease) in accrued expenses and other liabilities |
|
|
(
|
) |
|
|
(
|
) |
|
|
Net cash provided by (used in) operating activities |
|
|
(
|
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Financing activities |
|
|
|
|
|
|
|
||
|
Draws on Credit Facility |
|
|
|
|
|
|
|
|
|
|
Repayments of Credit Facility draws |
|
|
(
|
) |
|
|
(
|
) |
|
|
Dividends paid to common stockholders |
|
|
(
|
) |
|
|
(
|
) |
|
|
Repurchase of common shares |
|
|
|
|
|
|
(
|
) |
|
|
Net cash provided by (used in) financing activities |
|
|
|
|
|
|
(
|
) |
|
|
|
|
|
|
|
|
|
|
||
|
Net increase (decrease) in cash and cash equivalents |
|
|
(
|
) |
|
|
(
|
) |
|
|
Cash and cash equivalents at beginning of period |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period |
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Supplemental cash flow information |
|
|
|
|
|
|
|
||
|
Interest payments |
|
$ |
|
|
|
$ |
|
|
|
|
Tax payments |
|
$ |
|
|
|
$ |
|
|
|
The accompanying notes are an integral part of these consolidated financial statements.
6
BlackRock Capital Investment Corporation
Consolidated Schedu les of Investments
March 31, 2023
(Unaudited)
|
Issuer(N/P) |
|
Instrument |
|
Ref(E) |
|
Floor |
|
|
Spread |
|
|
Total Coupon |
|
|
Maturity |
|
Principal |
|
|
Cost(A) |
|
|
Fair
|
|
|
Notes |
||||||
|
Debt Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Automobiles |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
ALCV Purchaser, Inc. (AutoLenders) |
|
First Lien Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|
ALCV Purchaser, Inc. (AutoLenders) |
|
First Lien Revolver |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Building Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Porcelain Acquisition Corporation (Paramount) |
|
First Lien Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Capital Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Pico Quantitative Trading, LLC |
|
First Lien Term Loan (
|
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pico Quantitative Trading, LLC |
|
First Lien Incremental Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Commercial Services & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Kellermeyer Bergensons Services, LLC |
|
First Lien Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Kellermeyer Bergensons Services, LLC |
|
First Lien Delayed Draw Term Loan A |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Kellermeyer Bergensons Services, LLC |
|
First Lien Delayed Draw Term Loan B |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pueblo Mechanical and Controls, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pueblo Mechanical and Controls, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
M |
|
Pueblo Mechanical and Controls, LLC |
|
First Lien Revolver |
|
PRIME |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
M |
|
Thermostat Purchaser III, Inc. (Reedy Industries) |
|
Second Lien Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Thermostat Purchaser III, Inc. (Reedy Industries) |
|
Second Lien Delayed Draw Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Construction & Engineering |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
CSG Buyer, Inc. (Core States) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
CSG Buyer, Inc. (Core States) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
CSG Buyer, Inc. (Core States) |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
Geo Parent Corporation |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Homerenew Buyer, Inc. (Project Dream) |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Homerenew Buyer, Inc. (Project Dream) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
M |
|
Homerenew Buyer, Inc. (Project Dream) |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
M |
|
LJ Avalon Holdings, LLC (Ardurra) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
LJ Avalon Holdings, LLC (Ardurra) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
LJ Avalon Holdings, LLC (Ardurra) |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
Sunland Asphalt & Construction, LLC |
|
First Lien Term Loan |
|
LIBOR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sunland Asphalt & Construction, LLC |
|
First Lien Delayed Draw Term Loan |
|
LIBOR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Consumer Finance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Freedom Financial Network Funding, LLC |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Freedom Financial Network Funding, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
Money Transfer Acquisition Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Containers & Packaging |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
BW Holding, Inc. (Brook & Whittle) |
|
Second Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
PVHC Holding Corp. |
|
First Lien Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Distributors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Colony Display LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Diversified Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Elevate Brands OpCo LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
M |
|
Fusion Holding Corp. (Finalsite) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fusion Holding Corp. (Finalsite) |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
Razor Group GmbH (Germany) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D/H/J/M |
|
The accompanying notes are an integral part of these consolidated financial statements.
7
BlackRock Capital Investment Corporation
Consolidated Schedules of Investments—(Continued)
March 31, 2023
(Unaudited)
|
Issuer(N/P) |
|
Instrument |
|
Ref(E) |
|
Floor |
|
|
Spread |
|
|
Total Coupon |
|
|
Maturity |
|
Principal |
|
|
Cost(A) |
|
|
Fair
|
|
|
Notes |
||||||
|
Debt Investments - Continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Razor Group GmbH (Germany) |
|
First Lien Sr Secured Convertible Term Loan |
|
Fixed |
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
D/H/J |
|
|
SellerX Germany GmbH & Co. Kg (Germany) |
|
First Lien Delayed Draw Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D/H/J/M |
|
|
Thras.io, LLC |
|
First Lien Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
O |
|
Thras.io, LLC |
|
First Lien Delayed Draw Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
O |
|
Whele LLC (Perch) |
|
First Lien Incremental Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Diversified Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
2-10 Holdco, Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
2-10 Holdco, Inc. |
|
First Lien Revolver |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
Accordion Partners LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accordion Partners LLC |
|
First Lien Delayed Draw Term Loan A |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accordion Partners LLC |
|
First Lien Delayed Draw Term Loan B |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
Accordion Partners LLC |
|
First Lien Revolver |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
M |
|
Callodine Commercial Finance, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Callodine Commercial Finance, LLC |
|
Subordinated Debt |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
R |
|
GC Champion Acquisition LLC (Numerix) |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
GC Champion Acquisition LLC (Numerix) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gordon Brothers Finance Company |
|
Unsecured Debt |
|
LIBOR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
G/Q/S |
|
Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC) |
|
Second Lien Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth Enhancement Group, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
M |
|
Wealth Enhancement Group, LLC |
|
First Lien Revolver |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
Worldremit Group Limited (United Kingdom) |
|
First Lien Term Loan (
|
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
H/J |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Health Care Providers & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
INH Buyer, Inc. (IMS Health) |
|
First Lien Term Loan (
|
|
SOFR(Q) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D |
|
|
Opco Borrower, LLC (Giving Home Health Care) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Opco Borrower, LLC (Giving Home Health Care) |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
Outcomes Group Holdings, Inc. |
|
Second Lien Term Loan |
|
LIBOR(M) |
|
|
|
|
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
O |
|
Outcomes Group Holdings, Inc. |
|
Second Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
PHC Buyer, LLC (Patriot Home Care) |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
PHC Buyer, LLC (Patriot Home Care) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
Team Services Group, LLC |
|
Second Lien Term Loan |
|
LIBOR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Health Care Technology |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Appriss Health, LLC (PatientPing) |
|
First Lien Term Loan |
|
LIBOR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Appriss Health, LLC (PatientPing) |
|
First Lien Revolver |
|
LIBOR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
M |
|
CareATC, Inc. |
|
First Lien Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
CareATC, Inc. |
|
First Lien Revolver |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
ESO Solutions, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
ESO Solutions, Inc. |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
Gainwell Acquisition Corp. |
|
Second Lien Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sandata Technologies, LLC |
|
First Lien Term Loan |
|
LIBOR(Q) |
|
|
|
|
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sandata Technologies, LLC |
|
First Lien Revolver |
|
LIBOR(Q) |
|
|
|
|
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Hotels, Restaurants & Leisure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
OCM Luxembourg Baccarat Bidco S.À R.L. (Interblock) (Slovenia) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
H/J |
|
OCM Luxembourg Baccarat Bidco S.À R.L. (Interblock) (Slovenia) |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
H/J/M |
|
Showtime Acquisition, L.L.C. (World Choice) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Showtime Acquisition, L.L.C. (World Choice) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
Showtime Acquisition, L.L.C. (World Choice) |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these consolidated financial statements.
8
BlackRock Capital Investment Corporation
Consolidated Schedules of Investments—(Continued)
March 31, 2023
(Unaudited)
|
Issuer(N/P) |
|
Instrument |
|
Ref(E) |
|
Floor |
|
|
Spread |
|
|
Total Coupon |
|
|
Maturity |
|
Principal |
|
|
Cost(A) |
|
|
Fair
|
|
|
Notes |
||||||
|
Debt Investments - Continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
AmeriLife Holdings, LLC |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|
AmeriLife Holdings, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
M |
|
AmeriLife Holdings, LLC |
|
First Lien Revolver |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
Integrity Marketing Acquisition, LLC |
|
First Lien Incremental Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Integrity Marketing Acquisition, LLC |
|
First Lien Incremental Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
IT Parent, LLC (Insurance Technologies) |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
IT Parent, LLC (Insurance Technologies) |
|
First Lien Revolver |
|
SOFR(M)/PRIME |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
M/T |
|
Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance) |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Internet & Catalog Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
CommerceHub, Inc. |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Syndigo, LLC |
|
Second Lien Term Loan |
|
LIBOR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Internet Software & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Anaconda, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Astra Acquisition Corp. (Anthology) |
|
Second Lien Term Loan |
|
LIBOR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bynder Bidco B.V. (Netherlands) |
|
First Lien Term Loan B |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
H/J |
|
Bynder Bidco B.V. (Netherlands) |
|
First Lien Revolver B |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
H/J/M |
|
Bynder Bidco, Inc. (Netherlands) |
|
First Lien Term Loan A |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
H/J |
|
Bynder Bidco, Inc. (Netherlands) |
|
First Lien Revolver A |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
H/J/M |
|
Gympass US, LLC |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D |
|
|
InMoment, Inc. |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D |
|
|
Magenta Buyer, LLC (McAfee) |
|
First Lien Incremental Term Loan |
|
Fixed |
|
|
|
|
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
O |
|
Magenta Buyer, LLC (McAfee) |
|
Second Lien Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
O |
|
Oranje Holdco, Inc. (KnowBe4) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Oranje Holdco, Inc. (KnowBe4) |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
Persado, Inc. |
|
First Lien Term Loan (
|
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Persado, Inc. |
|
First Lien Delayed Draw Term Loan (
|
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pluralsight, Inc. |
|
First Lien Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pluralsight, Inc. |
|
First Lien Revolver |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
M |
|
Quartz Holding Company (Quick Base) |
|
Second Lien Term Loan |
|
LIBOR(M) |
|
|
|
|
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reveal Data Corporation et al |
|
First Lien FILO Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sailpoint Technologies Holdings, Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sailpoint Technologies Holdings, Inc. |
|
First Lien Revolver |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
Spartan Bidco Pty Ltd (StarRez) (Australia) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D/H/J |
|
|
Suited Connector, LLC |
|
First Lien Term Loan |
|
LIBOR(S) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D |
|
|
Suited Connector, LLC |
|
First Lien Revolver |
|
LIBOR(S) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
IT Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Avalara, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Avalara, Inc. |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
Ensono, Inc. |
|
Second Lien Term Loan B |
|
LIBOR(S) |
|
|
|
|
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Idera, Inc. |
|
Second Lien Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Madison Logic Holdings, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Madison Logic Holdings, Inc. |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Leisure Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Peloton Interactive, Inc. |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
J/O |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Life Sciences Tools & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Alcami Corporation |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these consolidated financial statements.
9
BlackRock Capital Investment Corporation
Consolidated Schedules of Investments—(Continued)
March 31, 2023
(Unaudited)
|
Issuer(N/P) |
|
Instrument |
|
Ref(E) |
|
Floor |
|
|
Spread |
|
|
Total Coupon |
|
|
Maturity |
|
Principal |
|
|
Cost(A) |
|
|
Fair
|
|
|
Notes |
||||||
|
Debt Investments - Continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Alcami Corporation |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
$ |
(
|
) |
|
$ |
(
|
) |
|
M |
|
Alcami Corporation |
|
First Lien Revolver |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Machinery |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Sonny's Enterprises, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sonny's Enterprises, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Media |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
NEP Group, Inc. et al |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
— |
|
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
O |
|
NEP Group, Inc. et al |
|
Second Lien Term Loan |
|
LIBOR(M) |
|
|
|
|
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
O |
|
Streamland Media Midco LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Terraboost Media Operating Company, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Paper & Forest Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Alpine Acquisition Corp II (48Forty) |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Alpine Acquisition Corp II (48Forty) |
|
First Lien Revolver |
|
PRIME |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
M |
|
FSK Pallet Holding Corp. (Kamps) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Professional Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
DTI Holdco, Inc. (Epiq Systems, Inc.) |
|
Second Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
GI Consilio Parent, LLC |
|
Second Lien Term Loan |
|
LIBOR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
ICIMS, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D |
|
|
ICIMS, Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D/M |
|
|
ICIMS, Inc. |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
JobandTalent USA, Inc. (United Kingdom) |
|
First Lien Term Loan (
|
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
H/J |
|
JobandTalent USA, Inc. (United Kingdom) |
|
First Lien Delayed Draw Term Loan (
|
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
H/J |
|
RigUp, Inc. |
|
First Lien Delayed Draw Term Loan (
|
|
LIBOR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
TLE Holdings, LLC |
|
First Lien Term Loan |
|
LIBOR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
TLE Holdings, LLC |
|
First Lien Delayed Draw Term Loan |
|
LIBOR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
VT TopCo, Inc. (Veritext) |
|
Second Lien Term Loan |
|
LIBOR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Real Estate Management & Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Greystone Affordable Housing Initiatives, LLC |
|
First Lien Delayed Draw Term Loan |
|
LIBOR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
J |
|
Greystone Select Company II, LLC (Passco) |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Greystone Select Company II, LLC (Passco) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
(
|
) |
|
M |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Road & Rail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Motive Technologies, Inc. (fka Keep Truckin, Inc.) |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Semiconductors & Semiconductor Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Emerald Technologies (U.S.) AcquisitionCo, Inc |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
O |
|
Emerald Technologies (U.S.) AcquisitionCo, Inc |
|
First Lien Revolver |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
M |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Aerospike, Inc. |
|
First Lien Term Loan (
|
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospike, Inc. |
|
First Lien Delayed Draw Term Loan (
|
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
AlphaSense, Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aras Corporation |
|
First Lien Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D |
|
|
Aras Corporation |
|
First Lien Revolver |
|
LIBOR(Q)/(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
M |
The accompanying notes are an integral part of these consolidated financial statements.
10
BlackRock Capital Investment Corporation
Consolidated Schedules of Investments—(Continued)
March 31, 2023
(Unaudited)
|
Issuer(N/P) |
|
Instrument |
|
Ref(E) |
|
Floor |
|
|
Spread |
|
|
Total Coupon |
|
|
Maturity |
|
Principal |
|
|
Cost(A) |
|
|
Fair
|
|
|
Notes |
||||||
|
Debt Investments - Continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Backoffice Associates Holdings, LLC (Syniti) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|
Backoffice Associates Holdings, LLC (Syniti) |
|
First Lien Revolver |
|
PRIME |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
M |
|
Bluefin Holding, LLC (BlackMountain) |
|
Second Lien Term Loan |
|
LIBOR(Q) |
|
|
|
|
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bonterra LLC (fka CyberGrants Holdings, LLC) |
|
First Lien Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bonterra LLC (fka CyberGrants Holdings, LLC) |
|
First Lien Delayed Draw Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
M |
|
Bonterra LLC (fka CyberGrants Holdings, LLC) |
|
First Lien Revolver |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
M |
|
Disco Parent, Inc. (Duck Creek Technologies) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Disco Parent, Inc. (Duck Creek Technologies) |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
Elastic Path Software Inc. (Canada) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
H/J |
|
Elastic Path Software Inc. (Canada) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
H/J |
|
Fusion Risk Management, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D |
|
|
Fusion Risk Management, Inc. |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
Grey Orange Incorporated |
|
First Lien Term Loan (
|
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Grey Orange Incorporated |
|
First Lien Delayed Draw Term Loan (
|
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
GTY Technology Holdings Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D |
|
|
GTY Technology Holdings Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D |
|
|
GTY Technology Holdings Inc. |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
Integrate.com, Inc. (Infinity Data, Inc.) |
|
First Lien Term Loan |
|
LIBOR(M)/SOFR(M) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D/T |
|
|
Integrate.com, Inc. (Infinity Data, Inc.) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D/M |
|
|
Integrate.com, Inc. (Infinity Data, Inc.) |
|
First Lien Revolver |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
JOBVITE, Inc. (Employ, Inc.) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Kaseya Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Kaseya Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
Kaseya Inc. |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
Kong Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D |
|
|
Nvest, Inc. (SigFig) |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Oversight Systems, Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
SEP Eiger BidCo Ltd. (Beqom) (Switzerland) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D/H/J |
|
|
SEP Eiger BidCo Ltd. (Beqom) (Switzerland) |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
H/J/M |
|
SEP Raptor Acquisition, Inc. (Loopio) (Canada) |
|
First Lien Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D/H/J |
|
|
SEP Raptor Acquisition, Inc. (Loopio) (Canada) |
|
First Lien Revolver |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
D/H/J/M |
|
|
Superman Holdings, LLC (Foundation Software) |
|
First Lien Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Superman Holdings, LLC (Foundation Software) |
|
First Lien Revolver |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
Syntellis Parent, LLC (Axiom Software) |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tessian Inc. (United Kingdom) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
H/J |
|
Zendesk, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D |
|
|
Zendesk, Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
D/M |
|
|
Zendesk, Inc. |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
Zilliant Incorporated |
|
First Lien Term Loan |
|
LIBOR(M) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D |
|
|
Zilliant Incorporated |
|
First Lien Delayed Draw Term Loan |
|
LIBOR(M) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
D/M |
|
|
Zilliant Incorporated |
|
First Lien Revolver |
|
LIBOR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these consolidated financial statements.
11
BlackRock Capital Investment Corporation
Consolidated Schedules of Investments—(Continued)
March 31, 2023
(Unaudited)
|
Issuer(N/P) |
|
Instrument |
|
Ref(E) |
|
Floor |
|
|
Spread |
|
|
Total Coupon |
|
|
Maturity |
|
Principal |
|
|
Cost(A) |
|
|
Fair
|
|
|
Notes |
||||||
|
Debt Investments - Continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Specialty Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Calceus Acquisition, Inc. (Cole Haan) |
|
First Lien Term Loan B |
|
LIBOR(Q) |
|
|
|
|
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
O |
|
Calceus Acquisition, Inc. (Cole Haan) |
|
First Lien Sr Secured Notes |
|
Fixed |
|
|
|
|
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Hanna Andersson, LLC |
|
First Lien Term Loan |
|
LIBOR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Technology Hardware, Storage & Peripherals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
SumUp Holdings Luxembourg S.A.R.L. (United Kingdom) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
H/J |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Textiles, Apparel & Luxury Goods |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
James Perse Enterprises, Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
James Perse Enterprises, Inc. |
|
First Lien Revolver |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
|
|
|
M |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Trading Companies & Distributors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Blackbird Purchaser, Inc. (Ohio Transmission Corp.) |
|
Second Lien Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Blackbird Purchaser, Inc. (Ohio Transmission Corp.) |
|
Second Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
M |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
OpenMarket, Inc. (Infobip) (United Kingdom) |
|
First Lien Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
H/J |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Total Debt Investments -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
The accompanying notes are an integral part of these consolidated financial statements.
12
BlackRock Capital Investment Corporation
Consolidated Schedules of Investments—(Continued)
March 31, 2023
(Unaudited)
|
Issuer(N/P) |
|
Instrument |
|
|
|
|
|
|
|
Total Coupon |
|
|
Expiration |
|
Shares |
|
|
Cost(A) |
|
|
Fair
|
|
|
Notes |
||||
|
Equity Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Capital Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Marsico Holdings, LLC |
|
Limited Partnership/Limited Liability Company Interests |
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
$ |
|
|
|
C/I |
|||||||
|
Pico Quantitative Trading Holdings, LLC |
|
Warrants to Purchase Membership Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/I |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Chemicals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
AGY Equity, LLC |
|
Class A Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/F/I |
|||
|
AGY Equity, LLC |
|
Class B Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/F/I |
|||
|
AGY Equity, LLC |
|
Class C Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/F/I |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Diversified Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Elevate Brands Holdco Inc. |
|
Warrants to Purchase Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/I |
|||||||
|
Elevate Brands Holdco Inc. |
|
Warrants to Purchase Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/I |
|||||||
|
MXP Prime Platform GmbH (SellerX) (Germany) |
|
Warrants to Purchase Preferred Series B Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/H/I/J |
|||||||
|
PerchHQ LLC |
|
Warrants to Purchase Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/I/K |
|||||||
|
Razor Group GmbH (Germany) |
|
Warrants to Purchase Preferred Series A1 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/H/I/J |
|||||||
|
Razor Group GmbH (Germany) |
|
Warrants to Purchase Series C Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/H/I/J |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Diversified Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Gordon Brothers Finance Company |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/G |
|
|
Gordon Brothers Finance Company |
|
Preferred Stock |
|
|
|
|
|
|
|
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/G/Q |
|
Worldremit Group Limited (United Kingdom) |
|
Warrants to Purchase Series D Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/H/I/J |
|||||||
|
Worldremit Group Limited (United Kingdom) |
|
Warrants to Purchase Series E Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/H/I/J |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Household Durables |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Stitch Holdings, L.P. |
|
Limited Partnership/Limited Liability Company Interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/I |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Internet Software & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
FinancialForce.com, Inc. |
|
Warrants to Purchase Series C Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/I |
|||||||
|
SuCo Investors, LP (Suited Connector) |
|
Warrants to Purchase Class A Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/I |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Media |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
MBS Parent, LLC |
|
Limited Partnership/Limited Liability Company Interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/L |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
TER Management Resources, LLC (fka ETX Energy Management Company, LLC) |
|
Limited Partnership/Limited Liability Company Interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C |
|||||||||
|
Trailblazer Energy Resources, LLC (fka ETX Energy, LLC) |
|
Limited Partnership/Limited Liability Company Interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/K |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Grey Orange International Inc. |
|
Warrants to Purchase Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/I |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Trading Companies & Distributors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Blackbird Holdco, Inc. (Ohio Transmission Corp.) |
|
Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
D/I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total Equity Securities -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total Investments -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
$ |
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Cash and Cash Equivalents -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total Cash and Investments -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
|
||||||
|
|
|
Interest Rate Swap as of March 31, 2023(U) |
|
|||||||||||||||
|
|
|
Company Receives Fixed |
|
Company Pays Floating |
|
Counterparty |
|
Maturity Date |
|
Payment Frequency |
|
Notional Amount |
|
|
Fair Value |
|
||
|
Interest Rate Swap |
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
$ |
(
|
) |
The accompanying notes are an integral part of these consolidated financial statements.
13
BlackRock Capital Investment Corporation
Consolidated Schedules of Investments—(Continued)
March 31, 2023
(Unaudited)
Notes to Consolidated Schedules of Investments:
|
Investment |
|
Initial Acquisition Date |
|
Marsico Holdings, LLC, Limited Partnership/Limited Liability Company Interests |
|
|
|
FinancialForce.com, Warrants to Purchase Series C Preferred Stock |
|
|
|
Pico Quantitative Trading Holdings, LLC, Warrants to Purchase Membership Units |
|
|
|
Worldremit Group Limited (United Kingdom), Warrants to Purchase Series D Stock |
|
|
|
Razor Group GmbH (Germany), Warrants to Purchase Preferred Series A1 Shares |
|
|
|
Stitch Holdings, L.P., Limited Partnership Interests |
|
|
|
Worldremit Group Limited (United Kingdom), Warrants to Purchase Series E Stock |
|
|
|
MXP Prime Platform GmbH (SellerX) (Germany), Warrants to Purchase Preferred Series B Shares |
|
|
|
Blackbird Holdco, Inc. (Ohio Transmission Corp.), Preferred Stock |
|
|
|
Elevate Brands Holdco Inc., Warrants to Purchase Common Stock |
|
|
|
Elevate Brands Holdco Inc., Warrants to Purchase Preferred Stock |
|
|
|
Grey Orange International Inc., Warrants to Purchase Common Stock |
|
|
|
PerchHQ LLC, Warrants to Purchase Common Stock |
|
|
|
Razor Group GmbH (Germany), Warrants to Purchase Series C Shares |
|
|
|
SuCo Investors, LP (Suited Connector), Warrants to Purchase Class A Units |
|
|
The accompanying notes are an integral part of these consolidated financial statements.
14
BlackRock Capital Investment Corporation
Consolidated Schedules of Investments—(Continued)
March 31, 2023
(Unaudited)
|
Non-Controlled Affiliate Security (1) |
|
Dividends and interest income (2) |
|
|
Fair Value at
|
|
|
Net realized gain (loss) (2) |
|
|
Net increase or decrease in unrealized appreciation or depreciation (2) |
|
|
Acquisitions (3) |
|
|
Dispositions (4) |
|
|
Fair Value at
|
|
|
|||||||
|
AGY Equity, LLC: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Class A Preferred Stock |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
Class B Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kemmerer Operations, LLC (WMLP): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Senior Secured Loan, First Lien |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(
|
) |
|
|
|
|
(5) |
|
Delayed Draw Term Loan, First Lien |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5) |
|
Kemmerer Holdings, LLC (WMLP): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Limited Liability Co. Interest |
|
|
|
|
|
|
|
|
|
|
(
|
) |
|
|
(
|
) |
|
|
|
|
|
|
(
|
) |
|
|
|
|
(5) |
|
Totals |
|
$ |
|
|
|
$ |
|
|
|
$ |
(
|
) |
|
$ |
(
|
) |
|
$ |
|
|
|
$ |
(
|
) |
|
$ |
|
|
|
There is
|
Controlled Affiliate Security (1) |
|
Dividends and interest income (2) |
|
|
Fair Value at
|
|
|
Net realized gain (loss) (2) |
|
|
Net increase or decrease in unrealized appreciation or depreciation (2) |
|
|
Acquisitions (3) |
|
|
Dispositions (4) |
|
|
Fair Value at
|
|
|||||||
|
Gordon Brothers Finance Company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Unsecured Debt |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
The aggregate fair value of controlled investments at March 31, 2023 represents
The accompanying notes are an integral part of these consolidated financial statements.
15
BlackRock Capital Investment Corporation
Consolidated Schedules of Investments
December 31, 2022
|
Issuer(O/Q) |
|
Instrument |
|
Ref(E) |
|
Floor |
|
|
Spread |
|
|
Total Coupon |
|
|
Maturity |
|
Principal |
|
|
Cost(A) |
|
|
Fair
|
|
|
Notes |
||||||
|
Debt Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Automobiles |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
ALCV Purchaser, Inc. (AutoLenders) |
|
First Lien Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|
ALCV Purchaser, Inc. (AutoLenders) |
|
First Lien Revolver |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Building Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Porcelain Acquisition Corporation (Paramount) |
|
First Lien Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Capital Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Pico Quantitative Trading, LLC |
|
First Lien Term Loan (
|
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pico Quantitative Trading, LLC |
|
First Lien Incremental Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Commercial Services & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Kellermeyer Bergensons Services, LLC |
|
First Lien Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Kellermeyer Bergensons Services, LLC |
|
First Lien Delayed Draw Term Loan A |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Kellermeyer Bergensons Services, LLC |
|
First Lien Delayed Draw Term Loan B |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pueblo Mechanical and Controls, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pueblo Mechanical and Controls, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
N |
|
Pueblo Mechanical and Controls, LLC |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
Thermostat Purchaser III, Inc. (Reedy Industries) |
|
Second Lien Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Thermostat Purchaser III, Inc. (Reedy Industries) |
|
Second Lien Delayed Draw Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Construction & Engineering |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
CSG Buyer, Inc. (Core States) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
CSG Buyer, Inc. (Core States) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
CSG Buyer, Inc. (Core States) |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
Homerenew Buyer, Inc. (Project Dream) |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Homerenew Buyer, Inc. (Project Dream) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
N |
|
Homerenew Buyer, Inc. (Project Dream) |
|
First Lien Revolver |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
N |
|
Sunland Asphalt & Construction, LLC |
|
First Lien Term Loan |
|
LIBOR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sunland Asphalt & Construction, LLC |
|
First Lien Delayed Draw Term Loan |
|
LIBOR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Consumer Finance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Freedom Financial Network Funding, LLC |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Freedom Financial Network Funding, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
Money Transfer Acquisition Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Containers & Packaging |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
BW Holding, Inc. (Brook & Whittle) |
|
Second Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
PVHC Holding Corp. |
|
First Lien Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Distributors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Colony Display LLC |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Diversified Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Elevate Brands OpCo LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
N |
|
Fusion Holding Corp. (Finalsite) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fusion Holding Corp. (Finalsite) |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
Razor Group GmbH (Germany) |
|
First Lien Delayed Draw Term Loan |
|
LIBOR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
H/J/N |
|
Razor Group GmbH (Germany) |
|
First Lien Sr Secured Convertible Term Loan |
|
Fixed |
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D/H/J |
|
|
SellerX Germany GmbH & Co. Kg (Germany) |
|
First Lien Delayed Draw Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D/H/J/N |
|
|
Thras.io, LLC |
|
First Lien Term Loan |
|
LIBOR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
P |
|
Thras.io, LLC |
|
First Lien Delayed Draw Term Loan |
|
LIBOR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
P/N |
The accompanying notes are an integral part of these consolidated financial statements.
16
BlackRock Capital Investment Corporation
Consolidated Schedules of Investments—(Continued)
December 31, 2022
|
Issuer(O/Q) |
|
Instrument |
|
Ref(E) |
|
Floor |
|
|
Spread |
|
|
Total Coupon |
|
|
Maturity |
|
Principal |
|
|
Cost(A) |
|
|
Fair
|
|
|
Notes |
||||||
|
Debt Investments - Continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Whele LLC (Perch) |
|
First Lien Incremental Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
D |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Diversified Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
2-10 Holdco, Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
2-10 Holdco, Inc. |
|
First Lien Revolver |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
Accordion Partners LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accordion Partners LLC |
|
First Lien Delayed Draw Term Loan A |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
(
|
) |
|
N |
|
Accordion Partners LLC |
|
First Lien Delayed Draw Term Loan B |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
Accordion Partners LLC |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
Callodine Commercial Finance, LLC |
|
First Lien Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Callodine Commercial Finance, LLC |
|
Subordinated Debt |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
S |
|
GC Champion Acquisition LLC (Numerix) |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
GC Champion Acquisition LLC (Numerix) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
Gordon Brothers Finance Company |
|
Unsecured Debt |
|
LIBOR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
G/R/T |
|
Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC) |
|
Second Lien Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Wealth Enhancement Group, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
N |
|
Wealth Enhancement Group, LLC |
|
First Lien Revolver |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
Worldremit Group Limited (United Kingdom) |
|
First Lien Term Loan (
|
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
H/J |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Electrical Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Advanced Lighting Technologies, LLC |
|
Second Lien Sr Secured Notes |
|
LIBOR(M) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D/I/R/T |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Health Care Equipment & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Zest Acquisition Corp. |
|
Second Lien Term Loan |
|
LIBOR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
P |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Health Care Providers & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
INH Buyer, Inc. (IMS Health) |
|
First Lien Term Loan (
|
|
SOFR(Q) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D |
|
|
Opco Borrower, LLC (Giving Home Health Care) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Opco Borrower, LLC (Giving Home Health Care) |
|
First Lien Revolver |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
N |
|
Outcomes Group Holdings, Inc. |
|
Second Lien Term Loan |
|
LIBOR(Q) |
|
|
|
|
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Outcomes Group Holdings, Inc. |
|
Second Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
PHC Buyer, LLC (Patriot Home Care) |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
PHC Buyer, LLC (Patriot Home Care) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
Team Services Group, LLC |
|
Second Lien Term Loan |
|
LIBOR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Health Care Technology |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Appriss Health, LLC (PatientPing) |
|
First Lien Term Loan |
|
LIBOR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Appriss Health, LLC (PatientPing) |
|
First Lien Revolver |
|
LIBOR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
CareATC, Inc. |
|
First Lien Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
CareATC, Inc. |
|
First Lien Revolver |
|
LIBOR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
ESO Solutions, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
ESO Solutions, Inc. |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
Gainwell Acquisition Corp. |
|
Second Lien Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sandata Technologies, LLC |
|
First Lien Term Loan |
|
LIBOR(Q) |
|
|
|
|
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sandata Technologies, LLC |
|
First Lien Revolver |
|
LIBOR(Q) |
|
|
|
|
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Hotels, Restaurants & Leisure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
OCM Luxembourg Baccarat Bidco S.A.R.L. (Interblock) (Slovenia) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
H/J |
|
OCM Luxembourg Baccarat Bidco S.A.R.L. (Interblock) (Slovenia) |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
H/J/N |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
AmeriLife Holdings, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
AmeriLife Holdings, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
N |
|
AmeriLife Holdings, LLC |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
The accompanying notes are an integral part of these consolidated financial statements.
17
BlackRock Capital Investment Corporation
Consolidated Schedules of Investments—(Continued)
December 31, 2022
|
Issuer(O/Q) |
|
Instrument |
|
Ref(E) |
|
Floor |
|
|
Spread |
|
|
Total Coupon |
|
|
Maturity |
|
Principal |
|
|
Cost(A) |
|
|
Fair
|
|
|
Notes |
||||||
|
Debt Investments - Continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Integrity Marketing Acquisition, LLC |
|
First Lien Incremental Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|
Integrity Marketing Acquisition, LLC |
|
First Lien Incremental Revolver |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
IT Parent, LLC (Insurance Technologies) |
|
First Lien Term Loan |
|
LIBOR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
IT Parent, LLC (Insurance Technologies) |
|
First Lien Revolver |
|
LIBOR(M)/PRIME |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
N/U |
|
Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance) |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
N |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Internet & Catalog Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
CommerceHub, Inc. |
|
First Lien Term Loan |
|
PRIME |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Syndigo, LLC |
|
Second Lien Term Loan |
|
LIBOR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Internet Software & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Anaconda, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Astra Acquisition Corp. (Anthology) |
|
Second Lien Term Loan |
|
LIBOR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gympass US, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D |
|
|
InMoment, Inc. |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D |
|
|
Magenta Buyer, LLC (McAfee) |
|
First Lien Incremental Term Loan |
|
Fixed |
|
|
|
|
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
P |
|
Magenta Buyer, LLC (McAfee) |
|
Second Lien Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
P |
|
Persado, Inc. |
|
First Lien Term Loan (
|
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Persado, Inc. |
|
First Lien Delayed Draw Term Loan (
|
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
N |
|
Pluralsight, Inc. |
|
First Lien Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Pluralsight, Inc. |
|
First Lien Revolver |
|
LIBOR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
N |
|
Quartz Holding Company (Quick Base) |
|
Second Lien Term Loan |
|
LIBOR(M) |
|
|
|
|
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reveal Data Corporation et al |
|
First Lien FILO Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sailpoint Technologies Holdings, Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sailpoint Technologies Holdings, Inc. |
|
First Lien Revolver |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
Spartan Bidco Pty Ltd (StarRez) (Australia) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D/H/J |
|
|
Suited Connector, LLC |
|
First Lien Term Loan |
|
LIBOR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Suited Connector, LLC |
|
First Lien Delayed Draw Term Loan |
|
LIBOR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
Suited Connector, LLC |
|
First Lien Revolver |
|
LIBOR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
IT Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Avalara, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Avalara, Inc. |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
Ensono, Inc. |
|
Second Lien Term Loan B |
|
LIBOR(S) |
|
|
|
|
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Idera, Inc. |
|
Second Lien Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Madison Logic Holdings, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Madison Logic Holdings, Inc. |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Leisure Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Peloton Interactive, Inc. |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
J/P |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Life Sciences Tools & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Alcami Corporation |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Alcami Corporation |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
Alcami Corporation |
|
First Lien Revolver |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Machinery |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Sonny's Enterprises, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sonny's Enterprises, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these consolidated financial statements.
18
BlackRock Capital Investment Corporation
Consolidated Schedules of Investments—(Continued)
December 31, 2022
|
Issuer(O/Q) |
|
Instrument |
|
Ref(E) |
|
Floor |
|
|
Spread |
|
|
Total Coupon |
|
|
Maturity |
|
Principal |
|
|
Cost(A) |
|
|
Fair
|
|
|
Notes |
||||||
|
Debt Investments - Continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Media |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
NEP II, Inc. |
|
Second Lien Term Loan |
|
LIBOR(M) |
|
|
|
|
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
P |
|
Streamland Media Midco LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Streamland Media Midco LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
Terraboost Media Operating Company, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Metals & Mining |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Kemmerer Operations, LLC (WMLP) |
|
First Lien Term Loan |
|
Fixed |
|
|
|
|
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D/F/N |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Paper & Forest Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Alpine Acquisition Corp II (48Forty) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Alpine Acquisition Corp II (48Forty) |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Professional Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
DTI Holdco, Inc. (Epiq Systems, Inc.) |
|
Second Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
P |
|
GI Consilio Parent, LLC |
|
Second Lien Term Loan |
|
LIBOR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
ICIMS, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D |
|
|
ICIMS, Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
(
|
) |
|
D/N |
|
|
ICIMS, Inc. |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
JobandTalent USA, Inc. (United Kingdom) |
|
First Lien Term Loan (
|
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
H/J |
|
JobandTalent USA, Inc. (United Kingdom) |
|
First Lien Delayed Draw Term Loan (
|
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
H/J |
|
RigUp, Inc. |
|
First Lien Delayed Draw Term Loan (
|
|
LIBOR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
TLE Holdings, LLC |
|
First Lien Term Loan |
|
LIBOR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
TLE Holdings, LLC |
|
First Lien Delayed Draw Term Loan |
|
LIBOR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
VT TopCo, Inc. (Veritext) |
|
Second Lien Term Loan |
|
LIBOR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Real Estate Management & Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Greystone Affordable Housing Initiatives, LLC |
|
First Lien Delayed Draw Term Loan |
|
LIBOR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
J |
|
Greystone Select Company II, LLC (Passco) |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Greystone Select Company II, LLC (Passco) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
(
|
) |
|
N |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Road & Rail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Motive Technologies, Inc. (fka Keep Truckin, Inc.) |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Semiconductors & Semiconductor Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Emerald Technologies (U.S.) AcquisitionCo, Inc |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
P |
|
Emerald Technologies (U.S.) AcquisitionCo, Inc |
|
First Lien Revolver |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
N |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Aerospike, Inc. |
|
First Lien Term Loan |
|
LIBOR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
AlphaSense, Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aras Corporation |
|
First Lien Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D |
|
|
Aras Corporation |
|
First Lien Revolver |
|
LIBOR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
N |
|
Backoffice Associates Holdings, LLC (Syniti) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Backoffice Associates Holdings, LLC (Syniti) |
|
First Lien Revolver |
|
PRIME |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
N |
|
Bluefin Holding, LLC (BlackMountain) |
|
Second Lien Term Loan |
|
LIBOR(Q) |
|
|
|
|
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bonterra LLC (fka CyberGrants Holdings, LLC) |
|
First Lien Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bonterra LLC (fka CyberGrants Holdings, LLC) |
|
First Lien Delayed Draw Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
N |
|
Bonterra LLC (fka CyberGrants Holdings, LLC) |
|
First Lien Revolver |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
N |
|
Elastic Path Software Inc. (Canada) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
H/J |
The accompanying notes are an integral part of these consolidated financial statements.
19
BlackRock Capital Investment Corporation
Consolidated Schedules of Investments—(Continued)
December 31, 2022
|
Issuer(O/Q) |
|
Instrument |
|
Ref(E) |
|
Floor |
|
|
Spread |
|
|
Total Coupon |
|
|
Maturity |
|
Principal |
|
|
Cost(A) |
|
|
Fair
|
|
|
Notes |
||||||
|
Debt Investments - Continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Elastic Path Software Inc. (Canada) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
H/J |
|
Fusion Risk Management, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D |
|
|
Fusion Risk Management, Inc. |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
Grey Orange Incorporated |
|
First Lien Term Loan (
|
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Grey Orange Incorporated |
|
First Lien Delayed Draw Term Loan (
|
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
N |
|
GTY Technology Holdings Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D |
|
|
GTY Technology Holdings Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D |
|
|
GTY Technology Holdings Inc. |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
Integrate.com, Inc. (Infinity Data, Inc.) |
|
First Lien Term Loan |
|
LIBOR(M)/SOFR(M) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D/U |
|
|
Integrate.com, Inc. (Infinity Data, Inc.) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
D/N |
|
|
Integrate.com, Inc. (Infinity Data, Inc.) |
|
First Lien Revolver |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
JOBVITE, Inc. (Employ, Inc.) |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Kaseya Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Kaseya Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
Kaseya Inc. |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
Kong Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D |
|
|
Nvest, Inc. (SigFig) |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Oversight Systems, Inc. |
|
First Lien Term Loan |
|
LIBOR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
SEP Eiger BidCo Ltd. (Beqom) (Switzerland) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D/H/J |
|
|
SEP Eiger BidCo Ltd. (Beqom) (Switzerland) |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
H/J/N |
|
SEP Raptor Acquisition, Inc. (Loopio) (Canada) |
|
First Lien Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D/H/J |
|
|
SEP Raptor Acquisition, Inc. (Loopio) (Canada) |
|
First Lien Revolver |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
D/H/J/N |
|
|
Superman Holdings, LLC (Foundation Software) |
|
First Lien Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Superman Holdings, LLC (Foundation Software) |
|
First Lien Revolver |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
Syntellis Parent, LLC (Axiom Software) |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Zendesk, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Zendesk, Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
Zendesk, Inc. |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
Zilliant Incorporated |
|
First Lien Term Loan |
|
LIBOR(M) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
D |
|
|
Zilliant Incorporated |
|
First Lien Delayed Draw Term Loan |
|
LIBOR(M) |
|
|
|
% |
|
|
|
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
D/N |
|
|
Zilliant Incorporated |
|
First Lien Revolver |
|
LIBOR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Specialty Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Calceus Acquisition, Inc. (Cole Haan) |
|
First Lien Term Loan B |
|
LIBOR(Q) |
|
|
|
|
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
P |
|
Calceus Acquisition, Inc. (Cole Haan) |
|
First Lien Sr Secured Notes |
|
Fixed |
|
|
|
|
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Hanna Andersson, LLC |
|
First Lien Term Loan |
|
LIBOR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Technology Hardware, Storage & Peripherals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
SumUp Holdings Luxembourg S.A.R.L. (United Kingdom) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
H/J |
The accompanying notes are an integral part of these consolidated financial statements.
20
BlackRock Capital Investment Corporation
Consolidated Schedules of Investments—(Continued)
December 31, 2022
|
Issuer(O/Q) |
|
Instrument |
|
Ref(E) |
|
Floor |
|
|
Spread |
|
|
Total Coupon |
|
|
Maturity |
|
Principal |
|
|
Cost(A) |
|
|
Fair
|
|
|
Notes |
||||||
|
Debt Investments - Continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Textiles, Apparel & Luxury Goods |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
James Perse Enterprises, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|
James Perse Enterprises, Inc. |
|
First Lien Revolver |
|
SOFR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Trading Companies & Distributors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Blackbird Purchaser, Inc. (Ohio Transmission Corp.) |
|
Second Lien Term Loan |
|
LIBOR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
Blackbird Purchaser, Inc. (Ohio Transmission Corp.) |
|
Second Lien Delayed Draw Term Loan |
|
LIBOR(M) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
(
|
) |
|
|
(
|
) |
|
N |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
OpenMarket, Inc. (Infobip) (United Kingdom) |
|
First Lien Term Loan |
|
LIBOR(Q) |
|
|
|
% |
|
|
|
% |
|
|
|
% |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
H/J |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Total Debt Investments -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
The accompanying notes are an integral part of these consolidated financial statements.
21
BlackRock Capital Investment Corporation
Consolidated Schedule of Investments—(Continued)
December 31, 2022
|
Issuer(O/Q) |
|
Instrument |
|
|
|
|
|
|
|
Total Coupon |
|
|
Expiration |
|
Shares |
|
|
Cost(A) |
|
|
Fair
|
|
|
Notes |
||||
|
Equity Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Capital Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Marsico Holdings, LLC |
|
Limited Partnership/Limited Liability Company Interests |
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
$ |
|
|
|
C/I |
|||||||
|
Pico Quantitative Trading Holdings, LLC |
|
Warrants to Purchase Membership Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/I |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Chemicals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
AGY Equity, LLC |
|
Class A Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/F/I |
|||||||
|
AGY Equity, LLC |
|
Class B Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/F/I |
|||||||
|
AGY Equity, LLC |
|
Class C Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/F/I |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Diversified Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Elevate Brands Holdco Inc. |
|
Warrants to Purchase Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/I |
|||||||
|
Elevate Brands Holdco Inc. |
|
Warrants to Purchase Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/I |
|||||||
|
MXP Prime Platform GmbH (SellerX) (Germany) |
|
Warrants to Purchase Preferred Series B Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/H/I/J |
|||||||
|
PerchHQ LLC |
|
Warrants to Purchase Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/I/L |
||||
|
Razor Group GmbH (Germany) |
|
Warrants to Purchase Preferred Series A1 Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/H/I/J |
||||
|
Razor Group GmbH (Germany) |
|
Warrants to Purchase Series C Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/H/I/J |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Diversified Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Gordon Brothers Finance Company |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/G |
|||||||
|
Gordon Brothers Finance Company |
|
Preferred Stock |
|
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/G/R |
||||||
|
Worldremit Group Limited (United Kingdom) |
|
Warrants to Purchase Series D Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/H/I/J |
|||
|
Worldremit Group Limited (United Kingdom) |
|
Warrants to Purchase Series E Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/H/I/J |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Household Durables |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Stitch Holdings, L.P. |
|
Limited Partnership/Limited Liability Company Interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/I |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Internet Software & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
FinancialForce.com, Inc. |
|
Warrants to Purchase Series C Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/I |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Media |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
MBS Parent, LLC |
|
Limited Partnership/Limited Liability Company Interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/M |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Metals & Mining |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Kemmerer Holdings, LLC (WMLP) |
|
Limited Partnership/Limited Liability Company Interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/F/K |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
TER Management Resources, LLC (fka ETX Energy Management Company, LLC) |
|
Limited Partnership/Limited Liability Company Interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C |
||||||
|
Trailblazer Energy Resources, LLC (fka ETX Energy, LLC) |
|
Limited Partnership/Limited Liability Company Interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/L |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Grey Orange International Inc. |
|
Warrants to Purchase Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C/I |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Trading Companies & Distributors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Blackbird Holdco, Inc. (Ohio Transmission Corp.) |
|
Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
D/I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total Equity Securities -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total Investments -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
$ |
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Cash and Cash Equivalents -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total Cash and Investments -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
|
|||||
|
|
|
Interest Rate Swap as of December 31, 2022(V) |
|
|||||||||||||||
|
|
|
Company Receives Fixed |
|
Company Pays Floating |
|
Counterparty |
|
Maturity Date |
|
Payment Frequency |
|
Notional Amount |
|
|
Fair Value |
|
||
|
Interest Rate Swap |
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
$ |
(
|
) |
The accompanying notes are an integral part of these consolidated financial statements.
22
BlackRock Capital Investment Corporation
Consolidated Schedules of Investments—(Continued)
December 31, 2022
Notes to Consolidated Schedules of Investments:
|
Investment |
|
Initial Acquisition Date |
|
Marsico Holdings, LLC, Limited Partnership/Limited Liability Company Interests |
|
|
|
FinancialForce.com, Warrants to Purchase Series C Preferred Stock |
|
|
|
Pico Quantitative Trading Holdings, LLC, Warrants to Purchase Membership Units |
|
|
|
Worldremit Group Limited (United Kingdom), Warrants to Purchase Series D Stock |
|
|
|
Advanced Lighting Technologies, LLC, Senior Secured Notes |
|
|
|
Razor Group GmbH (Germany), Warrants to Purchase Preferred Series A1 Shares |
|
|
|
Stitch Holdings, L.P., Limited Partnership Interests |
|
|
|
Worldremit Group Limited (United Kingdom), Warrants to Purchase Series E Stock |
|
|
|
MXP Prime Platform GmbH (SellerX) (Germany), Warrants to Purchase Preferred Series B Shares |
|
|
|
Blackbird Holdco, Inc. (Ohio Transmission Corp.), Preferred Stock |
|
|
|
Elevate Brands Holdco Inc., Warrants to Purchase Common Stock |
|
|
|
Elevate Brands Holdco Inc., Warrants to Purchase Preferred Stock |
|
|
|
Grey Orange International Inc., Warrants to Purchase Common Stock |
|
|
|
PerchHQ LLC, Warrants to Purchase Common Stock |
|
|
|
Razor Group GmbH (Germany), Warrants to Purchase Series C Shares |
|
|
The accompanying notes are an integral part of these consolidated financial statements.
23
BlackRock Capital Investment Corporation
Consolidated Schedules of Investments—(Continued)
December 31, 2022
|
Non-Controlled Affiliate Security (1) |
|
Dividends and interest income (2) |
|
|
Fair Value at
|
|
|
Net realized gain (loss) (2) |
|
|
Net increase or decrease in unrealized appreciation or depreciation (2) |
|
|
Acquisitions (3) |
|
|
Dispositions (4) |
|
|
Fair Value at
|
|
|||||||
|
AGY Equity, LLC: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Class A Preferred Stock |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
(
|
) |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
Class B Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kemmerer Operations, LLC (WMLP): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Senior Secured Loan, First Lien |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(
|
) |
|
|
|
|
|
Delayed Draw Term Loan, First Lien |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(
|
) |
|
|
|
|
|
Kemmerer Holdings, LLC (WMLP): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Limited Liability Co. Interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
(
|
) |
|
$ |
|
|
The aggregate fair value of non-controlled, affiliated investments at December 31, 2022 represents
|
Controlled Affiliate Security (1) |
|
Dividends and interest income (2) |
|
|
Fair Value at
|
|
|
Net realized gain (loss) (2) |
|
|
Net increase or decrease in unrealized appreciation or depreciation (2) |
|
|
Acquisitions (3) |
|
|
Dispositions (4) |
|
|
Fair Value at
|
|
|||||||
|
Gordon Brothers Finance Company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Unsecured Debt |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
(
|
) |
|
$ |
|
|
|
$ |
(
|
) |
|
$ |
|
|
|
Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Totals |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
(
|
) |
|
$ |
|
|
|
$ |
(
|
) |
|
$ |
|
|
The aggregate fair value of controlled investments at December 31, 2022 represents
The accompanying notes are an integral part of these consolidated financial statements.
24
BlackRock Capital Investment Corporation
Notes to Consolidated Financ ial Statements
(Unaudited)
1. Organization
BlackRock Capital Investment Corporation (together with its subsidiaries, the “Company”) was organized as a Delaware corporation on April 13, 2005 and was initially funded on July 25, 2005. The Company has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”). In addition, for tax purposes the Company has qualified and has elected to be treated as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986 (the “Code”).
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.
2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying consolidated financial statements are prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”). The Company is an investment company following the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services-Investment Company (“ASC 946”).
The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, which were established to hold certain investments of the Company. The Company owns
Certain prior period information has been reclassified to conform to the current period presentation. The reclassification has no effect on the Company’s consolidated financial position or the consolidated results of operations as previously reported.
Expenses are recorded on an accrual basis.
Unaudited Interim Consolidated Financial Statements
Certain financial information that is normally included in annual financial statements, including certain financial statement footnotes, prepared in accordance with GAAP, is not required for interim reporting purposes and has been condensed or omitted herein. These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the Securities and Exchange Commission (“SEC”) on March 1, 2023.
The interim financial information at March 31, 2023 and for the three months ended March 31, 2023 and 2022 is unaudited. However, in the opinion of management, the interim information includes all normal recurring adjustments necessary for the fair presentation of the Company’s results for the periods presented. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year.
Use of Estimates
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting periods presented. Although management believes these estimates and assumptions to be reasonable, actual results could differ from those estimates and such differences could be material.
Investment Valuation
Pursuant to Rule 2a-5 (the "Rule") under the 1940 Act, the Company’s Board of Directors (the "Board") has designated BlackRock Capital Investment Advisors, LLC (“BCIA” or the “Advisor”) as the Company’s valuation designee (the “Valuation Designee”) to perform certain fair value functions, including performing fair value determinations, and has reviewed and approved amended policies and procedures adopted by BCIA to seek to ensure compliance with the requirements of the Rule as part of such designation. The Valuation Designee will provide quarterly valuation reporting and notifications on any material valuation matters to the Board as required under the Rule.
25
Investments are recorded at fair value based upon the principles and methods of valuation set forth in the Valuation Designee's policies and procedures adopted for the Company by the Board and the Valuation Designee. Securities traded on a recognized securities exchange are valued using the close price on the exchange on valuation date. Investments for which market prices from an exchange are not readily available are valued using the last available bid price or quote provided by an independent pricing service or one or more broker-dealers or market makers, unless they are deemed not to represent fair value. Debt and equity securities for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued at fair value as determined in good faith by or under the direction of the Company’s Valuation Designee.
Because the Company expects that there will not be a readily available market for all of the investments in its portfolio, the Company expects to value a significant portion of its portfolio investments at fair value as determined in good faith by or under the direction of the Valuation Designee using a consistently applied valuation process in accordance with documented valuation policies and procedures reviewed and approved by a committee established by the Valuation Designee (the "Valuation Committee"). Due to the inherent uncertainty and subjectivity of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may differ significantly from the values that would have been used had a readily available market value existed for such investments and may differ materially from the values that the Company may ultimately realize, as these amounts depend on future circumstances and cannot reasonably be determined until the individual investments are actually liquidated. Such circumstances may include macroeconomic, cyclical, geopolitical and other events and conditions such as the COVID-19 pandemic and the Russian military invasion of Ukraine, rising interest rates and risks related to inflation and credit risk, that may significantly impact the profitability or viability of businesses in which the Company is invested, and therefore may significantly impact the return on and realizability of the Company’s investments.
In addition, changes in the market environment and other events may have differing impacts on the market quotations used to value some of the Company’s investments than on the fair values of the Company’s investments for which market quotations are not readily available. Market quotations may be deemed not to represent fair value in certain circumstances where the Valuation Designee believes that facts and circumstances applicable to an issuer, a seller, a purchaser or the market for a particular security cause current market quotations to not reflect the fair value of the security. Examples of these events could include cases where a security trades infrequently causing a quoted purchase or sale price to become stale, where there is a “forced” sale by a distressed seller, where market quotations vary substantially among market makers, or where there is a wide bid-ask spread or significant increase in the bid-ask spread.
With respect to the Company’s investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value, the Valuation Designee has approved a multi-step valuation process applied each quarter, as described below:
Those investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued generally utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Company may take into account in determining the fair value of its investments include, as relevant and among other factors: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, (e.g. non-performance risk), its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparables, the Company’s principal market (as the reporting entity), any bid for a Company asset (irrespective of the perceived validity of such bid), and enterprise values. For positions acquired during the current quarter, the Valuation Designee generally believes that cost will approximate fair
26
value. As such, an independent valuation, in certain cases, may not be obtained until the quarter-end after the quarter the investment is acquired in.
ASC 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”), issued by the FASB, defines fair value, establishes a framework for measuring fair value and requires disclosures about fair value measurements. ASC 820-10 defines fair value as the price that the Company would receive upon selling an investment or pay to transfer a liability in an orderly transaction to a market participant in the principal or most advantageous market for the investment. ASC 820-10 emphasizes that valuation techniques maximize the use of observable market inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances.
Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.
Level 2 – Valuations based on unadjusted quoted prices in markets that are not active or for which most significant inputs are observable, either directly or indirectly.
Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The inputs into the determination of fair value may require significant management judgment or estimation.
Transfers between levels, if any, represent the value as of the beginning of the period of any investment where a change in the pricing level occurred from the beginning to the end of the period.
At March 31, 2023, the Company’s investments were categorized as follows:
|
Level |
|
Basis for Determining Fair Value |
|
Bank Debt (1) |
|
|
Other
|
|
|
Equity
|
|
|
Total |
|
||||
|
1 |
|
Quoted prices in active markets for identical assets |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
2 |
|
Other direct and indirect observable market inputs (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
|
Valuation sources that employ significant unobservable inputs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
Unobservable inputs used in the fair value measurement of Level 3 investments as of March 31, 2023 included the following:
|
Asset Type |
|
Fair Value |
|
|
Valuation Technique |
|
Unobservable Input |
|
Weighted Average Range (1) (Concluded Value) (2) |
|
|
Bank Debt |
|
$ |
|
|
|
Income approach |
|
Discount rate |
|
|
|
|
|
|
|
|
|
Market quotations |
|
Indicative bid/ask quotes |
|
|
|
|
|
|
|
|
|
Option Pricing Model |
|
Implied volatility |
|
|
|
|
|
|
|
|
|
|
Term |
|
|
|
|
|
|
|
|
|
|
|
EBITDA/Revenue multiples |
|
|
|
|
Other Corporate Debt |
|
|
|
|
|
Income approach |
|
Discount rate |
|
|
|
Equity |
|
|
|
|
|
Option Pricing Model |
|
EBITDA/Revenue multiples |
|
|
|
|
|
|
|
|
|
|
Implied volatility |
|
|
|
|
|
|
|
|
|
|
|
Term |
|
|
|
|
|
|
|
|
|
|
Market comparable companies |
|
EBITDA multiples |
|
|
|
|
|
|
|
|
|
Income approach |
|
Discount rate |
|
|
|
|
|
|
|
|
|
Market comparable companies |
|
Revenue multiples |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
27
Certain fair value measurements may employ more than one valuation technique, with each valuation technique receiving a relative weight between
|
Input |
|
Impact to Value if Input Increases |
|
Impact to Value if Input Decreases |
|
Discount rate |
|
|
|
|
|
Revenue multiples |
|
|
|
|
|
EBITDA multiples |
|
|
|
|
|
Book value multiples |
|
|
|
|
|
Implied volatility |
|
|
|
|
|
Term |
|
|
|
|
|
Yield |
|
|
|
|
Changes in investments categorized as Level 3 during the three months ended March 31, 2023 were as follows:
|
|
|
Bank Debt |
|
|
Other
|
|
|
Equity
|
|
|
Total |
|
||||
|
Beginning balance |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
(
|
) |
|
|
|
|
|
|
(
|
) |
|
|
(
|
) |
|
Acquisitions (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
|
(
|
) |
|
|
(
|
) |
|
|
(
|
) |
|
|
(
|
) |
|
Transfers into Level 3 (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transfers out of Level 3 (3) |
|
|
(
|
) |
|
|
|
|
|
|
|
|
|
|
(
|
) |
|
Ending balance |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in , above) |
|
$ |
(
|
) |
|
$ |
|
|
|
$ |
(
|
) |
|
$ |
(
|
) |
28
At December 31, 2022, the Company’s investments were categorized as follows:
|
Level |
|
Basis for Determining Fair Value |
|
Bank Debt (1) |
|
|
Other
|
|
|
Equity
|
|
|
Total |
|
||||
|
1 |
|
Quoted prices in active markets for identical assets |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
2 |
|
Other direct and indirect observable market inputs (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
|
Valuation sources that employ significant unobservable inputs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2022 included the following:
|
Asset Type |
|
Fair Value |
|
|
Valuation Technique |
|
Unobservable Input |
|
Weighted Average Range (1) (Concluded Value) (2) |
|
|
Bank Debt |
|
$ |
|
|
|
Income approach |
|
Discount rate |
|
|
|
|
|
|
|
|
|
Market quotations |
|
Indicative bid/ask quotes |
|
|
|
|
|
|
|
|
|
Option Pricing Model |
|
Implied volatility |
|
|
|
|
|
|
|
|
|
|
Term |
|
|
|
|
Other Corporate Debt |
|
|
|
|
|
Income approach |
|
Discount rate |
|
|
|
|
|
|
|
|
|
Market comparable companies |
|
Revenue multiples |
|
|
|
Equity |
|
|
|
|
|
Option Pricing Model |
|
EBITDA/Revenue multiples |
|
|
|
|
|
|
|
|
|
|
Implied volatility |
|
|
|
|
|
|
|
|
|
|
|
Term |
|
|
|
|
|
|
|
|
|
|
Market comparable companies |
|
EBITDA multiples |
|
|
|
|
|
|
|
|
|
Income approach |
|
Discount rate |
|
|
|
|
|
|
|
|
|
Market comparable companies |
|
Revenue multiples |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
29
Changes in investments categorized as Level 3 during the three months ended March 31, 2022 were as follows:
|
|
|
Bank Debt |
|
|
Other
|
|
|
Equity
|
|
|
Total |
|
||||
|
Beginning balance |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
(
|
) |
|
|
|
|
|
|
|
|
|
|
(
|
) |
|
Acquisitions (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dispositions |
|
|
(
|
) |
|
|
|
|
|
|
|
|
|
|
(
|
) |
|
Ending balance (2) |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in , above) |
|
$ |
(
|
) |
|
$ |
|
|
|
$ |
|
|
|
$ |
(
|
) |
Investment Transactions
Security transactions are accounted for on the trade date unless there are substantial conditions to the transaction. Realized gains or losses are measured by the difference between the net proceeds from the disposition and the amortized cost of the investment. Unrealized gains or losses primarily reflect the change in investment values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized. Realized gains or losses on the disposition of investments are calculated using the specific identification method.
Cash and Cash Equivalents
Cash consists of amounts held in accounts with the custodian bank. Cash equivalents include short-term liquid overnight investments with original maturities of three months or less and may not be insured by the Federal Deposit Insurance Corporation or may exceed federally insured limits. Cash equivalents are classified as Level 1 in the fair value hierarchy.
Restricted Investments
The Company may invest without limitation in instruments that are subject to legal or contractual restrictions on resale. These instruments generally may be resold to institutional investors in transactions exempt from registration or to the public if the securities are registered. Disposal of these investments may involve time-consuming negotiations and additional expense, and prompt sale at an acceptable price may be difficult. See footnotes to the Consolidated Schedules of Investments. Restricted investments, including any restricted investments in affiliates, are valued in accordance with the investment valuation policies discussed above.
Foreign Currency Investments
The Company may invest in instruments traded in foreign countries and denominated in foreign currencies. Foreign currency amounts are translated into U.S. dollars on the following basis:
Although net assets and fair values are presented based on the applicable foreign exchange rates described above, the Company may not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in fair values of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.
Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin, including unanticipated movements in the value of the foreign currency relative to the U.S. dollar. There were no investments denominated in foreign currency as of March 31, 2023 and December 31, 2022.
Derivative Instruments:
The Company records all derivative financial instruments as either assets or liabilities at fair value on a gross basis in the Consolidated Statements of Assets and Liabilities.
30
Foreign Currency Forward Contracts and Warrants
The Company may enter into forward foreign currency contracts from time to time to facilitate settlement of purchases and sales of investments denominated in foreign currencies or to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies. A forward foreign currency contract is a commitment to purchase or sell a foreign currency at a future date (usually the security transaction settlement date) at a negotiated forward rate. These contracts are marked-to-market by recognizing the difference between the contract exchange rate and the current market rate as unrealized appreciation or depreciation. Realized gains or losses are recognized when contracts are settled. Risks may arise as a result of the potential inability of the counterparties to meet the terms of their contracts. The Company attempts to limit this risk by dealing with only creditworthy counterparties. There were
The Company holds warrants and options in certain portfolio companies in an effort to achieve additional investment return. In purchasing warrants and options, the Company bears the risk of an unfavorable change in the value of the underlying equity interest. The aggregate fair value of warrants and options as of March 31, 2023
and December 31, 2022 represented
Interest Rate Swap
The Company entered into a centrally-cleared interest rate swap (the “Interest Rate Swap”) to economically hedge the interest payable on the fixed rate tranche of the Company’s 2025 Private Placement Notes (as defined below) (see Note 4). The Company is required to deposit initial margin with the broker in the form of cash in an amount that varies depending on the size and risk profile of the particular swap. Pursuant to the contract, the Company agrees to receive from or pay to the broker daily variation margin. The amounts related to the right to claim or the obligation to return cash collateral may not be used to offset amounts due under the interest rate swap contract in the normal course of settlement. Therefore, both the initial margin and variation margin paid are included as assets within Due from broker on the Consolidated Statements of Assets and Liabilities at March 31, 2023 and December 31, 2022.
Changes in the fair value of the swap contract are presented as part of change in unrealized appreciation (depreciation) on the Consolidated Statements of Operations. The Interest Rate Swap is recorded at fair value and is presented as a liability on the Company's Consolidated Statements of Assets and Liabilities at March 31, 2023 and December 31, 2022. Interest rate swap agreements are valued utilizing quotes received from independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. The fair value of the Interest Rate Swap is classified as Level 2 with respect to the fair value hierarchy. See Note 4 for additional information on the Company’s Interest Rate Swap.
Debt Issuance Costs
Certain costs incurred in connection with the issuance and/or extension of debt of the Company and its subsidiaries were capitalized and are being amortized on a straight-line basis over the estimated remaining life of the respective instruments. The impact of utilizing the straight-line amortization method versus the effective-interest method is not material to the operations of the Company.
Revenue Recognition
Interest and dividend income, including income paid in kind, is recorded on an accrual basis, when such amounts are considered collectible. Origination, structuring, closing, commitment and other upfront fees, including original issue discounts, earned with respect to capital commitments are generally amortized or accreted into interest income over the life of the respective debt investment, as are end-of-term or exit fees receivable upon repayment of a debt investment. Other fees, including certain amendment fees, prepayment fees and commitment fees on broken deals, are recognized as earned.
Certain debt investments are purchased at a discount to par as a result of the underlying credit risks and financial results of the issuer, as well as general market factors that influence the financial markets as a whole. Discounts on the acquisition of corporate bonds are generally amortized using the effective-interest or constant-yield method assuming there are no questions as to collectability. When principal payments on a loan are received in an amount in excess of the loan’s amortized cost, the excess principal payments are recorded as interest income.
For loans and securities with payment-in-kind (“PIK”) income, which represents contractual interest or dividends accrued and added to the principal balance and generally due at maturity, such income is accrued only to the extent that the Advisor believes that the PIK income is likely to be collected. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to stockholders in the form of dividends, even though the Company has not yet collected the cash.
31
Income Taxes
The Company intends to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
The tax returns of the Company remain open for examination by tax authorities for a period of three years from the date they are filed. No such examinations are currently pending. Management has analyzed tax laws and regulations and their application to the Company as of March 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the consolidated financial statements.
The final tax characterization of dividends is determined after the fiscal year and is reported on Form 1099 and in the Company’s annual report to shareholders. Dividends can be characterized as ordinary income, capital gains and/or return of capital. As of December 31, 2022, the Company had non-expiring capital loss carryforwards in the amount of $
At December 31, 2022, gross unrealized appreciation and depreciation based on the cost of the Company's investments for U.S. federal income tax purposes were as follows:
|
|
|
December 31,
|
|
|
|
Tax basis of investments |
|
$ |
|
|
|
|
|
|
|
|
|
Unrealized appreciation |
|
|
|
|
|
Unrealized depreciation |
|
|
(
|
) |
|
Net unrealized depreciation (1) |
|
$ |
(
|
) |
Non-Accrual Loans
Loans or debt securities are placed on non-accrual status, as a general matter, when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected. Accrued interest generally is reversed when a loan or debt security is placed on non-accrual status. Interest payments received on non-accrual loans or debt securities may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans and debt securities are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current. The Company may make exceptions to this treatment if the loan has sufficient collateral value and is in the process of collection.
3. Management Fees, Incentive Fees and Other Expenses
Investment Management Agreement
On May 2, 2020, the Company and the Advisor amended and restated the previous investment management agreement (the “Current Management Agreement”), which reduced the Company’s base management fee (“Management Fee”) and incentive management fee (“Incentive Fee”) rates, which are further described below. For terms prior to the Current Management Agreement, refer to the Company’s Form 10-K as filed with the SEC on March 1, 2023.
The Current Management Agreement will be in effect from year-to-year if approved annually by the Board or by the affirmative vote of the holders of a majority of outstanding voting securities, including, in either case, approval by a majority of the directors who are not interested persons. The Company’s Board approved the continuation of the Current Management Agreement on October 28, 2022.
Management Fee
Under the Current Management Agreement, the Advisor, subject to the overall supervision of the Board, manages the day-to-day operations and provides the Company with investment advisory services. For providing these services, effective May 2, 2020, the Advisor receives a Management Fee at an annual rate of
32
quarter.
Additionally, the Management Fee is calculated at
For the three months ended March 31, 2023 and 2022, the Company incurred
$
Incentive Fees
The Current Management Agreement provides that the Advisor or its affiliates may be entitled to an Incentive Fee under certain circumstances. The Incentive Fee has two parts. The first portion is based on income other than capital gains and is calculated separately for each calendar quarter and will be paid on a quarterly basis if certain circumstances are met. Effective May 2, 2020, the Incentive Fee based on income is calculated as follows:
The calculations described above will be appropriately prorated for any period of less than a quarter and adjusted for the net proceeds from any common stock issuances and the cost of any common stock repurchases during such quarter.
The payment of any such Incentive Fee based on income otherwise earned by our Advisor will be deferred if, for the most recent four full calendar quarter period ending on or prior to the date such payment is to be made, the Annualized Rate of Return is less than
For purposes of calculating the Incentive Fee, (i) “Annualized Rate of Return” is computed by reference to the sum of (x) the aggregate dividends to common stockholders for the period in question and (y) the change in net assets attributable to common stock (before taking into account any Incentive Fees otherwise payable during such period); (ii) “net assets attributable to common stock” means total assets less indebtedness and preferred stock; and (iii) “Pre-Incentive Fee Net Investment Income” means net investment income (as determined in accordance with U.S. GAAP) accrued by the Company during the calendar quarter excluding any accruals for or payments in respect of the Incentive Fee.
For the three months ended March 31, 2023 and 2022, the Company incurred $
The second portion of the Incentive Fee is based on capital gains and is calculated separately for each Annual Period. Effective May 2, 2020, our Advisor is entitled to receive an Incentive Fee based on capital gains for each Annual Period in an amount equal to
The Company is required under GAAP to accrue an Incentive Fee on capital gains on a hypothetical liquidation basis, based upon net realized capital gains and unrealized capital appreciation and depreciation on investments held at the end of each period. The accrued Incentive Fee on capital gains assumes all unrealized capital appreciation and depreciation is realized in order to reflect an Incentive Fee on capital gains (if any) that would be payable at each measurement date, even though unrealized capital appreciation is not permitted to be considered in determining the Incentive Fee on capital gains actually payable for each Annual Period under the Current Management Agreement. If such amount is positive at the end of the period, an Incentive Fee on capital gains is accrued equal to
33
Incentive Fees on capital gains accrued (reversed) on a liquidation basis under GAAP for the three months ended March 31, 2023 and 2022
were
For purposes of calculating the Incentive Fee based on capital gains, “Annual Period” means the period beginning on July 1 of each calendar year, including the calendar year prior to the year in which the investment management agreement became effective, and ending on June 30 of the next calendar year. Capital gains and losses are calculated using the difference between the proceeds received and either (i) fair market value at the beginning of the Annual Period or (ii) cost for investments acquired during the Annual Period. In calculating whether the portion of the Incentive Fee based on capital gains is payable with respect to any period, the Company accounts for assets on a security-by-security basis. In addition, the Company uses the “period-to-period” method pursuant to which the portion of the Incentive Fee based on capital gains for any period is based on realized capital gains for the period reduced by realized capital losses and gross unrealized capital depreciation for the period. Based on current interpretations of Section 205(b)(3) of the Advisers Act by the SEC and its staff, the calculation of unrealized depreciation for each portfolio security over a period is based on the fair value of the security at the end of the period compared to the fair value at the beginning of the period. Incentive Fees earned in any of the periods described above are not subject to modification or repayment based upon performance in a subsequent period.
Other Expenses
The Company bears all expenses incurred in connection with its business, such as custodian, administrative, director fees and expenses, due diligence costs, registration and listing fees, legal, audit and tax preparation fees, costs of valuing investments, insurance costs, brokers’ and finders’ fees relating to investments, and any other transaction costs associated with the purchase and sale of investments.
4. Debt
Debt is comprised of a senior secured revolving credit facility dated as of February 19, 2016 (as amended, amended and restated, supplemented or otherwise modified from time to time, including as amended and restated by the sixth amendment thereto, dated as of April 23, 2021, the “Credit Facility”) and senior unsecured notes issued through a private placement on June 9, 2022 by the Company and due
Effective on May 2, 2020, after obtaining stockholder approval at the annual meeting of the Company’s stockholders held on May 1, 2020, the Company’s asset coverage requirement was reduced from
Total debt outstanding and available at March 31, 2023 was as follows:
|
|
|
Maturity |
|
Rate |
|
Carrying Value (1) |
|
|
Available |
|
|
Total
|
|
|
|||
|
Credit Facility |
|
|
|
|
(2) |
$ |
|
|
|
$ |
|
|
(3) |
$ |
|
|
(4) |
|
2025 Private Placement Notes (1) |
|
|
|
|
(5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt, net of unamortized issuance costs |
|
|
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
|
|
March 31, 2023 |
|
|
|
Principal amount of debt |
|
$ |
|
|
|
Unamortized issuance costs |
|
|
(
|
) |
|
Carrying value |
|
$ |
|
|
Total debt outstanding and available at December 31, 2022 was as follows:
|
|
|
Maturity |
|
Rate |
|
Carrying Value (1) |
|
|
Available |
|
|
Total
|
|
|
|||
|
Credit Facility |
|
|
|
|
(2) |
$ |
|
|
|
$ |
|
|
(3) |
$ |
|
|
(4) |
|
2025 Private Placement Notes (1) |
|
|
|
|
(5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt, net of unamortized issuance costs |
|
|
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
34
|
|
|
December 31, 2022 |
|
|
|
Principal amount of debt |
|
$ |
|
|
|
Unamortized issuance costs |
|
|
(
|
) |
|
Carrying value |
|
$ |
|
|
The Company’s weighted average outstanding debt balance during the three months ended March 31, 2023 and 2022 was
$
The weighted average annual interest cost, including the amortization of debt issuance costs for the three months ended March 31, 2023 and 2022 was
Total expenses related to debt for the three months ended March 31, 2023 and 2022 included the following:
|
|
|
Three Months Ended March 31, |
|
|||||
|
|
|
2023 |
|
|
2022 |
|
||
|
Stated interest expense |
|
$ |
|
|
|
$ |
|
|
|
Amortization of deferred debt issuance costs |
|
|
|
|
|
|
|
|
|
Total interest expense |
|
|
|
|
|
|
|
|
|
Commitment and credit facility fees |
|
|
|
|
|
|
|
|
|
Total |
|
$ |
|
|
|
$ |
|
|
Outstanding debt is carried at amortized cost in the Consolidated Statements of Assets and Liabilities. The fair value of the Company’s Credit Facility is derived by taking the average of the high and low quotes as obtained from a broker, and is classified as Level 2 with respect to the fair value hierarchy. The fair value of the Company’s 2025 Private Placement Notes is derived by an independent valuation firm, and is classified as Level 3 with respect to the fair value hierarchy.
The carrying and fair values of the Company’s outstanding debt as of March 31, 2023 and December 31, 2022 were as follows:
|
|
|
March 31, 2023 |
|
|
December 31, 2022 |
|
||||||||||
|
|
|
Carrying Value |
|
|
Fair Value |
|
|
Carrying Value |
|
|
Fair Value |
|
||||
|
Credit Facility |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
2025 Private Placement Notes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
At March 31, 2023, the Company was in compliance with all covenants required under the Credit Facility and 2025 Private Placement Notes.
Senior Secured Revolving Credit Facility
On April 23, 2021, the Company amended its Credit Facility. Among other items, the amendment (i) extended the maturity date on loans made under the Credit Facility from
35
coverage
ratio of not less than
Unsecured Senior Notes Due 2025
On April 21, 2022, the Company entered into a Master Note Purchase Agreement (the “Note Purchase Agreement”) governing the issuance on June 9, 2022, of $
In connection with the 2025 Private Placement Notes, the Company entered into a centrally cleared Interest Rate Swap to offset interest payable on the fixed rate tranche of the Notes. The notional amount of the Interest Rate Swap is $
Unsecured Convertible Senior Notes Due 2022
On June 13, 2017, the Company issued $
Prior to the adoption of ASU 2020-06, the Company determined that the embedded conversion options in the 2022 Convertible Notes were not required to be separately accounted for as a derivative under U.S. GAAP. In accounting for the 2022 Convertible Notes, at the time
36
of
issuance the Company estimated separate debt and equity components, and an original issue discount equal to the equity component was recorded in additional paid-in-capital in the accompanying Consolidated Statements of Assets and Liabilities. As of January 1, 2022, the Company adopted ASU 2020-06 using the modified retrospective basis. In accordance with this guidance, the Company has recombined the equity conversion component of our 2022 Convertible Notes outstanding, and before its maturity, had begun accounting for the 2022 Convertible Notes as a single liability measured at amortized cost. This resulted in a cumulative decrease to additional paid in capital of $
5. Investments
Purchases of investments, including PIK, for the three months ended March 31, 2023 and 2022 totaled
$
At March 31, 2023, investments consisted of the following:
|
|
|
Cost |
|
|
Fair Value |
|
||
|
Senior secured notes |
|
$ |
|
|
|
$ |
|
|
|
Unsecured debt |
|
|
|
|
|
|
|
|
|
Subordinated debt |
|
|
|
|
|
|
|
|
|
Senior secured loans: |
|
|
|
|
|
|
||
|
First lien |
|
|
|
|
|
|
|
|
|
Second/other priority lien |
|
|
|
|
|
|
|
|
|
Total senior secured loans |
|
|
|
|
|
|
|
|
|
Preferred stock |
|
|
|
|
|
|
|
|
|
Common stock |
|
|
|
|
|
|
|
|
|
Limited partnership/limited liability company interests |
|
|
|
|
|
|
|
|
|
Equity warrants/options |
|
|
|
|
|
|
|
|
|
Total investments |
|
$ |
|
|
|
$ |
|
|
At December 31, 2022, investments consisted of the following:
|
|
|
Cost |
|
|
Fair Value |
|
||
|
Senior secured notes |
|
$ |
|
|
|
$ |
|
|
|
Unsecured debt |
|
|
|
|
|
|
|
|
|
Subordinated debt |
|
|
|
|
|
|
|
|
|
Senior secured loans: |
|
|
|
|
|
|
||
|
First lien |
|
|
|
|
|
|
|
|
|
Second/other priority lien |
|
|
|
|
|
|
|
|
|
Total senior secured loans |
|
|
|
|
|
|
|
|
|
Preferred stock |
|
|
|
|
|
|
|
|
|
Common stock |
|
|
|
|
|
|
|
|
|
Limited partnership/limited liability company interests |
|
|
|
|
|
|
|
|
|
Equity warrants/options |
|
|
|
|
|
|
|
|
|
Total investments |
|
$ |
|
|
|
$ |
|
|
37
Industry Composition
The Company generally uses GICS to classify the industries of its portfolio companies. The following table shows the industry composition of the portfolio, at fair value, at March 31, 2023 and December 31, 2022.
|
Industry |
|
March 31, 2023 |
|
|
December 31, 2022 |
|
||
|
Software |
|
|
|
% |
|
|
|
% |
|
Diversified Financial Services |
|
|
|
|
|
|
|
|
|
Internet Software & Services |
|
|
|
|
|
|
|
|
|
Diversified Consumer Services |
|
|
|
|
|
|
|
|
|
Professional Services |
|
|
|
|
|
|
|
|
|
Health Care Technology |
|
|
|
|
|
|
|
|
|
Health Care Providers & Services |
|
|
|
|
|
|
|
|
|
Construction & Engineering |
|
|
|
|
|
|
|
|
|
Road & Rail |
|
|
|
|
|
|
|
|
|
Insurance |
|
|
|
|
|
|
|
|
|
IT Services |
|
|
|
|
|
|
|
|
|
Containers & Packaging |
|
|
|
|
|
|
|
|
|
Paper & Forest Products |
|
|
|
|
|
|
|
|
|
Specialty Retail |
|
|
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure |
|
|
|
|
|
|
|
|
|
Technology Hardware, Storage & Peripherals |
|
|
|
|
|
|
|
|
|
Textiles, Apparel & Luxury Goods |
|
|
|
|
|
|
|
|
|
Consumer Finance |
|
|
|
|
|
|
|
|
|
Media |
|
|
|
|
|
|
|
|
|
Commercial Services & Supplies |
|
|
|
|
|
|
|
|
|
Real Estate Management & Development |
|
|
|
|
|
|
|
|
|
Trading Companies & Distributors |
|
|
|
|
|
|
|
|
|
Internet & Catalog Retail |
|
|
|
|
|
|
|
|
|
Machinery |
|
|
|
|
|
|
|
|
|
Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
|
Household Durables |
|
|
|
|
|
|
|
|
|
Leisure Products |
|
|
|
|
|
|
|
|
|
Building Products |
|
|
|
|
|
|
|
|
|
Automobiles |
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment |
|
|
|
|
|
|
|
|
|
Life Sciences Tools & Services |
|
|
|
|
|
|
|
|
|
Distributors |
|
|
|
|
|
|
|
|
|
Capital Markets |
|
|
|
|
|
|
|
|
|
Health Care Equipment & Supplies |
|
|
|
|
|
|
|
|
|
Metals & Mining |
|
|
|
|
|
|
|
|
|
Electrical Equipment |
|
|
|
|
|
|
|
|
|
Chemicals |
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels |
|
|
|
|
|
|
|
|
|
Totals |
|
|
|
% |
|
|
|
% |
The following table shows the geographic composition of the portfolio at fair value at March 31, 2023 and December 31, 2022. The geographic composition is determined by several factors including the location of the corporate headquarters and the country of registration of the portfolio company.
|
Geography |
|
March 31, 2023 |
|
|
December 31, 2022 |
|
||
|
United States |
|
|
|
% |
|
|
|
% |
|
United Kingdom |
|
|
|
|
|
|
|
|
|
Germany |
|
|
|
|
|
|
|
|
|
Canada |
|
|
|
|
|
|
|
|
|
Switzerland |
|
|
|
|
|
|
|
|
|
Netherlands |
|
|
|
|
|
|
|
|
|
Slovenia |
|
|
|
|
|
|
|
|
|
Australia |
|
|
|
|
|
|
|
|
|
Totals |
|
|
|
% |
|
|
|
% |
38
Market and Credit Risk
The Company has investments in lower rated and comparable quality unrated senior and junior secured, unsecured and subordinated debt securities and loans, which are subject to a greater degree of credit risk than more highly rated investments. The risk of loss due to default by the issuer is significantly greater for holders of such securities and loans, particularly in cases where the investment is unsecured or subordinated to other creditors of the issuer.
In the normal course of business, the Company invests in securities and enters into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (issuer credit risk). The value of securities held by the Company may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Company; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. The impact of epidemics and pandemics such as the coronavirus, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. Similar to issuer credit risk, the Company may be exposed to counterparty credit risk, or the risk that an entity with which the Company has unsettled or open transactions may fail to or be unable to perform on its commitments. The Company manages counterparty risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Company to market, issuer and counterparty credit risks, consist principally of investments in portfolio companies. The extent of the Company’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is generally approximated by their fair value recorded in the Consolidated Statements of Assets and Liabilities. The Company is also exposed to credit risk related to maintaining all of its cash at a major financial institution.
6. Other Related Party Transactions
Advisor Reimbursements
The Current Management Agreement provides that the Company will reimburse the Advisor for costs and expenses incurred by the Advisor for administrative or operating services, office space rental, office equipment and utilities allocable to the Advisor under the investment management agreement, as well as any costs and expenses incurred by the Advisor relating to any non-investment advisory, administrative or operating services provided by the Advisor to the Company. For the three months ended March 31, 2023 and 2022, the Company incurred $
From time to time, the Advisor and its affiliates may pay third party providers for goods or services utilized by the Company. The Company will subsequently reimburse the Advisor and its affiliates for such amounts. Reimbursements to the Advisor and their affiliates for such purposes during the three months ended March 31, 2023
and 2022 were $
No person who is an officer, director or employee of the Advisor and who serves as a director of the Company receives any compensation from the Company for such services. Directors who are not affiliated with the Advisor receive compensation for their services and reimbursement of expenses incurred to attend meetings.
Administration
The Company also has entered into an administration agreement with BlackRock Financial Management, Inc. (the “Administrator”) under which the Administrator provides certain administrative services to the Company. For providing these services, facilities and personnel, the Company reimburses the Administrator for the Company’s allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the administration agreement, including rent and the Company’s allocable portion of the cost of certain of the Company’s officers and their respective staffs. For the three months ended March 31, 2023 and 2022, the Company incurred $
Advisor Stock Transactions
At March 31, 2023 and December 31, 2022
, BCIA did
7. Stockholders’ Equity and Dividends
Dividends to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend is determined by the Board. Net realized capital gains, if any, generally are distributed at least annually, although the Company may decide to retain such capital gains for investment.
39
The Company has adopted a dividend reinvestment plan (the “Plan”) that provides for reinvestment of dividends on behalf of stockholders, unless a stockholder elects to receive cash. As a result, if the Board authorizes, and the Company declares, a cash dividend, then stockholders who have not “opted out” of the dividend reinvestment plan will have their cash dividends automatically reinvested in additional shares of Common Stock, rather than receiving the cash dividends. Additionally, if the Company makes a dividend to be paid in cash or in stock at the election of stockholders as of the applicable dividend record date (a “Cash/Stock Dividend”), the terms are subject to the amended Plan dated May 13, 2020 described below.
For the three months ended March 31, 2023 and 2022, declared dividends to common stockholders were as follows:
|
Date Declared |
|
Record Date |
|
Payment Date |
|
Type |
|
Amount Per Share |
|
Total Amount |
|
Reinvested dividends paid during quarter (1) (2) |
|
|||
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Date Declared |
|
Record Date |
|
Payment Date |
|
Type |
|
Amount Per Share |
|
Total Amount |
|
Reinvested dividends paid during quarter (1) (2) |
|
|||
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
On March 6, 2018, the Company's Board adopted amendments to the Plan. Under the terms of the amended Plan, if the Company declares a dividend or determines to make a capital gain or other distribution, the reinvestment plan agent will acquire shares for the participants’ accounts, depending upon the following circumstances, (i) through receipt of additional unissued but authorized shares from the Company (“newly issued shares”) and/or (ii) by purchase of outstanding shares on the open market (“open-market purchases”). If, on the dividend payment date, the last quarterly net asset value per share (“NAV”) is equal to or less than the closing market price per share on such dividend payment date (such condition often referred to as a “market premium”), the reinvestment plan agent will invest the dividend amount in newly issued shares on behalf of the participants. The number of newly issued shares to be credited to each participant’s account will be determined by dividing the dollar amount of the dividend by the greater of (i) the NAV or (ii)
On May 13, 2020, the Company's Board adopted further amendments to the Plan. Under the terms of the amended Plan, if the Company makes a Cash/Stock Dividend, each stockholder will be required to elect whether to receive the dividend in cash or in shares of the Company's common stock (“Common Shares”), pursuant to such notices, forms or other documentation as may be provided to the stockholder by the Company (the “Election Forms”). If the stockholder is a Plan participant and elects to receive the Cash/Stock Dividend in cash, the stockholder will be deemed to have elected not to participate in the Plan solely with respect to such Cash/Stock Dividend and will receive the dividend in cash subject to any rules applicable to the dividend that may limit the portion of the dividend the Company is required to pay in cash. If the stockholder is a Plan participant and elects to receive the Cash/Stock Dividend in stock, the stockholder will receive the dividend in newly issued Common Shares. The number of newly issued Common Shares credited to the stockholders' account in either case will be determined by dividing the dollar amount of the dividend (or portion of the dividend to be paid in Common Shares) by the price per Common Share determined in accordance with the Election Forms rather than pursuant to the formula(s) otherwise applicable under the Plan. At the Company's special meeting of stockholders held on May 3, 2022, stockholders did not approve the Company's ability to sell or otherwise issue shares of common stock at a price below its then current NAV per share for a 12-month period expiring on the anniversary of the date of stockholder approval.
On October 28, 2022, the Company’s Board authorized the Company to purchase up to a total of
The following table summarizes the total shares repurchased and amounts paid by the Company under the Company Repurchase Plan, including broker fees, for the three months ended March 31, 2022:
|
March 31, 2022 |
|
Shares
|
|
|
Price Per
|
|
|
Total Cost |
|
|||
|
Company Repurchase Plan |
|
|
|
|
|
$ |
|
|
|
$ |
|
|
40
Since inception of the original repurchase plan through March 31, 2023
, the Company has purchased
8. Earnings (loss) per share
The following information sets forth the computation of basic and diluted net increase (decrease) in net assets from operations per share (earnings (loss) per share) for the three months ended March 31, 2023 and 2022.
|
|
|
Three Months Ended |
|
|||||
|
|
|
March 31, 2023 |
|
|
March 31, 2022 |
|
||
|
Net increase in net assets resulting from operations |
|
$ |
|
|
|
$ |
|
|
|
Weighted average shares outstanding – basic and diluted (1) |
|
|
|
|
|
|
|
|
|
Earnings (loss) per share – basic and diluted |
|
$ |
|
|
|
$ |
|
|
Diluted earnings per share is computed using the if-converted method, which assumes conversion of convertible securities at the beginning of the reporting period and is intended to show the maximum dilution effect to common stockholders regardless of how the conversion can occur.
9. Commitments and contingencies
In the normal course of business, the Company may enter into guarantees on behalf of portfolio companies. Under these arrangements, the Company would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. There were
In the normal course of business, the Company enters into contractual agreements that provide general indemnifications against losses, costs, claims and liabilities arising from the performance of individual obligations under such agreements. The Company’s individual maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. However, based on management’s experience, the Company expects the risk of loss to be remote.
From time to time, the Company and the Advisor may be a party to certain legal proceedings incidental to the normal course of its business, including the enforcement of its rights under contracts with our portfolio companies. Further, third parties may try to seek to impose liability on the Company in connection with the activities of its portfolio companies. While the Company cannot predict the outcome of these legal proceedings with certainty, we do not expect that these proceedings will have a material effect on its consolidated financial statements.
41
10. Financial highlights
The following per share data and ratios have been derived from information provided in the consolidated financial statements. The following is a schedule of financial highlights for a common share outstanding for the three months ended March 31, 2023 and 2022:
|
|
|
Three Months Ended March 31, |
|||||||
|
|
|
2023 |
|
|
2022 |
|
|
||
|
Per Share Data: |
|
|
|
|
|
|
|
||
|
Net asset value, beginning of period |
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Investment Operations: |
|
|
|
|
|
|
|
||
|
Net investment income, before incentive fees |
|
|
|
|
|
|
|
|
|
|
Incentive fees (1) |
|
|
(
|
) |
|
|
|
|
|
|
Net investment income (1) |
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized gain (loss) |
|
|
|
|
|
|
(
|
) |
|
|
Total from investment operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Cumulative effect of adjustment for the adoption of (2) |
|
|
|
|
|
|
(
|
) |
|
|
|
|
|
|
|
|
|
|
||
|
Dividends to stockholders (3) |
|
|
(
|
) |
|
|
(
|
) |
|
|
|
|
|
|
|
|
|
|
||
|
Net asset value, end of period |
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Market price at end of period |
|
$ |
|
|
|
$ |
|
|
|
|
Total return based on market price (4) |
|
|
(
|
)% |
|
|
|
% |
|
|
Total return based on net asset value (5) |
|
|
|
% |
|
|
|
% |
|
|
Shares outstanding at end of period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Ratios to average net assets (6) : |
|
|
|
|
|
|
|
||
|
Operating expenses, before incentive fees |
|
|
|
% |
|
|
|
% |
|
|
Interest and other debt related expenses |
|
|
|
% |
|
|
|
% |
|
|
Total expenses, before incentive fees |
|
|
|
% |
|
|
|
% |
|
|
Incentive fees (1) |
|
|
|
% |
|
|
(
|
)% |
|
|
Total expenses, after incentive fees |
|
|
|
% |
|
|
|
% |
|
|
Net investment income |
|
|
|
% |
|
|
|
% |
|
|
|
|
|
|
|
|
|
|
||
|
Net assets at end of period |
|
$ |
|
|
|
$ |
|
|
|
|
Portfolio turnover rate |
|
|
|
% |
|
|
|
% |
|
|
Weighted average interest rate on debt (7) |
|
|
|
% |
|
|
|
% |
|
|
Weighted average debt outstanding |
|
$ |
|
|
|
$ |
|
|
|
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
|
Weighted average debt per share (8) |
|
$ |
|
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
||
42
11. Subsequent events
On
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 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
The Company has reviewed subsequent events occurring through the date that these consolidated financial statements were available to be issued and determined that no subsequent events occurred requiring accrual or disclosure, except as disclosed above and elsewhere in these notes to consolidated financial statements.
43
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The information contained in this section should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this report.
Forward-looking statements
This report, and other statements that we may make, may contain forward-looking statements with respect to future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “potential,” “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.
Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and we assume no duty to and do 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 identified elsewhere in the reports BlackRock Capital Investment Corporation has filed with the Securities and Exchange Commission (the “SEC”), the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance:
Overview
We were incorporated in Delaware on April 13, 2005 and commenced operations with private funding on July 25, 2005, and completed our initial public offering on July 2, 2007. Our 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.
We are externally managed and have elected to be regulated as a BDC under the 1940 Act. As a BDC, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets,” including securities of private or thinly traded public U.S. companies, cash, cash equivalents, U.S. Government securities and high-quality debt investments that mature in one year or less.
44
Certain items previously reported may have been reclassified to conform to the current year presentation.
Investments
Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity, the general economic environment, the competitive environment for the types of investments we make and the level of repayment activity from our portfolio companies.
As a BDC, we generally do not acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Qualifying assets include investments in “eligible portfolio companies.” Under the relevant SEC rules, the term “eligible portfolio company” includes most private companies, companies whose securities are not listed on a national securities exchange, and certain public companies that have listed their securities on a national securities exchange and have a market capitalization of less than $250 million. These rules also permit us to include as qualifying assets certain follow-on investments in companies that were eligible portfolio companies at the time of initial investment but that no longer meet the definition. As of March 31, 2023, approximately 16.1% of the total assets of the Company were not qualifying assets under Section 55(a) of the 1940 Act.
Revenues
We generate revenues primarily in the form of interest on the debt we hold, dividends on our equity interests and capital gains on the sale of warrants and other debt or equity interests that we acquire in portfolio companies. Our investments in fixed income instruments generally have an expected maturity of three to ten years, although we have no lower or upper constraint on maturity, and typically bear interest at a fixed or floating rate. Interest on our debt securities is generally payable monthly, quarterly or semi-annually. In some cases, our debt instruments and preferred stock investments may defer payments of cash interest or dividends or pay interest or dividends in-kind. Any outstanding principal amount of our debt securities and any accrued but unpaid interest will generally become due at the maturity date. In addition, we may generate revenue in the form of prepayment fees, commitment, origination, capital structuring fees, end-of-term or exit fees, for providing significant managerial assistance, and other investment related income.
Expenses
Our primary operating expenses include the payment of a Management Fee and, depending on our operating results, Incentive Fees, interest and credit facility fees, expenses reimbursable under the Current Management Agreement, professional fees, administration fees and the allocable portion of overhead under the administration agreement. The Management Fee and Incentive Fee compensate the Advisor for work in identifying, evaluating, negotiating, closing and monitoring our investments. Our Current Management Agreement with the Advisor provides that we will reimburse the Advisor for costs and expenses incurred by the Advisor for office space rental, office equipment and utilities allocable to the Advisor under the Current Management Agreement, as well as any costs and expenses incurred by the Advisor relating to any non-investment advisory, administrative or operating services provided by the Advisor to us. We bear all other costs and expenses of our operations and transactions.
Critical accounting policies and estimates
Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting periods presented. Although management believes these estimates and assumptions to be reasonable, actual results could differ from those estimates and such differences could be material.
Management considers the significant accounting policies important to understanding the consolidated financial statements. In addition to the discussion below, our significant accounting policies are further described in the notes to the consolidated financial statements. See Note 2 to the consolidated financial statements for a description of significant accounting policies and of recently adopted accounting pronouncements, if applicable. Management considers Investment Valuation to be an area deemed a critical accounting policy as a result of the judgments necessary for management to select valuation methodologies and to select significant unobservable inputs to estimate fair value. Pursuant to Rule 2a-5 (the "Rule") under the 1940 Act, the Company’s Board has designated the Advisor as the Company’s Valuation Designee to perform certain fair value functions, including performing fair value determinations, and has reviewed and approved amended policies and procedures adopted by BCIA to seek to ensure compliance with the requirements of the Rule as part of such designation. The Valuation Designee will provide quarterly valuation reporting and notifications on any material valuation matters to the Board as required under the Rule (see Note 2 to the consolidated financial statements).
45
Financial and operating highlights
At March 31, 2023:
Investment portfolio, at fair value: $587.8 million
Net assets: $319.8 million
Indebtedness, excluding deferred issuance costs: $264.0 million
Net asset value per share: $4.41
Portfolio Activity for the Three Months Ended March 31, 2023:
Cost of investments during period, including PIK: $37.6 million
Sales, repayments and other exits during period: $20.7 million
Number of portfolio companies at end of period: 121
Operating Results for the Three Months Ended March 31, 2023:
Net investment income per share: $0.12
Dividends declared per share: $0.10
Basic earnings (loss) per share: $0.12
Net investment income: $8.9 million
Net realized and unrealized gain (loss): $(0.3) million
Net increase (decrease) in net assets from operations: $8.5 million
Net investment income per share, as adjusted 1 : $0.12
Basic earnings (loss) per share, as adjusted 1 : $0.12
Net investment income, as adjusted 1 : $8.9 million
Net increase (decrease) in net assets from operations, as adjusted 1 : $8.5 million
As Adjusted 1 : The Company reports its financial results in accordance with GAAP; however, management believes evaluating the Company’s ongoing operating results may be enhanced if investors have additional non-GAAP financial measures. See “Supplemental Non-GAAP information” for further information on non-GAAP financial measures and for as adjusted items, which are adjusted to remove the impact of the accrued hypothetical liquidation basis incentive fee expense reversal based on capital gains that was recorded, as required by GAAP, if any, and to include only the incremental incentive fee based on income. Under the Current Management Agreement, incentive fee expense based on income is calculated for each calendar quarter and may be paid on a quarterly basis if certain thresholds are met. 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.
Portfolio and investment activity
We invested approximately $37.6 million, including PIK, during the three months ended March 31, 2023. The new investments consisted of senior secured loans secured by first lien ($37.5 million, or 99.8%) and equity securities ($0.1 million, or 0.2%). Additionally, we received proceeds from sales, repayments and other exits of approximately $20.7 million during the three months ended March 31, 2023.
Concentration of our assets in an issuer, industry or sector may present certain risks. To the extent that we assume large positions in the securities of a small number of issuers, our net asset value may fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market’s assessment of the issuer. At March 31, 2023, our portfolio of $587.8 million (at fair value) consisted of 121 portfolio companies and was invested approximately 95% in senior secured loans, 4% in unsecured or subordinated debt securities, 1% in equity investments, and less than 1% in senior secured notes. Our average investment by portfolio company at amortized cost was approximately $5.6 million at March 31, 2023. Our largest portfolio company investment at fair value was approximately $24.9 million and our five largest portfolio company investments at fair value comprised approximately 13% of our portfolio at March 31, 2023. At December 31, 2022, our portfolio of $570.5 million (at fair value) consisted of 116 portfolio companies and was invested 94% in senior secured loans, 4% in unsecured or subordinated debt securities, 2% in equity investments and less than 1% in senior secured notes. Our average investment by portfolio company at amortized cost was approximately $5.7 million at December 31, 2022. Our largest portfolio company investment at fair value was approximately $24.8 million and our five largest portfolio company investments by value comprised approximately 14% of our portfolio at December 31, 2022.
In addition, we may, from time to time, invest a substantial portion of our assets in the securities of issuers in any single industry or sector of the economy or in only a few issuers. A downturn in an industry or sector in which we are concentrated could have a larger impact on us than on a company that does not concentrate in that particular industry or sector. Our Advisor monitors industry and sector uncertainties on an ongoing basis, including substantial regulatory challenges in the healthcare sector, volatility and extensive government regulation in the financial services sector, cyclical risks associated with the overall economy and events outside of our control, including public health crises such as COVID-19, or other geopolitical or macroeconomic events, which may have resulted in a negative impact to certain industries, including significant reductions in demand for certain goods and services, reductions in business activity and financial transactions, supply chain interruptions and overall economic and financial market instability both globally and in the United States (see Note 5 to the consolidated financial statements), among various other industry and sector uncertainties due to certain exposures. At March 31, 2023, our top three industry concentrations at fair value consisted of Software (16.4%), Diversified Financial Services (14.8%), and Internet Software & Services (12.1%). At December 31, 2022, our top three industry concentrations at fair value consisted of Software (15.2%), Diversified Financial Services (14.5%) and Internet Software & Services (11.1%) (see Note 5 to the consolidated financial statements).
46
The weighted average portfolio yields at fair value and cost as of March 31, 2023 and December 31, 2022 were as follows:
|
|
|
March 31, 2023 |
|
|
December 31, 2022 |
|
||||||||||
|
|
|
Fair Value |
|
|
Cost |
|
|
Fair Value |
|
|
Cost |
|
||||
|
Weighted Average Yield (1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total portfolio |
|
|
12.4 |
% |
|
|
11.1 |
% |
|
|
11.9 |
% |
|
|
10.6 |
% |
|
Senior secured loans |
|
|
12.9 |
% |
|
|
12.9 |
% |
|
|
12.4 |
% |
|
|
12.4 |
% |
|
Other debt securities |
|
|
3.6 |
% |
|
|
1.8 |
% |
|
|
3.4 |
% |
|
|
1.7 |
% |
|
Debt and income producing equity securities |
|
|
12.5 |
% |
|
|
12.1 |
% |
|
|
12.0 |
% |
|
|
11.6 |
% |
For the three months ended March 31, 2023 and 2022, the total return based on net asset value was 3.3% and 1.7%, respectively. For the three months ended March 31, 2023 and 2022, the total return based on market price was (2.0)% and 7.7%, respectively. Total returns are historical and are calculated by determining the percentage change in the net asset value or market price with all dividends reinvested, if any. Dividends are assumed to be reinvested in accordance with the Company’s dividend reinvestment plan and do not reflect brokerage commissions.
The Advisor generally employs a grading system for our entire portfolio. The Advisor grades all loans on a scale of 1 to 4. This system is intended to reflect the performance of the borrower’s business, the collateral coverage of the loans and other factors considered relevant. Generally, the Advisor assigns only one loan grade to each portfolio company for all loan investments in that portfolio company; however, the Advisor will assign multiple ratings when appropriate for different investments in one portfolio company. The following is a description of the conditions associated with each investment rating:
Grade 1: Investments in portfolio companies whose performance is substantially within or above the Advisor’s original base case expectations and whose risk factors are neutral to favorable to those at the time of the original investment or subsequent restructuring.
Grade 2: Investments in portfolio companies whose performance is materially below the Advisor’s original base case expectations or risk factors have increased since the time of original investment or subsequent restructuring. No loss of investment return or principal (or invested capital) is expected.
Grade 3: Investments in portfolio companies whose performance is materially below the Advisor’s original base case expectations or risk factors have increased materially since the time of original investment or subsequent restructuring. Some loss of investment return is expected, but no loss of principal (or invested capital) is expected.
Grade 4: Investments in portfolio companies whose performance is materially below the Advisor’s original base case expectations or risk factors have increased substantially since the time of original investment or subsequent restructuring. Some loss of principal (or invested capital) is expected.
The Advisor monitors and, when appropriate, changes the investment ratings assigned to each investment in our portfolio. In connection with our valuation process, the Advisor and Board review these investment ratings on a quarterly basis. Our weighted average investment rating was 1.35 at March 31, 2023 and 1.33 at December 31, 2022. The following is a distribution of the investment ratings of our portfolio companies, at fair value, at March 31, 2023 and December 31, 2022:
|
|
|
March 31,
|
|
|
December 31,
|
|
||
|
Grade 1 |
|
$ |
418,829,528 |
|
|
$ |
422,813,958 |
|
|
Grade 2 |
|
|
139,494,374 |
|
|
|
117,689,506 |
|
|
Grade 3 |
|
|
9,413,701 |
|
|
|
9,675,397 |
|
|
Grade 4 |
|
|
15,673,000 |
|
|
|
15,936,823 |
|
|
Not Rated (1) |
|
|
4,373,400 |
|
|
|
4,373,400 |
|
|
Total investments |
|
$ |
587,784,003 |
|
|
$ |
570,489,084 |
|
47
Results of operations
Results comparisons for the three months ended March 31, 2023 and 2022.
Investment income
|
|
|
Three Months Ended |
|
|||||
|
|
|
March 31, 2023 |
|
|
March 31, 2022 |
|
||
|
Investment income |
|
|
|
|
|
|
||
|
Interest and fees on senior secured loans |
|
$ |
18,404,137 |
|
|
$ |
11,968,684 |
|
|
Interest and fees on other debt securities |
|
|
193,928 |
|
|
|
135,907 |
|
|
Interest earned on short-term investments, cash equivalents |
|
|
79,558 |
|
|
|
1,814 |
|
|
Dividends on equity securities |
|
|
86,342 |
|
|
|
75,882 |
|
|
Total investment income |
|
$ |
18,763,965 |
|
|
$ |
12,182,287 |
|
Total investment income for the three months ended March 31, 2023 increased $6.6 million, or 54.0%, as compared to the three months ended March 31, 2022. The increase was primarily due to a 41.1% increase in the weighted average yield on senior secured loans period over period as a result of a higher interest rate environment, and a 14.7% higher average balance in senior secured loans, at amortized cost, during the three months ended March 31, 2023. The increased balance of senior secured loans is primarily due to net deployments during 2022 and the three months ended March 31, 2023, which were substantially all in senior secured debt.
Expenses
|
|
|
Three Months Ended |
|
|||||
|
|
|
March 31, 2023 |
|
|
March 31, 2022 |
|
||
|
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 |
|
|
— |
|
|
|
(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 |
|
Total expenses increased $4.2 million, or 74.1%, for the three months ended March 31, 2023 from the comparable period in 2022, primarily due to increases in interest and other debt expenses and Incentive Fees on income during the three months ended in March 31, 2023, and the reversal of previously accrued Incentive Fees on capital gains as required by GAAP during the three months ended March 31, 2022.
Interest and other debt expenses increased approximately $2.0 million, or 72.9%, for the three months ended March 31, 2023 from the comparable period in 2022 due to an increase in the average debt outstanding period over period, and a higher interest rate environment (see Note 4 to the consolidated financial statements).
Incentive fees on income increased approximately $1.9 million for the three months ended March 31, 2023 from the comparable period in 2022 due to higher pre-incentive fee net investment income in excess of the hurdle period over period.
The Company is required under GAAP to accrue a hypothetical liquidation basis Incentive Fee on capital gains (if any), based upon net realized capital gains and unrealized capital appreciation and depreciation on investments held at the end of each period. If the resulting calculation amount is negative, the accrual for GAAP in a given period may result in the reduction or reversal of Incentive Fees on capital gains accrued in a prior period (see Note 3 to the consolidated financial statements). The accrual (reversal) of Incentive Fees on capital gains was zero and $(0.5) million during the three months ended March 31, 2023 and 2022, respectively. The Company did not have an accrued balance at March 31, 2023 and December 31, 2022.
Net investment income
Net investment income was $8.9 million and $6.5 million for the three months ended March 31, 2023 and 2022, respectively. The increase of approximately $2.4 million, or 36.4%, was due to a $6.6 million increase in total investment income, partially offset by a $4.2 million increase in expenses described above.
48
Net realized gain or loss
Net realized gain (loss) recorded for the three months ended March 31, 2023 was $(0.6) million, due to the full sales of our positions in Kemmerer Holdings, LLC and Advanced Lighting Technologies, LLC. Net realized gain (loss) for the three months ended March 31, 2022 was approximately $0.8 million, primarily due to escrow proceeds received from SVP– Singer Holdings, LP, which was exited during 2021.
Net unrealized appreciation or depreciation
For the three months ended March 31, 2023 and 2022, the change in net unrealized appreciation or depreciation on our investments and Interest Rate Swap was an increase in net unrealized appreciation of $0.3 million and an increase in net unrealized depreciation of $(1.8) million, respectively. The increase in net unrealized depreciation for the three months ended March 31, 2022 was primarily due to a $(0.9) million increase in valuation depreciation in our investment in Stitch Holdings L.P. and spread widening during the quarter.
Net increase or decrease in net assets resulting from operations
The net increase or (decrease) in net assets resulting from operations for the three months ended March 31, 2023 and 2022 was approximately $8.5 million and $5.5 million, respectively. The increase is primarily due to a $2.4 million increase in net investment income and a $0.6 million decrease in net realized and unrealized loss period-over-period.
Supplemental Non-GAAP information
We report our financial results on a GAAP basis; however, management believes that evaluating our 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 our 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.
After March 6, 2017, Incentive Fees based on income are calculated for each calendar quarter and may be paid on a quarterly basis if certain thresholds are met. In addition, as previously disclosed, the Advisor, in consultation with the Company’s Board, had agreed to waive Incentive Fees based on income from March 7, 2017 to June 30, 2019. BCIA had agreed to honor such waiver. The Advisor had voluntarily waived a portion of its Incentive Fees based on income from July 1, 2019 through September 30, 2021.
We record our liability for Incentive Fee based on capital gains 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 Fee disclosed for a given period is not necessarily indicative of actual full year results. Changes in the economic environment, financial markets and other parameters used in determining such estimates could cause actual results to differ 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 Advisers Act and the Current Management Agreement. See Note 3 to the consolidated financial statements for a more detailed description of the Company’s Incentive Fee.
Computations for all periods are derived from our consolidated 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 Fee 1 : |
|
|
|
|
|
|
|
||
|
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 Adjusted 2 : |
|
|
|
|
|
|
|
||
|
Net Investment Income |
|
$ |
8,861,492 |
|
|
$ |
6,023,594 |
|
|
|
Net Investment Income per share |
|
|
0.12 |
|
|
|
0.08 |
|
|
Pre-Incentive Fee 1 : Amounts are adjusted to remove all incentive fees (if any). Such fees have been accrued (reversed) but are not due and payable at the reporting date.
49
As Adjusted 2 : 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 (if any). Adjusted amounts reflect the fact that no Incentive Fee on capital gains was realized and payable to the Advisor during the three month periods ended March 31, 2023 and 2022, respectively (see Note 3). Under the Current 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.
Financial condition, liquidity and capital resources
During the three months ended March 31, 2023, we generated operating cash flows primarily from interest and fees received on senior secured loans and other debt securities, as well as from sales of selected portfolio company investments or repayments of principal. Net cash used in operating activities for the three months ended March 31, 2023 was $(7.1) million. Our use of cash from operating activities during the period primarily consisted of $(16.0) million in net purchases of investments, excluding PIK capitalization.
Net cash provided by financing activities during the three months ended March 31, 2023 was $2.7 million. Our sources of cash from financing activities consisted of $10.0 million in net debt borrowings under the Credit Facility. Our uses of cash consisted of cash dividends paid to stockholders of $(7.3) million.
In the normal course of business, we may enter into guarantees on behalf of portfolio companies. Under these arrangements, we would be required to make payments to third parties if the portfolio companies were to default on their related payment obligations. There were no such guarantees outstanding at March 31, 2023 and December 31, 2022. In addition, from time to time, the Company may provide for a commitment to a portfolio company for investment in an existing or new security. At March 31, 2023 and December 31, 2022, we were obligated to existing portfolio companies for unfunded commitments of $58.9 million across 48 portfolio companies and $72.1 million across 51 portfolio companies, respectively.
As of March 31, 2023, we have analyzed cash and cash equivalents and availability under our Credit Facility and believe that there is sufficient liquidity to meet all of our obligations, fund unfunded commitments should the need arise, and deploy capital into new and existing portfolio companies.
Contractual obligations
A summary of our significant contractual payment obligations for the repayment of outstanding borrowings at March 31, 2023 is as follows:
|
|
|
Payments Due By Period (dollars in millions) |
|
|||||||||||||||||
|
|
|
Total |
|
|
Less than 1 year |
|
|
1-3 years |
|
|
3-5 years |
|
|
After 5 years |
|
|||||
|
Credit Facility (1) |
|
$ |
172.0 |
|
|
$ |
— |
|
|
$ |
172.0 |
|
|
$ |
— |
|
|
$ |
— |
|
|
2025 Private Placement Notes |
|
|
92.0 |
|
|
|
— |
|
|
|
92.0 |
|
|
|
— |
|
|
|
— |
|
|
Interest and Debt Related Payables |
|
|
1.3 |
|
|
|
1.3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Dividends
Our quarterly dividends, if any, are determined by our Board. Dividends are declared considering our estimate of annual taxable income available for distribution to stockholders and the amount of taxable income carried over from the prior year for distribution in the current year. We cannot assure stockholders that they will receive any dividends at all or dividends at a particular level. The following table lists the quarterly dividends per share from our common stock since March 2021:
|
Dividend Amount
|
|
Record Date |
|
Payment Date |
|
$0.10 |
|
March 17, 2021 |
|
April 7, 2021 |
|
$0.10 |
|
June 16, 2021 |
|
July 7, 2021 |
|
$0.10 |
|
September 15, 2021 |
|
October 6, 2021 |
|
$0.10 |
|
December 16, 2021 |
|
January 6, 2022 |
|
$0.10 |
|
March 17, 2022 |
|
April 7, 2022 |
|
$0.10 |
|
June 16, 2022 |
|
July 7, 2022 |
|
$0.10 |
|
September 15, 2022 |
|
October 6, 2022 |
|
$0.10 |
|
December 16, 2022 |
|
January 6, 2023 |
|
$0.10 |
|
March 16, 2023 |
|
April 6, 2023 |
|
$0.10 |
|
June 15, 2023 |
|
July 6, 2023 |
Tax characteristics of all dividends are reported to stockholders on Form 1099-DIV or Form 1042-S after the end of the calendar year.
50
We have elected to be taxed as a RIC under Subchapter M of the Code. In order to maintain favorable RIC tax treatment, we must distribute annually to our stockholders at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, out of the assets legally available for distribution. In order to avoid certain excise taxes imposed on RICs, we must distribute during each calendar year an amount at least equal to the sum of:
We may, at our discretion, carry forward taxable income in excess of calendar year dividends and pay a 4% excise tax on this income. If we choose to do so, all other things being equal, this would increase expenses and reduce the amounts available to be distributed to our stockholders. We will accrue excise tax on estimated taxable income as required. In addition, although we currently intend to distribute realized net capital gains (i.e., net long-term capital gains in excess of short-term capital losses), if any, at least annually, out of the assets legally available for such dividends, we may in the future decide to retain such capital gains for investment. There was no provision for federal excise taxes recorded for the year ended December 31, 2022.
The final tax characterization of dividends is determined after the fiscal year and is reported on Form 1099 and in the Company’s annual report to stockholders. Dividends can be characterized as ordinary income, capital gains and/or return of capital. To the extent that dividends exceed the Company’s current and accumulated earnings and profits, the excess may be treated as a non-taxable return of capital. Dividends that exceed a Company’s taxable income but do not exceed the Company’s current and accumulated earnings and profits, may be classified as ordinary income which is taxable to stockholders.
The Company estimates the source of its dividends as required by Section 19(a) of the 1940 Act. On a quarterly basis, for any payment of dividends estimated to be paid from any other source other than net investment income accrued for current period or certain cumulative periods based on the Section 19(a) requirement, the Company posts a Section 19(a) notice through the Depository Trust Company’s Legal Notice System and its website, as well as sends its registered stockholders a printed copy of such notice along with the dividend payment. The estimates of the source of the dividend are interim estimates based on GAAP that are subject to revision, and the exact character of the dividends for tax purposes cannot be determined until the final books and records are finalized for the calendar year. Therefore, these estimates are made solely in order to comply with the requirements of Section 19(a) of the 1940 Act and should not be relied upon for tax reporting or any other purposes and could differ significantly from the actual character of dividends for tax purposes. For the $0.10 dividend per share paid on April 6, 2023, the Company estimated that $0.10 was sourced from net investment income and there was no return of capital paid based on book income. For reporting purposes on the Consolidated Statements of Changes in Net Assets, sources of dividends to stockholders will be adjusted on an annual basis, if necessary, and calculated in accordance with federal income tax regulations.
We maintain an “opt out” dividend reinvestment plan for our common stockholders. As a result, except as discussed below, if we declare a dividend, stockholders’ cash dividends will be automatically reinvested in additional shares of our common stock, unless they specifically “opt out” of the Company's dividend reinvestment plan (the "Plan") as to receive cash dividends. Additionally, if the Company makes a dividend to be paid in cash or in stock at the election of stockholders as of the applicable dividend record date (a “Cash/Stock Dividend”), the terms are subject to the amended Plan dated May 13, 2020 described below (see Note 7 to the consolidated financial statements).
On March 6, 2018, the Company's Board adopted amendments to the Plan. Under the terms of the amended Plan, if the Company declares a dividend or determines to make a capital gain or other distribution, the reinvestment plan agent will acquire shares for the participants’ accounts, depending upon the following circumstances, (i) through receipt of additional unissued but authorized shares from the Company (“newly issued shares”) and/or (ii) by purchase of outstanding shares on the open market (“open-market purchases”). If, on the dividend payment date, the last quarterly net asset value per share (“NAV”) is equal to or less than the closing market price per share on such dividend payment date (such condition often referred to as a “market premium”), the reinvestment plan agent will invest the dividend amount in newly issued shares on behalf of the participants. The number of newly issued shares to be credited to each participant’s account will be determined by dividing the dollar amount of the dividend by the greater of (i) the NAV or (ii) 95% of the closing market price on the dividend payment date. If, on the dividend payment date, the NAV is greater than the closing market price per share on such dividend payment date (such condition often referred to as a “market discount”), the reinvestment plan agent may, upon notice from the Company, either (a) invest the dividend amount in newly issued shares on behalf of the participants or (b) invest the dividends amount in shares acquired on behalf of the participants in open-market purchases.
On May 13, 2020, the Company's Board adopted further amendments to the Plan. Under the terms of the amended Plan, if the Company makes a Cash/Stock Dividend, each stockholder will be required to elect whether to receive the dividend in cash or in shares of the Company's common stock (“Common Shares”), pursuant to such notices, forms or other documentation as may be provided to the stockholder by the Company (the “Election Forms”). If the stockholder is a Plan participant and elects to receive the Cash/Stock Dividend in cash, the stockholder will be deemed to have elected not to participate in the Plan solely with respect to such Cash/Stock Dividend and will receive the dividend in cash subject to any rules applicable to the dividend that may limit the portion of the dividend the Company is required to pay in cash. If the stockholder is a Plan participant and elects to receive the Cash/Stock Dividend in stock, the stockholder will receive the dividend in newly issued Common Shares. The number of newly issued Common Shares credited to the stockholders' account in either case will be determined by dividing the dollar amount of the dividend (or portion of the dividend to be paid in Common Shares) by the price per Common Share
51
determined in accordance with the Election Forms rather than pursuant to the formula(s) otherwise applicable under the Plan. This feature of the Plan means that, under certain circumstances, we may issue shares of our common stock at a price below NAV per share, which could cause our stockholders to experience dilution. At the Company's special meeting of stockholders held on May 3, 2022, stockholders did not approve the Company's ability to sell or otherwise issue shares of common stock at a price below its then current NAV per share for a 12-month period expiring on the anniversary of the date of stockholder approval. We may not be able to achieve operating results that will allow us to make dividends at a specific level or to increase the amount of these dividends from time to time. Also, we may be limited in our ability to make dividends due to the asset coverage test applicable to us as a BDC under the 1940 Act and due to provisions in our existing and future debt arrangements.
If we do not distribute a certain percentage of our income annually, we will suffer adverse tax consequences, including possible loss of favorable RIC tax treatment. In addition, in accordance with U.S. GAAP and tax regulations, we include in income certain amounts that we have not yet received in cash, such as payment-in-kind interest, which represents contractual interest added to the loan balance that becomes due at the end of the loan term, or the accretion of original issue or market discount. Since we may recognize income before or without receiving cash representing such income, we may have difficulty meeting the requirement to distribute at least 90% of our investment company taxable income to obtain tax benefits as a RIC and may be subject to income or excise taxes. In order to satisfy the annual distribution requirement applicable to RICs, we may have the ability to declare a large portion of a dividend in shares of our common stock instead of in cash. As long as a sufficient portion of such dividend is paid in cash and certain requirements are met, the entire distribution would generally be treated as a dividend for U.S. federal income tax purposes.
Recent developments
On April 26, 2023, the Company’s Board declared a dividend of $0.10 per share, payable on July 6, 2023 to stockholders of record at the close of business on June 15, 2023.
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 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.
The Company has reviewed subsequent events occurring through the date that these consolidated financial statements were available to be issued, and determined that no subsequent events occurred requiring accrual or disclosure, except as disclosed above and elsewhere in these notes to consolidated financial statements.
Notice is hereby given in accordance with Section 23(c) of the 1940 Act that from time to time the Company may purchase shares of its common stock in the open market at prevailing market prices.
Item 3. Quantitative and Qualitati ve Disclosures About Market Risk
We are subject to financial market risks, including changes in interest rates. At March 31, 2023, 99% of our yielding debt investments, at fair value, bore interest based on floating rates, such as LIBOR, SOFR, or the Prime Rate. The interest rates on such investments generally reset by reference to the current market index after one to six months. Of those yielding floating rate debt investments, 94% contained an interest rate floor. Floating rate investments subject to a floor generally reset by reference to the current market index after one to six months only if the index exceeds the floor. Interest rate sensitivity refers to the change in our earnings that may result from changes in the level of interest rates. Since we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. The Company’s Credit Facility bears interest at variable rates with a reference rate floor of 0.00%, while our 2025 Private Placement Notes were issued in two tranches, consisting of a fixed tranche and variable rate tranche with no floor. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.
The following table shows the approximate annual increase (decrease) on net investment income of base rate changes in interest rates (considering interest rate floors for variable rate instruments) to our debt portfolio and outstanding borrowings as of March 31, 2023, assuming no changes to our investment and borrowing structure:
|
|
|
Net
|
|
|
Net
|
|
||
|
Basis Point Change ($ in millions, except per share data) |
|
|
|
|
|
|
||
|
Up 400 basis points |
|
$ |
14.4 |
|
|
$ |
0.20 |
|
|
Up 300 basis points |
|
$ |
10.8 |
|
|
$ |
0.15 |
|
|
Up 200 basis points |
|
$ |
7.2 |
|
|
$ |
0.10 |
|
|
Up 100 basis points |
|
$ |
3.6 |
|
|
$ |
0.05 |
|
|
Down 100 basis points |
|
$ |
(3.6 |
) |
|
$ |
(0.05 |
) |
52
While hedging activities may help to insulate us against adverse changes in interest rates, they also may limit our ability to participate in the beneficial interest rates with respect to our portfolio of investments. There can be no assurance that we will be able to effectively hedge our interest rate risk. Refer to Notes 2 and 4 for more information on the Company’s Interest Rate Swap. Projected amounts in the table above do not include the impact of interest rate changes on the Company's Interest Rate Swap.
Item 4. Controls and Procedures
As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our management, including our Interim Chief Executive Officer and Interim Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15 under the Exchange Act). Based on that evaluation, our Interim Chief Executive Officer and Interim Chief Financial Officer have concluded that our current disclosure controls and procedures are effective in timely alerting them to material information relating to us that is required to be disclosed by us in the reports we file or submit under the Exchange Act.
There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.
53
PART II. OTHE R INFORMATION
Item 1. Legal Proceedings
From time to time, we and the Advisor may be a party to certain legal proceedings incidental to the normal course of our business, including the enforcement of our rights under contracts with our portfolio companies. Further, third parties may try to seek to impose liability on us in connection with the activities of our portfolio companies. While we cannot predict the outcome of these legal proceedings with certainty, we do not expect that these proceedings will have a material effect on our consolidated financial statements.
Item 1A. Ris k Factors
In addition to the other information set forth in this report, you should carefully consider the risk factor discussed below and the risk factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “Annual Report”), which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report and discussed below are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.
The U.S. and global capital markets are subject to systemic risk that could adversely affect our business, financial condition and results of operations.
Issuers, national and regional banks, financial institutions and other participants in the U.S. and global capital markets are closely interrelated as a result of credit, trading, clearing, technology and other relationships. A significant adverse development (such as a bank run, insolvency, bankruptcy or default) with one or more national or regional banks, financial institutions or other participants in the financial or capital markets may spread to others and lead to significant concentrated or market-wide problems (such as defaults, liquidity problems, impairment charges, additional bank runs and/or losses) for other participants in these markets. Future developments, including actions taken by the U.S. Department of Treasury, Federal Deposit Insurance Corporation ("FDIC"), Federal Reserve Board, and systemic risk in the U.S. and global banking sectors and broader economies in general, are difficult to assess and quantify, and the form and magnitude of such developments or other actions of the U.S. Department of Treasury, FDIC and Federal Reserve Board may remain unknown for significant periods of time and could have an adverse effect on the Company.
For example, in response to the rapidly declining financial condition of regional banks Silicon Valley Bank (“SVB”) and Signature Bank (“Signature”), the California Department of Financial Protection and Innovation (the “CDFPI”) and the New York State Department of Financial Services (the “NYSDFS”) closed SVB and Signature on March 10, 2023 and March 12, 2023, respectively, and the FDIC was appointed as receiver for SVB and Signature. Although the U.S. Department of the Treasury, the Federal Reserve and the FDIC have taken measures to stabilize the financial system, uncertainty and liquidity concerns in the broader financial services industry remain. Additionally, should there be additional systemic pressure on the financial system and capital markets, we cannot assure you of the response of any government or regulator, and any response may not be as favorable to industry participants as the measures currently being pursued. In addition, highly publicized issues related to the U.S. and global capital markets in the past have led to significant and widespread investor concerns over the integrity of the capital markets. The current situation related to SVB and Signature could in the future lead to further rules and regulations for public companies, banks, financial institutions and other participants in the U.S. and global capital markets, and complying with the requirements of any such rules or regulations may be burdensome. Even if not adopted, evaluating and responding to any such proposed rules or regulations could results in increased costs and require significant attention from the Advisor.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safe ty Disclosures
Not Applicable
54
Item 5. Other Information
Price Range of Common Stock
Our common stock began trading on June 27, 2007 and is currently traded on The NASDAQ Global Select Market under the symbol “BKCC”. The following table lists the high and low closing sale price for our common stock, the closing sale price as a percentage of net asset value, or NAV, and quarterly dividends per share in each fiscal quarter for the first quarter of the year ended December 31, 2023, the year ended December 31, 2022 and the year ended December 31, 2021. On March 31, 2023
, the reported closing price of our common stock was $
|
|
|
|
|
|
Stock Price |
|
|
Premium/(Discount) of |
|
|
Premium/(Discount) of |
|
|
|
|
|||||||||
|
|
|
NAV (1) |
|
|
High (2) |
|
|
Low (2) |
|
|
High Sales Price to NAV (3) |
|
|
Low Sales Price to NAV (3) |
|
|
Declared
|
|
||||||
|
Fiscal Year ended December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
First Quarter |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
(
|
)% |
|
|
(
|
)% |
|
$ |
0.10 |
|
|
Fiscal Year ended December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
First Quarter |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
(
|
)% |
|
|
(
|
)% |
|
$ |
0.10 |
|
|
Second Quarter |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
(
|
)% |
|
|
(
|
)% |
|
$ |
0.10 |
|
|
Third Quarter |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
(
|
)% |
|
|
(
|
)% |
|
$ |
0.10 |
|
|
Fourth Quarter |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
(
|
)% |
|
|
(
|
)% |
|
$ |
0.10 |
|
|
Fiscal Year ended December 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
First Quarter |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
(
|
)% |
|
|
(
|
)% |
|
$ |
0.10 |
|
|
Second Quarter |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
(
|
)% |
|
|
(
|
)% |
|
$ |
0.10 |
|
|
Third Quarter |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
(
|
)% |
|
|
(
|
)% |
|
$ |
0.10 |
|
|
Fourth Quarter |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
|
|
(
|
)% |
|
|
(
|
)% |
|
$ |
0.10 |
|
55
Item 6. E xhibits.
|
|
|
|
|
3.1 |
|
|
|
|
|
|
|
3.2 |
|
Certificate of Amendment to the Certificate of Incorporation of the Registrant (2) |
|
|
|
|
|
3.3 |
|
|
|
|
|
|
|
4.1 |
|
|
|
|
|
|
|
10.1* |
|
|
|
|
|
|
|
31.1* |
|
|
|
|
|
|
|
31.2* |
|
|
|
|
|
|
|
32* |
|
|
|
|
|
|
|
101.INS |
|
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |
|
|
|
|
|
101.SCH |
|
Inline XBRL Taxonomy Extension Schema Document |
|
|
|
|
|
101.DEF |
|
Inline XBRL Taxonomy Extension Definition Linkbase Document |
|
|
|
|
|
101.LAB |
|
Inline XBRL Taxonomy Extension Label Linkbase Document |
|
|
|
|
|
101.PRE |
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document |
|
|
|
|
|
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
* Filed herewith
56
SIGNA TURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
|
BLACKROCK CAPITAL INVESTMENT CORPORATION |
|
|
|
|
|
|
Date: May 1, 2023 |
By: |
/s/ James E. Keenan |
|
|
|
James E. Keenan |
|
|
|
Interim Chief Executive Officer |
|
|
|
|
|
Date: May 1, 2023 |
By: |
/s/ Chip Holladay |
|
|
|
Chip Holladay |
|
|
|
Interim Chief Financial Officer and Treasurer |
57