BlackRock Capital Investment Corporation (BKCC) Tops Q2 EPS by 1c

BlackRock Capital Investment Corporation (NASDAQ: BKCC) reported Q2 EPS of $0.07, $0.01 better than the analyst estimate of $0.06.

• GAAP Net Investment Income (“NII”) of $0.07 per share, or $4.8 million, was up 15.6% from the first quarter, which provided second quarter distribution coverage of 65%, an improvement from 56% in the first quarter.
• Net Asset Value (“NAV”) increased to $347.2 million, up 7.5% from $322.9 million at the end of the first quarter of 2021; NAV per share increased 7.6% to $4.68 per share from $4.35 per share, primarily due to net realized and unrealized gains of $27.2 million during the quarter.
• Strong gross deployments in senior secured debt of $88.9 million with sixteen new portfolio companies added, and further progress towards reducing junior capital and non-core exposure including previously disclosed exit on Red Apple.
• Net leverage of 0.56x as of June 30, 2021, up from 0.38x as of March 31, 2021, primarily driven by net deployments during the current quarter.
• Total liquidity for portfolio company investments, including cash, was approximately $230 million, subject to leverage and borrowing base restrictions.
• Under the existing share repurchase program, 80,944 shares were repurchased during the second quarter for approximately $0.3 million at an average price of $3.73 per share, including brokerage commissions.
• Subsequent to June 30, 2021, the Company exited its equity investment in SVP-Singer Holdings LP (“SVP”), a non-core legacy portfolio company, as a result of the sale of SVP. The exit resulted in $19.6 million of cash proceeds and newly issued equity with a cost basis of approximately $6 million.

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

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