Company Quick10K Filing
Quick10K
Blackrock Capital Investment
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-08-30 Enter Agreement, Exhibits
8-K 2019-08-28 Regulation FD
8-K 2019-07-31 Earnings, Regulation FD, Exhibits
8-K 2019-06-06 Regulation FD
8-K 2019-05-08 Shareholder Vote
8-K 2019-05-03 Shareholder Vote
8-K 2019-05-01 Earnings, Regulation FD, Exhibits
8-K 2019-03-28 Regulation FD
8-K 2019-03-06 Earnings, Regulation FD, Exhibits
8-K 2018-12-06 Regulation FD
8-K 2018-10-31 Earnings, Regulation FD, Exhibits
8-K 2018-09-10 Regulation FD
8-K 2018-08-01 Earnings, Regulation FD, Exhibits
8-K 2018-05-31 Regulation FD
8-K 2018-05-11 Shareholder Vote
8-K 2018-05-04 Shareholder Vote
8-K 2018-04-27 Officers, Amend Bylaw, Exhibits
8-K 2018-03-21 Regulation FD
8-K 2018-03-15 Enter Agreement, Exhibits
8-K 2018-01-17 Other Events
SRET Sterling Real Estate Trust 132
OHAI OHA Investment 0
NSS NS Group 0
SAB Grupo Casa Saba 0
BBDC Barings Bdc 0
SCA Syncora Holdings 0
HCAP Harvest Capital Credit 0
HRZN Horizon Technology Finance 0
RCG Renn Fund 0
FIF Financial Federal 0
BKCC 2019-06-30
Part I. Financial Information
Item 1. Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits.
EX-31.1 bkcc-ex311_7.htm
EX-31.2 bkcc-ex312_8.htm
EX-32 bkcc-ex32_6.htm

Blackrock Capital Investment Earnings 2019-06-30

BKCC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 bkcc-10q_20190630.htm 10-Q bkcc-10q_20190630.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended June 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from                  to                 

Commission file number 814-00712

BLACKROCK CAPITAL INVESTMENT CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

 

 

 

 

Delaware

20-2725151

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

 

 

40 East 52nd Street, New York, NY

10022

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: 212-810-5800

 

      

 

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.    Yes      No  

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).    Yes      No  

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     Non-Accelerated filer     

Smaller reporting company     Emerging growth 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

Common Stock, $0.001 par value

BKCC

NASDAQ Global Select Market

The number of shares of the Registrant’s common stock, $.001 par value per share, outstanding at July 31, 2019 was 68,836,255.

 

 

 


 

BLACKROCK CAPITAL INVESTMENT CORPORATION

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2019

Table of Contents

 

 

INDEX

PAGE NO.

 

 

 

PART I.

FINANCIAL INFORMATION

 

 

 

 

Item 1.

CONSOLIDATED FINANCIAL STATEMENTS

3

 

 

 

 

Consolidated Statements of Assets and Liabilities as of June 30, 2019 and December 31,
2018 (unaudited)

3

 

 

 

 

Consolidated Statements of Operations for the three and six months ended June 30, 2019 and 2018 (unaudited)

4

 

 

 

 

Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2019 and 2018 (unaudited)

5

 

 

 

 

Consolidated Statements of Cash Flows for the six months ended June 30, 2019 and
2018 (unaudited)

6

 

 

 

 

Consolidated Schedules of Investments as of June 30, 2019 and December 31, 2018 (unaudited)

7

 

 

 

 

Notes to Consolidated Financial Statements (unaudited)

21

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

45

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

56

 

 

 

Item 4.

Controls and Procedures

56

 

 

 

PART II.

OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

57

 

 

 

Item 1A.

Risk Factors

57

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

57

 

 

 

Item 3.

Defaults Upon Senior Securities

58

 

 

 

Item 4.

Mine Safety Disclosures

58

 

 

 

Item 5.

Other Information

58

 

 

 

Item 6.

Exhibits

59

 

 

SIGNATURES

60

 

 

 

2


 

PART I. FINANCIAL 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

(Unaudited)

 

 

 

June 30,

2019

 

 

December 31,

2018

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value:

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost of $291,628,582 and $233,331,450)

 

$

279,667,545

 

 

$

200,569,644

 

Non-controlled, affiliated investments (cost of $117,964,642 and $130,892,674)

 

 

89,912,255

 

 

 

111,727,234

 

Controlled investments (cost of $382,384,388 and $388,870,375)

 

 

349,089,683

 

 

 

359,356,068

 

Total investments at fair value (cost of $791,977,612 and $753,094,499)

 

 

718,669,483

 

 

 

671,652,946

 

Cash and cash equivalents

 

 

21,909,209

 

 

 

13,497,320

 

Receivable for investments sold

 

 

585,968

 

 

 

1,691,077

 

Interest, dividend and fee receivable

 

 

13,044,751

 

 

 

4,084,001

 

Prepaid expenses and other assets

 

 

2,520,418

 

 

 

2,707,036

 

Total Assets

 

$

756,729,829

 

 

$

693,632,380

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of deferred financing costs of $2,764,265 and $3,227,965)

 

$

252,675,530

 

 

$

186,397,728

 

Interest and credit facility fees payable

 

 

963,610

 

 

 

722,841

 

Distributions payable

 

 

12,390,525

 

 

 

12,552,212

 

Base management fees payable

 

 

2,990,839

 

 

 

3,494,520

 

Payable for investments purchased

 

 

16,111,330

 

 

 

989,460

 

Accrued administrative services

 

 

337,634

 

 

 

376,507

 

Other accrued expenses and payables

 

 

2,111,204

 

 

 

2,078,958

 

Total Liabilities

 

 

287,580,672

 

 

 

206,612,226

 

Commitments and Contingencies (See Note 9)

 

 

 

 

 

 

 

 

Net Assets

 

 

 

 

 

 

 

 

Common stock, par value $.001 per share, 200,000,000 common shares authorized, 77,861,287 and 77,861,287 issued and 68,836,255 and 68,921,798 outstanding

 

 

77,861

 

 

 

77,861

 

Paid-in capital in excess of par

 

 

853,248,794

 

 

 

853,248,794

 

Distributable earnings (losses)

 

 

(321,508,243

)

 

 

(304,106,473

)

Treasury stock at cost, 9,025,032 and 8,939,489 shares held

 

 

(62,669,255

)

 

 

(62,200,028

)

Total Net Assets

 

 

469,149,157

 

 

 

487,020,154

 

Total Liabilities and Net Assets

 

$

756,729,829

 

 

$

693,632,380

 

Net Asset Value Per Share

 

$

6.82

 

 

$

7.07

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

3


 

BlackRock Capital Investment Corporation

Consolidated Statements of Operations

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

June 30, 2019

 

 

Three Months Ended

June 30, 2018

 

 

Six Months

Ended

June 30, 2019

 

 

Six Months

Ended

June 30, 2018

 

Investment Income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash interest income

 

$

6,813,152

 

 

$

8,180,538

 

 

$

12,755,169

 

 

$

15,324,565

 

PIK interest income

 

 

255,924

 

 

 

 

 

496,108

 

 

 

Fee income

 

 

437,339

 

 

 

283,501

 

 

 

912,746

 

 

 

748,707

 

Total investment income from non-controlled, non-affiliated investments

 

 

7,506,415

 

 

 

8,464,039

 

 

 

14,164,023

 

 

 

16,073,272

 

Non-controlled, affiliated investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash interest income

 

 

1,204,631

 

 

 

2,908,434

 

 

 

2,426,882

 

 

 

5,123,047

 

PIK interest income

 

 

14,401

 

 

 

 

 

14,401

 

 

 

690,960

 

PIK dividend income

 

 

 

 

 

191,126

 

 

 

220,480

 

 

 

380,152

 

Fee income

 

 

 

 

 

 

 

 

 

 

35,000

 

Total investment income from non-controlled, affiliated investments

 

 

1,219,032

 

 

 

3,099,560

 

 

 

2,661,763

 

 

 

6,229,159

 

Controlled investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash interest income

 

 

5,859,065

 

 

 

5,730,772

 

 

 

12,759,803

 

 

 

10,816,477

 

PIK interest income

 

 

960,266

 

 

 

516,747

 

 

 

960,266

 

 

 

1,283,213

 

Cash dividend income

 

 

4,103,165

 

 

 

3,490,425

 

 

 

8,294,868

 

 

 

6,617,286

 

PIK dividend income

 

 

 

 

 

 

 

 

 

 

731,516

 

Fee income

 

 

3,238

 

 

 

3,267

 

 

 

125,100

 

 

 

390,325

 

Total investment income from controlled investments

 

 

10,925,734

 

 

 

9,741,211

 

 

 

22,140,037

 

 

 

19,838,817

 

Other income

 

 

5,075

 

 

 

 

 

 

5,075

 

 

 

 

Total investment income

 

 

19,656,256

 

 

 

21,304,810

 

 

 

38,970,898

 

 

 

42,141,248

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Base management fees

 

 

3,020,614

 

 

 

3,850,899

 

 

 

5,943,762

 

 

 

7,163,268

 

Incentive management fees

 

 

2,245,935

 

 

 

1,921,506

 

 

 

4,526,771

 

 

 

3,656,701

 

Interest and credit facility fees

 

 

3,761,328

 

 

 

3,989,257

 

 

 

7,153,762

 

 

 

7,698,215

 

Professional fees

 

 

495,474

 

 

 

618,756

 

 

 

968,517

 

 

 

1,351,920

 

Administrative services

 

 

337,634

 

 

 

417,214

 

 

 

700,939

 

 

 

970,978

 

Director fees

 

 

175,000

 

 

 

178,000

 

 

 

368,000

 

 

 

365,000

 

Investment advisor expenses

 

 

87,500

 

 

 

87,500

 

 

 

175,000

 

 

 

175,000

 

Other

 

 

549,031

 

 

 

625,480

 

 

 

1,027,059

 

 

 

1,256,217

 

Total expenses, before incentive management fee waiver

 

 

10,672,516

 

 

 

11,688,612

 

 

 

20,863,810

 

 

 

22,637,299

 

Incentive management fee waiver (See Note 3)

 

 

(2,245,935

)

 

 

(1,921,506

)

 

 

(4,526,771

)

 

 

(3,656,701

)

Expenses, net of incentive management fee waiver

 

 

8,426,581

 

 

 

9,767,106

 

 

 

16,337,039

 

 

 

18,980,598

 

Net Investment Income

 

 

11,229,675

 

 

 

11,537,704

 

 

 

22,633,859

 

 

 

23,160,650

 

Realized and Unrealized Gain (Loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(23,721,329

)

 

 

3,919,359

 

 

 

(23,395,840

)

 

 

(46,596,597

)

Non-controlled, affiliated investments

 

 

 

 

 

 

 

(269,226

)

 

 

Controlled investments

 

 

 

 

 

3,000

 

 

 

 

 

 

(26,115,432

)

Net realized gain (loss)

 

 

(23,721,329

)

 

 

3,922,359

 

 

 

(23,665,066

)

 

 

(72,712,029

)

Net change in unrealized appreciation (depreciation) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

23,828,458

 

 

 

(14,549,262

)

 

 

21,144,405

 

 

 

29,141,255

 

Non-controlled, affiliated investments

 

 

(13,791,497

)

 

 

13,734,096

 

 

 

(9,230,583

)

 

 

15,156,671

 

Controlled investments

 

 

(8,277,465

)

 

 

(8,511,872

)

 

 

(3,780,398

)

 

 

10,644,672

 

Foreign currency translation

 

 

142,737

 

 

 

(151,144

)

 

 

277,067

 

 

 

(325,055

)

Net change in unrealized appreciation (depreciation)

 

 

1,902,233

 

 

 

(9,478,182

)

 

 

8,410,491

 

 

 

54,617,543

 

Net realized and unrealized gain (loss) before taxes

 

 

(21,819,096

)

 

 

(5,555,823

)

 

 

(15,254,575

)

 

 

(18,094,486

)

Deferred taxes (See Note 2)

 

 

 

 

 

(1,810,391

)

 

 

 

 

 

(1,810,391

)

Net realized and unrealized gain (loss) after taxes

 

 

(21,819,096

)

 

 

(7,366,214

)

 

 

(15,254,575

)

 

 

(19,904,877

)

Net Increase (Decrease) in Net Assets Resulting from Operations

 

$

(10,589,421

)

 

$

4,171,490

 

 

$

7,379,284

 

 

$

3,255,773

 

Net Investment Income Per Share—basic

 

$

0.16

 

 

$

0.16

 

 

$

0.33

 

 

$

0.32

 

Earnings (Loss) Per Share—basic

 

$

(0.15

)

 

$

0.06

 

 

$

0.11

 

 

$

0.05

 

Average Shares Outstanding—basic

 

 

68,836,255

 

 

 

71,705,463

 

 

 

68,836,930

 

 

 

72,341,433

 

Net Investment Income Per Share—diluted

 

$

0.16

 

 

$

0.16

 

 

$

0.32

 

 

$

0.31

 

Earnings (Loss) Per Share—diluted

 

$

(0.15

)

 

$

0.06

 

 

$

0.11

 

 

$

0.05

 

Average Shares Outstanding—diluted (See Note 4)

 

 

85,829,992

 

 

 

88,699,200

 

 

 

85,830,667

 

 

 

89,335,170

 

Distributions Declared Per Share

 

$

0.18

 

 

$

0.18

 

 

$

0.36

 

 

$

0.36

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

4


 

BlackRock Capital Investment Corporation

Consolidated Statements of Changes in Net Assets

(Unaudited)

 

 

 

Six Months Ended

 

 

 

June 30, 2019

 

 

June 30, 2018

 

Net Assets at Beginning of Period

 

$

487,020,154

 

 

$

571,099,932

 

Net Increase (Decrease) in Net Assets Resulting from Operations:

 

 

 

 

 

 

 

 

Net investment income

 

 

11,404,181

 

 

 

11,622,946

 

Net realized gain (loss)

 

 

56,263

 

 

 

(76,634,388

)

Net change in unrealized appreciation (depreciation)

 

 

6,508,258

 

 

 

64,095,725

 

Net increase (decrease) in net assets resulting from operations

 

 

17,968,702

 

 

 

(915,717

)

Distributions to Stockholders from(1):

 

 

 

 

 

 

 

 

Net investment income

 

 

(12,390,525

)

 

 

(13,150,684

)

Capital Share Transactions:

 

 

 

 

 

 

 

 

Share issuance - distribution reinvestment

 

 

 

 

 

816,549

 

Purchases of treasury stock

 

 

(469,227

)

 

 

(4,785,155

)

Net increase (decrease) in net assets resulting from capital share transactions

 

 

(469,227

)

 

 

(3,968,606

)

Total Increase (Decrease) in Net Assets

 

 

5,108,950

 

 

 

(18,035,007

)

Net Assets at March 31

 

$

492,129,104

 

 

$

553,064,925

 

 

 

 

 

 

 

 

 

 

Net Increase (Decrease) in Net Assets Resulting from Operations:

 

 

 

 

 

 

 

 

Net investment income

 

 

11,229,675

 

 

 

11,537,704

 

Net realized gain (loss)

 

 

(23,721,329

)

 

 

3,922,359

 

Net change in unrealized appreciation (depreciation) before taxes

 

 

1,902,233

 

 

 

(9,478,182

)

Deferred taxes

 

 

 

 

 

(1,810,391

)

Net increase (decrease) in net assets resulting from operations

 

 

(10,589,421

)

 

 

4,171,490

 

Distributions to Stockholders from(1):

 

 

 

 

 

 

 

 

Net investment income

 

 

(12,390,526

)

 

 

(12,782,870

)

Capital Share Transactions:

 

 

 

 

 

 

 

 

Purchases of treasury stock

 

 

 

 

 

(7,872,185

)

Net increase (decrease) in net assets resulting from capital share transactions

 

 

 

 

 

(7,872,185

)

Total Increase (Decrease) in Net Assets

 

 

(22,979,947

)

 

 

(16,483,565

)

Net Assets at June 30

 

$

469,149,157

 

 

$

536,581,360

 

 

 

 

 

 

 

 

 

 

Capital Share Activity:

 

 

 

 

 

 

 

 

Shares issued from reinvestment of distributions

 

 

 

 

 

137,523

 

Purchases of treasury stock

 

 

(85,543

)

 

 

(2,068,487

)

Net increase (decrease) in shares outstanding

 

 

(85,543

)

 

 

(1,930,964

)

 

(1)

Sources of distribution to stockholders will be adjusted on an annual basis, if necessary, and calculated in accordance with federal income tax regulations.

 

The accompanying notes are an integral part of these consolidated financial statements.

 

5


 

BlackRock Capital Investment Corporation

Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

Six Months Ended

 

 

 

June 30, 2019

 

 

June 30, 2018

 

Operating Activities:

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

7,379,284

 

 

$

3,255,773

 

Adjustments to reconcile net increase (decrease) in net assets resulting from operations:

 

 

 

 

 

 

 

 

PIK interest, dividends and fees

 

 

(1,691,255

)

 

 

(3,085,841

)

Net amortization on investments

 

 

(531,425

)

 

 

(652,624

)

Amortization of debt issuance costs and discount

 

 

1,208,963

 

 

 

841,256

 

Net change in unrealized (appreciation) depreciation on investments

 

 

(8,133,424

)

 

 

(54,942,598

)

Net change in unrealized (appreciation) depreciation on foreign currency translation

 

 

(277,067

)

 

 

325,055

 

Deferred taxes

 

 

 

 

 

1,810,391

 

Net realized (gain) loss on investments

 

 

23,665,066

 

 

 

72,712,029

 

Changes in operating assets:

 

 

 

 

 

 

 

 

Purchase of investments

 

 

(161,660,813

)

 

 

(202,110,500

)

Proceeds from disposition of investments

 

 

101,233,744

 

 

 

169,310,189

 

Change in receivable for investments sold

 

 

1,473,772

 

 

 

(3,276,709

)

Change in interest, dividend and fee receivable

 

 

(9,242,650

)

 

 

178,770

 

Change in prepaid expenses and other assets

 

 

(144,541

)

 

 

118,781

 

Changes in operating liabilities:

 

 

 

 

 

 

 

 

Change in payable for investments purchased

 

 

15,121,870

 

 

 

(479,297

)

Change in interest and credit facility fees payable

 

 

240,769

 

 

 

(1,271,069

)

Change in base management fees payable

 

 

(503,681

)

 

 

116,244

 

Change in accrued administrative services

 

 

(38,873

)

 

 

302,220

 

Change in other accrued expenses and payables

 

 

324,117

 

 

 

(354,591

)

Net cash provided by (used in) operating activities

 

 

(31,576,144

)

 

 

(17,202,521

)

Financing Activities:

 

 

 

 

 

 

 

 

Distributions paid in cash

 

 

(24,942,740

)

 

 

(25,487,059

)

Proceeds from debt

 

 

148,000,000

 

 

 

219,061,233

 

Repayments of debt

 

 

(82,600,000

)

 

 

(185,041,000

)

Purchase of treasury stock

 

 

(469,227

)

 

 

(12,657,340

)

Net cash provided by financing activities

 

 

39,988,033

 

 

 

(4,124,166

)

Net increase (decrease) in cash and cash equivalents

 

 

8,411,889

 

 

 

(21,326,687

)

Cash and cash equivalents, beginning of period

 

 

13,497,320

 

 

 

29,014,645

 

Cash and cash equivalents, end of period

 

$

21,909,209

 

 

$

7,687,958

 

Supplemental disclosure of cash flow information and non-cash financing activities:

 

 

 

 

 

 

 

 

Cash paid during period for:

 

 

 

 

 

 

 

 

Interest

 

$

5,055,489

 

 

$

6,741,999

 

Taxes

 

$

44,841

 

 

$

136,464

 

Share issuance — distribution reinvestment

 

$

 

 

$

816,549

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

6


 

BlackRock Capital Investment Corporation

Consolidated Schedules of Investments

June 30, 2019

(Unaudited)

 

Portfolio Company(r)

 

Industry(t)

 

Interest Rate

 

 

Maturity

 

Principal

Amount or

Number of

Shares/Units

 

 

Cost(a)

 

 

Fair

Value(b)

 

Senior Secured Notes—5.08%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advanced Lighting Technologies, Inc., Second Lien(d)(f)(j)(u)

 

Capital Equipment

 

19.59% (L + 1700,  1.00% Floor PIK)

 

 

10/4/23

 

$

7,387,004

 

 

$

2,181,306

 

 

$

 

AGY Holding Corp., Second Lien(g)(j)

 

Chemicals, Plastics, & Rubber

 

11.00%

 

 

11/15/20

 

 

24,222,207

 

 

 

24,157,462

 

 

 

23,841,070

 

Total Senior Secured Notes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26,338,768

 

 

 

23,841,070

 

Unsecured Debt—23.15%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CB-HDT Holdings, Inc.(d)(j)(x)

 

Aerospace & Defense

 

12.00% PIK

 

 

12/15/19

 

 

8,600,375

 

 

 

8,600,375

 

 

 

8,600,375

 

Gordon Brothers Finance Company(g)(p)

 

Finance

 

13.43% (L + 1100, 1.00% Floor)

 

 

10/31/21

 

 

99,990,750

 

 

 

99,990,750

 

 

 

99,990,750

 

Total Unsecured Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

108,591,125

 

 

 

108,591,125

 

Subordinated Debt—8.90%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Boston Construction Holdings, LLC(d)(g)(k)(v)

 

Finance

 

12.00%

 

 

2/23/23

 

 

41,750,000

 

 

 

41,750,000

 

 

 

41,750,000

 

Total Subordinated Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

41,750,000

 

 

 

41,750,000

 

Senior Secured Loans—75.93%(e)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advanced Lighting Technologies, Inc., First Lien(f)

 

Capital Equipment

 

10.09% (L + 750, 1.00% Floor)

 

 

10/4/22

 

 

5,115,068

 

 

 

5,048,045

 

 

 

4,808,164

 

AGY Holding Corp., First Lien(g)

 

Chemicals, Plastics, & Rubber

 

12.00%

 

 

9/15/20

 

 

24,021,390

 

 

 

24,021,390

 

 

 

24,021,390

 

Aretec Group, Inc., Second Lien(s)

 

Finance

 

10.65% (L+825)

 

 

10/1/26

 

 

3,563,440

 

 

 

3,518,897

 

 

 

3,474,354

 

CareATC, Inc., First Lien

 

Healthcare & Pharmaceuticals

 

9.68% (L + 725, 1.00% Floor)

 

 

3/14/24

 

 

4,733,036

 

 

 

4,643,971

 

 

 

4,644,220

 

CareATC, Inc., Revolving Term Loan(v)(w)

 

Healthcare & Pharmaceuticals

 

9.68% (L + 725, 1.00% Floor)

 

 

3/14/24

 

 

 

 

 

(6,471

)

 

 

(6,471

)

Construction Supply Acquisition LLC, First Lien

 

Construction & Building

 

8.41% (L + 600, 1.00% Floor)

 

 

6/30/23

 

 

6,640,808

 

 

 

6,608,641

 

 

 

6,607,604

 

Diamondback Acquisition, Inc. et al, First Lien

 

High Tech Industries

 

10.72% (L + 809, 1.00% Floor)

 

 

6/14/21

 

 

11,838,563

 

 

 

11,619,851

 

 

 

11,736,640