BlackRock Capital Investment Corporation (BKCC) Reports In-Line Q1 EPS

BlackRock Capital Investment Corporation (NASDAQ: BKCC) reported Q1 EPS of $0.14, in-line with the analyst estimate of $0.14.

• GAAP Net Investment Income (“NII”) of $0.14 per share provided first quarter distribution coverage of 101%.
• The Company’s stockholders approved a reduction in the minimum asset coverage ratio requirement from 200% to 150%, pursuant to Section 61(a)(2) of the Investment Company Act, which became effective May 2, 2020. Simultaneously, the Company’s management and incentive fee rates were reduced as follows: (i) the management fee was reduced from 1.75% of total assets to 1.50% of total assets; provided that the rate will be further reduced to 1.00% on assets that exceed 200% of net asset value; (ii) the incentive fee based on NII was reduced from 20% over a 7% hurdle to 17.5% over a 7% hurdle; and (iii) the incentive fee based on net capital gains was reduced from 20% to 17.5%.
• Net Asset Value (“NAV”) per share decreased 15.5% or $0.98 per share to $5.35 per share on a quarter-over-quarter basis, primarily due to a decline in the fair market value (“FMV”) of the portfolio of 9.1% during the quarter.
• Net leverage of 0.85x was up from 0.70x in comparison to the previous quarter, driven by a decrease in NAV. Total liquidity for portfolio company investments, including cash, was approximately $62 million, subject to leverage and borrowing base restrictions.
• Under the existing share repurchase program, 986,554 shares of common stock were repurchased for $3.6 million at an average price of $3.68 per share, including brokerage commissions, via open market purchases in the first quarter.
• The adviser’s investment and business teams are fully operational and engaged amidst COVID-19 related disruptions reflecting the strength of the adviser’s business continuity plans.

For earnings history and earnings-related data on BlackRock Capital Investment Corporation (BKCC) click here.

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