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Investments | Diversified Financial Services | GC Champion Acquisition LLC (Numerix) | First Lien Delayed Draw Term Loan | SOFR(S) | Floor Rate 1.00% | Spread 6.75% | Total Coupon 11.78% | Maturity 8/21/20282023-06-300001326003us-gaap:SubsequentEventMember2023-08-012023-08-010001326003bkcc:UnsecuredSeniorNotesDueTwoThousandTwentyFiveMemberbkcc:TrancheOneMember2023-01-012023-06-3000013260032023-04-012023-06-300001326003us-gaap:IncomeApproachValuationTechniqueMemberbkcc:BankDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2022-12-310001326003Equity Securities | Diversified Financial Services2022-12-310001326003us-gaap:TreasuryStockCommonMember2022-04-012022-06-300001326003us-gaap:AccountingStandardsUpdate202006Member2022-01-010001326003us-gaap:TreasuryStockCommonMember2023-06-300001326003Debt Investments | Health Care Providers & Services | Opco Borrower, LLC (Giving Home Health Care) | First Lien Revolver | (Q)SOFR | Floor Rate 1.00% | Spread 6.50% 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(Finalsite) | First Lien Revolver | Quarterly SOFR | Floor Rate 0.75% | Spread 6.25% | Total Coupon 11.55% | Maturity 9/15/20272023-06-300001326003Debt Investments | Health Care Technology | Appriss Health, LLC (PatientPing) | First Lien Term Loan | LIBOR(M) | Floor rate 1.00% | Spread 7.25% | Total Coupon 11.54% | Maturity 5/6/20272022-12-310001326003us-gaap:CommonStockMember2021-12-310001326003bkcc:UnsecuredSeniorNotesDueTwoThousandTwentyFiveMemberus-gaap:DebtInstrumentRedemptionPeriodFourMember2022-06-092022-06-090001326003us-gaap:FairValueInputsLevel1Memberbkcc:BankDebtMember2023-06-300001326003Debt Investments | Diversified Consumer Services | Thras.io, LLC | First Lien Term Loan | Semiannually LIBOR | Floor Rate 1.00% | Spread 7.00% | Total Coupon 11.17% | Maturity 12/18/20262022-12-310001326003Debt Investments | Diversified Financial Services | Worldremit Group Limited (United Kingdom) | First Lien Term Loan (3.0% Exit Fee) | SOFR(Q)/(M) | Floor Rate 1.00% | Spread 9.25% | Total Coupon 14.65% | Maturity 2/11/20252023-06-300001326003Debt Investments | Construction & Engineering | Homerenew Buyer, Inc. 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(Duck Creek Technologies) | First Lien Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 7.50% | Total Coupon 12.76% | Maturity 3/30/20292023-06-300001326003bkcc:ProfessionalServicesMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003bkcc:IndustryConcentrationRiskMemberbkcc:MachinerySectorMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003Debt Investments | Insurance | IT Parent, LLC (Insurance Technologies) | First Lien Term Loan | SOFR(M) | Floor rate 1.00% | Spread 6.25% | Total Coupon 11.45% | Maturity 10/1/20262023-06-300001326003Debt Investments | Consumer Finance | Freedom Financial Network Funding, LLC | First Lien Delayed Draw Term Loan | Semiannually SOFR | Floor Rate 1.00% | Spread 9.00% | Total Coupon 14.20% | Maturity 9/21/20272023-06-300001326003Debt Investments | Wireless Telecommunication Services | OpenMarket, Inc. (Infobip) (United Kingdom) | First Lien Term Loan | LIBOR(Q) | Floor Rate 0.75% | Spread 6.25% | Total Coupon 11.41% | Maturity 9/17/20262023-06-300001326003bkcc:IndustryConcentrationRiskMemberbkcc:SoftwareMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputRevenueMultipleMemberbkcc:MarketComparableCompaniesMemberus-gaap:FairValueInputsLevel3Member2022-12-310001326003us-gaap:GeographicConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquitySecuritiesMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2023-06-300001326003Investment Elevate Brands Holdco Inc. | Warrants to Purchase Common Stock | Initial Acquisition Date 3/14/20222022-01-012022-12-310001326003Debt Investments | Consumer Finance2023-06-300001326003bkcc:SeniorSecuredLoansMember2022-12-310001326003us-gaap:AdditionalPaidInCapitalMember2023-06-300001326003Debt Investments | Diversified Financial Services | Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC) | Second Lien Term Loan | SOFR(M) | Floor Rate 1.00% | Spread 8.50% | Total Coupon 13.71% | Maturity 7/5/20262023-06-300001326003Debt Investments | IT Services | Avalara, Inc. | First Lien Revolver | SOFR(Q) | Floor Rate 0.75% | Spread 7.25% | Total Coupon 12.49% | Maturity 10/19/20282023-06-300001326003Debt Investments | Commercial Services & Supplies | Pueblo Mechanical and Controls, LLC | First Lien Revolver | Quarterly SOFR | Floor Rate 0.75% | Spread 6.00% | Total Coupon 10.32% | Maturity 8/23/20272022-12-310001326003Debt Investments | Consumer Finance | Freedom Financial Network Funding, LLC | First Lien Delayed Draw Term Loan | Semiannually SOFR | Floor Rate 1.00% | Spread 9.00% | Total Coupon 13.95% | Maturity 9/21/20272022-12-310001326003Debt Investments | Insurance | AmeriLife Holdings, LLC | First Lien Term Loan | SOFR(S) | Floor rate 0.75% | Spread 5.75% | Total Coupon 10.88% | Maturity 8/31/2029 2023-06-300001326003Debt Investments | Commercial Services & Supplies | Thermostat Purchaser III, Inc. (Reedy Industries) | Second Lien Delayed Draw Term Loan | Quarterly SOfR | Floor Rate 0.75% | Spread 7.25% | Total Coupon 12.66% | Maturity 8/31/20292023-06-300001326003bkcc:FivePointZeroZeroPercentConvertibleNotesDueTwoThousandTwentyTwoMemberus-gaap:IPOMember2017-06-130001326003bkcc:BankDebtMemberus-gaap:FairValueInputsLevel3Member2022-12-310001326003Debt Investments | Diversified Financial Services | Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC) | Second Lien Term Loan | SOFR(M) | Floor Rate 1.00% | Spread 18.50% | Total Coupon 12.93% | Maturity 7/5/20262022-12-310001326003Debt Investments | Health Care Technology | Sandata Technologies, LLC | First Lien Term Loan | LIBOR(Q) | Spread 6.00% | Total Coupon 10.75% | Maturity 7/23/20242022-12-310001326003Debt Investments | Hotels, Restaurants & Leisure | Showtime Acquisition, L.L.C. (World Choice) | First Lien Delayed Draw Term Loan | SOFR(Q) | Floor rate 1.00% | Spread 7.50% | Total Coupon 12.67% | Maturity 8/7/20282023-06-300001326003Debt Investments | Professional Services | ICIMS, Inc. | First Lien Revolver | SOFR(Q) | Floor Rate 0.75% | Spread 6.75% | Total Coupon 11.99% | Maturity 8/18/20282023-06-300001326003us-gaap:EquitySecuritiesMember2022-03-310001326003bkcc:BlackrockFinancialManagementIncorporationMemberus-gaap:RelatedPartyMember2022-01-012022-06-300001326003Debt Investments | Health Care Providers & Services | INH Buyer, Inc. (IMS Health) | First Lien Term Loan (1.5% Exit Fee) | SOFR(Q) | Floor Rate 1.00% | Spread 3.50% Cash + 3.50% PIK | Total Coupon 11.68% | Maturity 6/28/20282022-12-310001326003Debt Investments | Paper & Forest Products | Alpine Acquisition Corp II (48Forty) | First Lien Revolver | SOFR(Q) | Floor Rate 1.00% | Spread 5.50% | Total Coupon 9.76 % | Maturity 11/30/20262022-12-310001326003Debt Investments | Leisure Products | Peloton Interactive, Inc. | First Lien Term Loan | SOFR(S) | Floor Rate 0.50% | Spread 7.00% | Total Coupon 12.26% | Maturity 5/25/20272023-06-300001326003us-gaap:EquitySecuritiesMembersrt:MaximumMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberbkcc:MeasurementInputImpliedVolatilityMember2023-06-300001326003Debt Investments | Consumer Finance | Money Transfer Acquisition Inc. | First Lien Term Loan | Monthly SOFR | Floor Rate 1.00% | Spread 8.25% | Total Coupon 12.67% | Maturity 12/14/20272022-12-310001326003Debt Investments | Diversified Financial Services | GC Champion Acquisition LLC (Numerix) | First Lien Term Loan | SOFR(S) | Floor Rate 1.00% | Spread 6.75% | Total Coupon 11.15% | Maturity 8/21/20282022-12-310001326003bkcc:NonControlledNonAffiliatedInvestmentsMember2022-04-012022-06-300001326003Controlled Affiliate Security | Gordon Brothers Finance Company | Unsecured Debt2023-06-300001326003srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2021-12-310001326003Debt Investments | Paper & Forest Products | FSK Pallet Holding Corp. (Kamps) | First Lien Term Loan | SOFR(Q) | Floor Rate 1.25% | Spread 6.00% | Total Coupon 11.04% | Maturity 12/23/20262023-06-300001326003Debt Investments | IT Services | Ensono, Inc. | Second Lien Term Loan B | LIBOR(S) | Spread 8.00% | Total Coupon 13.15% | Maturity 5/28/20292022-12-310001326003Cash and Cash Equivalents2023-06-300001326003us-gaap:FairValueInputsLevel1Memberbkcc:BankDebtMember2022-12-310001326003Debt Investments | Automobiles | ALCV Purchaser, Inc. (AutoLenders) | First Lien Revolver | Quarterly LIBOR | Floor Rate 1.00% | Spread 6.75% | Total Coupon 12.18% | Maturity 4/15/20262023-06-300001326003Debt Investments | Consumer Finance | Lucky US BuyerCo LLC (Global Payments) | First Lien Term Loan | Quarterly SOFR | Floor Rate 1.00% | Spread 7.50% | Total Coupon 12.39% | Maturity 3/30/20292023-06-300001326003Debt Investments | Real Estate Management & Development | Greystone Select Company II, LLC (Passco) | First Lien Delayed Draw Term Loan | SOFR(M) | Floor Rate 1.50% | Spread 6.50% | Total Coupon 10.94% | Maturity 3/21/20272022-12-310001326003Debt Investments | Construction & Engineering | CSG Buyer, Inc. (Core States) | First Lien Delayed Draw Term Loan | Quarterly SOFR | Floor Rate 1.00% | Spread 6.00% | Total Coupon 11.50% | Maturity 3/31/20282023-06-300001326003Debt Investments | Automobiles | ALCV Purchaser, Inc. (AutoLenders) | First Lien Term Loan | Quarterly LIBOR | Floor Rate 1.00% | Spread 6.75% | Total Coupon 11.45% | Maturity 4/15/20262022-12-310001326003Equity Securities | Oil, Gas & Consumable Fuels2022-12-310001326003Debt Investments | Insurance | IT Parent, LLC (Insurance Technologies) | First Lien Revolver | LIBOR(M)/Prime | Floor rate 1.00% | Spread 6.25% | Total Coupon 11.21% | Maturity 10/1/20262022-12-310001326003Debt Investments | Construction & Engineering | CSG Buyer, Inc. (Core States) | First Lien Term Loan | Quarterly SOFR | Floor Rate 1.00% | Spread 6.00% | Total Coupon 10.84% | Maturity 3/31/20282022-12-310001326003Debt Investments | Machinery | Sonnys Enterprises, LLC | First Lien Revolver | SOFR(Q) | Floor Rate 1.00% | Spread 6.75% | Total Coupon 11.96% | Maturity 8/5/20272023-06-300001326003Debt Investments | Professional Services | JobandTalent USA, Inc. (United Kingdom) | First Lien Term Loan (3.0% Exit Fee) | SOFR(M) | Floor Rate 1.00% | Spread 8.75% | Total Coupon 13.96% | Maturity 2/17/20252023-06-300001326003Non-Controlled Affiliate Security | Kemmerer Holdings, LLC (WMLP) | Limited Liability Co. Interest2021-12-310001326003us-gaap:FairValueInputsLevel1Memberus-gaap:OtherDebtSecuritiesMember2023-06-300001326003Debt Investments | Software | Bonterra LLC (fka CyberGrants Holdings, LLC) | First Lien Delayed Draw Term Loan | LIBOR(Q) | Floor Rate 0.75% | Spread 6.25% | Total Coupon 10.98% | Maturity 9/8/20272022-12-310001326003us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2022-12-310001326003Debt Investments | Software | Kaseya Inc. | First Lien Delayed Draw Term Loan | SOFR(M) | Floor Rate 0.75% | Spread 3.75% Cash + 2.50% PIK | Total Coupon 11.36% | Maturity 6/25/20292023-06-3000013260032021-04-012021-06-300001326003Debt Investments | Software | Backoffice Associates Holdings, LLC (Syniti) | First Lien Term Loan | SOFR(S) | Floor Rate 1.00% | Spread 7.75 | Total Coupon 13.03% | Maturity 4/30/20262023-06-300001326003Debt Investments | Diversified Financial Services | Wealth Enhancement Group, LLC | First Lien Revolver | SOFR(S) | Floor Rate 1.00% | Spread 6.00% | Total Coupon 10.44% | Maturity 10/4/20272022-12-310001326003us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-300001326003Debt Investments2022-12-310001326003Debt Investments | IT Services | Idera, Inc. | Second Lien Term Loan | SOFR(M) | Floor Rate 0.75% | Spread 6.75% | Total Coupon 12.01% | Maturity 2/4/20292023-06-300001326003bkcc:DiversifiedFinancialServicesMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003Debt Investments | Media2023-06-300001326003Debt Investments | Specialty Retail | Calceus Acquisition, Inc. (Cole Haan) | First Lien Sr Secured Notes | Fixed | Spread 9.75% | Total Coupon 9.75% | Maturity 2/19/20252022-12-310001326003Debt Investments | Internet Software & Services2023-06-300001326003Controlled Affiliate Security | Gordon Brothers Finance Company | Common Stock2023-06-3000013260032022-03-3100013260032020-05-020001326003srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2023-01-012023-06-300001326003Restricted Securities2023-06-300001326003srt:MinimumMemberbkcc:PreIncentiveFeeNetInvestmentIncomeBetweenOnePointSevenFiveAndTwoPointOneTwoPercentageOfNetAssetsMember2020-05-022020-05-020001326003us-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2022-12-310001326003Debt Investments | Containers & Packaging | PVHC Holding Corp. | First Lien Term Loan | Quarterly LIBOR | Floor Rate 1.00% | Spread 4.75% | Total Coupon 9.48% | Maturity 8/2/20242022-12-310001326003bkcc:IndustryConcentrationRiskMemberbkcc:ChemicalsMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003Debt Investments | Capital Markets | Pico Quantitative Trading, LLC | First Lien Incremental Term Loan | Quarterly SOFR | Floor Rate 1.5% | Spread 7.25% | Total Coupon 11.61% | Maturity 2/7/20252022-12-310001326003Debt Investments | Internet Software & Services | Pluralsight, Inc. | First Lien Revolver | LIBOR(M) | Floor Rate 1.00% | Spread 8.00% | Total Coupon 12.36% | Maturity 4/6/20272022-12-310001326003bkcc:PreIncentiveFeeNetInvestmentIncomeLessThanOnePointSevenFivePercentageOfNetAssetsMember2020-05-022020-05-020001326003us-gaap:GeographicConcentrationRiskMembercountry:CAbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003Debt Investments | Software | JOBVITE, Inc. (Employ, Inc.) | First Lien Term Loan | SOFR(S) | Floor Rate 0.75% | Spread 8.00% | Total Coupon 13.07% | Maturity 8/5/20282023-06-300001326003Investment | Worldremit Group Limited (United Kingdom) | Warrants to Purchase Series D Stock | Initial Acquisition Date 2/11/20212022-01-012022-12-310001326003srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2023-06-300001326003Debt Investments | Capital Markets | Pico Quantitative Trading, LLC | First Lien Term Loan (1.0% Exit Fee) | Quarterly SOFR | Floor Rate 1.5% | Spread 7.25% | Total Coupon 11.98% | Maturity 2/7/20252022-12-310001326003Debt Investments | Diversified Financial Services | Worldremit Group Limited (United Kingdom) | First Lien Term Loan (3.0% Exit Fee) | Quarterly/Monthly SOFR | Floor Rate 1.00% | Spread 9.25% | Total Coupon 14.65% | Maturity 2/11/20252023-06-300001326003bkcc:LifeSciencesToolsAndServicesMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003Debt Investments | Automobiles | ALCV Purchaser, Inc. (AutoLenders) | First Lien Revolver | Quarterly LIBOR | Floor Rate 1.00% | Spread 6.75% | Total Coupon 11.39% | Maturity 4/15/20262022-12-310001326003bkcc:UnsecuredSeniorNotesDueTwoThousandTwentyFiveMemberbkcc:TrancheTwoMember2022-06-090001326003us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2022-12-310001326003bkcc:BuildingProductsMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003us-gaap:CommonStockMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2021-12-310001326003Debt Investments | Media | Streamland Media Midco LLC | First Lien Delayed Draw Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 6.75% | Total Coupon 11.11% | Maturity 8/31/20232022-12-310001326003Debt Investments | Insurance | IT Parent, LLC (Insurance Technologies) | First Lien Term Loan | LIBOR(M) | Floor rate 1.00% | Spread 6.25% | Total Coupon 10.63% | Maturity 10/1/20262022-12-310001326003bkcc:IndustryConcentrationRiskMemberbkcc:ChemicalsMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003bkcc:DistributorsMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003Debt Investments | Containers & Packaging2023-06-300001326003Debt Investments | Software | Integrate.com, Inc. (Infinity Data, Inc.) | First Lien Term Loan | LIBOR(M)/SOFR(M) | Floor Rate 1.00% | Spread 3.00% Cash + 3.00% PIK | Total Coupon 10.34% | Maturity 12/17/20272022-12-310001326003bkcc:SeniorSecuredLoanFirstLienMember2022-12-310001326003us-gaap:EquitySecuritiesMember2023-06-300001326003Debt Investments | Life Sciences Tools & Services | Alcami Corporation | First Lien Term Loan | SOFR(M) | Floor Rate 1.00% | Spread 7.00% | Total Coupon 12.20% | Maturity12/21/20282023-06-300001326003Debt Investments | IT Services | Avalara, Inc. | First Lien Term Loan | SOFR(Q) | Floor Rate 0.75% | Spread 7.25% | Total Coupon 11.83% | Maturity 10/19/20282022-12-310001326003Debt Investments | Internet Software & Services | Suited Connector, LLC | First Lien Revolver | LIBOR(S) | Floor Rate 1.00% | Spread 6.00% | Total Coupon 10.98% | Maturity 12/1/20272022-12-310001326003bkcc:BankDebtMember2022-06-300001326003Debt Investments | Commercial Services & Supplies2023-06-300001326003us-gaap:GeographicConcentrationRiskMembercountry:GBbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003us-gaap:TreasuryStockCommonMember2022-03-310001326003Debt Investments | Construction & Engineering | CSG Buyer, Inc. (Core States) | First Lien Term Loan | Quarterly SOFR | Floor Rate 1.00% | Spread 6.00% | Total Coupon 11.50% | Maturity 3/31/20282023-06-300001326003bkcc:ControlledInvestmentMember2022-12-310001326003bkcc:FivePointZeroZeroPercentConvertibleNotesDueTwoThousandTwentyTwoMember2017-06-130001326003Debt Investments | Diversified Consumer Services | Razor Group GmbH (Germany) | First Lien Sr Secured Convertible Term Loan | Fixed Spread 3.50% Cash and 3.50% PIK | Total Coupon 7.00% | Maturity 4/30/20252022-12-310001326003Debt Investments | Diversified Financial Services | 2-10 Holdco, Inc. | First Lien Term Loan | SOFR(M) | Floor Rate 0.75% | Spread 6.00% | Total Coupon 11.20% | Maturity 3/26/20262023-06-300001326003Non-Controlled Affiliate Security | Kemmerer Holdings, LLC (WMLP) | Limited Liability Co. Interest2023-01-012023-06-300001326003Debt Investments | Hotels, Restaurants & Leisure | OCM Luxembourg Baccarat Bidco S.A.R.L. (Interblock) (Slovenia) | First Lien Term Loan | SOFR(Q) | Floor rate 0.75% | Spread 6.25% | Total Coupon 10.68% | Maturity 6/3/20272022-12-310001326003us-gaap:RetainedEarningsMember2022-03-310001326003Equity Securities | Media | MBS Parent, LLC | Limited Partnership/Limited Liability Company Interests2023-06-300001326003us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2023-06-300001326003Debt Investments | Software | Zilliant Incorporated | First Lien Delayed Draw Term Loan | LIBOR(M) | Floor Rate 0.75% | Spread 2.00% Cash + 4.50% PIK | Total Coupon 10.85% | Maturity 12/21/20272022-12-310001326003Controlled Affiliate Security | Gordon Brothers Finance Company | Unsecured Debt2021-12-310001326003Equity Securities | Oil, Gas & Consumable Fuels | Trailblazer Energy Resources, LLC (fka ETX Energy, LLC) | Limited Partnership/Limited Liability Company Interests2022-12-310001326003Debt Investments | Software | Elastic Path Software Inc. (Canada) | First Lien Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 7.50% | Total Coupon 12.70% | Maturity 1/6/20262023-06-300001326003bkcc:NonControlledNonAffiliatedInvestmentsMember2023-01-012023-06-300001326003Debt Investments | Diversified Consumer Services | SellerX Germany GmbH & Co. Kg (Germany) | First Lien Delayed Draw Term Loan | Quarterly LIBOR | Floor Rate 1.00% | Spread 8.00% Cash and 3.00% PIK | Total Coupon 15.73% | Maturity 11/23/20252022-12-310001326003Debt Investments | Internet Software & Services | Suited Connector, LLC | First Lien Delayed Draw Term Loan | LIBOR(S) | Floor Rate 1.00% | Spread 6.00% | Total Coupon 10.92% | Maturity 12/1/20272022-12-310001326003bkcc:RealEstateManagementAndDevelopmentMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003Debt Investments | Software | Backoffice Associates Holdings, LLC (Syniti) | First Lien Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 7.75% | Total Coupon 12.00% | Maturity 4/30/20262022-12-310001326003Debt Investments | Internet Software & Services | Persado, Inc. | First Lien Term Loan (6.575% Exit Fee) | SOFR(M) | Floor Rate 1.80% | Spread 7.00% | Total Coupon 11.12% | Maturity 6/10/20272022-12-310001326003us-gaap:EquitySecuritiesMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberbkcc:MeasurementInputEBITDAOrRevenueMultiplesMember2022-12-310001326003Controlled Affiliate Security2021-12-310001326003Debt Investments | Health Care Providers & Services | PHC Buyer, LLC (Patriot Home Care) | First Lien Term Loan | SOFR(Q) | Floor rate 0.75% | Spread 6.00% | Total Coupon 11.26% | Maturity 5/4/20282023-06-300001326003Debt Investments | Internet Software & Services | Sailpoint Technologies Holdings, Inc. | First Lien Revolver | SOFR(M) | Floor Rate 0.75% | Spread 6.25% | TotalCoupon 11.35% | Maturity 8/16/20282023-06-300001326003Cash and Investments2022-12-310001326003Debt Investments | Internet Software & Services | Magenta Buyer, LLC (McAfee) | Second Lien Term Loan | LIBOR(Q) | Floor Rate 0.75% | Spread 8.25% | Total Coupon 12.67% | Maturity 7/27/20292022-12-310001326003Equity Securities | Diversified Consumer Services | PerchHQ LLC | Warrants to Purchase Common Stock | Expiration 10/15/20272023-06-300001326003Debt Investments | Diversified Financial Services2022-12-310001326003bkcc:SeniorSecuredRevolvingCreditFacilityMember2023-06-300001326003Equity Securities | Diversified Consumer Services | Razor Group GmbH (Germany) | Warrants to Purchase Series C Shares | Expiration 4/28/20282023-06-300001326003us-gaap:EquitySecuritiesMember2023-03-310001326003bkcc:FebruaryTwentyEightTwoThousandTwentyThreeMember2023-01-012023-03-310001326003us-gaap:GeographicConcentrationRiskMembercountry:DEbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003bkcc:ReimbursementExpensesMemberus-gaap:RelatedPartyMember2023-01-012023-06-300001326003Debt Investments | Software | Zendesk, Inc. | First Lien Revolver | SOFR(Q) | Floor Rate 0.75% | Spread 6.50% | Total Coupon 11.04% | Maturity 11/22/20282022-12-310001326003us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2023-06-300001326003us-gaap:IncomeApproachValuationTechniqueMemberbkcc:BankDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2023-06-3000013260032022-12-310001326003bkcc:ProfessionalServicesMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003us-gaap:EquitySecuritiesMembersrt:MinimumMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberbkcc:MeasurementInputEBITDAOrRevenueMultiplesMember2023-06-300001326003Debt Investments | Professional Services | ICIMS, Inc. | First Lien Revolver | SOFR(Q) | Floor Rate 0.75% | Spread 6.75% | Total Coupon 11.02% | Maturity 8/18/20282022-12-310001326003Non-Controlled Affiliate Security | AGY Equity, LLC | Class B Preferred Stock2022-01-012022-12-310001326003Debt Investments | Software | Integrate.com, Inc. (Infinity Data, Inc.) | First Lien Delayed Draw Term Loan | SOFR(M) | Floor Rate 1.00% | Spread 3.00% Cash + 3.00% PIK | Total Coupon 11.19% | Maturity 12/17/20272023-06-300001326003Debt Investments | Internet Software & Services | Anaconda, Inc. | First Lien Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 7.50% | Total Coupon 11.86% | Maturity 8/22/20272022-12-310001326003Equity Securities | Trading Companies & Distributors | Blackbird Holdco, Inc. (Ohio Transmission Corp.) | Preferred Stock | Total Coupon 12.50% PIK2023-06-300001326003bkcc:SemiconductorsAndSemiconductorEquipmentMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2021-12-310001326003us-gaap:GeographicConcentrationRiskMembercountry:USbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003Debt Investments | Diversified Financial Services | 2-10 Holdco, Inc. | First Lien Revolver | SOFR (M) | Floor Rate 0.75% | Spread 6.00% | Total Coupon 10.42% | Maturity 3/26/20262022-12-310001326003Debt Investments | Distributors | Colony Display LLC | First Lien Term Loan | Quarterly SOFR | Floor Rate 1.00% | Spread 6.50% Cash + 3.00% PIK | Total Coupon 15.00% | Maturity 6/30/20262023-06-300001326003bkcc:AssetsExceedingTwoHundredPercentageOfNetValueAssetMember2020-05-022020-05-0200013260032020-05-010001326003Controlled Affiliate Security | Gordon Brothers Finance Company | Preferred Stock2023-06-300001326003Debt Investments | Software | Grey Orange Incorporated | First Lien Delayed Draw Term Loan (3.75% Exit Fee) | SOFR(Q)/(S) | Floor Rate 1.00% | Spread 7.25% | Total Coupon 12.58% | Maturity 5/6/20262023-06-300001326003us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel1Member2022-12-310001326003Non-Controlled Affiliate Security | Kemmerer Operations, LLC (WMLP) | Delayed Draw Term Loan, First Lien2022-01-012022-12-310001326003Debt Investments | Diversified Consumer Services2023-06-300001326003us-gaap:GeographicConcentrationRiskMembercountry:AUbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003Debt Investments | Consumer Finance | Money Transfer Acquisition Inc. | First Lien Term Loan | Monthly SOFR | Floor Rate 1.00% | Spread 8.25% | Total Coupon 13.45% | Maturity 12/14/20272023-06-300001326003us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2022-12-310001326003us-gaap:ForeignExchangeForwardMember2023-06-300001326003Debt Investments | Health Care Technology2023-06-300001326003Debt Investments | Health Care Technology | CareATC, Inc. | First Lien Term Loan | SOFR(Q) | Floor rate 1.00% | Spread 7.25% | Total Coupon 13.07% | Maturity 3/14/20242023-06-300001326003Debt Investments | Health Care Equipment & Supplies | Zest Acquisition Corp. | Second Lien Term Loan | LIBOR(M) | Floor Rate 1.00% | Spread 7.00% | Total Coupon 11.39% | Maturity 3/14/20262022-12-310001326003bkcc:IndustryConcentrationRiskMemberbkcc:SoftwareMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003Debt Investments | Hotels, Restaurants & Leisure | OCM Luxembourg Baccarat Bidco S.A.R.L. (Interblock) (Slovenia) | First Lien Term Loan | SOFR(Q) | Floor rate 0.75% | Spread 6.25% | Total Coupon 11.48% | Maturity 6/3/20272023-06-300001326003bkcc:SeniorSecuredLoansMember2023-06-300001326003Debt Investments | Consumer Finance | Freedom Financial Network Funding, LLC | First Lien Term Loan | Semiannually SOFR | Floor Rate 1.00% | Spread 9.00% | Total Coupon 13.95% | Maturity 9/21/20272022-12-310001326003bkcc:NonControlledAffiliatedInvestmentsMember2023-01-012023-06-300001326003us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-12-310001326003Debt Investments | Diversified Consumer Services | Fusion Holding Corp. (Finalsite) | First Lien Revolver | Quarterly SOFR | Floor Rate 0.75% | Spread 6.25% | Total Coupon 10.78% | Maturity 9/15/20272022-12-310001326003us-gaap:FairValueInputsLevel2Member2023-06-300001326003Debt Investments | Internet Software & Services | Sailpoint Technologies Holdings, Inc. | First Lien Revolver | SOFR(M) | Floor Rate 0.75% | Spread 6.25% | Total Coupon 10.58% | Maturity 8/16/20282022-12-310001326003srt:MaximumMemberbkcc:BankDebtMemberus-gaap:MeasurementInputExpectedTermMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Member2023-06-300001326003Debt Investments | Internet Software & Services | Bynder Bidco B.V. (Netherlands) | First Lien Term Loan B | SOFR(S) | Floor Rate 1.00% | Spread 7.25% | Total Coupon 12.05% | Maturity 1/26/20292023-06-300001326003Equity Securities | Diversified Consumer Services | Elevate Brands Holdco Inc. | Warrants to Purchase Common Stock | Expiration 3/14/20322023-06-300001326003Debt Investments | Professional Services | GI Consilio Parent, LLC | Second Lien Term Loan | LIBOR(M) | Floor Rate 0.50% | Spread 7.50% | Total Coupon 11.88% | Maturity 5/14/20292022-12-310001326003Debt Investments | Insurance | AmeriLife Holdings, LLC | First Lien Term Loan | SOFR(Q) | Floor rate 0.75% | Spread 5.75% | Total Coupon 9.58% | Maturity 8/31/20292022-12-310001326003Equity Securities | Diversified Consumer Services | MXP Prime Platform GmbH (SellerX) (Germany) | Warrants to Purchase Preferred Series B Shares | Expiration 11/23/20282022-12-310001326003us-gaap:TreasuryStockCommonMember2022-01-012022-03-310001326003Debt Investments | IT Services | Madison Logic Holdings, Inc. | First Lien Term Revolver | SOFR(Q) | Floor Rate 1.00% | Spread 7.00% | Total Coupon 11.58% | Maturity 12/30/20272022-12-3100013260032021-06-300001326003bkcc:UnsecuredSeniorNotesDueTwoThousandTwentyFiveMemberbkcc:TrancheOneMember2022-06-092022-06-090001326003Debt Investments | Health Care Providers & Services | Outcomes Group Holdings, Inc. | Second Lien Term Loan | LIBOR(Q) | Spread 7.50% | Total Coupon 12.23% | Maturity 10/26/20262022-12-310001326003Debt Investments | Diversified Consumer Services | Fusion Holding Corp. (Finalsite) | First Lien Term Loan | Quarterly SOFR | Floor Rate 0.75% | Spread 6.25% | Total Coupon 10.78% | Maturity 9/14/20292022-12-310001326003us-gaap:OtherDebtSecuritiesMember2023-06-300001326003bkcc:UnsecuredSeniorNotesDueTwoThousandTwentyFiveMemberus-gaap:DebtInstrumentRedemptionPeriodOneMember2022-06-092022-06-090001326003bkcc:UnsecuredDebtSecuritiesMember2022-12-310001326003Equity Securities | Media | MBS Parent, LLC | Limited Partnership/Limited Liability Company Interests2022-12-310001326003bkcc:BankDebtMember2022-04-012022-06-300001326003Debt Investments | Machinery2022-12-310001326003Debt Investments | Diversified Financial Services | Wealth Enhancement Group, LLC | First Lien Delayed Draw Term Loan | SOFR(Q)/(S) | Floor Rate 1.00% | Spread 6.25% | Total Coupon 11.09% | Maturity 10/4/20272023-06-300001326003us-gaap:GeographicConcentrationRiskMembercountry:DEbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003bkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003Preferred Stock2022-12-310001326003Debt Investments | Health Care Technology | Gainwell Acquisition Corp. | Second Lien Term Loan | LIBOR(Q) | Floor rate 1.00% | Spread 8.00% | Total Coupon 11.74% | Maturity 10/2/20282022-12-310001326003bkcc:TwoThousandAndTwentyFivePrivatePlacementNotesMember2023-01-012023-06-300001326003us-gaap:TreasuryStockCommonMember2022-06-300001326003Debt Investments | Media | Streamland Media Midco LLC | First Lien Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 6.75% | Total Coupon 12.06% | Maturity 8/31/20232023-06-300001326003Non-Controlled Affiliate Security | AGY Equity, LLC | Class B Preferred Stock2022-12-310001326003us-gaap:FairValueInputsLevel2Memberus-gaap:OtherDebtSecuritiesMember2022-12-310001326003Debt Investments | Commercial Services & Supplies | Pueblo Mechanical and Controls, LLC | First Lien Revolver | PRIME | Floor Rate 0.75% | Spread 5.00% | Total Coupon 13.25% | Maturity 8/23/20272023-06-300001326003us-gaap:MeasurementInputEbitdaMultipleMembersrt:MinimumMemberbkcc:BankDebtMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Member2023-06-300001326003bkcc:BlackrockCapitalInvestmentAdvisorsLimitedLiabilityCorporationMember2022-12-310001326003Controlled Affiliate Security | Gordon Brothers Finance Company | Unsecured Debt2022-01-012022-12-310001326003Debt Investments | Paper & Forest Products | Alpine Acquisition Corp II (48Forty) | First Lien Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 5.50% | Total Coupon 9.76 % | Maturity 11/30/20262022-12-310001326003us-gaap:OtherDebtSecuritiesMember2022-04-012022-06-300001326003Debt Investments | Internet Software & Services | Sailpoint Technologies Holdings, Inc. | First Lien Term Loan | SOFR(M) | Floor Rate 0.75% | Spread 6.25% | Total Coupon 11.35% | Maturity 8/16/20292023-06-300001326003Debt Investments | Commercial Services & Supplies2022-12-310001326003Debt Investments | Software | Bonterra LLC (fka CyberGrants Holdings, LLC) | First Lien Term Loan | LIBOR(Q) | Floor 0.75% | Spread 6.00% | Total Coupon 11.79% | Maturity 9/8/20272023-06-300001326003country:NLus-gaap:GeographicConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003Debt Investments | IT Services | Avalara, Inc. | First Lien Term Loan | SOFR(Q) | Floor Rate 0.75% | Spread 7.25% | Total Coupon 12.49% | Maturity 10/19/20282023-06-300001326003Debt Investments | Software | Fusion Risk Management, Inc. | First Lien Revolver | SOFR(Q) | Floor Rate 1.00% | Spread 7.00% | Total Coupon 12.13% | Maturity 5/22/2029 2023-06-300001326003bkcc:TwoThousandAndTwentyFivePrivatePlacementNotesMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2022-06-090001326003Equity Securities | Diversified Consumer Services | Razor Group GmbH (Germany) | Warrants to Purchase Preferred Series A1 Shares | Expiration 4/28/20282023-06-300001326003bkcc:ControlledInvestmentMember2022-04-012022-06-300001326003bkcc:UnsecuredSeniorNotesDueTwoThousandTwentyFiveMemberbkcc:TrancheTwoMember2022-06-092022-06-090001326003bkcc:PaperAndForestProductsMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003Debt Investments | Internet Software & Services | Gympass US, LLC | First Lien Term Loan | SOFR(M) | Floor Rate 1.00% | Spread 4.00% cash+ 4.00% PIK | Total Coupon 13.26% | Maturity 7/8/20272023-06-300001326003Debt Investments | Internet Software & Services | Magenta Buyer, LLC (McAfee) | Second Lien Term Loan | LIBOR(Q) | Floor Rate 0.75% | Spread 8.25% | Total Coupon 13.53% | Maturity 7/27/20292023-06-300001326003bkcc:MarketQuotationsMemberbkcc:BankDebtMemberus-gaap:FairValueInputsLevel3Memberbkcc:MeasurementInputIndicativeBidOrAskQuotesMember2023-06-300001326003Debt Investments | Software | Backoffice Associates Holdings, LLC (Syniti) | First Lien Revolver | PRIME | Floor Rate 1.00% | Spread 6.75% | Total Coupon 14.25% | Maturity 4/30/20262022-12-310001326003Debt Investments | Health Care Providers & Services | Team Services Group, LLC | Second Lien Term Loan | LIBOR(S) | Floor rate 1.00% | Spread 9.00% | Total Coupon 13.93% | Maturity 11/13/20282022-12-310001326003Non-Controlled Affiliate Security | Kemmerer Operations, LLC (WMLP) | Delayed Draw Term Loan, First Lien2023-06-300001326003Debt Investments | Software | Bluefin Holding, LLC (BlackMountain) | Second Lien Term Loan | LIBOR(Q) | Spread 7.75% | Total Coupon 12.48% | Maturity 9/3/20272022-12-310001326003us-gaap:GeographicConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003Investment | Pico Quantitative Trading Holdings, LLC, | Warrants to Purchase Membership Units | Initial Acquisition Date 2/7/20202023-01-012023-06-300001326003us-gaap:SubordinatedDebtMember2022-12-310001326003bkcc:TwoThousandAndTwentyFivePrivatePlacementNotesMember2022-01-012022-12-310001326003bkcc:DiversifiedConsumerServicesMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003Debt Investments | Hotels, Restaurants & Leisure | OCM Luxembourg Baccarat Bidco S.A.R.L. (Interblock) (Slovenia) | First Lien Revolver | PRIME | Floor rate 0.75% | Spread 5.25% | Total Coupon 13.50% | Maturity 6/3/20272023-06-300001326003Debt Investments | Software | AlphaSense, Inc. | First Lien Term Loan | SOFR(M) | Floor Rate 1.00% | Spread 7.00% | Total Coupon 12.19% | Maturity 3/11/20272023-06-300001326003Debt Investments | Specialty Retail 2022-12-310001326003Debt Investments | Textiles, Apparel & Luxury Goods2023-06-300001326003bkcc:UnsecuredSeniorNotesDueTwoThousandTwentyFiveMember2023-01-012023-03-310001326003Debt Investments | Health Care Providers & Services | PHC Buyer, LLC (Patriot Home Care) | First Lien Delayed Draw Term Loan | SOFR(S) | Floor rate 0.75% | Spread 6.00% | Total Coupon 10.70% | Maturity 5/4/20282022-12-310001326003bkcc:BankDebtMembersrt:MinimumMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberbkcc:MeasurementInputImpliedVolatilityMember2022-12-3100013260032023-03-310001326003Equity Securities | Internet Software & Services2023-06-300001326003Interest Rate Swap | Company Receives Fixed 2.633% | Company Pays Floating 1 Day SOFR | Counterparty CME | Maturity Date 6/9/2025 | Payment Frequency Annual2022-12-310001326003Debt Investments | Trading Companies & Distributors | Blackbird Purchaser, Inc. (Ohio Transmission Corp.) | Second Lien Term Loan | LIBOR(M) | Floor Rate 0.75% | Spread 7.50% | Total Coupon 11.88% | Maturity 4/8/20272022-12-310001326003Debt Investments | Software | Kaseya Inc. | First Lien Revolver | SOFR(Q) | Floor Rate 0.75% | Spread 5.75% | Total Coupon 10.33% | Maturity 6/25/20292022-12-310001326003us-gaap:GeographicConcentrationRiskMembercountry:CHbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003Debt Investments | Software | Backoffice Associates Holdings, LLC (Syniti) | First Lien Revolver | PRIME | Floor Rate 1.00% | Spread 6.75 | Total Coupon 15.00% | Maturity 4/30/20262023-06-300001326003Debt Investments | Professional Services | JobandTalent USA, Inc. (United Kingdom) | First Lien Term Loan (3.0% Exit Fee) | SOFR(M) | Floor Rate 1.00% | Spread 8.75 % | Total Coupon 13.19% | Maturity 2/17/20252022-12-310001326003Debt Investments | Internet Software & Services | Astra Acquisition Corp. (Anthology) | Second Lien Term Loan | LIBOR(M) | Floor Rate 0.75% | Spread 8.88% | Total Coupon 13.26% | Maturity 10/25/20292022-12-310001326003us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001326003Debt Investments | Health Care Technology | ESO Solutions, Inc. | First Lien Revolver | SOFR(Q) | Floor rate 1.00% | Spread 7.00% | Total Coupon 11.59% | Maturity 5/3/20272022-12-310001326003Debt Investments | Software | Nvest, Inc. (SigFig) | First Lien Term Loan | SOFR(S) | Floor Rate 1.00% | Spread 7.50% | Total Coupon 13.15% | Maturity 9/15/20252023-06-300001326003Debt Investments | Software | Nvest, Inc. (SigFig) | First Lien Term Loan | SOFR(S) | Floor Rate 1.00% | Spread 7.50% | Total Coupon 11.49% | Maturity 9/15/20252022-12-310001326003Non-Controlled Affiliate Security2022-01-012022-12-310001326003bkcc:InvestmentAdvisorExpensesMember2022-01-012022-06-300001326003bkcc:MediaMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003bkcc:IndustryConcentrationRiskMemberbkcc:HealthCareEquipmentAndSuppliesMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003us-gaap:TreasuryStockCommonMember2021-12-310001326003bkcc:ConstructionAndEngineeringMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquitySecuritiesMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2022-12-310001326003Investments2023-06-300001326003Debt Investments | Semiconductors & Semiconductor Equipment2023-06-300001326003Investment Pico Quantitative Trading Holdings, LLC | Warrants to Purchase Membership Units | Initial Acquisition Date 2/7/20202022-01-012022-12-310001326003Debt Investments | Software | Kong Inc. | First Lien Term Loan | SOFR(M) | Floor Rate 1.00% | Spread 5.50% Cash + 3.25% PIK | Total Coupon 14.02% | Maturity 11/1/20272023-06-300001326003Debt Investments | Software | Aras Corporation | First Lien Term Loan | LIBOR(Q) | Floor Rate 1.00% | Spread 3.50% Cash + 3.25% PIK | Total Coupon 11.99% | Maturity 4/13/20272023-06-300001326003Debt Investments | Internet Software & Services | Spartan Bidco Pty Ltd (StarRez) (Australia) | First Lien Term Loan | SOFR(Q) | Floor Rate 0.75% | Spread 0.75% cash + 6.25% PIK | Total Coupon 12.22% | Maturity 1/24/20282023-06-3000013260032021-09-300001326003bkcc:NonControlledAffiliatedInvestmentsMember2023-06-300001326003us-gaap:FairValueInputsLevel2Member2022-04-012022-06-300001326003Non-Controlled Affiliate Security | Kemmerer Operations, LLC (WMLP) | Delayed Draw Term Loan, First Lien2022-12-310001326003bkcc:ControlledInvestmentMember2023-06-300001326003Equity Securities | Internet Software & Services | SuCo Investors, LP (Suited Connector) | Warrants to Purchase Class A Units | Expiration 3/6/20332023-06-300001326003Debt Investments | Machinery | Sonnys Enterprises, LLC | First Lien Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 6.75% | Total Coupon 11.96% | Maturity 8/5/20282023-06-300001326003Debt Investments | Diversified Financial Services | Wealth Enhancement Group, LLC | First Lien Delayed Draw Term Loan | SOFR(S) | Floor Rate 1.00% | Spread 6.00% | Total Coupon 10.44% | Maturity 10/4/20272022-12-310001326003Debt Investments | Construction & Engineering | Sunland Asphalt & Construction, LLC | First Lien Term Loan | Semiannually LIBOR | Floor Rate 1.00% | Spread 6.00% | Total Coupon 11.15% | Maturity 1/13/20262022-12-310001326003Debt Investments | Insurance | AmeriLife Holdings, LLC | First Lien Revolver | SOFR(Q) | Floor rate 0.75% | Spread 5.75% | Total Coupon 9.58% | Maturity 8/31/20282022-12-310001326003Debt Investments | IT Services | Idera, Inc. | Second Lien Term Loan | LIBOR(Q) | Floor Rate 0.75% | Spread 6.75% | Total Coupon 10.50% | Maturity 2/4/20292022-12-310001326003us-gaap:RetainedEarningsMember2023-06-300001326003Debt Investments | Software | AlphaSense, Inc | First Lien Term Loan | SOFR(M) | Floor Rate 1.00% | Spread 7.00% | Total Coupon 11.44% | Maturity 3/11/20272022-12-310001326003srt:MaximumMember2023-06-300001326003us-gaap:PreferredStockMember2023-06-300001326003Debt Investments | Professional Services2022-12-310001326003us-gaap:CommonStockMember2023-06-300001326003bkcc:IndustryConcentrationRiskMemberbkcc:InternetSoftwareAndServicesMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003Debt Investments | Professional Services | ICIMS, Inc. | First Lien Term Loan | SOFR(Q) | Floor Rate 0.75% | Spread 3.38% Cash + 3.88% PIK | Total Coupon 12.38% | Maturity 8/18/20282023-06-300001326003bkcc:HotelsRestaurantsAndLeisureMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003us-gaap:InterestRateSwapMember2023-06-300001326003Debt Investments | IT Services | Madison Logic Holdings, Inc. | First Lien Revolver | SOFR(Q) | Floor Rate 1.00% | Spread 7.00% | Total Coupon 12.24% | Maturity 12/30/20272023-06-300001326003Non-Controlled Affiliate Security | Kemmerer Holdings, LLC (WMLP) | Limited Liability Co. Interest2022-01-012022-12-310001326003bkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003Debt Investments | Insurance | Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance) | First Lien Delayed Draw Term Loan | SOFR(M) | Floor rate 0.75% | Spread 6.00% | Total Coupon 11.22% | Maturity 11/1/20282023-06-300001326003Debt Investments | Professional Services | DTI Holdco, Inc. (Epiq Systems, Inc.) | Second Lien Term Loan | SOFR(Q) | Floor Rate 0.75% | Spread 7.75% | Total Coupon 11.84% | Maturity 4/26/20302022-12-310001326003Debt Investments | Commercial Services & Supplies | Thermostat Purchaser III, Inc. (Reedy Industries) | Second Lien Delayed Draw Term Loan | Quarterly LIBOR | Floor Rate 0.75% | Spread 7.25% | Total Coupon 11.98% | Maturity 8/31/20292022-12-310001326003Non-Controlled Affiliate Security | Kemmerer Holdings, LLC (WMLP) | Limited Liability Co. Interest2022-12-310001326003us-gaap:IncomeApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2022-12-310001326003us-gaap:EquitySecuritiesMembersrt:MinimumMemberus-gaap:MeasurementInputExpectedTermMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Member2022-12-310001326003Equity Securities | Chemicals | AGY Equity, LLC | Class C Common Stock2023-06-300001326003Debt Investments | Professional Services| DTI Holdco, Inc. (Epiq Systems, Inc.) | Second Lien Term Loan | SOFR(Q) | Floor Rate 0.75% | Spread 7.75% | Total Coupon 12.80% | Maturity 04/26/20302023-06-300001326003srt:MaximumMemberbkcc:PreIncentiveFeeNetInvestmentIncomeBetweenOnePointSevenFiveAndTwoPointOneTwoPercentageOfNetAssetsMember2020-05-022020-05-020001326003Non-Controlled Affiliate Security | Kemmerer Operations, LLC (WMLP) | Senior Secured Loan, First Lien2022-12-310001326003Investment Worldremit Group Limited (United Kingdom) | Warrants to Purchase Series E Stock | Initial Acquisition Date 8/27/20212022-01-012022-12-310001326003Debt Investments | Specialty Retail | Hanna Andersson, LLC | First Lien Term Loan | LIBOR(M) | Floor Rate 1.00% | Spread 6.00% | Total Coupon 10.29% | Maturity 7/2/20262022-12-310001326003bkcc:OilGasAndConsumableFuelsMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003us-gaap:RetainedEarningsMember2022-06-300001326003bkcc:InsuranceMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003Debt Investments | Internet Software & Services | Sailpoint Technologies Holdings, Inc. | First Lien Term Loan | SOFR(M) | Floor Rate 0.75% | Spread 6.25% | Total Coupon 10.58% | Maturity 8/16/20292022-12-310001326003srt:MaximumMember2020-05-020001326003Debt Investments | Capital Markets | Pico Quantitative Trading, LLC | First Lien Incremental Term Loan | Quarterly SOFR | Floor Rate 1.5% | Spread 7.25% | Total Coupon 12.56% | Maturity 2/7/20252023-06-300001326003Debt Investments | Diversified Financial Services2023-06-300001326003Debt Investments | Internet Software & Services | Persado, Inc. | First Lien Delayed Draw Term Loan (6.575% Exit Fee) | SOFR(M) | Floor Rate 1.80% | Spread 7.50% | Total Coupon 12.66% | Maturity 6/10/20272023-06-300001326003Debt Investments | Professional Services | GI Consilio Parent, LLC | Second Lien Term Loan | LIBOR(M) | Floor Rate 0.50% | Spread 7.50% | Total Coupon 12.69% | Maturity 5/14/20292023-06-300001326003Debt Investments | Internet Software & Services | Oranje Holdco, Inc. (KnowBe4) | First Lien Revolver | SOFR(Q) | Floor Rate 1.00% | Spread 7.75% | Total Coupon 12.79% | Maturity 2/1/20292023-06-300001326003Debt Investments | Diversified Consumer Services | Elevate Brands OpCo LLC | First Lien Delayed Draw Term Loan | Quarterly SOFR | Floor Rate 1.00% | Spread 8.50% | Total Coupon 13.70% | Maturity 3/15/20272023-06-300001326003Debt Investments | Hotels, Restaurants & Leisure | Showtime Acquisition, L.L.C. (World Choice) | First Lien Revolver | SOFR(Q) | Floor rate 1.00% | Spread 7.50% | Total Coupon 12.67% | Maturity 8/7/20282023-06-300001326003Debt Investments | Software | GTY Technology Holdings Inc. | First Lien Term Loan | SOFR(Q) | Floor Rate 0.75% | Spread 2.58% Cash + 4.30% PIK | Total Coupon 11.46% | Maturity 7/9/20292022-12-310001326003Debt Investments | IT Services | Madison Logic Holdings, Inc. | First Lien Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 7.00% | Total Coupon 12.24% | Maturity 12/29/20282023-06-300001326003Equity Securities | Household Durables | Stitch Holdings, L.P. | Limited Partnership/Limited Liability Company Interests2022-12-310001326003bkcc:IndustryConcentrationRiskMemberbkcc:InternetAndCatalogRetailMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003Debt Investments | Construction & Engineering | Sunland Asphalt & Construction, LLC | First Lien Delayed Draw Term Loan | Semiannually LIBOR | Floor Rate 1.00% | Spread 6.00% | Total Coupon 11.15% | Maturity 1/13/20262022-12-310001326003Debt Investments | Health Care Technology | Appriss Health, LLC (PatientPing) | First Lien Term Loan | LIBOR(M) | Floor rate 1.00% | Spread 7.25% | Total Coupon 11.90% | Maturity 5/6/20272023-06-300001326003Controlled Affiliate Security2023-01-012023-06-300001326003us-gaap:FairValueInputsLevel1Memberus-gaap:OtherDebtSecuritiesMember2022-12-310001326003Debt Investments | Software | Superman Holdings, LLC (Foundation Software) | First Lien Revolver | LIBOR(Q) | Floor Rate 1.00% | Spread 6.13% | Total Coupon 10.85% | Maturity 8/31/20262022-12-310001326003Debt Investments | Health Care Technology | Sandata Technologies, LLC | First Lien Term Loan | LIBOR(Q)/SOFR(Q) | Spread 6.00% | Total Coupon 11.46% | Maturity 7/23/20242023-06-300001326003bkcc:EquityWarrantsOrOptionsMember2022-12-310001326003Debt Investments | Commercial Services & Supplies | Thermostat Purchaser III, Inc. (Reedy Industries) | Second Lien Term Loan | Quarterly LIBOR | Floor Rate 0.75% | Spread 7.25% | Total Coupon 11.98% | Maturity 8/31/20292022-12-310001326003Debt Investments | Health Care Providers & Services | Team Services Group, LLC | Second Lien Term Loan | LIBOR(Q) | Floor rate 1.00% | Spread 9.00% | Total Coupon 14.27% | Maturity 11/13/20282023-06-300001326003bkcc:IndustryConcentrationRiskMemberbkcc:SpecialtyRetailMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003bkcc:SeniorSecuredRevolvingCreditFacilityMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-01-012023-06-300001326003Non-Controlled Affiliate Security | AGY Equity, LLC | Class A Preferred Stock2022-01-012022-12-310001326003Debt Investments | Machinery Sonnys Enterprises, LLC | First Lien Delayed Draw Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 6.75% | Total Coupon 10.99% | Maturity 8/5/20262022-12-310001326003bkcc:AutomobilesSectorMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003Equity Securities | Chemicals | AGY Equity, LLC | Class C Common Stock2022-12-310001326003bkcc:TwoThousandAndTwentyFivePrivatePlacementNotesMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2022-12-310001326003Debt Investments | Health Care Technology | ESO Solutions, Inc. | First Lien Term Loan | SOFR(Q) | Floor rate 1.00% | Spread 7.00% | Total Coupon 11.59% | Maturity 5/3/20272022-12-310001326003Debt Investments | Commercial Services & Supplies | Pueblo Mechanical and Controls, LLC | First Lien Term Loan | Quarterly SOFR | Floor Rate 0.75% | Spread 6.00% | Total Coupon 11.16% | Maturity 8/23/20282023-06-300001326003Non-Controlled Affiliate Security | AGY Equity, LLC | Class C Common Stock2023-01-012023-06-300001326003Debt Investments | Internet Software & Services | Spartan Bidco Pty Ltd (StarRez) (Australia) | First Lien Term Loan | SOFR(Q) | Floor Rate 0.75% | Spread 0.75% cash + 6.50% PIK | Total Coupon 11.46% | Maturity 1/24/20282022-12-310001326003Debt Investments | Semiconductors & Semiconductor Equipment | Emerald Technologies (U.S.) AcquisitionCo, Inc | First Lien Revolver | SOFR(M) | Floor Rate 1.00% | Spread 6.00% | Total Coupon 11.22% | Maturity 12/29/20262023-06-300001326003Debt Investments | Technology Hardware, Storage & Peripherals | SumUp Holdings Luxembourg S.A.R.L. (United Kingdom) | First Lien Delayed Draw Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 7.00% | Total Coupon 11.68% | Maturity 2/17/20262022-12-310001326003us-gaap:EquitySecuritiesMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberbkcc:MeasurementInputImpliedVolatilityMember2023-06-300001326003Debt Investments | Software | Zendesk, Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | Floor Rate 0.75% | Spread 6.50% | Total Coupon 11.04% | Maturity 11/22/20282022-12-310001326003us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-06-300001326003Controlled Affiliate Security | Gordon Brothers Finance Company | Preferred Stock2022-01-012022-12-310001326003Debt Investments | Media | Terraboost Media Operating Company, LLC | First Lien Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 6.50% | Total Coupon 8.14 % | Maturity 8/23/20262022-12-310001326003bkcc:IndustryConcentrationRiskMemberbkcc:ITServicesMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003Debt Investments | Trading Companies & Distributors | Blackbird Purchaser, Inc. (Ohio Transmission Corp.) | Second Lien Delayed Draw Term Loan | LIBOR(M) | Floor Rate 0.75% | Spread 7.50% | Total Coupon 11.88% | Maturity 4/8/20272022-12-310001326003Debt Investments | Capital Markets2022-12-310001326003Debt Investments | Diversified Consumer Services | SellerX Germany GmbH & Co. Kg (Germany) | First Lien Delayed Draw Term Loan | Quarterly LIBOR | Floor Rate 1.00% | Spread 8.00% Cash and 3.00% PIK | Total Coupon 16.54% | Maturity 11/23/20252023-06-300001326003us-gaap:OtherDebtSecuritiesMember2022-06-300001326003Debt Investments | Capital Markets2023-06-300001326003Debt Investments | Diversified Financial Services | Gordon Brothers Finance Company | Unsecured Debt | LIBOR (M) | Floor Rate 1.00% | Spread 11.00% | Total Coupon 18.19% | Maturity 10/31/20212023-06-300001326003Debt Investments | Diversified Financial Services | 2-10 Holdco, Inc. | First Lien Term Loan | Monthly SOFR | Floor Rate 0.75% | Spread 6.00% | Total Coupon 10.42% | Maturity 3/26/20262022-12-3100013260032022-04-012022-06-300001326003Debt Investments | Construction & Engineering2023-06-300001326003us-gaap:CommonStockMember2022-01-012022-03-310001326003Debt Investments | Diversified Consumer Services | Elevate Brands OpCo LLC | First Lien Delayed Draw Term Loan | Quarterly SOFR | Floor Rate 1.00% | Spread 8.50% | Total Coupon 13.23% | Maturity 3/15/20272022-12-310001326003Investment | FinancialForce.com | Warrants to Purchase Series C Preferred Stock | Initial Acquisition Date 1/30/20192023-01-012023-06-300001326003Debt Investments | Insurance2023-06-300001326003us-gaap:EquitySecuritiesMember2022-01-012022-06-300001326003Controlled Affiliate Security | Gordon Brothers Finance Company | Common Stock2022-01-012022-12-310001326003Debt Investments | Software | Superman Holdings, LLC (Foundation Software) | First Lien Revolver | SOFR(Q) | Floor Rate 1.00% | Spread 5.75% | Total Coupon 10.99% | Maturity 8/31/20262023-06-300001326003bkcc:InvestmentAdvisorExpensesMember2022-04-012022-06-300001326003bkcc:TechnologyHardwareStorageAndPeripheralsMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003Debt Investments | Life Sciences Tools & Services | Alcami Corporation | First Lien Term Loan | SOFR(M) | Floor Rate 1.00% | Spread 7.00% | Total Coupon 11.42% | Maturity 12/21/20282022-12-310001326003bkcc:InvestmentAdvisorExpensesMember2023-01-012023-06-3000013260032018-03-062018-03-060001326003bkcc:BlackrockFinancialManagementIncorporationMemberus-gaap:RelatedPartyMember2023-01-012023-06-300001326003Debt Investments | Commercial Services & Supplies | Pueblo Mechanical and Controls, LLC | First Lien Delayed Draw Term Loan | Quarterly SOFR | Floor Rate 0.75% | Spread 6.00% | Total Coupon 11.26% | Maturity 8/23/20282023-06-300001326003Debt Investments | Software | SEP Eiger BidCo Ltd. (Beqom) (Switzerland) | First Lien Revolver | SOFR(Q) | Floor Rate 1.00% | Spread 6.50% | Total Coupon 11.54% | Maturity 5/9/20282023-06-300001326003bkcc:IndustryConcentrationRiskMemberbkcc:HealthCareTechnologyMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003Debt Investments | Real Estate Management & Development2023-06-300001326003Debt Investments | Textiles, Apparel & Luxury Goods | James Perse Enterprises, Inc. | First Lien Revolver | SOFR(Q) | Floor Rate 1.00% | Spread 6.25% | Total Coupon 10.93% | Maturity 9/8/20272022-12-310001326003us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MinimumMemberbkcc:MarketComparableCompaniesMemberus-gaap:FairValueInputsLevel3Member2023-06-300001326003Debt Investments | Software | Integrate.com, Inc. (Infinity Data, Inc.) | First Lien Term Loan | SOFR(M) | Floor Rate 1.00% | Spread 3.00% Cash + 3.00% PIK | Total Coupon 11.20% | Maturity 12/17/20272023-06-300001326003Investments2022-12-310001326003Debt Investments | Insurance | Integrity Marketing Acquisition, LLC | First Lien Incremental Term Loan | SOFR(Q) | Floor rate 0.75% | Spread 6.50% | Total Coupon 11.76% | Maturity 8/27/20252023-06-300001326003Investment Razor Group GmbH (Germany) | Warrants to Purchase Preferred Series A1 Shares | Initial Acquisition Date 4/28/20212022-01-012022-12-310001326003bkcc:IndustryConcentrationRiskMemberbkcc:SpecialtyRetailMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003Debt Investments | Diversified Consumer Services2022-12-310001326003Debt Investments | Commercial Services & Supplies | Pueblo Mechanical and Controls, LLC | First Lien Term Loan | Quarterly SOFR | Floor Rate 0.75% | Spread 6.00% | Total Coupon 10.32% | Maturity 8/23/20282022-12-310001326003bkcc:PreIncentiveFeeNetInvestmentIncomeMoreThanTwoPointOneTwoPercentageOfNetAssetsMember2020-05-022020-05-020001326003us-gaap:FairValueInputsLevel3Member2022-04-012022-06-300001326003bkcc:ReimbursementExpensesMemberus-gaap:RelatedPartyMember2023-04-012023-06-300001326003Debt Investments | Health Care Providers & Services | PHC Buyer, LLC (Patriot Home Care) | First Lien Term Loan | SOFR(S) | Floor rate 0.75% | Spread 6.00% | Total Coupon 10.70% | Maturity 5/4/20282022-12-310001326003us-gaap:FairValueInputsLevel3Member2023-01-012023-06-300001326003Debt Investments | Health Care Technology | Appriss Health, LLC (PatientPing) | First Lien Revolver | LIBOR(M) | Floor rate 1.00% | Spread 7.25% | Total Coupon 11.90% | Maturity 5/6/20272023-06-300001326003us-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberbkcc:BankDebtMemberbkcc:MarketComparableCompaniesMemberus-gaap:FairValueInputsLevel3Member2023-06-300001326003Debt Investments | Health Care Providers & Services | PHC Buyer, LLC (Patriot Home Care) | First Lien Delayed Draw Term Loan | SOFR (Q) | Floor rate 0.75% | Spread 6.00% | Total Coupon 11.26% | Maturity 5/4/20282023-06-300001326003bkcc:PaperAndForestProductsMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003Debt Investments | Software | Grey Orange Incorporated | First Lien Delayed Draw Term Loan (3.75% Exit Fee) | SOFR(Q) | Floor Rate 1.00% | Spread 7.25% | Total Coupon 11.55% | Maturity 5/6/20262022-12-310001326003Debt Investments | Software | Fusion Risk Management, Inc. | First Lien Revolver | SOFR(Q) | Floor Rate 1.00% | Spread 6.50% | Total Coupon 10.90% | Maturity 8/30/20282022-12-310001326003Debt Investments | Insurance | IT Parent, LLC (Insurance Technologies) | First Lien Revolver | SOFR(M) | Floor rate 1.00% | Spread 6.25% | Total Coupon 11.46% | Maturity 10/1/20262023-06-300001326003us-gaap:GeographicConcentrationRiskMembercountry:SIbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003Debt Investments | Specialty Retail | Calceus Acquisition, Inc. (Cole Haan) | First Lien Term Loan B | LIBOR(Q) | Spread 5.50% | Total Coupon 10.23% | Maturity 2/12/20252022-12-310001326003Restricted Securities2022-12-310001326003Debt Investments | Software | Aras Corporation | First Lien Term Loan | LIBOR(Q) |Floor Rate 1.00% | Spread 3.25% Cash + 3.75% PIK | Total Coupon 10.94% | Maturity 4/13/20222022-12-310001326003Debt Investments | Health Care Technology | Appriss Health, LLC (PatientPing) | First Lien Revolver | LIBOR(M) | Floor rate 1.00% | Spread 7.25% | Total Coupon 11.54% | Maturity 5/6/20272022-12-310001326003Investment FinancialForce.com | Warrants to Purchase Series C Preferred Stock | Initial Acquisition Date 1/30/20192022-01-012022-12-310001326003us-gaap:CommonStockMember2023-03-310001326003Debt Investments | Containers & Packaging | BW Holding, Inc. (Brook & Whittle) | Second Lien Term Loan | Quarterly SOFR | Floor Rate 0.75% | Spread 7.50% | Total Coupon 12.91% | Maturity 12/14/20292023-06-300001326003Investment | Stitch Holdings, L.P. | Limited Partnership Interests | Initial Acquisition Date 7/30/20212023-01-012023-06-300001326003us-gaap:IncomeApproachValuationTechniqueMemberbkcc:BankDebtMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2023-06-300001326003Debt Investments | Hotels, Restaurants & Leisure | Showtime Acquisition, L.L.C (World Choice) | First Lien Term Loan | SOFR(Q) | Floor rate 1.00% | Spread 7.50% | Total Coupon 12.67% | Maturity 8/7/20282023-06-300001326003bkcc:BankDebtMember2023-01-012023-06-300001326003Debt Investments | Health Care Technology | ESO Solutions, Inc. | First Lien Revolver | SOFR(Q) | Floor rate 1.00% | Spread 7.00% | Total Coupon 12.33% | Maturity 5/3/20272023-06-300001326003bkcc:SeniorSecuredLoansMembersrt:MaximumMemberus-gaap:BaseRateMember2023-06-300001326003us-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2023-06-300001326003Equity Securities | Diversified Consumer Services | Razor Group GmbH (Germany) | Warrants to Purchase Preferred Series A1 Shares | Expiration 4/28/20282022-12-310001326003Debt Investments | Real Estate Management & Development | Greystone Affordable Housing Initiatives, LLC | First Lien Delayed Draw Term Loan | LIBOR(S) | Floor Rate 1.25% | Spread 6.00% | Total Coupon 11.14% | Maturity 3/2/20262023-06-300001326003Debt Investments | Machinery | Sonnys Enterprises, LLC | First Lien Delayed Draw Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 6.75% | Total Coupon 11.96% | Maturity 8/5/20282023-06-300001326003bkcc:TwoThousandAndTwentyFivePrivatePlacementNotesMember2023-06-300001326003bkcc:IndustryConcentrationRiskMemberbkcc:HealthCareTechnologyMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003Equity Securities | Oil, Gas & Consumable Fuels2023-06-300001326003Debt Investments | Diversified Financial Services | Accordion Partners LLC | First Lien Delayed Draw Term Loan A | Quarterly SOFR | Floor Rate 0.75% | Spread 6.50% | Total Coupon 11.08% | Maturity 8/29/20292022-12-310001326003Debt Investments | Textiles, Apparel & Luxury Goods | James Perse Enterprises, Inc. | First Lien Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 6.25% | Total Coupon 10.93% | Maturity 9/8/20272022-12-310001326003Debt Investments | Health Care Providers & Services2023-06-300001326003bkcc:SeniorSecuredRevolvingCreditFacilityMembersrt:MaximumMember2022-12-310001326003Controlled Affiliate Security | Gordon Brothers Finance Company | Common Stock2023-01-012023-06-300001326003bkcc:ContainersAndPackagingMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003Debt Investments | Software | Zendesk, Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | Floor Rate 0.75% | Spread 3.50% Cash + 3.50% PIK | Total Coupon 12.25% | Maturity 11/22/20282023-06-300001326003us-gaap:EquitySecuritiesMembersrt:MaximumMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberbkcc:MeasurementInputEBITDAOrRevenueMultiplesMember2023-06-300001326003Equity Securities | Diversified Financial Services | Gordon Brothers Finance Company | Preferred Stock | Total Coupon 13.50%2022-12-310001326003us-gaap:OtherDebtSecuritiesMember2022-03-310001326003Investment | Elevate Brands Holdco Inc., | Warrants to Purchase Common Stock | Initial Acquisition Date 3/14/20222023-01-012023-06-300001326003srt:MaximumMemberbkcc:BankDebtMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberbkcc:MeasurementInputImpliedVolatilityMember2022-12-310001326003Debt Investments | Professional Services | ICIMS, Inc. | First Lien Term Loan | SOFR(Q) | Floor Rate 0.75% |Spread 3.38% Cash + 3.88% PIK | Total Coupon 11.52% | Maturity 8/18/20282022-12-310001326003bkcc:CapitalMarketsMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003bkcc:MarketQuotationsMemberus-gaap:EquitySecuritiesMemberbkcc:MeasurementInputIndicativeBidOrAskQuotesMemberus-gaap:FairValueInputsLevel3Member2022-12-310001326003Equity Securities | Chemicals | AGY Equity, LLC | Class A Preferred Stock2022-12-310001326003Debt Investments | Software | Grey Orange Incorporated | First Lien Term Loan (3.75% Exit Fee) | SOFR(Q) | Floor Rate 1.00% | Spread 7.25% | Total Coupon 12.58% | Maturity 5/6/20262023-06-300001326003bkcc:InvestmentAdvisorExpensesMember2023-04-012023-06-300001326003Debt Investments | Diversified Financial Services | Accordion Partners LLC | First Lien Revolver | Quaterly SOFR | Floor Rate 0.75% | Spread 6.25% | Total Coupon 11.49% | Maturity 8/31/20282023-06-300001326003Debt Investments | Diversified Financial Services | Accordion Partners LLC | First Lien Term Loan | SOFR(Q) | Floor Rate 0.75% | Spread 6.25% | Total Coupon 11.49% | Maturity 8/29/20292023-06-300001326003Debt Investments | Diversified Financial Services | Callodine Commercial Finance, LLC | Subordinated Debt | SOFR(M) | Floor Rate 0.25% | Spread 8.50% | Total Coupon 13.90% | Maturity 10/8/20272023-06-300001326003country:NLus-gaap:GeographicConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003Debt Investments | Software | Kaseya Inc. | First Lien Revolver | SOFR(M) | Floor Rate 0.75% | Spread 3.75% Cash + 2.50% PIK | Total Coupon 11.36% | Maturity 6/25/2029 2023-06-300001326003bkcc:TechnologyHardwareStorageAndPeripheralsMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003Debt Investments | Software | Oversight Systems, Inc. | First Lien Term Loan | SOFR(M) | Floor Rate 1.00% | Spread 7.75% | Total Coupon 14.70% | Maturity 9/24/20262023-06-300001326003bkcc:BankDebtMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberbkcc:MeasurementInputImpliedVolatilityMember2023-06-300001326003bkcc:AutomobilesSectorMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003Debt Investments | Internet & Catalog Retail | CommerceHub, Inc. | First Lien Term Loan | SOFR(Q) | Floor Rate 0.75% | Spread 6.25% | Total Coupon 11.47% | Maturity 12/29/20272023-06-300001326003us-gaap:InterestRateSwapMember2023-01-012023-06-300001326003Debt Investments | Insurance | AmeriLife Holdings, LLC | First Lien Delayed Draw Term Loan | SOFR(S) | Floor rate 0.75% | Spread 5.75% | Total Coupon 10.62% | Maturity 8/31/20292023-06-300001326003Debt Investments | Insurance | Integrity Marketing Acquisition, LLC | First Lien Incremental Term Loan | SOFR(M) | Floor rate 0.75% | Spread 6.50% | Total Coupon 10.82% | Maturity 8/27/20252022-12-310001326003bkcc:MediaMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003bkcc:SeniorSecuredLoansMember2022-12-310001326003Investment | Elevate Brands Holdco Inc. | Warrants to Purchase Preferred Stock | Initial Acquisition Date 3/14/20222023-01-012023-06-300001326003bkcc:NonControlledAffiliatedInvestmentsMember2022-01-012022-06-300001326003bkcc:FivePointZeroZeroPercentConvertibleNotesDueTwoThousandTwentyTwoMember2017-06-132017-06-130001326003bkcc:SeniorSecuredRevolvingCreditFacilityMembersrt:MaximumMemberbkcc:LiborMember2022-12-310001326003Debt Investments | Health Care Providers & Services | Opco Borrower, LLC (Giving Home Health Care) | First Lien Revolver | SOFR(M) | Floor Rate 1.00% | Spread 6.50% | Total Coupon 10.87% | Maturity 8/19/20272022-12-310001326003Debt Investments | Internet Software & Services | CommerceHub, Inc. | First Lien Term Loan | Quarterly LIBOR | Floor Rate 1.00% | Spread 6.00% | Total Coupon 10.41% | Maturity 11/7/20262022-12-310001326003bkcc:BlackrockFinancialManagementIncorporationMemberus-gaap:RelatedPartyMember2022-04-012022-06-300001326003us-gaap:EquitySecuritiesMembersrt:MinimumMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberbkcc:MeasurementInputImpliedVolatilityMember2022-12-310001326003Debt Investments | Road & Rail | Motive Technologies, Inc. (fka Keep Truckin, Inc.) | First Lien Term Loan | SOFR(S) | Floor Rate 1.00% | Spread 7.25% | Total Coupon 12.77% | Maturity 4/8/20252023-06-300001326003Debt Investments | Media | NEP Group, Inc. et al | First Lien Term Loan | SOFR(M) | Spread 3.75% | Total Coupon 8.47% | Maturity 10/20/20252023-06-300001326003srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-06-300001326003us-gaap:RetainedEarningsMember2023-03-310001326003Non-Controlled Affiliate Security | AGY Equity, LLC | Class C Common Stock2023-06-300001326003bkcc:IndustryConcentrationRiskMemberbkcc:HealthCareEquipmentAndSuppliesMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003bkcc:CommercialServicesAndSuppliesMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003Debt Investments | Textiles, Apparel & Luxury Goods | James Perse Enterprises, Inc. | First Lien Term Loan | SOFR(S) | Floor Rate 1.00% | Spread 6.25% | Total Coupon 11.38% | Maturity 9/8/20272023-06-300001326003Debt Investments | Diversified Financial Services | Accordion Partners LLC | First Lien Revolver | Floor Rate 0.75% | Spread 6.25% |Total Coupon 10.83% | Maturity 8/29/20292022-12-310001326003Debt Investments | Software | Zilliant Incorporated | First Lien Term Loan | LIBOR(M) | Floor Rate 0.75% | Spread 2.00% Cash + 4.50% PIK | Total Coupon 11.65% | Maturity 12/21/20272023-06-300001326003us-gaap:AdditionalPaidInCapitalMember2022-06-300001326003us-gaap:TreasuryStockCommonMember2023-04-012023-06-300001326003bkcc:BankDebtMember2022-12-310001326003us-gaap:EquitySecuritiesMembersrt:MaximumMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberbkcc:MeasurementInputEBITDAOrRevenueMultiplesMember2022-12-310001326003srt:MinimumMemberus-gaap:FairValueInputsLevel3Member2023-06-300001326003Debt Investments | Consumer Finance | Lucky US BuyerCo LLC (Global Payments) | First Lien Revolver | Quarterly SOFR | Floor Rate 1.00% | Spread 7.50% | Total Coupon 12.39% | Maturity 3/30/20292023-06-300001326003us-gaap:MeasurementInputEbitdaMultipleMember2023-01-012023-06-300001326003us-gaap:EquitySecuritiesMember2022-04-012022-06-300001326003srt:MinimumMemberbkcc:BankDebtMemberus-gaap:MeasurementInputExpectedTermMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Member2022-12-310001326003Equity Securities | Capital Markets | Pico Quantitative Trading Holdings, LLC | Warrants to Purchase Membership Units | Expiration 2/7/20302023-06-300001326003Non-Controlled Affiliate Security | AGY Equity, LLC | Class C Common Stock2022-01-012022-12-310001326003bkcc:HouseholdDurablesMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003Controlled Affiliate Security2023-06-300001326003Debt Investments | Software | Aerospike, Inc. | First Lien Delayed Draw Term Loan (0.50% Exit Fee) | SOFR(M) | Floor Rate 1.00% | Spread 7.50% | Total Coupon 12.72% | Maturity 12/29/20252023-06-300001326003bkcc:MarchOneTwoThousandTwentyTwoMember2022-01-012022-03-310001326003Debt Investments | Diversified Financial Services | Gordon Brothers Finance Company | Unsecured Debt | LIBOR(M) | Floor Rate 1.00% | Spread 11.00% | Total Coupon 17.38% | Maturity 10/31/20212022-12-310001326003Debt Investments | Software | Aerospike, Inc. | First Lien Term Loan (0.50% Exit Fee) | SOFR(M) | Floor Rate 1.00% | Spread 7.50% | Total Coupon 12.72% | Maturity 12/29/20252023-06-300001326003Debt Investments | Construction & Engineering | Homerenew Buyer, Inc. (Project Dream) | First Lien Term Loan | Monthly SOFR | Floor Rate 1.00% | Spread 6.50% | Total Coupon 11.70% | Maturity 11/23/20272023-06-300001326003us-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberbkcc:MarketComparableCompaniesMemberus-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-12-310001326003us-gaap:MeasurementInputExpectedTermMember2023-01-012023-06-300001326003Debt Investments | Software | Aras Corporation |First Lien Revolver | LIBOR(S) | Floor Rate 1.00% | Spread 6.50% | Total Coupon 9.50% | Maturity 4/13/20272022-12-310001326003Debt Investments | Automobiles | ALCV Purchaser, Inc. (AutoLenders) | First Lien Term Loan | Quarterly LIBOR | Floor Rate 1.00% | Spread 6.75% | Total Coupon 12.23% | Maturity 4/15/20262023-06-300001326003us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputRevenueMultipleMemberbkcc:MarketComparableCompaniesMemberus-gaap:FairValueInputsLevel3Member2023-06-300001326003bkcc:IndustryConcentrationRiskMemberbkcc:ConsumerFinanceMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003bkcc:AssetsUpToTwoHundredPercentageOfNetValueAssetMember2020-05-022020-05-020001326003bkcc:SeniorSecuredRevolvingCreditFacilityMembersrt:MinimumMember2022-12-310001326003bkcc:CapitalMarketsMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003Debt Investments | Real Estate Management & Development | Greystone Affordable Housing Initiatives, LLC | First Lien Delayed Draw Term Loan | LIBOR(S) | Floor Rate 1.25% | Spread 6.00% | Total Coupon 9.05% | Maturity 3/2/20262022-12-310001326003Debt Investments | Construction & Engineering | Homerenew Buyer, Inc. (Project Dream) | First Lien Revolver | Monthly SOFR | Floor Rate 1.00% | Spread 6.50% | Total Coupon 11.69% | Maturity 11/23/20272023-06-300001326003bkcc:BankDebtMember2023-03-310001326003Debt Investments | Internet Software & Services | Magenta Buyer, LLC (McAfee) | First Lien Incremental Term Loan | Fixed | Spread 12.00% | Total Coupon 12.00% | Maturity 7/27/20282023-06-300001326003Debt Investments | Media | NEP Group, Inc. et al | Second Lien Term Loan | SOFR(M) | Spread 7.00% | Total Coupon 12.22% | Maturity 10/19/20262023-06-3000013260032022-01-012022-03-310001326003us-gaap:InterestRateSwapMember2022-12-310001326003Debt Investments | Specialty Retail2023-06-3000013260032021-03-310001326003Debt Investments | Diversified Financial Services | Callodine Commercial Finance, LLC | First Lien Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 9.00% | Total Coupon 14.50% | Maturity 11/3/20252023-06-300001326003us-gaap:AdditionalPaidInCapitalMember2023-03-310001326003bkcc:UnsecuredSeniorNotesDueTwoThousandTwentyFiveMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMember2022-06-092022-06-090001326003Debt Investments | Internet Software & Services | Reveal Data Corporation et al | First Lien FILO Term Loan | SOFR(S) | Floor Rate 1.00% | Spread 6.50% | Total Coupon 10.22% | Maturity 3/9/20282023-06-300001326003Debt Investments | Software | Zilliant Incorporated | First Lien Term Loan | LIBOR(M) | Floor Rate 0.75% | Spread 2.00% Cash + 4.50% PIK | Total Coupon 10.85% | Maturity 12/21/20272022-12-310001326003Debt Investments | Health Care Technology | Sandata Technologies, LLC | First Lien Term Loan | SOFR(Q) | Spread 6.00% |Total Coupon 11.50% | Maturity 7/23/20242023-06-300001326003bkcc:ReimbursementExpensesMemberus-gaap:RelatedPartyMember2022-04-012022-06-300001326003us-gaap:FairValueInputsLevel2Member2022-12-310001326003Debt Investments | Internet Software & Services | Quartz Holding Company (Quick Base) | Second Lien Term Loan | SOFR(M) | Spread 8.00% | Total Coupon 13.20% | Maturity 4/2/20272023-06-300001326003Debt Investments | Software | Syntellis Parent, LLC (Axiom Software) | First Lien Term Loan | SOFR(M) | Floor Rate 0.75% | Spread 6.50% | Total Coupon 10.82% | Maturity 8/2/20272022-12-310001326003Debt Investments | Internet Software & Services | Gympass US, LLC | First Lien Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 4.00% cash+ 4.00% PIK | Total Coupon 12.77% | Maturity 7/8/20272022-12-310001326003us-gaap:CommonStockMember2022-03-3100013260032023-01-012023-03-310001326003Equity Securities | Oil, Gas & Consumable Fuels | Trailblazer Energy Resources, LLC (fka ETX Energy, LLC) | Limited Partnership/Limited Liability Company Interests2023-06-300001326003bkcc:SeniorSecuredRevolvingCreditFacilityMember2022-12-310001326003us-gaap:FairValueInputsLevel2Member2023-01-012023-06-300001326003Debt Investments | Diversified Financial Services | Accordion Partners LLC | First Lien Delayed Draw Term Loan B | Quarterly SOFR | Floor Rate 0.75% | Spread 6.25% | Total Coupon 10.83% | Maturity 8/29/20292022-12-310001326003Debt Investments | Textiles, Apparel & Luxury Goods | James Perse Enterprises, Inc. | First Lien Revolver | SOFR(S) | Floor Rate 1.00% | Spread 6.25% | Total Coupon 11.38% | Maturity 9/8/20272023-06-300001326003us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputExpectedTermMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Member2022-12-310001326003srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:TreasuryStockCommonMember2022-01-012022-03-310001326003Debt Investments2023-06-300001326003Debt Investments | Diversified Consumer Services | Razor Group GmbH (Germany) | First Lien Delayed Draw Term Loan | Monthly LIBOR | Floor Rate 1.00% | Spread 9.00% | Total Coupon 14.21% | Maturity 4/30/20252022-12-310001326003Debt Investments | Wireless Telecommunication Services | OpenMarket, Inc. (Infobip) (United Kingdom) | First Lien Term Loan | LIBOR(Q) | Floor Rate 0.75% | Spread 6.25% | Total Coupon 10.98% | Maturity 9/17/20262022-12-310001326003us-gaap:OtherDebtSecuritiesMember2022-01-012022-06-300001326003Debt Investments | Diversified Financial Services | Callodine Commercial Finance, LLC | First Lien Term Loan | Quarterly LIBOR | Floor Rate 1.00% | Spread 9.00% | Total Coupon 13.73% | Maturity 11/3/20252022-12-310001326003Debt Investments | Software | GTY Technology Holdings Inc. | First Lien Revolver | SOFR(Q) | Floor Rate 0.75% | Spread 6.25% | Total Coupon 10.83% | Maturity 7/9/20292022-12-310001326003bkcc:DistributorsMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003bkcc:SeniorSecuredRevolvingCreditFacilityMember2022-01-012022-12-310001326003Controlled Affiliate Security | Gordon Brothers Finance Company | Common Stock2022-12-310001326003Debt Investments | Construction & Engineering | CSG Buyer, Inc. (Core States) | First Lien Revolver | Quarterly SOFR | Floor Rate 1.00% | Spread 6.00% | Total Coupon 11.50% | Maturity 3/31/20282023-06-300001326003bkcc:TextilesApparelAndLuxuryGoodsMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003Debt Investments | Health Care Technology | Sandata Technologies, LLC | First Lien Term Loan | LIBOR(Q) | Spread 6.00% | Total Coupon 10.29% | Maturity 7/23/20242022-12-310001326003Debt Investments | Life Sciences Tools & Services | Alcami Corporation | First Lien Delayed Draw Term Loan | SOFR(M) | Floor Rate 1.00% | Spread 7.00% | Total Coupon 11.42% | Maturity 12/21/20282022-12-310001326003us-gaap:EquitySecuritiesMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberbkcc:MeasurementInputEBITDAOrRevenueMultiplesMember2023-06-300001326003Debt Investments | Internet Software & Services | InMoment, Inc. | First Lien Term Loan | SOFR(S) | Floor Rate 0.75% | Spread 5.00% cash+ 2.50% PIK | Total Coupon 11.58% | Maturity 6/8/20282022-12-310001326003us-gaap:InterestRateSwapMember2023-04-012023-06-300001326003Debt Investments | Software | SEP Eiger BidCo Ltd. (Beqom) (Switzerland) | First Lien Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 3.00% Cash + 3.50% PIK | Total Coupon 10.71% | Maturity 5/9/20282022-12-310001326003Debt Investments | Software | Bluefin Holding, LLC (BlackMountain) | Second Lien Term Loan | LIBOR(Q) | Spread 7.75 | Total Coupon 13.23% | Maturity 9/3/20272023-06-300001326003Debt Investments | Internet Software & Services | Suited Connector, LLC | First Lien Term Loan | LIBOR(S) | Floor Rate 1.00% | Spread 6.00% | Total Coupon 10.92% | Maturity 12/1/20272022-12-310001326003Debt Investments | Software | GTY Technology Holdings Inc. | First Lien Revolver | SOFR(Q) | Floor Rate 0.75% | Spread 6.25% | Total Coupon 11.47% | Maturity 7/9/20292023-06-300001326003Investment MXP Prime Platform GmbH (SellerX) (Germany) | Warrants to Purchase Preferred Series B Shares | Initial Acquisition Date 11/23/20212022-01-012022-12-310001326003Equity Securities | Oil, Gas & Consumable Fuels | TER Management Resources, LLC (fka ETX Energy Management Company, LLC) | Limited Partnership/Limited Liability Company Interests2022-12-310001326003Non-Controlled Affiliate Security | AGY Equity, LLC | Class A Preferred Stock2023-01-012023-06-300001326003Debt Investments | Internet & Catalog Retail2023-06-300001326003us-gaap:EquitySecuritiesMember2022-12-310001326003Debt Investments | Insurance | Integrity Marketing Acquisition, LLC | First Lien Incremental Revolver | SOFR(M) | Floor rate 0.75% | Spread 6.50% | Total Coupon 10.82% | Maturity 8/27/20252022-12-310001326003bkcc:SeniorSecuredLoanFirstLienMember2023-06-300001326003Equity Securities | Software | Grey Orange International Inc. | Warrants to Purchase Common Stock | Expiration 5/6/20322023-06-300001326003bkcc:TextilesApparelAndLuxuryGoodsMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003bkcc:TwoThousandAndTwentyFivePrivatePlacementNotesMember2022-12-310001326003bkcc:TwoThousandAndTwentyFivePrivatePlacementNotesMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-01-012023-06-300001326003bkcc:BankDebtMembersrt:MinimumMemberus-gaap:MeasurementInputExpectedTermMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Member2023-06-300001326003srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:TreasuryStockCommonMember2021-12-310001326003bkcc:RealEstateManagementAndDevelopmentMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003Equity Securities | Software | Grey Orange International Inc. | Warrants to Purchase Common Stock | Expiration 5/6/20322022-12-310001326003Controlled Affiliated Investments2023-06-300001326003Debt Investments | Health Care Providers & Services | Outcomes Group Holdings, Inc. | Second Lien Term Loan | SOFR(M) | Floor rate 0.50% | Spread 7.50% | Total Coupon 12.70% | Maturity 10/26/20262023-06-300001326003us-gaap:AdditionalPaidInCapitalMember2021-12-310001326003us-gaap:MeasurementInputRevenueMultipleMembersrt:MinimumMemberbkcc:MarketComparableCompaniesMemberus-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-12-310001326003Debt Investments | Commercial Services & Supplies | Kellermeyer Bergensons Services, LLC | First Lien Delayed Draw Term Loan A | Quarterly LIBOR | Floor Rate 1.00% | Spread 6.00% | Total Coupon 10.41% | Maturity 11/7/20262022-12-310001326003Debt Investments | Health Care Technology | Gainwell Acquisition Corp. | Second Lien Term Loan | SOFR(Q) | Floor rate 1.00% | Spread 8.00% | Total Coupon 13.04% | Maturity 10/2/20282023-06-300001326003Non-Controlled Affiliate Security | AGY Equity, LLC | Class B Preferred Stock2021-12-310001326003Debt Investments | Construction & Engineering | LJ Avalon Holdings, LLC (Ardurra) | First Lien Delayed Draw Term Loan | Monthly SOFR | Floor Rate 1.00% | Spread 6.50% | Total Coupon 11.51% | Maturity 2/1/20302023-06-300001326003bkcc:PreIncentiveFeeNetInvestmentIncomeBetweenOnePointSevenFiveAndTwoPointOneTwoPercentageOfNetAssetsMember2020-05-022020-05-020001326003Debt Investments | Diversified Consumer Services | Whele LLC (Perch) | First Lien Incremental Term Loan | Monthly SOFR | Floor Rate 1.00% | Spread 8.50% Cash + 3.00% PIK | Total Coupon 16.82% | Maturity 10/15/20252023-06-300001326003us-gaap:EquitySecuritiesMembersrt:MaximumMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberbkcc:MeasurementInputImpliedVolatilityMember2022-12-310001326003Debt Investments | Construction & Engineering | Homerenew Buyer, Inc. (Project Dream) | First Lien Term Loan | Semiannually SOFR | Floor Rate 1.00% | Spread 6.50% | Total Coupon 11.54% | Maturity 11/23/20272022-12-310001326003bkcc:IndustryConcentrationRiskMemberbkcc:ConsumerFinanceMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-3000013260032021-10-012021-12-310001326003Investment Advanced Lighting Technologies, LLC | Senior Secured Notes | Initial Acquisition Date 3/16/20212022-01-012022-12-310001326003srt:MaximumMember2022-12-310001326003Interest Rate Swap | Company Receives Fixed 2.633% | Company Pays Floating 1 Day SOFR | Counterparty CME | Maturity Date 6/9/2025 | Payment Frequency Annual2022-01-012022-12-310001326003bkcc:UnsecuredConvertibleSeniorNotesDue2022Member2023-01-012023-06-300001326003Debt Investments | Professional Services | ICIMS, Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | Floor Rate 0.75% | Spread 3.38% Cash + 3.88% PIK | Total Coupon 11.52% | Maturity 8/18/20282022-12-310001326003Debt Investments | Real Estate Management & Development2022-12-310001326003Debt Investments | Internet Software & Services | Astra Acquisition Corp. (Anthology) | Second Lien Term Loan | SOFR(M) | Floor Rate 0.75% | Spread 8.88% | Total Coupon 14.09% | Maturity 10/25/20292023-06-300001326003Debt Investments | Diversified Financial Services | Wealth Enhancement Group, LLC | First Lien Revolver | SOFR(S) | Floor Rate 1.00% | Spread 6.25% | Total Coupon 11.09% | Maturity 10/4/20272023-06-300001326003us-gaap:EquitySecuritiesMembersrt:MaximumMemberus-gaap:MeasurementInputRevenueMultipleMemberbkcc:MarketComparableCompaniesMemberus-gaap:FairValueInputsLevel3Member2023-06-300001326003bkcc:IndustryConcentrationRiskMemberbkcc:WirelessTelecommunicationServicesMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003us-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberbkcc:BankDebtMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Member2023-06-300001326003Equity Securities | Metals & Mining | Kemmerer Holdings, LLC (WMLP) | Limited Partnership/Limited Liability Company Interests2022-12-310001326003Debt Investments | IT Services | Ensono, Inc. | Second Lien Term Loan B | SOFR(M) | Spread 8.00% | Total Coupon 13.22% | Maturity 5/28/20292023-06-300001326003Non-Controlled Affiliate Security | AGY Equity, LLC | Class C Common Stock2022-12-310001326003Non-Controlled Affiliate Security | Kemmerer Holdings, LLC (WMLP) | Limited Liability Co. Interest2023-06-300001326003us-gaap:GeographicConcentrationRiskMembercountry:GBbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003Investment PerchHQ LLC | Warrants to Purchase Common Stock | Initial Acquisition Date 9/30/20222022-01-012022-12-310001326003bkcc:ControlledInvestmentMember2023-01-012023-06-300001326003bkcc:CommercialServicesAndSuppliesMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003us-gaap:OtherDebtSecuritiesMember2021-12-310001326003Debt Investments | Software | Zilliant Incorporated | First Lien Delayed Draw Term Loan | LIBOR(M) | Floor Rate 0.75% | Spread 2.00% Cash + 4.50% PIK | Total Coupon 11.65% | Maturity 12/21/20272023-06-300001326003Debt Investments | Construction & Engineering | CSG Buyer, Inc. (Core States) | First Lien Delayed Draw Term Loan | Quarterly SOFR | Floor Rate 1.00% | Spread 6.00% | Total Coupon 10.84% | Maturity 3/31/20282022-12-310001326003Debt Investments | Software | Fusion Risk Management, Inc. | First Lien Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 3.50% Cash + 4.00% PIK | Total Coupon 12.63% | Maturity 5/22/20292023-06-300001326003Debt Investments | Internet Software & Services | Pluralsight, Inc. | First Lien Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 8.00% | Total Coupon 13.04% | Maturity 4/6/20272023-06-300001326003Non-Controlled Affiliate Security2023-06-300001326003us-gaap:CommonStockMember2022-12-310001326003Debt Investments | Construction & Engineering | Homerenew Buyer, Inc. (Project Dream) | First Lien Delayed Draw Term Loan | Semiannually SOFR | Floor Rate 1.00% | Spread 6.50% | Total Coupon 11.36% | Maturity 11/23/20272022-12-310001326003Debt Investments | Semiconductors & Semiconductor Equipment | Emerald Technologies (U.S.) AcquisitionCo, Inc | First Lien Term Loan | SOFR(M) | Floor Rate 1.00% | Spread 6.25% | Total Coupon 10.67% | Maturity 12/29/20272022-12-310001326003Debt Investments | IT Services2022-12-310001326003bkcc:TwoThousandAndTwentyFivePrivatePlacementNotesMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2022-06-092022-06-090001326003Debt Investments | Health Care Technology | CareATC, Inc. | First Lien Revolver | LIBOR(S) | Floor rate 1.00% | Spread 7.25% | Total Coupon 9.73% | Maturity 3/14/20242022-12-310001326003Debt Investments | Containers & Packaging | BW Holding, Inc. (Brook & Whittle) | Second Lien Term Loan | Quarterly SOFR | Floor Rate 0.75% | Spread 7.50% | Total Coupon 12.05% | Maturity 12/14/20292022-12-310001326003Debt Investments | Health Care Technology | CareATC, Inc. | First Lien Revolver | SOFR(Q) | Floor rate 1.00% | Spread 7.25% | Total Coupon 13.07% | Maturity 3/14/20242023-06-3000013260032022-07-012022-09-300001326003Debt Investments | IT Services | Serrano Parent, LLC (Sumo Logic) | First Lien Revolver | SOFR(Q) | Floor Rate 1.00% | Spread 6.50% | Total Coupon 11.60% | Maturity 5/13/20302023-06-300001326003Equity Securities | Capital Markets2023-06-300001326003bkcc:TwoThousandAndTwentyFivePrivatePlacementNotesMemberbkcc:FixedInterestRateMember2022-06-090001326003bkcc:SeniorSecuredRevolvingCreditFacilityMembersrt:MinimumMember2023-06-300001326003Controlled Affiliate Security2022-12-310001326003bkcc:BankDebtMemberus-gaap:MeasurementInputExpectedTermMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Member2022-12-310001326003bkcc:SeniorSecuredLoansMembersrt:MinimumMemberus-gaap:BaseRateMember2023-06-300001326003us-gaap:EquitySecuritiesMembersrt:MinimumMemberus-gaap:MeasurementInputExpectedTermMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Member2023-06-300001326003Debt Investments | Trading Companies & Distributors2022-12-310001326003bkcc:SeniorSecuredRevolvingCreditFacilityMembersrt:MaximumMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-06-300001326003Non Controlled Affiliated Investments2022-12-310001326003Debt Investments | Commercial Services & Supplies | Thermostat Purchaser III, Inc. (Reedy Industries) | Second Lien Term Loan | Quarterly SOFR | Floor Rate 0.75% | Spread 7.25% | Total Coupon 12.66% | Maturity 8/31/20292023-06-300001326003Debt Investments | Commercial Services & Supplies | Kellermeyer Bergensons Services, LLC | First Lien Delayed Draw Term Loan A | Quarterly LIBOR | Floor Rate 1.00% | Spread 6.00% | Total Coupon 11.27% | Maturity 11/7/20262023-06-300001326003us-gaap:MeasurementInputEbitdaMultipleMemberbkcc:BankDebtMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Member2023-06-300001326003Debt Investments | Professional Services | RigUp, Inc. | First Lien Delayed Draw Term Loan (4.0% Exit Fee) | LIBOR(M) | Floor Rate 1.50% | Spread 7.00% | Total Coupon 11.81% | Maturity 3/1/20242022-12-310001326003us-gaap:GeographicConcentrationRiskMembercountry:CAbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003Debt Investments | Diversified Financial Services | Accordion Partners LLC | First Lien Delayed Draw Term Loan A | SOFR (Q)| Floor Rate 0.75% | Spread 6.50% | Total Coupon 11.74% | Maturity 8/29/20292023-06-300001326003bkcc:SeniorSecuredRevolvingCreditFacilityMembersrt:MinimumMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-06-300001326003Debt Investments | Paper & Forest Products | Alpine Acquisition Corp II (48Forty) | First Lien Revolver | SOFR(M) | Floor Rate 1.00% | Spread 5.75% | Total Coupon 11.01% | Maturity 11/30/20262023-06-300001326003Controlled Affiliate Security | Gordon Brothers Finance Company | Unsecured Debt2022-12-310001326003Debt Investments | Life Sciences Tools & Services| Alcami Corporation | First Lien Delayed Draw Term Loan | SOFR(M) | Floor Rate 1.00% | Spread 7.00% | Total Coupon 12.20%| Maturity 12/21/20282023-06-300001326003Debt Investments | Software | JOBVITE, Inc. (Employ, Inc.) | First Lien Term Loan | SOFR(S) | Floor Rate 0.75% | Spread 8.00% | Total Coupon 10.93% | Maturity 8/5/20282022-12-310001326003Debt Investments | Building Products | Porcelain Acquisition Corporation (Paramount) | First Lien Term Loan | Quarterly SOFR | Floor Rate 1.00% | Spread 5.75% | Total Coupon 11.34% | Maturity 4/30/20272023-06-300001326003Debt Investments | Life Sciences Tools & Services2022-12-310001326003bkcc:IndustryConcentrationRiskMemberbkcc:RoadAndRailMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003Debt Investments | Software | Superman Holdings, LLC (Foundation Software) | First Lien 2023 Incremental Delayed Draw Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 5.75% | Total Coupon 10.99% | Maturity 8/31/20272023-06-300001326003Debt Investments | Diversified Consumer Services | Whele LLC (Perch) | First Lien Incremental Term Loan | Monthly SOFR | Floor Rate 1.00% | Spread 8.50% Cash + 3.00% PIK | Total Coupon 16.20% | Maturity 10/15/20252022-12-310001326003srt:MaximumMembersrt:DirectorMember2022-10-280001326003Debt Investments | Software | Bonterra LLC (fka CyberGrants Holdings, LLC) | First Lien Revolver | LIBOR(Q) | Floor Rate 0.75% | Spread 6.00% | Total Coupon 11.72% | Maturity 9/8/20272023-06-300001326003Investment Blackbird Holdco, Inc. (Ohio Transmission Corp.) | Preferred Stock | Initial Acquisition Date 12/14/20212022-01-012022-12-310001326003Debt Investments | Software | Bonterra LLC (fka CyberGrants Holdings, LLC) | First Lien Revolver | LIBOR(Q) | Floor Rate 0.75% | Spread 6.25% | Total Coupon 10.98% | Maturity 9/8/20272022-12-310001326003bkcc:BankDebtMemberus-gaap:MeasurementInputExpectedTermMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Member2023-06-300001326003Equity Securities | Diversified Financial Services2023-06-300001326003Non-Controlled Affiliate Security | AGY Equity, LLC | Class A Preferred Stock2021-12-310001326003Debt Investments | Software | Grey Orange Incorporated | First Lien Term Loan (3.75% Exit Fee) | SOFR(Q) | Floor Rate 1.00% | Spread 7.25% | Total Coupon 12.23% | Maturity 5/6/20262022-12-310001326003us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMembersrt:MinimumMemberbkcc:MarketComparableCompaniesMemberus-gaap:FairValueInputsLevel3Member2022-12-310001326003bkcc:BankDebtMember2023-04-012023-06-300001326003us-gaap:RetainedEarningsMember2022-12-310001326003bkcc:IndustryConcentrationRiskMemberbkcc:WirelessTelecommunicationServicesMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003bkcc:IndustryConcentrationRiskMemberbkcc:TradingCompaniesAndDistributorsMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003Debt Investments | Automobiles2023-06-300001326003us-gaap:FairValueInputsLevel2Member2022-01-012022-06-300001326003Equity Securities | Chemicals | AGY Equity, LLC | Class B Preferred Stock2022-12-310001326003us-gaap:MeasurementInputDiscountRateMember2023-01-012023-06-300001326003bkcc:TwoThousandAndTwentyFivePrivatePlacementNotesMemberbkcc:FixedInterestRateMember2022-12-310001326003us-gaap:IncomeApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2023-06-300001326003Debt Investments | Diversified Consumer Services | Thras.io, LLC | First Lien Delayed Draw Term Loan | Semiannually LIBOR | Floor Rate 1.00% | Spread 7.00% | Total Coupon 11.17% | Maturity 12/18/20262022-12-310001326003Debt Investments | Trading Companies & Distributors | Blackbird Purchaser, Inc. (Ohio Transmission Corp.) | Second Lien Term Loan | SOFR(M) | Floor Rate 0.75% | Spread 7.50% | Total Coupon 12.70% | Maturity 4/8/20272023-06-300001326003Debt Investments | Software | Aerospike, Inc. | First Lien Term Loan | LIBOR(M) | Floor Rate 1.00% | Spread 7.50% | Total Coupon 11.88% | Maturity 12/29/20252022-12-310001326003Debt Investments | Construction & Engineering2022-12-310001326003Debt Investments | Health Care Technology | ESO Solutions, Inc. | First Lien Term Loan | SOFR(Q) | Floor rate 1.00% | Spread 7.00% | Total Coupon 12.25% | Maturity 5/3/20272023-06-300001326003Investment | MXP Prime Platform GmbH (SellerX) (Germany), | Warrants to Purchase Preferred Series B Shares | Initial Acquisition Date 11/23/20212023-01-012023-06-300001326003Equity Securities | Household Durables Stitch Holdings, L.P. | Limited Partnership/Limited Liability Company Interests2023-06-300001326003Debt Investments | Media | NEP II, Inc. | Second Lien Term Loan | LIBOR(M) | Spread 7.00% | Total Coupon 11.38% | Maturity 10/19/20262022-12-3100013260032023-06-300001326003us-gaap:SubordinatedDebtMember2023-06-300001326003Debt Investments Automobiles2022-12-310001326003Debt Investments | Real Estate Management & Development | Greystone Select Company II, LLC (Passco) | First Lien Term Loan | SOFR(M) | Floor Rate 1.50% | Spread 6.50% | Total Coupon 10.94% | Maturity 3/21/20272022-12-310001326003us-gaap:CommonStockMember2022-06-300001326003Debt Investments | Diversified Consumer Services | Razor Group GmbH (Germany) | First Lien Delayed Draw Term Loan | Monthly SOFR | Floor Rate 2.00% | Spread 5.00% Cash + 5.00% PIK | Total Coupon 15.32% | Maturity 4/30/20252023-06-300001326003bkcc:NonControlledNonAffiliatedInvestmentsMember2023-06-300001326003Debt Investments | Software | Zilliant Incorporated | First Lien Revolver | LIBOR(M) | Floor Rate 0.75% | Spread 6.00% | Total Coupon 10.35% | Maturity 12/21/20272022-12-310001326003Debt Investments | Specialty Retail | Calceus Acquisition, Inc. (Cole Haan) | First Lien Term Loan B | LIBOR(Q) | Spread 5.50% | Total Coupon 11.04% | Maturity 2/12/20252023-06-3000013260032022-09-300001326003Debt Investments | Life Sciences Tools & Services | Alcami Corporation | First Lien Revolver | SOFR(M) | Floor Rate 1.00% | Spread 7.00% | Total Coupon 11.42% | Maturity 12/21/20282022-12-310001326003Equity Securities | Chemicals | AGY Equity, LLC | Class A Preferred Stock2023-06-300001326003us-gaap:EquitySecuritiesMembersrt:MinimumMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberbkcc:MeasurementInputEBITDAOrRevenueMultiplesMember2022-12-310001326003us-gaap:RetainedEarningsMember2022-04-012022-06-300001326003Debt Investments | Professional Services | VT TopCo, Inc. (Veritext) | Second Lien Term Loan | LIBOR(M) | Floor Rate 0.75% | Spread 6.75% | Total Coupon 11.13% | Maturity 8/4/20262022-12-310001326003Debt Investments | Media | Terraboost Media Operating Company, LLC | First Lien Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 6.50% | Total Coupon 11.89 % | Maturity 8/23/20262023-06-3000013260032021-07-012021-09-300001326003Debt Investments | Building Products | Porcelain Acquisition Corporation (Paramount) | First Lien Term Loan | Quarterly LIBOR | Floor Rate 1.00% | Spread 5.75% | Total Coupon 10.48% | Maturity 4/30/20272022-12-310001326003Non-Controlled Affiliate Security | AGY Equity, LLC | Class C Common Stock2021-12-310001326003Investment Razor Group GmbH (Germany) | Warrants to Purchase Series C Shares | Initial Acquisition Date 12/23/20222022-01-012022-12-310001326003Investment | Razor Group GmbH (Germany), | Warrants to Purchase Series C Shares | Initial Acquisition Date 12/23/20222023-01-012023-06-300001326003Equity Securities | Diversified Financial Services | Gordon Brothers Finance Company | Preferred Stock | Total Coupon 13.50%2023-06-300001326003bkcc:IndustryConcentrationRiskMemberbkcc:ITServicesMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003Cash and Cash Equivalents2022-12-310001326003us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001326003us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2023-06-300001326003Equity Securities | Internet Software & Services | FinancialForce.com, Inc. | Warrants to Purchase Series C Preferred Stock | Expiration 1/30/20292022-12-310001326003Debt Investments | Hotels, Restaurants & Leisure2022-12-310001326003bkcc:IndustryConcentrationRiskMemberbkcc:InternetSoftwareAndServicesMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003bkcc:IndustryConcentrationRiskMemberbkcc:RoadAndRailMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003Interest Rate Swap | Company Receives Fixed 2.633% | Company Pays Floating 1 Day SOFR | Counterparty CME | Maturity Date 6/9/2025 | Payment Frequency Annual2023-01-012023-06-300001326003us-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberbkcc:BankDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2022-12-310001326003us-gaap:EquitySecuritiesMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberbkcc:MeasurementInputImpliedVolatilityMember2022-12-310001326003us-gaap:MeasurementInputRevenueMultipleMemberus-gaap:OtherDebtSecuritiesMemberbkcc:MarketComparableCompaniesMemberus-gaap:FairValueInputsLevel3Member2022-12-310001326003Non-Controlled Affiliate Security | AGY Equity, LLC | Class B Preferred Stock2023-06-300001326003Debt Investments | Software | Elastic Path Software Inc. (Canada) | First Lien Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 7.50% | Total Coupon 11.33% | Maturity 1/6/20262022-12-310001326003bkcc:MeasurementInputYieldMember2023-01-012023-06-300001326003Debt Investments | Construction & Engineering | Homerenew Buyer, Inc. (Project Dream) | First Lien Revolver | Monthly SOFR | Floor Rate 1.00% | Spread 6.50% | Total Coupon 11.12% | Maturity 11/23/20272022-12-310001326003Non-Controlled Affiliate Security | Kemmerer Operations, LLC (WMLP) | Delayed Draw Term Loan, First Lien2023-01-012023-06-300001326003us-gaap:MeasurementInputRevenueMultipleMemberbkcc:BankDebtMemberbkcc:MarketComparableCompaniesMemberus-gaap:FairValueInputsLevel3Member2023-06-300001326003Debt Investments | Software | SEP Eiger BidCo Ltd. (Beqom) (Switzerland) | First Lien Revolver | SOFR(Q) | Floor Rate 1.00% | Spread 6.50% | Total Coupon 10.71% | Maturity 5/9/20282022-12-310001326003Debt Investments | Software | Superman Holdings, LLC (Foundation Software) | First Lien Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 5.75% | Total Coupon 10.99% | Maturity 8/31/20272023-06-300001326003bkcc:BankDebtMemberus-gaap:FairValueInputsLevel3Member2023-06-300001326003Debt Investments | Software | SEP Raptor Acquisition, Inc. (Loopio) (Canada) | First Lien Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 7.00% | Total Coupon 12.89% | Maturity 3/31/20272023-06-300001326003Debt Investments | Software | Tessian Inc. (United Kingdom) | First Lien Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 8.00% | Total Coupon 13.26% | Maturity 3/15/20282023-06-300001326003Debt Investments | Construction & Engineering | LJ Avalon Holdings, LLC (Ardurra) | First Lien Revolver | Monthly SOFR | Floor Rate 1.00% | Spread 6.50% | Total Coupon 11.51% | Maturity 2/1/20292023-06-300001326003bkcc:IndustryConcentrationRiskMemberbkcc:TradingCompaniesAndDistributorsMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003bkcc:IndustryConcentrationRiskMemberbkcc:InternetAndCatalogRetailMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-3000013260032023-08-010001326003us-gaap:EquitySecuritiesMembersrt:MaximumMemberus-gaap:MeasurementInputExpectedTermMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Member2022-12-310001326003bkcc:UnsecuredSeniorNotesDueTwoThousandTwentyFiveMemberbkcc:TrancheTwoMember2023-01-012023-06-300001326003bkcc:FloatingRateMemberbkcc:SeniorSecuredLoansMember2023-06-300001326003us-gaap:RetainedEarningsMember2023-01-012023-03-310001326003Equity Securities | Diversified Consumer Services | Elevate Brands Holdco Inc. | Warrants to Purchase Preferred Stock | Expiration 3/14/20322023-06-300001326003us-gaap:AdditionalPaidInCapitalMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-01-012022-03-310001326003us-gaap:OtherDebtSecuritiesMember2023-01-012023-06-300001326003Debt Investments | Software | Elastic Path Software Inc. (Canada) | First Lien Delayed Draw Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 7.50% | Total Coupon 12.99% | Maturity 1/6/20262023-06-300001326003Debt Investments | Software2022-12-310001326003Debt Investments | Textiles, Apparel & Luxury Goods2022-12-310001326003Investment | Worldremit Group Limited (United Kingdom) | Warrants to Purchase Series D Stock | Initial Acquisition Date 2/11/20212023-01-012023-06-300001326003Debt Investments | Diversified Financial Services | Accordion Partners LLC | First Lien Delayed Draw Term Loan B | SOFR(Q) | Floor Rate 0.75% | Spread 6.25% | Total Coupon 11.29% | Maturity 8/29/20292023-06-300001326003bkcc:SeniorSecuredLoansMembersrt:MaximumMemberus-gaap:BaseRateMember2022-12-310001326003Debt Securities2023-06-300001326003bkcc:UnsecuredSeniorNotesDueTwoThousandTwentyFiveMemberus-gaap:DebtInstrumentRedemptionPeriodThreeMember2022-06-092022-06-090001326003Debt Investments | Internet Software & Services | Bynder Bidco, Inc. (Netherlands) | First Lien Term Loan A | SOFR(S) | Floor Rate 1.00% | Spread 7.25% | Total Coupon 12.05% | Maturity 1/26/20292023-06-300001326003Debt Investments | Paper & Forest Products2023-06-300001326003Equity Securities | Diversified Consumer Services | PerchHQ LLC | Warrants to Purchase Common Stock | Expiration 10/15/20272022-12-310001326003bkcc:SeniorSecuredLoansSecondOrOtherPriorityLienMember2022-12-310001326003Equity Securities | Diversified Consumer Services | Elevate Brands Holdco Inc. | Warrants to Purchase Preferred Stock | Expiration 3/14/20322022-12-310001326003Debt Investments | Health Care Providers & Services | Opco Borrower, LLC (Giving Home Health Care) | First Lien Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 6.50% | Total Coupon 11.18% | Maturity 8/19/20272022-12-310001326003Investment | Worldremit Group Limited (United Kingdom) | Warrants to Purchase Series E Stock | Initial Acquisition Date 8/27/20212023-01-012023-06-300001326003Debt Investments | Software2023-06-300001326003Investment Marsico Holdings, LLC | Limited Partnership/Limited Liability Company Interests | Initial Acquisition Date 11/28/20072022-01-012022-12-310001326003Debt Investments | Professional Services2023-06-300001326003Debt Investments | Software | Integrate.com, Inc. (Infinity Data, Inc.) | First Lien Revolver | SOFR(M) | Floor Rate 1.00% | Spread 6.00% | Total Coupon 11.19% | Maturity 12/17/20272023-06-300001326003Debt Investments | Commercial Services & Supplies | Kellermeyer Bergensons Services, LLC | First Lien Term Loan | Quarterly LIBOR | Floor Rate 1.00% | Spread 6.00% | Total Coupon 10.41% | Maturity 11/7/20262022-12-310001326003Non-Controlled Affiliate Security2022-12-310001326003bkcc:BankDebtMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberbkcc:MeasurementInputImpliedVolatilityMember2022-12-310001326003Debt Investments | Internet & Catalog Retail2022-12-310001326003us-gaap:FairValueInputsLevel2Member2023-04-012023-06-300001326003Non-Controlled Affiliate Security | Kemmerer Operations, LLC (WMLP) | Senior Secured Loan, First Lien2021-12-310001326003bkcc:SeniorSecuredRevolvingCreditFacilityMemberbkcc:LiborMember2022-01-012022-12-310001326003Equity Securities | Diversified Financial Services | Worldremit Group Limited (United Kingdom) | Warrants to Purchase Series D Stock | Expiration 2/11/20312023-06-300001326003Debt Investments | Internet Software & Services | Reveal Data Corporation et al | First Lien FILO Term Loan | SOFR(S) | Floor Rate 1.00% | Spread 6.50% | Total Coupon 9.92% | Maturity 3/9/20282022-12-310001326003Debt Investments | Software | Integrate.com, Inc. (Infinity Data, Inc.) | First Lien Revolver | SOFR(M) | Floor Rate 1.00% | Spread 6.00% | Total Coupon 10.28% | Maturity 12/17/20272022-12-310001326003Debt Investments | Internet Software & Services | Bynder Bidco B.V. (Netherlands) | First Lien Revolver A | SOFR(S) | Floor Rate 1.00% | Spread 7.25% | Total Coupon 12.05% | Maturity 1/26/20292023-06-300001326003Non-Controlled Affiliate Security | Kemmerer Operations, LLC (WMLP) | Senior Secured Loan, First Lien2022-01-012022-12-310001326003Debt Investments | Professional Services | TLE Holdings, LLC | First Lien Term Loan | LIBOR(M) | Floor Rate 1.00% | Spread 5.50% | Total Coupon 9.88% | Maturity 6/28/20242022-12-310001326003bkcc:SeniorSecuredRevolvingCreditFacilityMembersrt:MaximumMember2023-06-300001326003Debt Investments | Construction & Engineering | LJ Avalon Holdings, LLC (Ardurra) | First Lien Term Loan | Monthly SOFR | Floor Rate 1.00% | Spread 6.50% | Total Coupon 11.51% | Maturity 2/1/20302023-06-300001326003us-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-12-310001326003Non-Controlled Affiliate Security | AGY Equity, LLC | Class A Preferred Stock2022-12-310001326003Debt Investments | Health Care Providers & Services | Outcomes Group Holdings, Inc. | Second Lien Term Loan | SOFR(Q) | Floor rate 0.50% | Spread 7.50% | Total Coupon 12.05% | Maturity 10/26/20262022-12-310001326003Debt Investments | IT Services2023-06-300001326003Non-Controlled Affiliate Security2021-12-310001326003Non Controlled Affiliated Investments2023-06-300001326003Debt Investments | Software | Zendesk, Inc. | First Lien Term Loan | SOFR(Q) | Floor Rate 0.75% | Spread 3.50% Cash + 3.50% PIK | Total Coupon 12.25% | Maturity 11/22/20282023-06-300001326003Debt Investments | Software | Kaseya Inc. | First Lien Term Loan | SOFR(Q) | Floor Rate 0.75% | Spread 5.75% | Total Coupon 10.33% | Maturity 6/25/20292022-12-3100013260032020-05-022020-05-020001326003Debt Investments | Containers & Packaging2022-12-310001326003bkcc:DiversifiedFinancialServicesMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003us-gaap:OtherDebtSecuritiesMember2023-03-310001326003bkcc:AprilTwentySevenTwoThousandTwentyTwoMember2022-04-012022-06-300001326003Debt Investments | Software | Elastic Path Software Inc. (Canada) | First Lien Delayed Draw Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 7.50% | Total Coupon 12.12% | Maturity 1/6/20262022-12-310001326003Debt Investments | Paper & Forest Products | Alpine Acquisition Corp II (48Forty) | First Lien Term Loan | SOFR(M) | Floor Rate 1.00% | Spread 5.75% | Total Coupon 11.01% | Maturity 11/30/20262023-06-300001326003Debt Investments | Professional Services | JobandTalent USA, Inc. (United Kingdom) | First Lien Delayed Draw Term Loan (3.0% Exit Fee) | SOFR(M) | Floor Rate 1.00% | Spread 8.75% | Total Coupon 13.96% | Maturity 2/17/20252023-06-300001326003Debt Investments | Machinery2023-06-300001326003us-gaap:CommonStockMember2022-04-012022-06-300001326003us-gaap:GeographicConcentrationRiskMembercountry:AUbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003bkcc:MetalsAndMiningMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003Debt Investments | Professional Services | VT TopCo, Inc. (Veritext) | Second Lien Term Loan | SOFR(M) | Floor Rate 0.75% | Spread 6.75% | Total Coupon 11.97% | Maturity 8/4/20262023-06-300001326003bkcc:EquityWarrantsOrOptionsMember2023-06-300001326003us-gaap:CommonStockMember2023-06-300001326003Debt Investments | Metals & Mining | Kemmerer Operations, LLC (WMLP) | First Lien Term Loan | Fixed | Floor Rate 0.00% | Spread 15.00% PIK | Total Coupon 15.00 % | Maturity 6/21/20232022-12-310001326003Equity Securities | Diversified Financial Services | Gordon Brothers Finance Company | Common Stock2023-06-300001326003bkcc:SeniorSecuredNotesMember2023-06-300001326003us-gaap:OtherDebtSecuritiesMember2022-12-310001326003Investment Grey Orange International Inc. | Warrants to Purchase Common Stock | Initial Acquisition Date 5/6/20222022-01-012022-12-310001326003Debt Investments | Health Care Technology | CareATC, Inc. | First Lien Term Loan | LIBOR(Q) | Floor rate 1.00% | Spread 7.25% | Total Coupon 11.99% | Maturity 3/14/20242022-12-310001326003us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MinimumMemberbkcc:MarketComparableCompaniesMemberus-gaap:FairValueInputsLevel3Member2022-12-310001326003Debt Investments | Health Care Providers & Services | INH Buyer, Inc. (IMS Health) | First Lien Term Loan (1.5% Exit Fee) | SOFR(Q) | Floor Rate 1.00% | Spread 3.50% Cash + 3.50% PIK | Total Coupon 12.34% | Maturity 6/28/20282023-06-300001326003Equity Securities | Chemicals2023-06-300001326003Debt Investments | Paper & Forest Products2022-12-310001326003bkcc:BankDebtMember2022-03-310001326003Equity Securities | Capital Markets | Pico Quantitative Trading Holdings, LLC | Warrants to Purchase Membership Units | Expiration 2/7/2030 2022-12-310001326003us-gaap:RetainedEarningsMember2021-12-3100013260032022-10-012022-12-310001326003Debt Investments | Diversified Consumer Services | Thras.io, LLC | First Lien Delayed Draw Term Loan | Quarterly SOFR | Floor Rate 1.00% | Spread 7.00% | Total Coupon 12.50% | Maturity 12/18/20262023-06-300001326003us-gaap:MeasurementInputRevenueMultipleMember2023-01-012023-06-300001326003Debt Investments | Professional Services | TLE Holdings, LLC | First Lien Delayed Draw Term Loan | LIBOR(M) | Floor Rate 1.00% | Spread 5.50% | Total Coupon 9.88% | Maturity 6/28/20242022-12-310001326003us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquitySecuritiesMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2023-06-300001326003bkcc:FloatingRateMemberbkcc:SeniorSecuredLoansMember2022-12-310001326003Debt Investments | Professional Services | TLE Holdings, LLC | First Lien Term Loan | SOFR(M) | Floor Rate 1.00% | Spread 5.50% | Total Coupon 10.70% | Maturity 6/28/20242023-06-300001326003Debt Investments | Machinery Sonnys Enterprises, LLC | First Lien Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 6.75% | Total Coupon 10.99% | Maturity 8/5/20262022-12-310001326003Debt Investments | Internet Software & Services | Quartz Holding Company (Quick Base) | Second Lien Term Loan | LIBOR(M) | Floor | Spread 8.00% | Total Coupon 12.38% | Maturity 4/2/20272022-12-310001326003Cash and Investments2023-06-300001326003bkcc:LimitedPartnershipOrLimitedLiabilityCompanyInterestsMember2023-06-300001326003Debt Investments | Software | Zendesk, Inc. | First Lien Term Loan | SOFR(Q) | Floor Rate 0.75% | Spread 6.50% | Total Coupon 11.04% | Maturity 11/22/20282022-12-310001326003Debt Investments | Professional Services | TLE Holdings, LLC | First Lien Delayed Draw Term Loan | SOFR(M) | Floor Rate 1.00% | Spread 5.50% | Total Coupon 10.70% | Maturity 6/28/20242023-06-300001326003Non-Controlled Affiliate Security2023-01-012023-06-300001326003bkcc:UnsecuredSeniorNotesDueTwoThousandTwentyFiveMember2022-06-092022-06-090001326003bkcc:SemiconductorsAndSemiconductorEquipmentMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003Debt Investments | Real Estate Management & Development | Greystone Select Company II, LLC (Passco) | First Lien Term Loan | SOFR(M) | Floor Rate 1.50% | Spread 6.50% | Total Coupon 11.72% | Maturity 3/21/20272023-06-300001326003Debt Investments | Software | SEP Eiger BidCo Ltd. (Beqom) (Switzerland) | First Lien Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 3.00% Cash + 3.50% PIK | Total Coupon 11.54% | Maturity 5/9/20282023-06-300001326003Debt Investments | Insurance | AmeriLife Holdings, LLC | First Lien Delayed Draw Term Loan | SOFR(S) | Floor rate 0.75% | Spread 5.75% | Total Coupon 10.15% | Maturity 8/31/20292022-12-310001326003us-gaap:EquitySecuritiesMember2022-06-300001326003bkcc:AprilTwentySixTwoThousandTwentyThreeMember2023-04-012023-06-300001326003Debt Investments | Health Care Providers & Services2022-12-310001326003Investment Stitch Holdings, L.P. | Limited Partnership Interests | Initial Acquisition Date 7/30/20212022-01-012022-12-310001326003us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberbkcc:MarketComparableCompaniesMemberus-gaap:FairValueInputsLevel3Member2022-12-310001326003Equity Securities | Capital Markets2022-12-310001326003Debt Investments | Insurance | Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance) | First Lien Term Loan | SOFR(M) | Floor rate 0.75% | Spread 6.00% | Total Coupon 11.22% | Maturity 11/1/20282023-06-300001326003us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2023-06-300001326003us-gaap:TreasuryStockCommonMember2023-01-012023-03-310001326003bkcc:BlackrockFinancialManagementIncorporationMemberus-gaap:RelatedPartyMember2023-04-012023-06-300001326003Debt Investments | Software | SEP Raptor Acquisition, Inc. (Loopio) (Canada) | First Lien Revolver | LIBOR(Q) | Floor Rate 1.00% | Spread 4.50% Cash + 3.00% PIK | Total Coupon 12.25% | Maturity 3/31/20272022-12-310001326003Non-Controlled Affiliate Security | AGY Equity, LLC | Class A Preferred Stock2023-06-300001326003bkcc:MeasurementInputBookValueMultiplesMember2023-01-012023-06-300001326003Debt Investments | Internet Software & Services2022-12-310001326003us-gaap:GeographicConcentrationRiskMembercountry:SIbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003Investment | Blackbird Holdco, Inc. (Ohio Transmission Corp.), | Preferred Stock | Initial Acquisition Date 12/14/20212023-01-012023-06-300001326003Equity Securities | Diversified Consumer Services2023-06-300001326003bkcc:BlackrockCapitalInvestmentAdvisorsLimitedLiabilityCorporationMember2023-06-300001326003Debt Investments | IT Services | Serrano Parent, LLC (Sumo Logic) | First Lien Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 6.50% | Total Coupon 11.60% | Maturity 5/13/20302023-06-300001326003bkcc:BankDebtMember2022-01-012022-06-300001326003Debt Investments | Software | Oversight Systems, Inc. | First Lien Delayed Draw Term Loan | SOFR(M) | Floor Rate 1.00% | Spread 7.75% | Total Coupon 14.70% | Maturity 9/24/20262023-06-300001326003Debt Investments | Semiconductors & Semiconductor Equipment | Emerald Technologies (U.S.) AcquisitionCo, Inc | First Lien Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 6.25% | Total Coupon 11.66% | Maturity 12/29/20272023-06-300001326003Debt Investments | Technology Hardware, Storage & Peripherals | SumUp Holdings Luxembourg S.A.R.L. (United Kingdom) | First Lien Delayed Draw Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 7.00% | Total Coupon 12.37% | Maturity 2/17/20262023-06-300001326003Controlled Affiliate Security | Gordon Brothers Finance Company | Common Stock2021-12-310001326003Debt Investments | Internet & Catalog Retail | Syndigo, LLC | Second Lien Term Loan | LIBOR(Q) | Floor Rate 0.75% | Spread 8.00% | Total Coupon 13.55% | Maturity 12/14/20282023-06-300001326003Investment Elevate Brands Holdco Inc. | Warrants to Purchase Preferred Stock | Initial Acquisition Date 3/14/20222022-01-012022-12-310001326003Investment | Marsico Holdings, LLC, | Limited Partnership/Limited Liability Company Interests | Initial Acquisition Date 11/28/20072023-01-012023-06-300001326003Debt Investments | Insurance | Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance) | First Lien Term Loan | SOFR(S) | Floor rate 0.75% | Spread 6.00% | Total Coupon 11.12% | Maturity 11/1/20282022-12-310001326003Debt Investments | Insurance2022-12-310001326003Equity Securities | Internet Software & Services | FinancialForce.com, Inc. | Warrants to Purchase Series C Preferred Stock | Expiration 1/30/20292023-06-300001326003bkcc:MetalsAndMiningMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003Debt Investments | Construction & Engineering CSG Buyer, Inc. (Core States) | First Lien Revolver | Quarterly SOFR | Floor Rate 1.00% | Spread 6.00% | Total Coupon 10.84% | Maturity 3/31/20282022-12-310001326003us-gaap:GeographicConcentrationRiskMembercountry:USbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003Debt Investments Capital Markets Pico Quantitative Trading, LLC First Lien Term Loan (1.0% Exit Fee) Quarterly SOFR Floor Rate 1.5% and Spread 7.25% with Total Coupon 11.98% Maturity 2/7/20252022-12-3100013260032023-01-012023-06-300001326003Investment | PerchHQ LLC, | Warrants to Purchase Common Stock | Initial Acquisition Date 9/30/20222023-01-012023-06-300001326003bkcc:BankDebtMember2021-12-310001326003Debt Investments | Leisure Products | Peloton Interactive, Inc. | First Lien Term Loan | SOFR(S) | Floor Rate 0.50% | Spread 7.00% | Total Coupon 11.76% | Maturity 5/25/20272022-12-310001326003Equity Securities | Chemicals | AGY Equity, LLC | Class B Preferred Stock2023-06-300001326003bkcc:TwoThousandAndTwentyFivePrivatePlacementNotesMemberbkcc:FixedInterestRateMember2023-06-300001326003us-gaap:EquitySecuritiesMembersrt:MaximumMemberus-gaap:MeasurementInputExpectedTermMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Member2023-06-300001326003Debt Investments | Specialty Retail | Hanna Andersson, LLC | First Lien Term Loan | LIBOR(M) | Floor Rate 1.00% | Spread 6.00% | Total Coupon 11.15% | Maturity 7/2/20262023-06-300001326003srt:MaximumMemberus-gaap:FairValueInputsLevel3Member2023-06-300001326003us-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputExpectedTermMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Member2023-06-300001326003Non-Controlled Affiliate Security | Kemmerer Operations, LLC (WMLP) | Senior Secured Loan, First Lien2023-06-300001326003Debt Investments | Road & Rail | Motive Technologies, Inc. (fka Keep Truckin, Inc.) | First Lien Term Loan | SOFR(S) | Floor Rate 1.00% | Spread 7.25% | Total Coupon 11.03% | Maturity 4/8/20252022-12-310001326003Debt Investments | Insurance | AmeriLife Holdings, LLC | First Lien Revolver | SOFR(S) | Floor rate 0.75% | Spread 5.75% | Total Coupon 10.99% | Maturity 8/31/20282023-06-300001326003bkcc:ControlledInvestmentMember2023-04-012023-06-300001326003bkcc:AnnualIncentiveFeeBasedOnCapitalGainsMember2020-05-022020-05-020001326003Debt Investments | Life Sciences Tools & Services2023-06-3000013260032021-12-310001326003Controlled Affiliate Security | Gordon Brothers Finance Company | Preferred Stock2022-12-310001326003us-gaap:FairValueInputsLevel1Member2022-12-310001326003bkcc:LeisureProductsMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003Debt Investments | Electrical Equipment | Advanced Lighting Technologies, LLC | Second Lien Sr Secured Notes | LIBOR(M) | Floor Rate 2.00% | Spread 16.00% PIK + 6.00% Cash | Total Coupon 28.33% | Maturity 3/16/20272022-12-310001326003Equity Securities | Diversified Consumer Services | Elevate Brands Holdco Inc. | Warrants to Purchase Common Stock | Expiration 3/14/20322022-12-310001326003Equity Securities2022-12-310001326003Debt Investments | Internet Software & Services | Pluralsight, Inc. | First Lien Term Loan | LIBOR(Q) | Floor Rate 1.00% | Spread 8.00% | Total Coupon 11.83% | Maturity 4/6/20272022-12-310001326003us-gaap:RetainedEarningsMember2022-01-012022-03-310001326003Debt Investments | Media | Streamland Media Midco LLC | First Lien Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 6.75% | Total Coupon 11.11% | Maturity 8/31/20232022-12-310001326003Controlled Affiliate Security2022-01-012022-12-310001326003Debt Investments | Diversified Financial Services | Worldremit Group Limited (United Kingdom) | First Lien Term Loan (3.0% Exit Fee) | LIBOR(Q) | Floor Rate 1.00% | Spread 9.25% | Total Coupon 13.91% | Maturity 2/11/20252022-12-310001326003us-gaap:FairValueInputsLevel1Member2023-06-300001326003bkcc:SeniorSecuredRevolvingCreditFacilityMember2023-01-012023-06-300001326003Debt Investments | Internet Software & Services | Pluralsight, Inc. | First Lien Revolver | SOFR(Q) | Floor Rate 1.00% | Spread 8.00% | Total Coupon 13.04% | Maturity 4/6/20272023-06-300001326003bkcc:MeasurementInputImpliedVolatilityMember2023-01-012023-06-300001326003us-gaap:FairValueInputsLevel3Member2023-06-300001326003us-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberbkcc:BankDebtMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2023-06-300001326003bkcc:BuildingProductsMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003Debt Securities2022-12-310001326003Debt Investments | Health Care Technology2022-12-310001326003Debt Investments | Software | GTY Technology Holdings Inc.| First Lien Delayed Draw Term Loan | SOFR(Q) | Floor Rate 0.75% Spread 2.58% Cash + 4.30% PIK | Total Coupon 12.10% | Maturity 7/9/20292023-06-300001326003us-gaap:ForeignExchangeForwardMember2022-12-310001326003Debt Investments | Software Disco Parent, Inc. (Duck Creek Technologies) | First Lien Revolver | SOFR(Q) | Floor Rate 1.00% | Spread 7.50% | Total Coupon 12.76% | Maturity 3/30/20292023-06-300001326003Debt Investments | Internet Software & Services | InMoment, Inc. | First Lien Term Loan | SOFR(S) | Floor Rate 0.75% | Spread 5.00% cash+ 2.50% PIK | Total Coupon 12.34% | Maturity 6/8/20282023-06-300001326003Debt Investments | Semiconductors & Semiconductor Equipment | Emerald Technologies (U.S.) AcquisitionCo, Inc | First Lien Revolver | SOFR(M) | Floor Rate 1.00% | Spread 6.00% | Total Coupon 10.42% | Maturity 12/29/20262022-12-310001326003Equity Securities | Capital Markets | Marsico Holdings, LLC | Limited Partnership/Limited Liability Company Interests2023-06-300001326003Debt Investments | Internet & Catalog Retail | Syndigo, LLC | Second Lien Term Loan | LIBOR(S) | Floor Rate 0.75% | Spread 8.00% | Total Coupon 13.21% | Maturity 12/14/20282022-12-310001326003Controlled Affiliate Security | Gordon Brothers Finance Company | Unsecured Debt2023-01-012023-06-300001326003bkcc:TwoThousandAndTwentyFivePrivatePlacementNotesMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-06-300001326003bkcc:InsuranceMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003us-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquitySecuritiesMembersrt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2022-12-310001326003Equity Securities | Diversified Consumer Services | Razor Group GmbH (Germany) | Warrants to Purchase Series C Shares | Expiration 4/28/20282022-12-310001326003bkcc:SeniorSecuredLoansSecondOrOtherPriorityLienMember2023-06-300001326003bkcc:SeniorSecuredRevolvingCreditFacilityMembersrt:MinimumMemberbkcc:LiborMember2022-12-310001326003Investment | Grey Orange International Inc., | Warrants to Purchase Common Stock | Initial Acquisition Date 5/6/20222023-01-012023-06-300001326003Debt Investments | Diversified Financial Services | GC Champion Acquisition LLC (Numerix) | First Lien Delayed Draw Term Loan | SOFR(S) | Floor Rate 1.00% | Spread 6.75% |Total Coupon 11.15% | Maturity 8/21/20282022-12-310001326003srt:MinimumMemberbkcc:BankDebtMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberbkcc:MeasurementInputImpliedVolatilityMember2023-06-300001326003us-gaap:AdditionalPaidInCapitalMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2021-12-310001326003Equity Securities | Diversified Financial Services | Worldremit Group Limited (United Kingdom) | Warrants to Purchase Series E Stock | Expiration 8/27/20312023-06-300001326003Non-Controlled Affiliate Security | Kemmerer Operations, LLC (WMLP) | Delayed Draw Term Loan, First Lien2021-12-310001326003Debt Investments | Internet Software & Services | Persado, Inc. | First Lien Delayed Draw Term Loan (6.575% Exit Fee) | SOFR(M) | Floor Rate 1.80% | Spread 7.00% | Total Coupon 11.12% | Maturity 6/10/20272022-12-310001326003Debt Investments | Diversified Consumer Services | Razor Group GmbH (Germany) | First Lien Sr Secured Convertible Term Loan | Fixed | Spread 3.50% Cash and 3.50% PIK | Total Coupon 7.00% | Maturity 4/30/20252023-06-300001326003Debt Investments | Software | Zilliant Incorporated | First Lien Revolver | LIBOR(M) | Floor Rate 0.75% | Spread 6.00% | Total Coupon 11.15% | Maturity 12/21/20272023-06-300001326003us-gaap:FairValueInputsLevel2Memberbkcc:BankDebtMember2023-06-300001326003Debt Investments | Diversified Financial Services | Accordion Partners LLC | First Lien Term Loan | Quarterly SOFR | Floor Rate 0.75% | Spread 6.25% | Total Coupon 10.83% | Maturity 8/29/20292022-12-310001326003Debt Investments | Health Care Providers & Services | Outcomes Group Holdings, Inc. | Second Lien Term Loan | LIBOR(M) | Spread 7.50% | Total Coupon 12.69% | Maturity 10/26/20262023-06-300001326003bkcc:SeniorSecuredLoansMembersrt:MinimumMemberus-gaap:BaseRateMember2022-12-310001326003Debt Investments | Software | SEP Raptor Acquisition, Inc. (Loopio) (Canada) | First Lien Revolver | SOFR(Q) | Floor Rate 1.00% | Spread 7.00% | Total Coupon 12.89% | Maturity 3/31/20272023-06-300001326003us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-06-300001326003Debt Investments | Commercial Services & Supplies | Kellermeyer Bergensons Services, LLC | First Lien Delayed Draw Term Loan B | Quarterly LIBOR | Floor Rate 1.00% | Spread 6.00% | Total Coupon 11.27% | Maturity 11/7/20262023-06-300001326003Equity Securities | Capital Markets | Marico Holdings, LLC | Limited Partnership/Limited Liability Company Interests2022-12-310001326003bkcc:SeniorSecuredNotesMember2022-12-310001326003Debt Investments | Software | Kong Inc. | First Lien Term Loan | SOFR(M) | Floor Rate 1.00% | Spread 5.50% Cash + 3.25% PIK | Total Coupon 12.99% | Maturity 11/1/20272022-12-310001326003bkcc:SystemicRiskMember2023-01-012023-06-300001326003bkcc:LifeSciencesToolsAndServicesMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003us-gaap:TreasuryStockCommonMember2023-03-310001326003Debt Investments | Diversified Financial Services | Callodine Commercial Finance, LLC | Subordinated Debt | Monthly SOFR | Floor Rate 0.25% | Spread 8.50% | Total Coupon 13.14% | Maturity 10/8/20272022-12-310001326003us-gaap:FairValueInputsLevel2Memberus-gaap:OtherDebtSecuritiesMember2023-06-300001326003Debt Investments | Containers & Packaging | PVHC Holding Corp. | First Lien Term Loan | Quarterly SOFR | Floor Rate 1.00% | Spread 4.75% | Total Coupon 10.14% | Maturity 8/2/20242023-06-300001326003Debt Investments | Software | Kaseya Inc. | First Lien Term Loan | SOFR(M) | Floor Rate 0.75% | Spread 3.75% Cash + 2.50% PIK | Total Coupon 11.35% | Maturity 6/25/20292023-06-300001326003bkcc:OilGasAndConsumableFuelsMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003us-gaap:OverAllotmentOptionMemberbkcc:FivePointZeroZeroPercentConvertibleNotesDueTwoThousandTwentyTwoMember2017-06-130001326003us-gaap:AdditionalPaidInCapitalMember2022-12-310001326003bkcc:DiversifiedConsumerServicesMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003Debt Investments | Specialty Retail | Calceus Acquisition, Inc. (Cole Haan) | First Lien Sr Secured Notes | Fixed Spread 9.75% | Total Coupon 9.75% | Maturity 2/19/20252023-06-300001326003bkcc:IndustryConcentrationRiskMemberus-gaap:HealthcareSectorMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003bkcc:HotelsRestaurantsAndLeisureMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003Debt Investments | Software | Bonterra LLC (fka CyberGrants Holdings, LLC) | First Lien Term Loan | LIBOR(Q) | Floor Rate 0.75% | Spread 6.25% | Total Coupon 10.98% | Maturity 9/8/20272022-12-310001326003Controlled Affiliate Security | Gordon Brothers Finance Company | Preferred Stock2021-12-310001326003bkcc:NonControlledNonAffiliatedInvestmentsMember2023-04-012023-06-300001326003Debt Investments | Internet Software & Services | Persado, Inc. | First Lien Term Loan (6.575% Exit Fee) | SOFR(M) | Floor Rate 1.80% | Spread 7.50% | Total Coupon 12.66% | Maturity 6/10/20272023-06-300001326003Equity Securities | Diversified Consumer Services2022-12-310001326003Debt Investments | Health Care Providers & Services | Opco Borrower, LLC (Giving Home Health Care) | First Lien Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 6.50% | Total Coupon 11.84% | Maturity 8/19/20272023-06-300001326003us-gaap:IncomeApproachValuationTechniqueMemberbkcc:BankDebtMembersrt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2022-12-310001326003Equity Securities | Oil, Gas & Consumable Fuels | TER Management Resources, LLC (fka ETX Energy Management Company, LLC) | Limited Partnership/Limited Liability Company Interests2023-06-300001326003us-gaap:AdditionalPaidInCapitalMember2022-03-310001326003Debt Investments | Life Sciences Tools & Services | Alcami Corporation | First Lien Revolver | SOFR(M) | Floor Rate 1.00% | Spread 7.00% | Total Coupon 12.20% | Maturity 12/21/20282023-06-300001326003bkcc:ControlledInvestmentMember2022-01-012022-06-300001326003Equity Securities | Chemicals2022-12-310001326003Debt Investments | Professional Services | ICIMS, Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | Floor Rate 0.75% | Spread 3.38% Cash + 3.88% PIK | Total Coupon 12.38% | Maturity 8/18/20282023-06-300001326003us-gaap:OtherDebtSecuritiesMember2023-04-012023-06-300001326003us-gaap:RetainedEarningsMember2023-04-012023-06-300001326003Debt Investments | Software | Syntellis Parent, LLC (Axiom Software) | First Lien Term Loan | SOFR(M) | Floor Rate 0.75% | Spread 6.50% | Total Coupon 11.60% | Maturity 8/2/20272023-06-300001326003Debt Investments | Software | GTY Technology Holdings Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | Floor Rate 0.75% | Spread 2.58% Cash + 4.30% PIK | Total Coupon 11.40% | Maturity 7/9/20292022-12-310001326003bkcc:FivePointZeroZeroPercentConvertibleNotesDueTwoThousandTwentyTwoMember2023-01-012023-03-310001326003Equity Securities | Diversified Financial Services | Gordon Brothers Finance Company | Common Stock2022-12-310001326003us-gaap:CommonStockMember2023-01-012023-03-310001326003us-gaap:CommonStockMember2023-04-012023-06-3000013260032022-06-300001326003Equity Securities2023-06-300001326003Equity Securities | Trading Companies & Distributors | Blackbird Holdco, Inc. (Ohio Transmission Corp.) | Preferred Stock | Total Coupon 12.50% PIK2022-12-310001326003Debt Investments | Software | GTY Technology Holdings Inc. | First Lien Term Loan | SOFR(Q) | Floor Rate 0.75% | Spread 2.58% Cash + 4.30% PIK | Total Coupon 12.12% | Maturity 7/9/20292023-06-300001326003Debt Investments | Commercial Services & Supplies | Kellermeyer Bergensons Services, LLC | First Lien Delayed Draw Term Loan B | Quarterly LIBOR | Floor Rate 1.00% | Spread 6.00% | Total Coupon 10.41% | Maturity 11/7/20262022-12-3100013260032021-01-012021-03-310001326003bkcc:HouseholdDurablesMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003us-gaap:FairValueInputsLevel3Member2022-12-310001326003Debt Investments | Software | Bonterra LLC (fka CyberGrants Holdings, LLC) | First Lien Delayed Draw Term Loan | LIBOR(Q) | Floor Rate 0.75% | Spread 6.00% | Total Coupon 11.79% | Maturity 9/8/20272023-06-300001326003Investment | SuCo Investors, LP (Suited Connector) | Warrants to Purchase Class A Units | Initial Acquisition Date 3/6/20232023-01-012023-06-300001326003Controlled Affiliate Security | Gordon Brothers Finance Company | Preferred Stock2023-01-012023-06-300001326003bkcc:IndustryConcentrationRiskMemberbkcc:ElectricalEquipmentMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003Debt Investments | Commercial Services & Supplies | Pueblo Mechanical and Controls, LLC | First Lien Delayed Draw Term Loan | Quarterly SOFR | Floor Rate 0.75% | Spread 6.00% | Total Coupon 10.49% | Maturity 8/23/20282022-12-310001326003Debt Investments | Internet Software & Services | Magenta Buyer, LLC (McAfee) | First Lien Incremental Term Loan | Fixed | Spread 12.00% | Total Coupon 12.00% | Maturity 7/27/20282022-12-310001326003bkcc:NonControlledNonAffiliatedInvestmentsMember2022-01-012022-06-300001326003bkcc:TwoThousandAndTwentyFivePrivatePlacementNotesMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2022-01-012022-12-310001326003Non-Controlled Affiliate Security | AGY Equity, LLC | Class B Preferred Stock2023-01-012023-06-300001326003Debt Investments | Capital Markets | Pico Quantitative Trading, LLC | First Lien Term Loan (1.0% Exit Fee) | Quarterly SOFR | Floor Rate 1.5% | Spread 7.25% | Total Coupon 12.75% | Maturity 2/7/20252023-06-300001326003Investment | Razor Group GmbH (Germany), | Warrants to Purchase Preferred Series A1 Shares | Initial Acquisition Date 4/28/20212023-01-012023-06-300001326003Debt Investments | Software | Superman Holdings, LLC (Foundation Software) | First Lien Term Loan | LIBOR(Q) | Floor Rate 1.00% | Spread 6.13% | Total Coupon 10.85% | Maturity 8/31/20272022-12-310001326003Debt Investments | Insurance | Integrity Marketing Acquisition, LLC | First Lien Incremental Revolver | SOFR(Q) | Floor rate 0.75% | Spread 6.50% | Total Coupon 11.76% | Maturity 8/27/20252023-06-300001326003us-gaap:GeographicConcentrationRiskMembercountry:CHbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003bkcc:ConstructionAndEngineeringMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003us-gaap:CommonStockMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-01-012022-03-310001326003Debt Investments | Internet Software & Services | Oranje Holdco, Inc. (KnowBe4) | First Lien Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 7.75% | Total Coupon 12.79% | Maturity 2/1/20292023-06-300001326003us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel1Member2023-06-300001326003bkcc:IndustryConcentrationRiskMemberbkcc:MachinerySectorMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2022-12-310001326003Debt Investments | Internet Software & Services | Suited Connector, LLC | First Lien Revolver | SOFR(S) | Floor Rate 1.00% | Spread 6.00% Cash + 2.00% PIK | Total Coupon 13.36% | Maturity 12/1/20272023-06-300001326003us-gaap:EquitySecuritiesMember2021-12-310001326003Debt Investments | Commercial Services & Supplies | Kellermeyer Bergensons Services, LLC | First Lien Term Loan | Quarterly LIBOR | Floor Rate 1.00% | Spread 6.00% | Total Coupon 11.27% | Maturity 11/7/20262023-06-300001326003Debt Investments | Internet Software & Services | Bynder Bidco B.V. (Netherlands) | First Lien Revolver B | SOFR(S) | Floor Rate 1.00% | Spread 7.25% | Total Coupon 12.05% | Maturity 1/26/20292023-06-300001326003us-gaap:EquitySecuritiesMember2023-01-012023-06-300001326003Debt Investments | Diversified Financial Services | GC Champion Acquisition LLC (Numerix) | First Lien Term Loan | SOFR(S) | Floor Rate 1.00% | Spread 6.75% | Total Coupon 11.78% | Maturity 8/21/20282023-06-300001326003Debt Investments | Software | Integrate.com, Inc. (Infinity Data, Inc.) | First Lien Delayed Draw Term Loan | SOFR(M) | Floor Rate 1.00% | Spread 3.00% Cash + 3.00% PIK | Total Coupon 10.28% | Maturity 12/17/20272022-12-310001326003us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMemberbkcc:MarketComparableCompaniesMemberus-gaap:FairValueInputsLevel3Member2022-12-310001326003us-gaap:TreasuryStockCommonMember2022-12-310001326003bkcc:NonControlledNonAffiliatedInvestmentsMember2022-12-310001326003bkcc:UnsecuredSeniorNotesDueTwoThousandTwentyFiveMember2023-01-012023-06-300001326003us-gaap:FairValueInputsLevel3Member2023-04-012023-06-300001326003Debt Investments | Insurance | Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance) | First Lien Delayed Draw Term Loan | SOFR(S) | Floor rate 0.75% | Spread 6.00% | Total Coupon 11.11% | Maturity 11/1/20282022-12-310001326003bkcc:NonControlledAffiliatedInvestmentsMember2022-04-012022-06-300001326003Debt Investments | Consumer Finance | Freedom Financial Network Funding, LLC | First Lien Term Loan | Semiannually SOFR | Floor Rate 1.00% | Spread 9.00% | Total Coupon 14.54% | Maturity 9/21/20272023-06-300001326003Debt Investments | Software | Zendesk, Inc. | First Lien Revolver | SOFR(Q) | Floor Rate 0.75% | Spread 6.50% | Total Coupon 11.75% | Maturity 11/22/20282023-06-300001326003Debt Investments | Software | Aras Corporation | First Lien Revolver | LIBOR(Q)/(S) | Floor Rate 1.00% | Spread 6.50 | Total Coupon 11.66 % | Maturity 4/13/20272023-06-300001326003us-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMembersrt:MaximumMemberbkcc:MarketComparableCompaniesMemberus-gaap:FairValueInputsLevel3Member2022-12-310001326003Debt Investments | Software | Kaseya Inc. | First Lien Delayed Draw Term Loan | SOFR(Q) | Floor Rate 0.75% | Spread 5.75% | Total Coupon 10.33% | Maturity 6/25/20292022-12-310001326003us-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-06-300001326003bkcc:SeniorSecuredLoansMember2023-06-300001326003Debt Investments | Hotels, Restaurants & Leisure2023-06-300001326003bkcc:LimitedPartnershipOrLimitedLiabilityCompanyInterestsMember2022-12-310001326003us-gaap:CommonStockMember2022-12-310001326003Debt Investments | Software | Fusion Risk Management, Inc. | First Lien Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 3.25% Cash + 3.75% PIK | Total Coupon 11.40% | Maturity 8/30/20282022-12-310001326003Debt Investments | IT Services | Avalara, Inc. | First Lien Revolver | SOFR(Q) | Floor Rate 0.75% | Spread 7.25% | Total Coupon 11.83% | Maturity 10/19/20282022-12-310001326003srt:MaximumMemberbkcc:BankDebtMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberbkcc:MeasurementInputImpliedVolatilityMember2023-06-300001326003Debt Investments | Internet Software & Services | Anaconda, Inc. | First Lien Term Loan | SOFR(Q) | Floor Rate 1.00% | Spread 7.50% | Total Coupon 12.73% | Maturity 8/22/20272023-06-300001326003Debt Investments | Software | Oversight Systems, Inc. | First Lien Term Loan | LIBOR(M) | Floor Rate 1.00% | Spread 7.00% | Total Coupon 11.38% | Maturity 9/24/20262022-12-310001326003bkcc:ReimbursementExpensesMemberus-gaap:RelatedPartyMember2022-01-012022-06-300001326003Equity Securities | Diversified Consumer Services | MXP Prime Platform GmbH (SellerX) (Germany) | Warrants to Purchase Preferred Series B Shares | Expiration 11/23/20282023-06-300001326003Debt Investments | Construction & Engineering | Geo Parent Corporation | First Lien Term Loan | Semiannually SOFR | Spread 5.25% | Total Coupon 10.17% | Maturity 12/19/20252023-06-300001326003bkcc:NonControlledAffiliatedInvestmentsMember2022-12-310001326003bkcc:UnsecuredDebtSecuritiesMember2023-06-300001326003Debt Investments | Diversified Consumer Services | Thras.io, LLC | First Lien Term Loan | Quarterly SOFR | Floor Rate 1.00% | Spread 7.00% | Total Coupon 12.50% | Maturity 12/18/20262023-06-300001326003Debt Investments | Software | SEP Raptor Acquisition, Inc. (Loopio) (Canada) | First Lien Term Loan | LIBOR(Q) | Floor Rate 1.00% | Spread 4.50% Cash + 3.00% PIK | Total Coupon 12.25% | Maturity 3/31/20272022-12-310001326003bkcc:FivePointZeroZeroPercentConvertibleNotesDueTwoThousandTwentyTwoMemberus-gaap:CommonStockMember2022-01-012022-12-310001326003Debt Investments | Hotels, Restaurants & Leisure | OCM Luxembourg Baccarat Bidco S.A.R.L. (Interblock) (Slovenia) | First Lien Revolver | SOFR(Q) | Floor rate 0.75% | Spread 6.25% | Total Coupon 10.68% | Maturity 6/3/20272022-12-310001326003Controlled Affiliated Investments2022-12-310001326003us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310001326003bkcc:ContainersAndPackagingMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003bkcc:LeisureProductsMemberbkcc:IndustryConcentrationRiskMemberbkcc:InvestmentsAtFairValueMember2022-01-012022-12-310001326003bkcc:IndustryConcentrationRiskMemberus-gaap:HealthcareSectorMemberbkcc:InvestmentsAtFairValueMember2023-01-012023-06-300001326003srt:MaximumMemberbkcc:BankDebtMemberus-gaap:MeasurementInputExpectedTermMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Member2022-12-310001326003us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2022-01-012022-03-310001326003Debt Investments | Diversified Consumer Services | Fusion Holding Corp. (Finalsite) | First Lien Term Loan | Quarterly/Semiannually SOFR | | Floor Rate 0.75% | Spread 6.25% | Total Coupon 11.55% | Maturity 9/14/20292023-06-30xbrli:purebkcc:Investmentxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesbkcc:Tranche

 

 

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, 2023

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.)

 

 

50 Hudson Yards, New York, NY

10001

(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 August 1, 2023 was 72,571,907.

 

 


 

BLACKROCK CAPITAL INVESTMENT CORPORATION

FORM 10-Q

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2023

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, 2023 (unaudited) and December 31, 2022

3

 

 

 

Consolidated Statements of Operations for the three and six months ended June 30, 2023 (unaudited) and June 30, 2022 (unaudited)

4

 

 

 

Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2023 (unaudited) and June 30, 2022 (unaudited)

5

 

 

 

Consolidated Statements of Cash Flows for the six months ended June 30, 2023 (unaudited) and June 30, 2022 (unaudited)

6

 

 

 

Consolidated Schedules of Investments as of June 30, 2023 (unaudited) and December 31, 2022

7

 

 

 

Notes to Consolidated Financial Statements (unaudited)

25

 

 

 

Item 2.

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

45

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

55

 

 

 

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

57

 

 

 

Item 4.

Mine Safety Disclosures

57

 

 

 

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

 

 

June 30,
2023

 

 

December 31,
2022

 

 

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Investments at fair value:

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost of $605,038,194 and $569,528,145)

 

$

580,838,411

 

 

$

551,686,646

 

Non-controlled, affiliated investments (cost of $1,139,598 and $3,849,638)

 

 

 

 

 

3,574,438

 

Controlled investments (cost of $84,419,465 and $84,922,381)

 

 

14,999,000

 

 

 

15,228,000

 

Total investments at fair value (cost of $690,597,257 and $658,300,164)

 

 

595,837,411

 

 

 

570,489,084

 

Cash and cash equivalents

 

 

12,405,398

 

 

 

9,531,190

 

Interest, dividends and fees receivable

 

 

6,836,319

 

 

 

5,515,446

 

Due from broker

 

 

2,097,000

 

 

 

1,946,507

 

Deferred debt issuance costs

 

 

1,347,337

 

 

 

1,055,117

 

Receivable for investments sold

 

 

36,986

 

 

 

12,096

 

Prepaid expenses and other assets

 

 

403,727

 

 

 

510,706

 

Total assets

 

$

618,964,178

 

 

$

589,060,146

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Debt (net of deferred issuance costs of $828,843 and $996,839)

 

$

283,171,157

 

 

$

253,003,161

 

Dividends payable

 

 

7,257,191

 

 

 

7,257,191

 

Income incentive fees payable (see Note 3)

 

 

7,165,434

 

 

 

3,403,349

 

Management fees payable

 

 

2,221,908

 

 

 

2,186,540

 

Interest and debt related payables

 

 

1,698,635

 

 

 

738,719

 

Interest Rate Swap at fair value

 

 

1,445,045

 

 

 

1,332,299

 

Accrued administrative expenses

 

 

288,454

 

 

 

397,299

 

Payable for investments purchased

 

 

1,463

 

 

 

600,391

 

Accrued expenses and other liabilities

 

 

1,685,832

 

 

 

1,618,844

 

Total liabilities

 

 

304,935,119

 

 

 

270,537,793

 

 

 

 

 

 

 

 

Commitments and contingencies (see Note 9)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets

 

 

 

 

 

 

Common stock, par value $.001 per share, 200,000,000 common shares authorized, 84,481,797 issued and 72,571,907 outstanding

 

 

84,482

 

 

 

84,482

 

Paid-in capital in excess of par

 

 

850,199,351

 

 

 

850,199,351

 

Distributable earnings (losses)

 

 

(462,881,072

)

 

 

(458,387,778

)

Treasury stock at cost, 11,909,890 shares held

 

 

(73,373,702

)

 

 

(73,373,702

)

Total net assets

 

 

314,029,059

 

 

 

318,522,353

 

Total liabilities and net assets

 

$

618,964,178

 

 

$

589,060,146

 

 

 

 

 

 

 

 

Net assets per share

 

$

4.33

 

 

$

4.39

 

 

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

 

 

Six Months Ended

 

 

 

June 30, 2023

 

 

June 30, 2022

 

 

June 30, 2023

 

 

June 30, 2022

 

Investment income

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (excluding PIK):

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

$

18,541,747

 

 

$

11,646,011

 

 

$

35,954,222

 

 

$

23,252,914

 

PIK interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

999,236

 

 

 

126,140

 

 

 

2,028,467

 

 

 

249,158

 

Non-controlled, affiliated investments

 

 

 

 

 

116,572

 

 

 

31,794

 

 

 

232,468

 

PIK dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

89,040

 

 

 

78,729

 

 

 

175,382

 

 

 

154,611

 

Other income:

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

311,438

 

 

 

301,503

 

 

 

515,561

 

 

 

562,091

 

Total investment income

 

 

19,941,461

 

 

 

12,268,955

 

 

 

38,705,426

 

 

 

24,451,242

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other debt expenses

 

 

5,482,450

 

 

 

2,860,691

 

 

 

10,200,681

 

 

 

5,589,642

 

Management fees

 

 

2,221,908

 

 

 

1,947,167

 

 

 

4,352,380

 

 

 

4,007,031

 

Incentive fees on income

 

 

1,886,182

 

 

 

69,343

 

 

 

3,762,085

 

 

 

88,356

 

Incentive fees on capital gains(1)

 

 

 

 

 

(1,073,068

)

 

 

 

 

 

(1,544,569

)

Director fees

 

 

299,375

 

 

 

153,125

 

 

 

449,000

 

 

 

306,250

 

Administrative expenses

 

 

288,454

 

 

 

299,262

 

 

 

581,088

 

 

 

664,769

 

Professional fees

 

 

249,734

 

 

 

207,489

 

 

 

443,161

 

 

 

510,346

 

Insurance expense

 

 

162,746

 

 

 

196,114

 

 

 

323,703

 

 

 

395,872

 

Investment advisor expenses

 

 

17,094

 

 

 

25,819

 

 

 

34,187

 

 

 

51,638

 

Other operating expenses

 

 

423,298

 

 

 

462,797

 

 

 

787,429

 

 

 

766,596

 

Total expenses

 

 

11,031,241

 

 

 

5,148,739

 

 

 

20,933,714

 

 

 

10,835,931

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income(1)

 

 

8,910,220

 

 

 

7,120,216

 

 

 

17,771,712

 

 

 

13,615,311

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized and unrealized gain (loss) on investments and Interest Rate Swap

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

195,593

 

 

 

 

 

 

37,802

 

 

 

825,913

 

Non-controlled, affiliated investments

 

 

 

 

 

 

 

 

(441,906

)

 

 

 

Net realized gain (loss)

 

 

195,593

 

 

 

 

 

 

(404,104

)

 

 

825,913

 

Net change in unrealized appreciation (depreciation):

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(6,866,500

)

 

 

(9,875,353

)

 

 

(6,358,284

)

 

 

(12,412,374

)

Non-controlled, affiliated investments

 

 

 

 

 

(352,787

)

 

 

(864,398

)

 

 

229,671

 

Controlled investments

 

 

(171,084

)

 

 

766,458

 

 

 

273,916

 

 

 

922,387

 

Interest Rate Swap

 

 

(564,538

)

 

 

(198,694

)

 

 

(397,754

)

 

 

(198,694

)

Net change in unrealized appreciation (depreciation)

 

 

(7,602,122

)

 

 

(9,660,376

)

 

 

(7,346,520

)

 

 

(11,459,010

)

Net realized and unrealized gain (loss)

 

 

(7,406,529

)

 

 

(9,660,376

)

 

 

(7,750,624

)

 

 

(10,633,097

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

1,503,691

 

 

$

(2,540,160

)

 

$

10,021,088

 

 

$

2,982,214

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income per share—basic(1)

 

$

0.12

 

 

$

0.10

 

 

$

0.24

 

 

$

0.18

 

Earnings (loss) per share—basic(1)

 

$

0.02

 

 

$

(0.03

)

 

$

0.14

 

 

$

0.04

 

Weighted average shares outstanding—basic

 

 

72,571,907

 

 

 

73,667,822

 

 

 

72,571,907

 

 

 

73,744,580

 

Net investment income per share—diluted(1)(2)

 

$

0.12

 

 

$

0.10

 

 

$

0.24

 

 

$

0.18

 

Earnings (loss) per share—diluted(1)(2)

 

$

0.02

 

 

$

(0.03

)

 

$

0.14

 

 

$

0.04

 

Weighted average shares outstanding—diluted

 

 

72,571,907

 

 

 

87,860,082

 

 

 

72,571,907

 

 

 

89,329,839

 

(1)
Net investment income and per share amounts displayed above are net of the reversal for incentive fees on capital gains which is reflected on a hypothetical liquidation basis in accordance with GAAP for the three and six month periods ended June 30, 2022 (see Note 3).
(2)
For the three and six month periods ended June 30, 2022, the impact of the hypothetical conversion of the 2022 Convertible Notes was antidilutive (see Note 8).

 

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)

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares Outstanding

 

 

Par Amount, Shares Issued

 

 

Paid in Capital
in Excess of Par

 

 

Distributable
earnings (loss)

 

 

Treasury Stock at Cost

 

 

Total Net
Assets

 

Balance at December 31, 2022

 

 

72,571,907

 

 

$

84,482

 

 

$

850,199,351

 

 

$

(458,387,778

)

 

$

(73,373,702

)

 

$

318,522,353

 

Net investment income

 

 

 

 

 

 

 

 

8,861,492

 

 

 

 

 

8,861,492

 

Net realized and unrealized gain (loss)

 

 

 

 

 

 

 

 

(344,095

)

 

 

 

 

(344,095

)

Dividends to common stockholders(2)

 

 

 

 

 

 

 

 

(7,257,191

)

 

 

 

 

(7,257,191

)

Balance at March 31, 2023

 

 

72,571,907

 

 

$

84,482

 

 

$

850,199,351

 

 

$

(457,127,572

)

 

$

(73,373,702

)

 

$

319,782,559

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

8,910,220

 

 

 

 

 

8,910,220

 

Net realized and unrealized gain (loss)

 

 

 

 

 

 

 

 

(7,406,529

)

 

 

 

 

(7,406,529

)

Dividends to common stockholders(2)

 

 

 

 

 

 

 

 

(7,257,191

)

 

 

 

 

(7,257,191

)

Balance at June 30, 2023

 

 

72,571,907

 

 

$

84,482

 

 

$

850,199,351

 

 

$

(462,881,072

)

 

$

(73,373,702

)

 

$

314,029,059

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares Outstanding

 

 

Par Amount, Shares Issued

 

 

Paid in Capital
in Excess of Par

 

 

Distributable
earnings (loss)

 

 

Treasury Stock at Cost

 

 

Total Net
Assets

 

Balance at December 31, 2021

 

 

73,876,987

 

 

$

84,478

 

 

$

852,360,178

 

 

$

(434,303,297

)

 

$

(68,489,386

)

 

$

349,651,973

 

Cumulative effect of adjustment for the adoption of ASU 2020-06(1)

 

 

 

 

 

 

(4,337,631

)

 

 

3,888,233

 

 

 

 

 

(449,398

)

Repurchase of common stock

 

 

(106,308

)

 

 

 

 

 

 

 

 

(440,237

)

 

 

(440,237

)

Net investment income

 

 

 

 

 

 

 

 

6,495,095

 

 

 

 

 

6,495,095

 

Net realized and unrealized gain (loss)

 

 

 

 

 

 

 

 

(972,721

)

 

 

 

 

(972,721

)

Dividends to common stockholders(2)

 

 

 

 

 

 

 

 

(7,380,270

)

 

 

 

 

(7,380,270

)

Balance at March 31, 2022

 

 

73,770,679

 

 

$

84,478

 

 

$

848,022,547

 

 

$

(432,272,960

)

 

$

(68,929,623

)

 

$

346,904,442

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

(420,083

)

 

 

 

 

 

 

 

 

(1,586,451

)

 

 

(1,586,451

)

Issuance of common stock from the conversion of the 2022 Convertible Notes

 

 

3,546

 

 

 

4

 

 

 

29,996

 

 

 

 

 

 

 

30,000

 

Net investment income

 

 

 

 

 

 

 

 

7,120,216

 

 

 

 

 

7,120,216

 

Net realized and unrealized gain (loss)

 

 

 

 

 

 

 

 

(9,660,376

)

 

 

 

 

(9,660,376

)

Dividends to common stockholders(2)

 

 

 

 

 

 

 

 

(7,363,184

)

 

 

 

 

(7,363,184

)

Balance at June 30, 2022

 

 

73,354,142

 

 

$

84,482

 

 

$

848,052,543

 

 

$

(442,176,304

)

 

$

(70,516,074

)

 

$

335,444,647

 

(1)
See Note 4 for further information related to the adoption of ASU 2020-06.
(2)
Sources of dividends to stockholders will be adjusted on an annual basis, if necessary, and calculated in accordance with federal income tax regulations (see Note 2). For both the three month periods ended June 30, 2023 and March 31, 2023, it is estimated that there was no return of capital based on book income.

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, 2023

 

 

June 30, 2022

 

 

Operating activities

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

10,021,088

 

 

$

2,982,214

 

 

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

 

 

404,104

 

 

 

(825,913

)

 

Net change in unrealized (appreciation) depreciation of investments

 

 

6,948,766

 

 

 

11,260,316

 

 

Net change in unrealized (appreciation) depreciation on Interest Rate Swap

 

 

397,754

 

 

 

198,694

 

 

Interest and dividend income paid in kind

 

 

(2,235,643

)

 

 

(636,237

)

 

Net amortization of investment discounts and premiums

 

 

(1,516,503

)

 

 

(1,532,581

)

 

Amortization of deferred debt issuance costs

 

 

445,104

 

 

 

668,747

 

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

Purchase of investments

 

 

(56,752,397

)

 

 

(116,857,948

)

 

Proceeds from disposition of investments

 

 

27,226,737

 

 

 

103,762,076

 

 

Decrease (increase) in interest, dividends and fees receivable

 

 

(744,265

)

 

 

921,005

 

 

Decrease (increase) in due from broker

 

 

(82,233

)

 

 

(1,097,291

)

 

Decrease (increase) in receivable for investments sold

 

 

(24,890

)

 

 

609,516

 

 

Decrease (increase) in prepaid expenses and other assets

 

 

106,979

 

 

 

409,973

 

 

Increase (decrease) in payable for investments purchased

 

 

(598,928

)

 

 

(11,082,281

)

 

Increase (decrease) in interest and debt related payables

 

 

959,916

 

 

 

137,774

 

 

Increase (decrease) in management fees payable

 

 

35,368

 

 

 

(175,352

)

 

Increase (decrease) in income incentive fees payable

 

 

3,762,085

 

 

 

(100,659

)

 

Increase (decrease) in accrued capital gains incentive fees

 

 

 

 

 

(1,544,569

)

 

Increase (decrease) in Interest Rate Swap at fair value

 

 

(353,268

)

 

 

 

 

Increase (decrease) in accrued administrative expenses

 

 

(108,845

)

 

 

(84,963

)

 

Increase (decrease) in accrued expenses and other liabilities

 

 

66,988

 

 

 

(88,671

)

 

Net cash provided by (used in) operating activities

 

 

(12,042,083

)

 

 

(13,076,150

)

 

 

 

 

 

 

 

 

 

Financing activities

 

 

 

 

 

 

 

Repayment of 2022 Convertible Notes

 

 

 

 

 

(143,720,000

)

 

Proceeds from issuance of 2025 Private Placement Notes

 

 

 

 

 

92,000,000

 

 

Draws on Credit Facility

 

 

50,000,000

 

 

 

160,000,000

 

 

Repayments of Credit Facility draws

 

 

(20,000,000

)

 

 

(68,000,000

)

 

Dividends paid to common stockholders

 

 

(14,514,382

)

 

 

(14,773,242

)

 

Repurchase of common shares

 

 

 

 

 

(2,026,688

)

 

Payments of debt issuance costs

 

 

(569,327

)

 

 

(796,172

)

 

Net cash provided by (used in) financing activities

 

 

14,916,291

 

 

 

22,683,898

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

 

2,874,208

 

 

 

9,607,748

 

 

Cash and cash equivalents at beginning of period

 

 

9,531,190

 

 

 

12,750,121

 

 

Cash and cash equivalents at end of period

 

$

12,405,398

 

 

$

22,357,869

 

 

 

 

 

 

 

 

 

 

Supplemental cash flow information

 

 

 

 

 

 

 

Interest payments

 

$

8,584,893

 

 

$

4,330,110

 

 

Tax payments

 

$

81,001

 

 

$

60,464

 

 

Share issuance — conversion of 2022 Convertible Notes

 

$

 

 

$

30,000

 

 

 

 

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

6


 

BlackRock Capital Investment Corporation

Consolidated Schedules of Investments

June 30, 2023

(Unaudited)

 

Issuer(N/P)

 

Instrument

 

Ref(E)

 

Floor

 

 

Spread

 

 

Total Coupon

 

 

Maturity

 

Principal

 

 

Cost(A)

 

 

Fair
Value(B)

 

 

Notes

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automobiles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ALCV Purchaser, Inc. (AutoLenders)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

12.23

%

 

4/15/2026

 

$

2,137,562

 

 

$

2,116,039

 

 

$

2,116,186

 

 

 

ALCV Purchaser, Inc. (AutoLenders)

 

First Lien Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

12.18

%

 

4/15/2026

 

$

233,430

 

 

 

231,528

 

 

 

231,096

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,347,567

 

 

 

2,347,282

 

 

 

Building Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Porcelain Acquisition Corporation (Paramount)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.75

%

 

 

11.34

%

 

4/30/2027

 

$

2,499,699

 

 

 

2,465,047

 

 

 

2,439,706

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pico Quantitative Trading, LLC

 

First Lien Term Loan (1.0% Exit Fee)

 

SOFR(Q)

 

 

1.50

%

 

 

7.25

%

 

 

12.75

%

 

2/7/2025

 

$

500,000

 

 

 

491,888

 

 

 

504,500

 

 

 

Pico Quantitative Trading, LLC

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

1.50

%

 

 

7.25

%

 

 

12.56

%

 

2/7/2025

 

$

560,228

 

 

 

544,549

 

 

 

560,228

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,036,437

 

 

 

1,064,728

 

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kellermeyer Bergensons Services, LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

11.27

%

 

11/7/2026

 

$

1,576,797

 

 

 

1,570,202

 

 

 

1,455,384

 

 

 

Kellermeyer Bergensons Services, LLC

 

First Lien Delayed Draw Term Loan A

 

LIBOR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

11.27

%

 

11/7/2026

 

$

346,911

 

 

 

345,363

 

 

 

320,199

 

 

 

Kellermeyer Bergensons Services, LLC

 

First Lien Delayed Draw Term Loan B

 

LIBOR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

11.27

%

 

11/7/2026

 

$

480,498

 

 

 

478,383

 

 

 

443,500

 

 

 

Pueblo Mechanical and Controls, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.16

%

 

8/23/2028

 

$

1,359,352

 

 

 

1,329,791

 

 

 

1,336,378

 

 

 

Pueblo Mechanical and Controls, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.15

%

 

8/23/2028

 

$

743,919

 

 

 

724,793

 

 

 

728,003

 

 

M

Pueblo Mechanical and Controls, LLC

 

First Lien Revolver

 

PRIME

 

 

0.75

%

 

 

5.00

%

 

 

13.25

%

 

8/23/2027

 

$

88,789

 

 

 

84,110

 

 

 

85,060

 

 

M

Thermostat Purchaser III, Inc. (Reedy Industries)

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

12.66

%

 

8/31/2029

 

$

2,615,252

 

 

 

2,582,841

 

 

 

2,437,415

 

 

 

Thermostat Purchaser III, Inc. (Reedy Industries)

 

Second Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

12.66

%

 

8/31/2029

 

$

 

 

 

(2,589

)

 

 

(30,432

)

 

M

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,112,894

 

 

 

6,775,507

 

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CSG Buyer, Inc. (Core States)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

11.50

%

 

3/31/2028

 

$

3,258,608

 

 

 

3,193,436

 

 

 

3,154,332

 

 

 

CSG Buyer, Inc. (Core States)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

11.50

%

 

3/31/2028

 

$

 

 

 

(10,731

)

 

 

(34,340

)

 

M

CSG Buyer, Inc. (Core States)

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

11.50

%

 

3/31/2028

 

$

 

 

 

(10,731

)

 

 

(17,170

)

 

M

Geo Parent Corporation

 

First Lien Term Loan

 

SOFR(S)

 

 

 

 

 

5.25

%

 

 

10.17

%

 

12/19/2025

 

$

739,091

 

 

 

726,008

 

 

 

713,223

 

 

 

Homerenew Buyer, Inc. (Project Dream)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.50

%

 

 

11.70

%

 

11/23/2027

 

$

3,547,777

 

 

 

3,471,905

 

 

 

3,395,223

 

 

 

Homerenew Buyer, Inc. (Project Dream)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.50

%

 

 

11.73

%

 

11/23/2027

 

$

4,957,392

 

 

 

4,880,541

 

 

 

4,744,224

 

 

 

Homerenew Buyer, Inc. (Project Dream)

 

First Lien Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.50

%

 

 

11.69

%

 

11/23/2027

 

$

963,053

 

 

 

948,844

 

 

 

911,289

 

 

M

LJ Avalon Holdings, LLC (Ardurra)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.50

%

 

 

11.51

%

 

2/1/2030

 

$

1,747,309

 

 

 

1,697,796

 

 

 

1,703,626

 

 

 

LJ Avalon Holdings, LLC (Ardurra)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.50

%

 

 

11.51

%

 

2/1/2030

 

$

 

 

 

(10,020

)

 

 

(17,754

)

 

M

LJ Avalon Holdings, LLC (Ardurra)

 

First Lien Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.50

%

 

 

11.51

%

 

2/1/2029

 

$

 

 

 

(7,936

)

 

 

(7,101

)

 

M

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,879,112

 

 

 

14,545,552

 

 

 

Consumer Finance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Freedom Financial Network Funding, LLC

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

9.00

%

 

 

14.54

%

 

9/21/2027

 

$

5,193,335

 

 

 

5,076,429

 

 

 

4,985,601

 

 

 

Freedom Financial Network Funding, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

9.00

%

 

 

14.20

%

 

9/21/2027

 

$

1,731,112

 

 

 

1,691,402

 

 

 

1,661,867

 

 

 

Lucky US BuyerCo LLC (Global Payments)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.39

%

 

3/30/2029

 

$

2,170,647

 

 

 

2,107,127

 

 

 

2,108,350

 

 

 

Lucky US BuyerCo LLC (Global Payments)

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.39

%

 

3/30/2029

 

$

 

 

 

(8,013

)

 

 

(7,976

)

 

M

Money Transfer Acquisition Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

8.25

%

 

 

13.45

%

 

12/14/2027

 

$

2,561,844

 

 

 

2,513,805

 

 

 

2,515,731

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,380,750

 

 

 

11,263,573

 

 

 

Containers & Packaging

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BW Holding, Inc. (Brook & Whittle)

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.50

%

 

 

12.91

%

 

12/14/2029

 

$

4,559,359

 

 

 

4,469,953

 

 

 

4,021,354

 

 

 

PVHC Holding Corp.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

4.75

%

 

 

10.14

%

 

8/2/2024

 

$

10,125,075

 

 

 

9,506,366

 

 

 

9,961,049

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,976,319

 

 

 

13,982,403

 

 

 

Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Colony Display LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

6.50% Cash + 3.00% PIK

 

 

 

15.00

%

 

6/30/2026

 

$

2,345,472

 

 

 

2,315,776

 

 

 

2,108,579

 

 

D

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elevate Brands OpCo LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

8.50

%

 

 

13.70

%

 

3/15/2027

 

$

7,900,096

 

 

 

7,824,017

 

 

 

7,900,095

 

 

M

Fusion Holding Corp. (Finalsite)

 

First Lien Term Loan

 

SOFR(Q)/(S)

 

 

0.75

%

 

 

6.25

%

 

 

11.55

%

 

9/14/2029

 

$

3,184,919

 

 

 

3,120,127

 

 

 

3,154,344

 

 

 

Fusion Holding Corp. (Finalsite)

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.55

%

 

9/15/2027

 

$

 

 

 

(4,957

)

 

 

(2,927

)

 

M

Razor Group GmbH (Germany)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

2.00

%

 

5.00% Cash + 5.00% PIK

 

 

 

15.32

%

 

4/30/2025

 

$

13,037,353

 

 

 

13,081,652

 

 

 

12,574,284

 

 

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)

June 30, 2023

(Unaudited)

Issuer(N/P)

 

Instrument

 

Ref(E)

 

Floor

 

 

Spread

 

 

Total Coupon

 

 

Maturity

 

Principal

 

 

Cost(A)

 

 

Fair
Value(B)

 

 

Notes

Debt Investments - Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Razor Group GmbH (Germany)

 

First Lien Sr Secured Convertible Term Loan

 

Fixed

 

 

 

 

3.50% Cash + 3.50% PIK

 

 

 

7.00

%

 

4/30/2025

 

$

1,666,962

 

 

$

1,666,962

 

 

$

1,775,314

 

 

D/H/J

SellerX Germany GmbH & Co. Kg (Germany)

 

First Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

8.00% Cash + 3.00% PIK

 

 

 

16.54

%

 

11/23/2025

 

$

6,441,234

 

 

 

6,398,012

 

 

 

6,441,235

 

 

D/H/J/M

Thras.io, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

12.50

%

 

12/18/2026

 

$

7,264,615

 

 

 

7,181,077

 

 

 

5,448,463

 

 

O

Thras.io, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

12.50

%

 

12/18/2026

 

$

3,044,985

 

 

 

2,995,991

 

 

 

2,283,740

 

 

O

Whele LLC (Perch)

 

First Lien Incremental Term Loan

 

SOFR(M)

 

 

1.00

%

 

8.50% Cash + 3.00% PIK

 

 

 

16.82

%

 

10/15/2025

 

$

6,531,157

 

 

 

6,559,614

 

 

 

5,466,578

 

 

D

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48,822,495

 

 

 

45,041,126

 

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2-10 Holdco, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.00

%

 

 

11.20

%

 

3/26/2026

 

$

6,438,127

 

 

 

6,367,528

 

 

 

6,320,309

 

 

 

2-10 Holdco, Inc.

 

First Lien Revolver

 

SOFR(M)

 

 

0.75

%

 

 

6.00

%

 

 

11.20

%

 

3/26/2026

 

$

 

 

 

(2,640

)

 

 

(4,397

)

 

M

Accordion Partners LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.49

%

 

8/29/2029

 

$

5,329,370

 

 

 

5,221,524

 

 

 

5,254,759

 

 

 

Accordion Partners LLC

 

First Lien Delayed Draw Term Loan A

 

SOFR(Q)

 

 

0.75

%

 

 

6.50

%

 

 

11.74

%

 

8/29/2029

 

$

467,786

 

 

 

463,936

 

 

 

466,383

 

 

 

Accordion Partners LLC

 

First Lien Delayed Draw Term Loan B

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.29

%

 

8/29/2029

 

$

584,733

 

 

 

566,453

 

 

 

576,546

 

 

 

Accordion Partners LLC

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.49

%

 

8/31/2028

 

$

 

 

 

(9,115

)

 

 

(6,549

)

 

M

Callodine Commercial Finance, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

9.00

%

 

 

14.50

%

 

11/3/2025

 

$

25,000,000

 

 

 

25,000,000

 

 

 

24,850,000

 

 

 

Callodine Commercial Finance, LLC

 

Subordinated Debt

 

SOFR(M)

 

 

0.25

%

 

 

8.50

%

 

 

13.90

%

 

10/8/2027

 

$

5,000,000

 

 

 

5,000,000

 

 

 

4,955,000

 

 

R

GC Champion Acquisition LLC (Numerix)

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

6.75

%

 

 

11.78

%

 

8/21/2028

 

$

7,122,636

 

 

 

7,002,230

 

 

 

7,005,113

 

 

 

GC Champion Acquisition LLC (Numerix)

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

6.75

%

 

 

11.78

%

 

8/21/2028

 

$

1,978,510

 

 

 

1,942,991

 

 

 

1,945,865

 

 

 

Gordon Brothers Finance Company

 

Unsecured Debt

 

LIBOR(M)

 

 

1.00

%

 

 

11.00

%

 

 

18.19

%

 

10/31/2021

 

$

37,183,232

 

 

 

37,183,232

 

 

 

14,999,000

 

 

G/Q/S

Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC)

 

Second Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

8.50

%

 

 

13.71

%

 

7/5/2026

 

$

5,000,000

 

 

 

4,939,026

 

 

 

4,890,000

 

 

 

Wealth Enhancement Group, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)/(S)

 

 

1.00

%

 

 

6.25

%

 

 

11.09

%

 

10/4/2027

 

$

5,186,938

 

 

 

5,166,802

 

 

 

5,026,273

 

 

M

Wealth Enhancement Group, LLC

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.25

%

 

 

11.09

%

 

10/4/2027

 

$

 

 

 

(1,655

)

 

 

(9,177

)

 

M

Worldremit Group Limited (United Kingdom)

 

First Lien Term Loan (3.0% Exit Fee)

 

SOFR(Q)/(M)

 

 

1.00

%

 

 

9.25

%

 

 

14.65

%

 

2/11/2025

 

$

11,300,000

 

 

 

11,195,483

 

 

 

11,017,500

 

 

H/J

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

110,035,795

 

 

 

87,286,625

 

 

 

Health Care Providers & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INH Buyer, Inc. (IMS Health)

 

First Lien Term Loan (1.5% Exit Fee)

 

SOFR(Q)

 

 

1.00

%

 

3.50% Cash + 3.50% PIK

 

 

 

12.34

%

 

6/28/2028

 

$

2,737,517

 

 

 

2,693,030

 

 

 

2,258,451

 

 

D

Opco Borrower, LLC (Giving Home Health Care)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.84

%

 

8/19/2027

 

$

337,305

 

 

 

334,450

 

 

 

337,035

 

 

 

Opco Borrower, LLC (Giving Home Health Care)

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.84

%

 

8/19/2027

 

$

 

 

 

(260

)

 

 

(25

)

 

M

Outcomes Group Holdings, Inc.

 

Second Lien Term Loan

 

LIBOR(M)

 

 

 

 

 

7.50

%

 

 

12.69

%

 

10/26/2026

 

$

5,769,231

 

 

 

5,764,494

 

 

 

5,653,846

 

 

 

Outcomes Group Holdings, Inc.

 

Second Lien Term Loan

 

SOFR(M)

 

 

0.50

%

 

 

7.50

%

 

 

12.70

%

 

10/26/2026

 

$

3,538,462

 

 

 

3,497,961

 

 

 

3,432,308

 

 

 

PHC Buyer, LLC (Patriot Home Care)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.26

%

 

5/4/2028

 

$

3,779,650

 

 

 

3,716,789

 

 

 

3,702,545

 

 

 

PHC Buyer, LLC (Patriot Home Care)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.26

%

 

5/4/2028

 

$

 

 

 

(8,978

)

 

 

(29,670

)

 

M

Team Services Group, LLC

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

9.00

%

 

 

14.27

%

 

11/13/2028

 

$

6,554,543

 

 

 

6,405,594

 

 

 

6,095,725

 

 

O

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,403,080

 

 

 

21,450,215

 

 

 

Health Care Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appriss Health, LLC (PatientPing)

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

7.25

%

 

 

11.90

%

 

5/6/2027

 

$

2,861,520

 

 

 

2,824,047

 

 

 

2,749,920

 

 

 

Appriss Health, LLC (PatientPing)

 

First Lien Revolver

 

LIBOR(M)

 

 

1.00

%

 

 

7.25

%

 

 

11.90

%

 

5/6/2027

 

$

 

 

 

(2,465

)

 

 

(7,477

)

 

M

CareATC, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.75

%

 

 

13.07

%

 

3/14/2026

 

$

7,664,445

 

 

 

7,582,993

 

 

 

7,480,498

 

 

 

CareATC, Inc.

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.75

%

 

 

13.07

%

 

3/14/2026

 

$

 

 

 

(3,074

)

 

 

(8,114

)

 

M

ESO Solutions, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

12.25

%

 

5/3/2027

 

$

8,380,593

 

 

 

8,255,135

 

 

 

8,036,989

 

 

 

ESO Solutions, Inc.

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

12.33

%

 

5/3/2027

 

$

369,758

 

 

 

361,836

 

 

 

344,492

 

 

M

Gainwell Acquisition Corp.

 

Second Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

8.00

%

 

 

13.04

%

 

10/2/2028

 

$

2,016,737

 

 

 

2,009,227

 

 

 

1,988,503

 

 

 

Sandata Technologies, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

 

 

 

6.00

%

 

 

11.50

%

 

7/23/2024

 

$

4,500,000

 

 

 

4,485,352

 

 

 

4,459,500

 

 

 

Sandata Technologies, LLC

 

First Lien Revolver

 

LIBOR(Q)/SOFR(Q)

 

 

 

 

 

6.00

%

 

 

11.46

%

 

7/23/2024

 

$

500,000

 

 

 

498,343

 

 

 

495,500

 

 

T

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26,011,394

 

 

 

25,539,811

 

 

 

Hotels, Restaurants & Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OCM Luxembourg Baccarat Bidco S.À R.L. (Interblock) (Slovenia)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.48

%

 

6/3/2027

 

$

5,208,243

 

 

 

5,121,332

 

 

 

5,083,245

 

 

H/J

OCM Luxembourg Baccarat Bidco S.À R.L. (Interblock) (Slovenia)

 

First Lien Revolver

 

PRIME

 

 

0.75

%

 

 

5.25

%

 

 

13.50

%

 

6/3/2027

 

$

209,904

 

 

 

203,265

 

 

 

199,829

 

 

H/J/M

Showtime Acquisition, L.L.C. (World Choice)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.67

%

 

8/7/2028

 

$

6,109,360

 

 

 

5,937,108

 

 

 

5,938,909

 

 

 

Showtime Acquisition, L.L.C. (World Choice)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.67

%

 

8/7/2028

 

$

 

 

 

(4,851

)

 

 

(9,740

)

 

M

Showtime Acquisition, L.L.C. (World Choice)

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.67

%

 

8/7/2028

 

$

 

 

 

(12,150

)

 

 

(12,175

)

 

M

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,244,704

 

 

 

11,200,068

 

 

 

 

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

8


 

BlackRock Capital Investment Corporation

Consolidated Schedules of Investments—(Continued)

June 30, 2023

(Unaudited)

Issuer(N/P)

 

Instrument

 

Ref(E)

 

Floor

 

 

Spread

 

 

Total Coupon

 

 

Maturity

 

Principal

 

 

Cost(A)

 

 

Fair
Value(B)

 

 

Notes

Debt Investments - Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AmeriLife Holdings, LLC

 

First Lien Term Loan

 

SOFR(S)

 

 

0.75

%

 

 

5.75

%

 

 

10.88

%

 

8/31/2029

 

$

4,101,143

 

 

$

4,027,208

 

 

$

3,974,007

 

 

 

AmeriLife Holdings, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

0.75

%

 

 

5.75

%

 

 

10.62

%

 

8/31/2029

 

$

683,524

 

 

 

668,050

 

 

 

651,687

 

 

M

AmeriLife Holdings, LLC

 

First Lien Revolver

 

SOFR(S)

 

 

0.75

%

 

 

5.75

%

 

 

10.99

%

 

8/31/2028

 

$

85,870

 

 

 

76,971

 

 

 

69,898

 

 

M

Integrity Marketing Acquisition, LLC

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.50

%

 

 

11.76

%

 

8/27/2025

 

$

5,141,914

 

 

 

5,067,580

 

 

 

5,121,347

 

 

 

Integrity Marketing Acquisition, LLC

 

First Lien Incremental Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.50

%

 

 

11.76

%

 

8/27/2025

 

$

 

 

 

(325,381

)

 

 

(20,671

)

 

M

IT Parent, LLC (Insurance Technologies)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.25

%

 

 

11.45

%

 

10/1/2026

 

$

1,923,785

 

 

 

1,901,403

 

 

 

1,781,425

 

 

 

IT Parent, LLC (Insurance Technologies)

 

First Lien Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.25

%

 

 

11.46

%

 

10/1/2026

 

$

208,333

 

 

 

205,459

 

 

 

189,833

 

 

M

Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.00

%

 

 

11.22

%

 

11/1/2028

 

$

848,095

 

 

 

837,517

 

 

 

820,108

 

 

 

Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.00

%

 

 

11.22

%

 

11/1/2028

 

$

2,122,239

 

 

 

2,097,830

 

 

 

2,052,205

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,556,637

 

 

 

14,639,839

 

 

 

Internet & Catalog Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CommerceHub, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.47

%

 

12/29/2027

 

$

2,214,586

 

 

 

2,074,398

 

 

 

2,075,067

 

 

 

Syndigo, LLC

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

0.75

%

 

 

8.00

%

 

 

13.55

%

 

12/14/2028

 

$

4,673,472

 

 

 

4,620,771

 

 

 

3,925,717

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,695,169

 

 

 

6,000,784

 

 

 

Internet Software & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anaconda, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.73

%

 

8/22/2027

 

$

1,938,957

 

 

 

1,921,915

 

 

 

1,902,116

 

 

 

Astra Acquisition Corp. (Anthology)

 

Second Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

8.88

%

 

 

14.09

%

 

10/25/2029

 

$

7,164,842

 

 

 

7,045,756

 

 

 

3,851,103

 

 

O

Bynder Bidco B.V. (Netherlands)

 

First Lien Term Loan B

 

SOFR(S)

 

 

1.00

%

 

 

7.25

%

 

 

12.05

%

 

1/26/2029

 

$

4,653,609

 

 

 

4,519,598

 

 

 

4,523,308

 

 

H/J

Bynder Bidco B.V. (Netherlands)

 

First Lien Revolver B

 

SOFR(S)

 

 

1.00

%

 

 

7.25

%

 

 

12.05

%

 

1/26/2029

 

$

 

 

 

(10,514

)

 

 

(10,568

)

 

H/J/M

Bynder Bidco, Inc. (Netherlands)

 

First Lien Term Loan A

 

SOFR(S)

 

 

1.00

%

 

 

7.25

%

 

 

12.05

%

 

1/26/2029

 

$

1,283,754

 

 

 

1,246,786

 

 

 

1,247,809

 

 

H/J

Bynder Bidco, Inc. (Netherlands)

 

First Lien Revolver A

 

SOFR(S)

 

 

1.00

%

 

 

7.25

%

 

 

12.05

%

 

1/26/2029

 

$

 

 

 

(2,897

)

 

 

(2,912

)

 

H/J/M

Gympass US, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

4.00% Cash + 4.00% PIK

 

 

 

13.26

%

 

7/8/2027

 

$

1,962,111

 

 

 

1,946,678

 

 

 

1,942,490

 

 

D

InMoment, Inc.

 

First Lien Term Loan

 

SOFR(S)

 

 

0.75

%

 

5.00% Cash + 2.50% PIK

 

 

 

12.34

%

 

6/8/2028

 

$

11,605,782

 

 

 

11,409,369

 

 

 

11,327,243

 

 

D

Magenta Buyer, LLC (McAfee)

 

First Lien Incremental Term Loan

 

Fixed

 

 

 

 

 

12.00

%

 

 

12.00

%

 

7/27/2028

 

$

1,303,641

 

 

 

1,189,567

 

 

 

1,055,949

 

 

O

Magenta Buyer, LLC (McAfee)

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

0.75

%

 

 

8.25

%

 

 

13.53

%

 

7/27/2029

 

$

7,000,000

 

 

 

6,918,149

 

 

 

4,515,000

 

 

O

Oranje Holdco, Inc. (KnowBe4)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.75

%

 

 

12.79

%

 

2/1/2029

 

$

3,336,406

 

 

 

3,257,582

 

 

 

3,276,351

 

 

 

Oranje Holdco, Inc. (KnowBe4)

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.75

%

 

 

12.79

%

 

2/1/2029

 

$

 

 

 

(9,708

)

 

 

(7,507

)

 

M

Persado, Inc.

 

First Lien Term Loan (6.575% Exit Fee)

 

SOFR(M)

 

 

1.80

%

 

 

7.50

%

 

 

12.66

%

 

6/10/2027

 

$

4,956,117

 

 

 

4,899,712

 

 

 

4,539,804

 

 

 

Persado, Inc.

 

First Lien Delayed Draw Term Loan (6.575% Exit Fee)

 

SOFR(M)

 

 

1.80

%

 

 

7.50

%

 

 

12.66

%

 

6/10/2027

 

$

1,328,125

 

 

 

1,321,098

 

 

 

1,216,563

 

 

 

Pluralsight, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

8.00

%

 

 

13.04

%

 

4/6/2027

 

$

12,069,635

 

 

 

11,899,910

 

 

 

11,514,431

 

 

 

Pluralsight, Inc.

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

8.00

%

 

 

13.04

%

 

4/6/2027

 

$

465,183

 

 

 

453,334

 

 

 

422,386

 

 

M

Quartz Holding Company (Quick Base)

 

Second Lien Term Loan

 

SOFR(M)

 

 

 

 

 

8.00

%

 

 

13.20

%

 

4/2/2027

 

$

5,512,958

 

 

 

5,454,805

 

 

 

5,485,393

 

 

 

Reveal Data Corporation et al

 

First Lien FILO Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

6.50

%

 

 

10.22

%

 

3/9/2028

 

$

2,814,549

 

 

 

2,758,537

 

 

 

2,743,905

 

 

 

Sailpoint Technologies Holdings, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.25

%

 

 

11.35

%

 

8/16/2029

 

$

4,111,714

 

 

 

4,037,431

 

 

 

4,085,810

 

 

 

Sailpoint Technologies Holdings, Inc.

 

First Lien Revolver

 

SOFR(M)

 

 

0.75

%

 

 

6.25

%

 

 

11.35

%

 

8/16/2028

 

$

 

 

 

(5,710

)

 

 

(2,470

)

 

M

Spartan Bidco Pty Ltd (StarRez) (Australia)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

0.75% Cash + 6.25% PIK

 

 

 

12.22

%

 

1/24/2028

 

$

3,967,055

 

 

 

3,901,592

 

 

 

3,895,648

 

 

D/H/J

Suited Connector, LLC

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

6.00% Cash + 2.00% PIK

 

 

 

13.31

%

 

12/1/2027

 

$

1,403,137

 

 

 

1,380,555

 

 

 

1,021,483

 

 

D

Suited Connector, LLC

 

First Lien Revolver

 

SOFR(S)

 

 

1.00

%

 

6.00% Cash + 2.00% PIK

 

 

 

13.36

%

 

12/1/2027

 

$

231,387

 

 

 

227,846

 

 

 

168,449

 

 

D

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

75,761,391

 

 

 

68,711,784

 

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avalara, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

12.49

%

 

10/19/2028

 

$

2,250,000

 

 

 

2,199,467

 

 

 

2,238,750

 

 

 

Avalara, Inc.

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

12.49

%

 

10/19/2028

 

$

 

 

 

(4,976

)

 

 

(1,125

)

 

M

Ensono, Inc.

 

Second Lien Term Loan B

 

SOFR(M)

 

 

 

 

 

8.00

%

 

 

13.22

%

 

5/28/2029

 

$

5,000,000

 

 

 

4,963,345

 

 

 

4,535,000

 

 

 

Idera, Inc.

 

Second Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.75

%

 

 

12.01

%

 

2/4/2029

 

$

2,867,296

 

 

 

2,852,573

 

 

 

2,508,884

 

 

O

Madison Logic Holdings, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

12.24

%

 

12/29/2028

 

$

4,996,249

 

 

 

4,854,068

 

 

 

4,861,350

 

 

 

Madison Logic Holdings, Inc.

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

12.24

%

 

12/30/2027

 

$

 

 

 

(9,717

)

 

 

(9,706

)

 

M

Serrano Parent, LLC (Sumo Logic)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.60

%

 

5/13/2030

 

$

6,079,701

 

 

 

5,928,018

 

 

 

5,970,267

 

 

 

Serrano Parent, LLC (Sumo Logic)

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.60

%

 

5/13/2030

 

$

 

 

 

(14,916

)

 

 

(10,943

)

 

M

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20,767,862

 

 

 

20,092,477

 

 

 

Leisure Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Peloton Interactive, Inc.

 

First Lien Term Loan

 

SOFR(S)

 

 

0.50

%

 

 

7.00

%

 

 

12.26

%

 

5/25/2027

 

$

2,618,343

 

 

 

2,539,706

 

 

 

2,605,251

 

 

J/O

 

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

9


 

BlackRock Capital Investment Corporation

Consolidated Schedules of Investments—(Continued)

June 30, 2023

(Unaudited)

Issuer(N/P)

 

Instrument

 

Ref(E)

 

Floor

 

 

Spread

 

 

Total Coupon

 

 

Maturity

 

Principal

 

 

Cost(A)

 

 

Fair
Value(B)

 

 

Notes

Debt Investments - Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Life Sciences Tools & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alcami Corporation

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.00

%

 

 

12.20

%

 

12/21/2028

 

$

2,191,298

 

 

$

2,119,217

 

 

$

2,169,385

 

 

 

Alcami Corporation

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.00

%

 

 

12.20

%

 

12/21/2028

 

$

 

 

 

(5,892

)

 

 

(1,835

)

 

M

Alcami Corporation

 

First Lien Revolver

 

SOFR(M)

 

 

1.00

%

 

 

7.00

%

 

 

12.20

%

 

12/21/2028

 

$

 

 

 

(9,401

)

 

 

(2,936

)

 

M

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,103,924

 

 

 

2,164,614

 

 

 

Machinery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sonny's Enterprises, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

11.96

%

 

8/5/2028

 

$

6,197,278

 

 

 

6,069,291

 

 

 

6,079,530

 

 

 

Sonny's Enterprises, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

11.96

%

 

8/5/2028

 

$

 

 

 

(4,970

)

 

 

(3,886

)

 

M

Sonny's Enterprises, LLC

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

11.96

%

 

8/5/2027

 

$

 

 

 

(4,273

)

 

 

(3,368

)

 

M

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,060,048

 

 

 

6,072,276

 

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NEP Group, Inc. et al

 

First Lien Term Loan

 

SOFR(M)

 

 

 

 

 

3.25

%

 

 

8.47

%

 

10/20/2025

 

$

658,609

 

 

 

607,272

 

 

 

589,949

 

 

O

NEP Group, Inc. et al

 

Second Lien Term Loan

 

SOFR(M)

 

 

 

 

 

7.00

%

 

 

12.22

%

 

10/19/2026

 

$

3,131,760

 

 

 

2,943,355

 

 

 

2,248,353

 

 

O

Streamland Media Midco LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

12.06

%

 

8/31/2023

 

$

377,150

 

 

 

376,011

 

 

 

362,064

 

 

 

Terraboost Media Operating Company, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.89

%

 

8/23/2026

 

$

3,615,463

 

 

 

3,563,792

 

 

 

3,315,380

 

 

D

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,490,430

 

 

 

6,515,746

 

 

 

Paper & Forest Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alpine Acquisition Corp II (48Forty)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

5.75

%

 

 

11.01

%

 

11/30/2026

 

$

10,013,136

 

 

 

9,833,755

 

 

 

9,726,761

 

 

 

Alpine Acquisition Corp II (48Forty)

 

First Lien Revolver

 

SOFR(M)

 

 

1.00

%

 

 

5.75

%

 

 

11.01

%

 

11/30/2026

 

$

134,008

 

 

 

119,338

 

 

 

114,844

 

 

M

FSK Pallet Holding Corp. (Kamps)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.25

%

 

 

6.00

%

 

 

11.04

%

 

12/23/2026

 

$

3,516,226

 

 

 

3,420,858

 

 

 

3,410,036

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,373,951

 

 

 

13,251,641

 

 

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DTI Holdco, Inc. (Epiq Systems, Inc.)

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.75

%

 

 

12.80

%

 

4/26/2030

 

$

5,007,465

 

 

 

4,923,315

 

 

 

4,306,420

 

 

 

GI Consilio Parent, LLC

 

Second Lien Term Loan

 

LIBOR(M)

 

 

0.50

%

 

 

7.50

%

 

 

12.69

%

 

5/14/2029

 

$

5,000,000

 

 

 

4,966,445

 

 

 

4,885,000

 

 

 

ICIMS, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

3.38% Cash + 3.88% PIK

 

 

 

12.38

%

 

8/18/2028

 

$

11,060,029

 

 

 

10,889,671

 

 

 

10,982,609

 

 

D

ICIMS, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

3.38% Cash + 3.88% PIK

 

 

 

12.38

%

 

8/18/2028

 

$

221,336

 

 

 

221,336

 

 

 

200,772

 

 

D/M

ICIMS, Inc.

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.75

%

 

 

11.99

%

 

8/18/2028

 

$

175,907

 

 

 

160,122

 

 

 

168,534

 

 

M

JobandTalent USA, Inc. (United Kingdom)

 

First Lien Term Loan (3.0% Exit Fee)

 

SOFR(M)

 

 

1.00

%

 

 

8.75

%

 

 

13.96

%

 

2/17/2025

 

$

9,892,491

 

 

 

9,784,932

 

 

 

9,694,641

 

 

H/J

JobandTalent USA, Inc. (United Kingdom)

 

First Lien Delayed Draw Term Loan (3.0% Exit Fee)

 

SOFR(M)

 

 

1.00

%

 

 

8.75

%

 

 

13.96

%

 

2/17/2025

 

$

5,300,000

 

 

 

5,248,511

 

 

 

5,194,000

 

 

H/J

TLE Holdings, LLC

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

5.50

%

 

 

10.70

%

 

6/28/2024

 

$

3,800,366

 

 

 

3,634,043

 

 

 

3,724,359

 

 

 

TLE Holdings, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

5.50

%

 

 

10.70

%

 

6/28/2024

 

$

972,883

 

 

 

930,304

 

 

 

953,425

 

 

 

VT TopCo, Inc. (Veritext)

 

Second Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.75

%

 

 

11.97

%

 

8/4/2026

 

$

1,064,655

 

 

 

1,060,238

 

 

 

1,010,091

 

 

O

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

41,818,917

 

 

 

41,119,851

 

 

 

Real Estate Management & Development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Greystone Affordable Housing Initiatives, LLC

 

First Lien Delayed Draw Term Loan

 

LIBOR(S)

 

 

1.25

%

 

 

6.00

%

 

 

11.14

%

 

3/2/2026

 

$

1,866,667

 

 

 

1,866,667

 

 

 

1,846,133

 

 

J

Greystone Select Company II, LLC (Passco)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.50

%

 

 

6.50

%

 

 

11.72

%

 

3/21/2027

 

$

4,661,332

 

 

 

4,583,459

 

 

 

4,602,600

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,450,126

 

 

 

6,448,733

 

 

 

Road & Rail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Motive Technologies, Inc. (fka Keep Truckin, Inc.)

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

7.25

%

 

 

12.77

%

 

4/8/2025

 

$

15,000,000

 

 

 

14,876,102

 

 

 

14,850,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Semiconductors & Semiconductor Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Emerald Technologies (U.S.) AcquisitionCo, Inc

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.25

%

 

 

11.66

%

 

12/29/2027

 

$

1,874,846

 

 

 

1,843,897

 

 

 

1,781,103

 

 

 

Emerald Technologies (U.S.) AcquisitionCo, Inc

 

First Lien Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.00

%

 

 

11.22

%

 

12/29/2026

 

$

420,175

 

 

 

349,434

 

 

 

365,295

 

 

M

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,193,331

 

 

 

2,146,398

 

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospike, Inc.

 

First Lien Term Loan (0.50% Exit Fee)

 

SOFR(M)

 

 

1.00

%

 

 

7.50

%

 

 

12.72

%

 

12/29/2025

 

$

2,416,867

 

 

 

2,401,989

 

 

 

2,384,723

 

 

 

Aerospike, Inc.

 

First Lien Delayed Draw Term Loan (0.50% Exit Fee)

 

SOFR(M)

 

 

1.00

%

 

 

7.50

%

 

 

12.75

%

 

12/29/2025

 

$

1,054,373

 

 

 

1,031,415

 

 

 

1,040,367

 

 

 

AlphaSense, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.00

%

 

 

12.19

%

 

3/11/2027

 

$

8,673,018

 

 

 

8,604,138

 

 

 

8,666,947

 

 

 

Aras Corporation

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

3.50% Cash + 3.25% PIK

 

 

 

11.99

%

 

4/13/2027

 

$

4,527,228

 

 

 

4,474,770

 

 

 

4,377,829

 

 

D

 

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

10


 

BlackRock Capital Investment Corporation

Consolidated Schedules of Investments—(Continued)

June 30, 2023

(Unaudited)

Issuer(N/P)

 

Instrument

 

Ref(E)

 

Floor

 

 

Spread

 

 

Total Coupon

 

 

Maturity

 

Principal

 

 

Cost(A)

 

 

Fair
Value(B)

 

 

Notes

Debt Investments - Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aras Corporation

 

First Lien Revolver

 

LIBOR(Q)/(S)

 

 

1.00

%

 

 

6.50

%

 

 

11.66

%

 

4/13/2027

 

$

204,763

 

 

$

200,854

 

 

$

194,627

 

 

M

Backoffice Associates Holdings, LLC (Syniti)

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

7.75

%

 

 

13.03

%

 

4/30/2026

 

$

4,886,506

 

 

 

4,799,191

 

 

 

4,896,278

 

 

 

Backoffice Associates Holdings, LLC (Syniti)

 

First Lien Revolver

 

PRIME

 

 

1.00

%

 

 

6.75

%

 

 

15.00

%

 

4/30/2026

 

$

657,055

 

 

 

645,168

 

 

 

657,055

 

 

 

Bluefin Holding, LLC (BlackMountain)

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

 

 

 

7.75

%

 

 

13.23

%

 

9/3/2027

 

$

4,809,535

 

 

 

4,766,503

 

 

 

4,674,868

 

 

 

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.79

%

 

9/8/2027

 

$

2,833,333

 

 

 

2,801,462

 

 

 

2,753,717

 

 

 

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

First Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.79

%

 

9/8/2027

 

$

81,168

 

 

 

80,014

 

 

 

73,362

 

 

M

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

First Lien Revolver

 

LIBOR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

11.72

%

 

9/8/2027

 

$

273,311

 

 

 

270,289

 

 

 

265,505

 

 

M

Disco Parent, Inc. (Duck Creek Technologies)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.76

%

 

3/30/2029

 

$

5,131,318

 

 

 

5,005,624

 

 

 

5,049,217

 

 

 

Disco Parent, Inc. (Duck Creek Technologies)

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.76

%

 

3/30/2029

 

$

 

 

 

(12,307

)

 

 

(8,210

)

 

M

Elastic Path Software Inc. (Canada)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.70

%

 

1/6/2026

 

$

1,893,754

 

 

 

1,881,974

 

 

 

1,888,072

 

 

H/J

Elastic Path Software Inc. (Canada)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.99

%

 

1/6/2026

 

$

961,395

 

 

 

953,620

 

 

 

958,511

 

 

H/J

Fusion Risk Management, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

3.50% Cash + 4.00% PIK

 

 

 

12.63

%

 

5/22/2029

 

$

4,464,286

 

 

 

4,375,654

 

 

 

4,379,464

 

 

D

Fusion Risk Management, Inc.

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

12.13

%

 

5/22/2029

 

$

 

 

 

(10,533

)

 

 

(10,179

)

 

M

Grey Orange Incorporated

 

First Lien Term Loan (3.75% Exit Fee)

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.58

%

 

5/6/2026

 

$

1,539,384

 

 

 

1,527,175

 

 

 

1,522,758

 

 

 

Grey Orange Incorporated

 

First Lien Delayed Draw Term Loan (3.75% Exit Fee)

 

SOFR(Q)/(S)

 

 

1.00

%

 

 

7.25

%

 

 

12.58

%

 

5/6/2026

 

$

1,539,384

 

 

 

1,528,197

 

 

 

1,522,758

 

 

 

GTY Technology Holdings Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

2.58% Cash + 4.30% PIK

 

 

 

12.12

%

 

7/9/2029

 

$

2,001,487

 

 

 

1,968,068

 

 

 

1,988,077

 

 

D

GTY Technology Holdings Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

2.58% Cash + 4.30% PIK

 

 

 

12.10

%

 

7/9/2029

 

$

1,546,457

 

 

 

1,519,368

 

 

 

1,536,096

 

 

D

GTY Technology Holdings Inc.

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.47

%

 

7/9/2029

 

$

 

 

 

(6,037

)

 

 

(2,337

)

 

M

Integrate.com, Inc. (Infinity Data, Inc.)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

3.00% Cash + 3.00% PIK

 

 

 

11.20

%

 

12/17/2027

 

$

1,865,874

 

 

 

1,829,377

 

 

 

1,799,449

 

 

D

Integrate.com, Inc. (Infinity Data, Inc.)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

3.00% Cash + 3.00% PIK

 

 

 

11.19

%

 

12/17/2027

 

$

100,000

 

 

 

97,705

 

 

 

90,507

 

 

D/M

Integrate.com, Inc. (Infinity Data, Inc.)

 

First Lien Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.00

%

 

 

11.19

%

 

12/17/2027

 

$

 

 

 

(1,997

)

 

 

(4,747

)

 

M

JOBVITE, Inc. (Employ, Inc.)

 

First Lien Term Loan

 

SOFR(S)

 

 

0.75

%

 

 

8.00

%

 

 

13.07

%

 

8/5/2028

 

$

7,017,052

 

 

 

6,861,264

 

 

 

6,852,152

 

 

 

Kaseya Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

3.75% Cash + 2.50% PIK

 

 

 

11.35

%

 

6/25/2029

 

$

7,444,189

 

 

 

7,345,047

 

 

 

7,243,196

 

 

D

Kaseya Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

0.75

%

 

3.75% Cash + 2.50% PIK

 

 

 

11.36

%

 

6/25/2029

 

$

27,757

 

 

 

24,841

 

 

 

15,471

 

 

D/M

Kaseya Inc.

 

First Lien Revolver

 

SOFR(M)

 

 

0.75

%

 

3.75% Cash + 2.50% PIK

 

 

 

11.36

%

 

6/25/2029

 

$

113,760

 

 

 

107,915

 

 

 

101,474

 

 

D/M

Kong Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

5.50% Cash + 3.25% PIK

 

 

 

14.02

%

 

11/1/2027

 

$

2,134,656

 

 

 

2,094,476

 

 

 

2,113,949

 

 

D

Nvest, Inc. (SigFig)

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

7.50

%

 

 

13.15

%

 

9/15/2025

 

$

2,349,466

 

 

 

2,325,368

 

 

 

2,277,572

 

 

 

Oversight Systems, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.75

%

 

 

12.95

%

 

9/24/2026

 

$

1,608,107

 

 

 

1,586,095

 

 

 

1,577,392

 

 

 

Oversight Systems, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.75

%

 

 

12.95

%

 

9/24/2026

 

$

 

 

 

(1,397

)

 

 

(1,389

)

 

M

SEP Eiger BidCo Ltd. (Beqom) (Switzerland)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

3.00% Cash + 3.50% PIK

 

 

 

11.54

%

 

5/9/2028

 

$

5,873,287

 

 

 

5,775,615

 

 

 

5,819,252

 

 

D/H/J

SEP Eiger BidCo Ltd. (Beqom) (Switzerland)

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.54

%

 

5/9/2028

 

$

 

 

 

(9,543

)

 

 

(5,413

)

 

H/J/M

SEP Raptor Acquisition, Inc. (Loopio) (Canada)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

12.89

%

 

3/31/2027

 

$

3,828,161

 

 

 

3,778,273

 

 

 

3,759,254

 

 

H/J

SEP Raptor Acquisition, Inc. (Loopio) (Canada)

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

12.89

%

 

3/31/2027

 

$

 

 

 

(5,135

)

 

 

(7,373

)

 

H/J/M

Superman Holdings, LLC (Foundation Software)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.75

%

 

 

10.99

%

 

8/31/2027

 

$

6,054,235

 

 

 

5,945,747

 

 

 

5,927,096

 

 

 

Superman Holdings, LLC (Foundation Software)

 

First Lien 2023 Incremental Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.75

%

 

 

10.99

%

 

8/31/2027

 

$

 

 

 

(4,140

)

 

 

(7,237

)

 

M

Superman Holdings, LLC (Foundation Software)

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

5.75

%

 

 

10.99

%

 

8/31/2026

 

$

 

 

 

(4,372

)

 

 

(6,918

)

 

M

Syntellis Parent, LLC (Axiom Software)

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.50

%

 

 

11.60

%

 

8/2/2027

 

$

7,613,616

 

 

 

7,477,716

 

 

 

7,446,117

 

 

 

Tessian Inc. (United Kingdom)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

8.00

%

 

 

13.26

%

 

3/15/2028

 

$

2,236,105

 

 

 

2,193,106

 

 

 

2,193,619

 

 

H/J

Zendesk, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

3.50% Cash + 3.50% PIK

 

 

 

12.25

%

 

11/22/2028

 

$

5,235,769

 

 

 

5,141,742

 

 

 

5,220,062

 

 

D

Zendesk, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

3.50% Cash + 3.50% PIK

 

 

 

12.25

%

 

11/22/2028

 

$

 

 

 

(11,665

)

 

 

(3,893

)

 

D/M

Zendesk, Inc.

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.50

%

 

 

11.75

%

 

11/22/2028

 

$

 

 

 

(9,632

)

 

 

(1,603

)

 

M

Zilliant Incorporated

 

First Lien Term Loan

 

LIBOR(M)

 

 

0.75

%

 

2.00% Cash + 4.50% PIK

 

 

 

11.65

%

 

12/21/2027

 

$

1,586,831

 

 

 

1,563,715

 

 

 

1,505,902

 

 

D

Zilliant Incorporated

 

First Lien Delayed Draw Term Loan

 

LIBOR(M)

 

 

0.75

%

 

2.00% Cash + 4.50% PIK

 

 

 

11.65

%

 

12/21/2027

 

$

 

 

 

(1,832

)

 

 

(18,889

)

 

D/M

Zilliant Incorporated

 

First Lien Revolver

 

LIBOR(M)

 

 

0.75

%

 

 

6.00

%

 

 

11.15

%

 

12/21/2027

 

$

 

 

 

(2,214

)

 

 

(7,556

)

 

M

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

102,902,671

 

 

 

102,686,951

 

 

 

 

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

11


 

BlackRock Capital Investment Corporation

Consolidated Schedules of Investments—(Continued)

June 30, 2023

(Unaudited)

Issuer(N/P)

 

Instrument

 

Ref(E)

 

Floor

 

 

Spread

 

 

Total Coupon

 

 

Maturity

 

Principal

 

 

Cost(A)

 

 

Fair
Value(B)

 

 

Notes

Debt Investments - Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calceus Acquisition, Inc. (Cole Haan)

 

First Lien Term Loan B

 

LIBOR(Q)

 

 

 

 

 

5.50

%

 

 

11.04

%

 

2/12/2025

 

$

3,574,667

 

 

$

3,363,498

 

 

$

3,443,584

 

 

O

Calceus Acquisition, Inc. (Cole Haan)

 

First Lien Sr Secured Notes

 

Fixed

 

 

 

 

 

9.75

%

 

 

9.75

%

 

2/19/2025

 

$

1,000,000

 

 

 

988,074

 

 

 

988,000

 

 

 

Hanna Andersson, LLC

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

6.00

%

 

 

11.15

%

 

7/2/2026

 

$

6,760,544

 

 

 

6,674,758

 

 

 

6,226,461

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,026,330

 

 

 

10,658,045

 

 

 

Technology Hardware, Storage & Peripherals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SumUp Holdings Luxembourg S.A.R.L. (United Kingdom)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

12.37

%

 

2/17/2026

 

$

10,842,857

 

 

 

10,716,567

 

 

 

10,691,057

 

 

H/J

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Textiles, Apparel & Luxury Goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

James Perse Enterprises, Inc.

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

6.25

%

 

 

11.38

%

 

9/8/2027

 

$

9,862,348

 

 

 

9,747,584

 

 

 

9,912,646

 

 

 

James Perse Enterprises, Inc.

 

First Lien Revolver

 

SOFR(S)

 

 

1.00

%

 

 

6.25

%

 

 

11.38

%

 

9/8/2027

 

$

 

 

 

(16,422

)

 

 

 

 

M

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,731,162

 

 

 

9,912,646

 

 

 

Trading Companies & Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blackbird Purchaser, Inc. (Ohio Transmission Corp.)

 

Second Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

7.50

%

 

 

12.70

%

 

4/8/2027

 

$

3,539,347

 

 

 

3,487,292

 

 

 

3,451,925

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wireless Telecommunication Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OpenMarket, Inc. (Infobip) (United Kingdom)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

11.79

%

 

9/17/2026

 

$

4,912,500

 

 

 

4,826,782

 

 

 

4,840,286

 

 

H/J

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt Investments - 188.5% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

631,409,768

 

 

 

591,905,479

 

 

 

 

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

12


 

BlackRock Capital Investment Corporation

Consolidated Schedules of Investments—(Continued)

June 30, 2023

(Unaudited)

 

Issuer(N/P)

 

Instrument

 

 

 

 

 

 

 

Total Coupon

 

 

Expiration

 

Shares

 

 

Cost(A)

 

 

Fair
Value(B)

 

 

Notes

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marsico Holdings, LLC

 

Limited Partnership/Limited Liability Company Interests

 

 

 

 

 

 

 

91,445

 

 

$

1,848,077

 

 

$

 

 

C/I

Pico Quantitative Trading Holdings, LLC

 

Warrants to Purchase Membership Units

 

 

 

 

2/7/2030

 

 

162

 

 

 

14,804

 

 

 

36,007

 

 

C/I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,862,881

 

 

 

36,007

 

 

 

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AGY Equity, LLC

 

Class A Preferred Stock

 

 

 

 

 

 

 

4,195,600

 

 

 

1,139,598

 

 

 

 

 

C/F/I

AGY Equity, LLC

 

Class B Preferred Stock

 

 

 

 

 

 

 

2,936,920

 

 

 

 

 

 

 

 

C/F/I

AGY Equity, LLC

 

Class C Common Stock

 

 

 

 

 

 

 

2,307,580

 

 

 

 

 

 

 

 

C/F/I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,139,598

 

 

 

 

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elevate Brands Holdco Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

3/14/2032

 

 

66,428

 

 

 

 

 

 

31,540

 

 

C/I

Elevate Brands Holdco Inc.

 

Warrants to Purchase Preferred Stock

 

 

 

 

3/14/2032

 

 

33,214

 

 

 

 

 

 

25,402

 

 

C/I

MXP Prime Platform GmbH (SellerX) (Germany)

 

Warrants to Purchase Preferred Series B Shares

 

 

 

 

11/23/2028

 

 

48

 

 

 

 

 

 

104,656

 

 

C/H/I/J

PerchHQ LLC

 

Warrants to Purchase Common Stock

 

 

 

 

10/15/2027

 

 

45,283

 

 

 

 

 

 

46,641

 

 

C/I/K

Razor Group GmbH (Germany)

 

Warrants to Purchase Preferred Series A1 Shares

 

 

 

 

4/28/2028

 

 

182

 

 

 

 

 

 

554,434

 

 

C/H/I/J

Razor Group GmbH (Germany)

 

Warrants to Purchase Series C Shares

 

 

 

 

4/28/2028

 

 

55

 

 

 

 

 

 

310,203

 

 

C/H/I/J

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,072,876

 

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gordon Brothers Finance Company

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

10,612

 

 

 

10,611,548

 

 

 

 

 

C/G

Gordon Brothers Finance Company

 

Preferred Stock

 

 

 

 

 

 

 

 

13.50

%

 

 

 

 

34,285

 

 

 

36,624,685

 

 

 

 

 

C/G/Q

Worldremit Group Limited (United Kingdom)

 

Warrants to Purchase Series D Stock

 

 

 

 

2/11/2031

 

 

7,662

 

 

 

 

 

 

85,201

 

 

C/H/I/J

Worldremit Group Limited (United Kingdom)

 

Warrants to Purchase Series E Stock

 

 

 

 

8/27/2031

 

 

508

 

 

 

 

 

 

930

 

 

C/H/I/J

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

47,236,233

 

 

 

86,131

 

 

 

Household Durables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stitch Holdings, L.P.

 

Limited Partnership/Limited Liability Company Interests

 

 

 

 

 

 

 

5,910

 

 

 

5,909,910

 

 

 

 

 

C/I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Internet Software & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FinancialForce.com, Inc.

 

Warrants to Purchase Series C Preferred Stock

 

 

 

 

1/30/2029

 

 

450,000

 

 

 

100,544

 

 

 

273,000

 

 

C/I

SuCo Investors, LP (Suited Connector)

 

Warrants to Purchase Class A Units

 

 

 

 

3/6/2033

 

 

1,652

 

 

 

 

 

 

 

 

C/I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100,544

 

 

 

273,000

 

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MBS Parent, LLC

 

Limited Partnership/Limited Liability Company Interests

 

 

 

 

 

 

 

546

 

 

 

 

 

 

49,500

 

 

C/L

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil, Gas & Consumable Fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TER Management Resources, LLC (fka ETX Energy Management Company, LLC)

 

Limited Partnership/Limited Liability Company Interests

 

 

 

 

 

 

 

53,815

 

 

 

 

 

 

 

 

C

Trailblazer Energy Resources, LLC (fka ETX Energy, LLC)

 

Limited Partnership/Limited Liability Company Interests

 

 

 

 

 

 

 

51,119

 

 

 

 

 

 

 

 

C/K

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grey Orange International Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

5/6/2032

 

 

2,832

 

 

 

 

 

 

14,302

 

 

C/I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading Companies & Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blackbird Holdco, Inc. (Ohio Transmission Corp.)

 

Preferred Stock

 

 

 

 

 

 

 

12.50% PIK

 

 

 

 

 

2,478

 

 

 

2,938,323

 

 

 

2,400,116

 

 

D/I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Equity Securities - 1.2% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

59,187,489

 

 

 

3,931,932

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments - 189.7% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

$

690,597,257

 

 

$

595,837,411

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents - 4.0% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

12,405,398

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Cash and Investments - 193.7% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

608,242,809

 

 

 

 

 

 

Interest Rate Swap as of June 30, 2023(U)

 

 

 

Company Receives Fixed

 

Company Pays Floating

 

Counterparty

 

Maturity Date

 

Payment Frequency

 

Notional Amount

 

 

Fair Value

 

Interest Rate Swap

 

2.633%

 

1 Day SOFR

 

CME

 

6/9/2025

 

Annual

 

$

35,000,000

 

 

$

(1,445,045

)

 

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

13


 

BlackRock Capital Investment Corporation

Consolidated Schedules of Investments—(Continued)

June 30, 2023

(Unaudited)

Notes to Consolidated Schedules of Investments:

(A)
Represents amortized cost for fixed income securities and cost for preferred and common stock, limited partnership/limited liability company interests and equity warrants/options.
(B)
Pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the "1940 Act"), the Company's Board of Directors designated the Advisor as the valuation designee to perform certain fair value functions, including performing fair value determinations. See Note 2 for further details.
(C)
Non-income producing equity securities at June 30, 2023.
(D)
Interest may be paid in cash or payment-in-kind (“PIK”), or a combination thereof which is generally at the option of the borrower. PIK earned is included in the cost basis of the security. In accordance with the Company’s policy, PIK is recorded on an effective interest method.
(E)
Approximately 99.5% of the fair value of total senior secured loans in the Company’s portfolio bear interest at a floating rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR”), “L”, Secured Overnight Financing Rate (“SOFR”), “S”, or other base rate (commonly the Federal Funds Rate or the Prime Rate), “P”, at the borrower’s option. In addition, 94.3% of the fair value of such senior secured loans have floors of 0.50% to 2.00%. The borrower under a senior secured loan generally has the option to select from interest reset periods of one, two, three or six months and may alter that selection at the end of any reset period. The stated interest rate represents the weighted average interest rate at June 30, 2023 of all contracts within the specified loan facility. LIBOR and SOFR reset monthly (M), quarterly (Q) or semiannually (S).
(F)
Transaction and other information for “non-controlled, affiliated” investments under the 1940 Act, whereby the Company owns 5% or more (but not more than 25%) of the portfolio company’s outstanding voting securities, is presented in a separate table of the Consolidated Schedules of Investments.
(G)
Transaction and other information for “controlled” investments under the 1940 Act, whereby the Company owns more than 25% of the portfolio company’s outstanding voting securities, is presented in a separate table of the Consolidated Schedules of Investments.
(H)
Non-U.S. company or principal place of business outside the U.S.
(I)
Security is either exempt from registration under Rule 144A of the Securities Act of 1933 (the “Securities Act”), or sale of the security is subject to certain contractual restrictions. Securities that are exempt from registration under 144A may be resold in transactions, normally to qualified institutional buyers. In aggregate, these securities represent 1.2% of the Company’s net assets at June 30, 2023. The acquisition dates for restricted securities of unaffiliated issuers were as follows as of June 30, 2023:

Investment

 

Initial Acquisition Date

Marsico Holdings, LLC, Limited Partnership/Limited Liability Company Interests

 

11/28/2007

FinancialForce.com, Warrants to Purchase Series C Preferred Stock

 

1/30/2019

Pico Quantitative Trading Holdings, LLC, Warrants to Purchase Membership Units

 

2/7/2020

Worldremit Group Limited (United Kingdom), Warrants to Purchase Series D Stock

 

2/11/2021

Razor Group GmbH (Germany), Warrants to Purchase Preferred Series A1 Shares

 

4/28/2021

Stitch Holdings, L.P., Limited Partnership Interests

 

7/30/2021

Worldremit Group Limited (United Kingdom), Warrants to Purchase Series E Stock

 

8/27/2021

MXP Prime Platform GmbH (SellerX) (Germany), Warrants to Purchase Preferred Series B Shares

 

11/23/2021

Blackbird Holdco, Inc. (Ohio Transmission Corp.), Preferred Stock

 

12/14/2021

Elevate Brands Holdco Inc., Warrants to Purchase Common Stock

 

3/14/2022

Elevate Brands Holdco Inc., Warrants to Purchase Preferred Stock

 

3/14/2022

Grey Orange International Inc., Warrants to Purchase Common Stock

 

5/6/2022

PerchHQ LLC, Warrants to Purchase Common Stock

 

9/30/2022

Razor Group GmbH (Germany), Warrants to Purchase Series C Shares

 

12/23/2022

SuCo Investors, LP (Suited Connector), Warrants to Purchase Class A Units

 

3/6/2023

 

(J)
Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act may be subject to change. The Company monitors the status of these assets on an ongoing basis. As of June 30, 2023, approximately 15.8% of the total assets of the Company were not qualifying assets under Section 55(a) of the 1940 Act.
(K)
The Company is the sole stockholder of BKC ASW Blocker, Inc., a consolidated subsidiary, which is the beneficiary of less than 5% of the voting securities of Trailblazer Energy Resources, LLC (fka ETX Energy, LLC) and PerchHQ LLC and thus non-controlled, non-affiliated investments.
(L)
The Company is the sole stockholder of BCIC-MBS, LLC, a consolidated subsidiary, which is the beneficiary of less than 5% of the voting securities of MBS Parent, LLC and thus a non-controlled, non-affiliated investment.
(M)
Position or associated portfolio company thereof has an unfunded commitment as of June 30, 2023 (see Note 9). Any negative balances represent unfunded commitments that were acquired and/or valued at a discount.
(N)
Unless otherwise indicated, all investments are considered Level 3 in accordance with ASC Topic 820 (see Note 2).
(O)
Investments are considered other than Level 3 in accordance with ASC Topic 820 (see Note 2).
(P)
The Company generally uses Global Industry Classification Standard (“GICS”) codes to identify the industry groupings. This information is unaudited.
(Q)
The investment is on non-accrual status as of June 30, 2023 and therefore non-income producing. At June 30, 2023, the aggregate fair value and amortized cost of the Company’s debt and preferred stock investments on non-accrual status represents 2.5% and 11.0% of the Company's debt and preferred stock investments at fair value and amortized cost, respectively.
(R)
This investment will have a first lien security interest after the senior tranches are repaid.
(S)
Total coupon includes default interest of 2.00%.
(T)
Portions of the loan bear interest using a combination of LIBOR, SOFR and/or at the Prime rate. The total coupon represents the weighted average interest rate at June 30, 2023 of all contracts within the loan facility.
(U)
Refer to Notes 2 and 4 for additional information on the Company’s Interest Rate Swap.

 

 

 

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

14


 

BlackRock Capital Investment Corporation

Consolidated Schedules of Investments—(Continued)

June 30, 2023

(Unaudited)

Non-Controlled Affiliate Security(1)

 

Dividends and interest income(2)

 

 

Fair Value at
December 31, 2022

 

 

Net realized gain (loss)(2)

 

 

Net increase or decrease in unrealized appreciation or depreciation(2)

 

 

Acquisitions(3)

 

 

Dispositions(4)

 

 

Fair Value at
June 30, 2023

 

 

AGY Equity, LLC:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A Preferred Stock

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

Class B Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class C Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kemmerer Operations, LLC (WMLP):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Secured Loan, First Lien

 

 

31,794

 

 

 

1,956,190

 

 

 

 

 

 

 

 

 

112,178

 

 

 

(2,068,368

)

 

 

 

(5)

Delayed Draw Term Loan, First Lien

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5)

Kemmerer Holdings, LLC (WMLP):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Limited Liability Co. Interest

 

 

 

 

 

1,618,248

 

 

 

(441,906

)

 

 

(864,398

)

 

 

 

 

 

(311,944

)

 

 

 

(5)

Totals

 

$

31,794

 

 

$

3,574,438

 

 

$

(441,906

)

 

$

(864,398

)

 

$

112,178

 

 

$

(2,380,312

)

 

$

 

 

 

(1)
The issuers of the securities listed on this schedule are considered non-controlled, affiliated investments under the 1940 Act due to the ownership by the Company of 5% to 25% of the issuers’ voting securities.
(2)
Amounts reported above are for the six months ended June 30, 2023. Dividends and interest income also includes fee income as applicable.
(3)
Acquisitions include increases in the cost basis of investments resulting from new purchases, PIK income, or amortization of original issue and market discounts for the six months ended June 30, 2023.
(4)
Dispositions include decreases in the cost basis of investments, net of realized gain or loss, resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category for the six months ended June 30, 2023.
(5)
Investment no longer held as of June 30, 2023.

There is no aggregate fair value of non-controlled, affiliated investments at June 30, 2023.

 

Controlled Affiliate Security(1)

 

Dividends and interest income(2)

 

 

Fair Value at
December 31, 2022

 

 

Net realized gain (loss)(2)

 

 

Net increase or decrease in unrealized appreciation or depreciation(2)

 

 

Acquisitions(3)

 

 

Dispositions(4)

 

 

Fair Value at
June 30, 2023

 

Gordon Brothers Finance Company:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured Debt

 

$

 

 

$

15,228,000

 

 

$

 

 

$

273,916

 

 

$

 

 

$

(502,916

)

 

$

14,999,000

 

Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Totals

 

$

 

 

$

15,228,000

 

 

$

 

 

$

273,916

 

 

$

 

 

$

(502,916

)

 

$

14,999,000

 

 

(1)
The issuers of securities listed on this schedule are considered controlled affiliates under the 1940 Act due to the ownership by the Company of more than 25% of the issuers’ voting securities.
(2)
Amounts reported above are for the six months ended June 30, 2023. Dividends and interest income also includes fee income as applicable.
(3)
Acquisitions include increases in the cost basis of investments resulting from new purchases, PIK income, or amortization of original issue and market discounts for the six months ended June 30, 2023.
(4)
Dispositions include decreases in the cost basis of investments, net of realized gain or loss, resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category for the six months ended June 30, 2023.

The aggregate fair value of controlled investments at June 30, 2023 represents 4.8% of the Company’s net assets.

 

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
Value(B)

 

 

Notes

Debt Investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automobiles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ALCV Purchaser, Inc. (AutoLenders)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

11.45

%

 

4/15/2026

 

$

2,301,990

 

 

$

2,274,343

 

 

$

2,301,990

 

 

 

ALCV Purchaser, Inc. (AutoLenders)

 

First Lien Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

11.39

%

 

4/15/2026

 

$

233,430

 

 

 

231,163

 

 

 

233,430

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,505,506

 

 

 

2,535,420

 

 

 

Building Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Porcelain Acquisition Corporation (Paramount)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

5.75

%

 

 

10.48

%

 

4/30/2027

 

$

2,514,995

 

 

 

2,475,461

 

 

 

2,530,084

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pico Quantitative Trading, LLC

 

First Lien Term Loan (1.0% Exit Fee)

 

SOFR(Q)

 

 

1.50

%

 

 

7.25

%

 

 

11.98

%

 

2/7/2025

 

$

500,000

 

 

 

489,418

 

 

 

505,000

 

 

 

Pico Quantitative Trading, LLC

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

 

1.50

%

 

 

7.25

%

 

 

11.61

%

 

2/7/2025

 

$

560,228

 

 

 

540,020

 

 

 

560,228

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,029,438

 

 

 

1,065,228

 

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kellermeyer Bergensons Services, LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

10.41

%

 

11/7/2026

 

$

1,584,967

 

 

 

1,576,423

 

 

 

1,423,301

 

 

 

Kellermeyer Bergensons Services, LLC

 

First Lien Delayed Draw Term Loan A

 

LIBOR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

10.41

%

 

11/7/2026

 

$

348,708

 

 

 

346,720

 

 

 

313,140

 

 

 

Kellermeyer Bergensons Services, LLC

 

First Lien Delayed Draw Term Loan B

 

LIBOR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

10.41

%

 

11/7/2026

 

$

482,944

 

 

 

480,224

 

 

 

433,684

 

 

 

Pueblo Mechanical and Controls, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

10.32

%

 

8/23/2028

 

$

1,366,200

 

 

 

1,333,250

 

 

 

1,334,367

 

 

 

Pueblo Mechanical and Controls, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

10.49

%

 

8/23/2028

 

$

357,991

 

 

 

342,382

 

 

 

335,983

 

 

N

Pueblo Mechanical and Controls, LLC

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.00

%

 

 

10.32

%

 

8/23/2027

 

$

 

 

 

(5,182

)

 

 

(5,128

)

 

N

Thermostat Purchaser III, Inc. (Reedy Industries)

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

11.98

%

 

8/31/2029

 

$

2,615,252

 

 

 

2,581,172

 

 

 

2,432,184

 

 

 

Thermostat Purchaser III, Inc. (Reedy Industries)

 

Second Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

11.98

%

 

8/31/2029

 

$

 

 

 

(2,797

)

 

 

(31,327

)

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,652,192

 

 

 

6,236,204

 

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CSG Buyer, Inc. (Core States)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

10.84

%

 

3/31/2028

 

$

3,275,107

 

 

 

3,209,605

 

 

 

3,157,203

 

 

 

CSG Buyer, Inc. (Core States)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

10.84

%

 

3/31/2028

 

$

 

 

 

(10,731

)

 

 

(38,632

)

 

N

CSG Buyer, Inc. (Core States)

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.00

%

 

 

10.84

%

 

3/31/2028

 

$

 

 

 

(10,731

)

 

 

(19,316

)

 

N

Homerenew Buyer, Inc. (Project Dream)

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

6.50

%

 

 

11.54

%

 

11/23/2027

 

$

3,565,730

 

 

 

3,482,162

 

 

 

3,448,061

 

 

 

Homerenew Buyer, Inc. (Project Dream)

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

6.50

%

 

 

11.36

%

 

11/23/2027

 

$

4,900,908

 

 

 

4,795,212

 

 

 

4,684,152

 

 

N

Homerenew Buyer, Inc. (Project Dream)

 

First Lien Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.50

%

 

 

11.12

%

 

11/23/2027

 

$

240,763

 

 

 

224,479

 

 

 

201,038

 

 

N

Sunland Asphalt & Construction, LLC

 

First Lien Term Loan

 

LIBOR(S)

 

 

1.00

%

 

 

6.00

%

 

 

11.15

%

 

1/13/2026

 

$

2,474,828

 

 

 

2,442,580

 

 

 

2,420,381

 

 

 

Sunland Asphalt & Construction, LLC

 

First Lien Delayed Draw Term Loan

 

LIBOR(S)

 

 

1.00

%

 

 

6.00

%

 

 

11.15

%

 

1/13/2026

 

$

832,161

 

 

 

821,187

 

 

 

813,853

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,953,763

 

 

 

14,666,740

 

 

 

Consumer Finance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Freedom Financial Network Funding, LLC

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

9.00

%

 

 

13.95

%

 

9/21/2027

 

$

5,193,335

 

 

 

5,068,461

 

 

 

5,037,535

 

 

 

Freedom Financial Network Funding, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

9.00

%

 

 

13.95

%

 

9/21/2027

 

$

 

 

 

(20,519

)

 

 

(51,933

)

 

N

Money Transfer Acquisition Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

8.25

%

 

 

12.67

%

 

12/14/2027

 

$

2,594,273

 

 

 

2,542,769

 

 

 

2,542,387

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,590,711

 

 

 

7,527,989

 

 

 

Containers & Packaging

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BW Holding, Inc. (Brook & Whittle)

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.50

%

 

 

12.05

%

 

12/14/2029

 

$

4,559,359

 

 

 

4,465,756

 

 

 

4,226,526

 

 

 

PVHC Holding Corp.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

4.75

%

 

 

9.48

%

 

8/2/2024

 

$

10,178,225

 

 

 

9,299,671

 

 

 

9,771,096

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,765,427

 

 

 

13,997,622

 

 

 

Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Colony Display LLC

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

9.50

%

 

 

13.91

%

 

6/30/2026

 

$

2,357,384

 

 

 

2,322,817

 

 

 

2,185,295

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elevate Brands OpCo LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

8.50

%

 

 

13.23

%

 

3/15/2027

 

$

7,900,096

 

 

 

7,812,573

 

 

 

7,830,210

 

 

N

Fusion Holding Corp. (Finalsite)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

10.78

%

 

9/14/2029

 

$

3,200,924

 

 

 

3,131,854

 

 

 

3,131,144

 

 

 

Fusion Holding Corp. (Finalsite)

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

10.78

%

 

9/15/2027

 

$

 

 

 

(5,534

)

 

 

(5,592

)

 

N

Razor Group GmbH (Germany)

 

First Lien Delayed Draw Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

9.00

%

 

 

14.21

%

 

4/30/2025

 

$

12,653,058

 

 

 

12,727,131

 

 

 

12,176,370

 

 

H/J/N

Razor Group GmbH (Germany)

 

First Lien Sr Secured Convertible Term Loan

 

Fixed

 

 

 

 

3.50% Cash + 3.50% PIK

 

 

 

7.00

%

 

4/30/2025

 

$

1,638,321

 

 

 

1,638,321

 

 

 

1,762,833

 

 

D/H/J

SellerX Germany GmbH & Co. Kg (Germany)

 

First Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

8.00% Cash + 3.00% PIK

 

 

 

15.73

%

 

11/23/2025

 

$

6,344,642

 

 

 

6,280,873

 

 

 

6,255,561

 

 

D/H/J/N

Thras.io, LLC

 

First Lien Term Loan

 

LIBOR(S)

 

 

1.00

%

 

 

7.00

%

 

 

11.17

%

 

12/18/2026

 

$

7,301,869

 

 

 

7,207,747

 

 

 

6,434,771

 

 

P

Thras.io, LLC

 

First Lien Delayed Draw Term Loan

 

LIBOR(S)

 

 

1.00

%

 

 

7.00

%

 

 

11.17

%

 

12/18/2026

 

$

3,060,601

 

 

 

2,995,971

 

 

 

2,373,093

 

 

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
Value(B)

 

 

Notes

Debt Investments - Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Whele LLC (Perch)

 

First Lien Incremental Term Loan

 

SOFR(M)

 

 

1.00

%

 

8.50% Cash + 3.00% PIK

 

 

 

16.20

%

 

10/15/2025

 

$

6,531,157

 

 

$

6,564,537

 

 

$

6,067,445

 

 

D

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48,353,473

 

 

 

46,025,835

 

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2-10 Holdco, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.00

%

 

 

10.42

%

 

3/26/2026

 

$

6,538,915

 

 

 

6,451,642

 

 

 

6,452,601

 

 

 

2-10 Holdco, Inc.

 

First Lien Revolver

 

SOFR(M)

 

 

0.75

%

 

 

6.00

%

 

 

10.42

%

 

3/26/2026

 

$

 

 

 

(3,117

)

 

 

(3,171

)

 

N

Accordion Partners LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

10.83

%

 

8/29/2029

 

$

5,356,151

 

 

 

5,240,066

 

 

 

5,216,891

 

 

 

Accordion Partners LLC

 

First Lien Delayed Draw Term Loan A

 

SOFR(Q)

 

 

0.75

%

 

 

6.50

%

 

 

11.08

%

 

8/29/2029

 

$

 

 

 

1,316

 

 

 

(7,017

)

 

N

Accordion Partners LLC

 

First Lien Delayed Draw Term Loan B

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

10.83

%

 

8/29/2029

 

$

 

 

 

(12,562

)

 

 

(15,203

)

 

N

Accordion Partners LLC

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

10.83

%

 

8/31/2028

 

$

 

 

 

(9,941

)

 

 

(12,162

)

 

N

Callodine Commercial Finance, LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

9.00

%

 

 

13.73

%

 

11/3/2025

 

$

25,000,000

 

 

 

25,000,000

 

 

 

24,775,000

 

 

 

Callodine Commercial Finance, LLC

 

Subordinated Debt

 

SOFR(M)

 

 

0.25

%

 

 

8.50

%

 

 

13.14

%

 

10/8/2027

 

$

5,000,000

 

 

 

5,000,000

 

 

 

4,930,000

 

 

S

GC Champion Acquisition LLC (Numerix)

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

6.75

%

 

 

11.15

%

 

8/21/2028

 

$

7,104,830

 

 

 

6,969,338

 

 

 

6,897,369

 

 

 

GC Champion Acquisition LLC (Numerix)

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

6.75

%

 

 

11.15

%

 

8/21/2028

 

$

 

 

 

(18,625

)

 

 

(57,773

)

 

N

Gordon Brothers Finance Company

 

Unsecured Debt

 

LIBOR(M)

 

 

1.00

%

 

 

11.00

%

 

 

17.38

%

 

10/31/2021

 

$

37,686,148

 

 

 

37,686,148

 

 

 

15,228,000

 

 

G/R/T

Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC)

 

Second Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

8.50

%

 

 

12.93

%

 

7/5/2026

 

$

5,000,000

 

 

 

4,929,099

 

 

 

4,870,000

 

 

 

Wealth Enhancement Group, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

6.00

%

 

 

10.44

%

 

10/4/2027

 

$

3,475,919

 

 

 

3,453,599

 

 

 

3,298,870

 

 

N

Wealth Enhancement Group, LLC

 

First Lien Revolver

 

SOFR(S)

 

 

1.00

%

 

 

6.00

%

 

 

10.44

%

 

10/4/2027

 

$

 

 

 

(1,849

)

 

 

(10,098

)

 

N

Worldremit Group Limited (United Kingdom)

 

First Lien Term Loan (3.0% Exit Fee)

 

LIBOR(Q)

 

 

1.00

%

 

 

9.25

%

 

 

13.91

%

 

2/11/2025

 

$

11,300,000

 

 

 

11,160,087

 

 

 

11,085,300

 

 

H/J

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

105,845,201

 

 

 

82,648,607

 

 

 

Electrical Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advanced Lighting Technologies, LLC

 

Second Lien Sr Secured Notes

 

LIBOR(M)

 

 

2.00

%

 

16.00% PIK + 6.00% Cash

 

 

 

28.33

%

 

3/16/2027

 

$

2,362,743

 

 

 

935,927

 

 

 

708,823

 

 

D/I/R/T

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Care Equipment & Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Zest Acquisition Corp.

 

Second Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

7.00

%

 

 

11.39

%

 

3/14/2026

 

$

15,000,000

 

 

 

14,930,552

 

 

 

14,025,000

 

 

P

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Care Providers & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INH Buyer, Inc. (IMS Health)

 

First Lien Term Loan (1.5% Exit Fee)

 

SOFR(Q)

 

 

1.00

%

 

3.50% Cash + 3.50% PIK

 

 

 

11.68

%

 

6/28/2028

 

$

2,703,036

 

 

 

2,657,008

 

 

 

2,121,343

 

 

D

Opco Borrower, LLC (Giving Home Health Care)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

11.18

%

 

8/19/2027

 

$

341,602

 

 

 

338,323

 

 

 

335,658

 

 

 

Opco Borrower, LLC (Giving Home Health Care)

 

First Lien Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.50

%

 

 

10.87

%

 

8/19/2027

 

$

6,250

 

 

 

5,958

 

 

 

5,706

 

 

N

Outcomes Group Holdings, Inc.

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

 

 

 

7.50

%

 

 

12.23

%

 

10/26/2026

 

$

5,769,231

 

 

 

5,762,481

 

 

 

5,480,769

 

 

 

Outcomes Group Holdings, Inc.

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.50

%

 

 

7.50

%

 

 

12.05

%

 

10/26/2026

 

$

3,538,462

 

 

 

3,491,614

 

 

 

3,361,538

 

 

 

PHC Buyer, LLC (Patriot Home Care)

 

First Lien Term Loan

 

SOFR(S)

 

 

0.75

%

 

 

6.00

%

 

 

10.70

%

 

5/4/2028

 

$

3,798,739

 

 

 

3,729,472

 

 

 

3,677,559

 

 

 

PHC Buyer, LLC (Patriot Home Care)

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

0.75

%

 

 

6.00

%

 

 

10.70

%

 

5/4/2028

 

$

 

 

 

(11,384

)

 

 

(46,396

)

 

N

Team Services Group, LLC

 

Second Lien Term Loan

 

LIBOR(S)

 

 

1.00

%

 

 

9.00

%

 

 

13.93

%

 

11/13/2028

 

$

6,554,543

 

 

 

6,393,439

 

 

 

6,161,270

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,366,911

 

 

 

21,097,447

 

 

 

Health Care Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appriss Health, LLC (PatientPing)

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

7.25

%

 

 

11.54

%

 

5/6/2027

 

$

2,868,709

 

 

 

2,826,856

 

 

 

2,710,930

 

 

 

Appriss Health, LLC (PatientPing)

 

First Lien Revolver

 

LIBOR(M)

 

 

1.00

%

 

 

7.25

%

 

 

11.54

%

 

5/6/2027

 

$

 

 

 

(2,786

)

 

 

(10,545

)

 

N

CareATC, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

11.99

%

 

3/14/2024

 

$

7,664,445

 

 

 

7,608,680

 

 

 

7,541,813

 

 

 

CareATC, Inc.

 

First Lien Revolver

 

LIBOR(S)

 

 

1.00

%

 

 

7.25

%

 

 

9.73

%

 

3/14/2024

 

$

338,074

 

 

 

336,302

 

 

 

332,665

 

 

 

ESO Solutions, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

11.59

%

 

5/3/2027

 

$

8,380,593

 

 

 

8,238,137

 

 

 

8,045,370

 

 

 

ESO Solutions, Inc.

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

11.59

%

 

5/3/2027

 

$

 

 

 

(8,938

)

 

 

(24,651

)

 

N

Gainwell Acquisition Corp.

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.00

%

 

 

11.74

%

 

10/2/2028

 

$

2,016,737

 

 

 

2,008,293

 

 

 

1,899,767

 

 

 

Sandata Technologies, LLC

 

First Lien Term Loan

 

LIBOR(Q)

 

 

 

 

 

6.00

%

 

 

10.75

%

 

7/23/2024

 

$

4,500,000

 

 

 

4,476,424

 

 

 

4,396,500

 

 

 

Sandata Technologies, LLC

 

First Lien Revolver

 

LIBOR(Q)

 

 

 

 

 

6.00

%

 

 

10.29

%

 

7/23/2024

 

$

500,000

 

 

 

497,481

 

 

 

488,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,980,449

 

 

 

25,380,349

 

 

 

Hotels, Restaurants & Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OCM Luxembourg Baccarat Bidco S.A.R.L. (Interblock) (Slovenia)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

10.68

%

 

6/3/2027

 

$

5,234,481

 

 

 

5,139,378

 

 

 

5,098,385

 

 

H/J

OCM Luxembourg Baccarat Bidco S.A.R.L. (Interblock) (Slovenia)

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

10.68

%

 

6/3/2027

 

$

 

 

 

(7,430

)

 

 

(10,915

)

 

H/J/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,131,948

 

 

 

5,087,470

 

 

 

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AmeriLife Holdings, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.75

%

 

 

9.58

%

 

8/31/2029

 

$

4,121,752

 

 

 

4,043,233

 

 

 

3,952,760

 

 

 

AmeriLife Holdings, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

0.75

%

 

 

5.75

%

 

 

10.15

%

 

8/31/2029

 

$

686,959

 

 

 

670,390

 

 

 

644,711

 

 

N

AmeriLife Holdings, LLC

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

5.75

%

 

 

9.58

%

 

8/31/2028

 

$

 

 

 

(9,728

)

 

 

(21,124

)

 

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
Value(B)

 

 

Notes

Debt Investments - Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Integrity Marketing Acquisition, LLC

 

First Lien Incremental Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.50

%

 

 

10.82

%

 

8/27/2025

 

$

5,167,753

 

 

$

5,078,283

 

 

$

5,126,411

 

 

 

Integrity Marketing Acquisition, LLC

 

First Lien Incremental Revolver

 

SOFR(M)

 

 

0.75

%

 

 

6.50

%

 

 

10.82

%

 

8/27/2025

 

$

 

 

 

(396,355

)

 

 

(41,342

)

 

N

IT Parent, LLC (Insurance Technologies)

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

6.25

%

 

 

10.63

%

 

10/1/2026

 

$

1,933,651

 

 

 

1,907,627

 

 

 

1,807,963

 

 

 

IT Parent, LLC (Insurance Technologies)

 

First Lien Revolver

 

LIBOR(M)/PRIME

 

 

1.00

%

 

 

6.25

%

 

 

11.21

%

 

10/1/2026

 

$

183,333

 

 

 

180,108

 

 

 

167,083

 

 

N/U

Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)

 

First Lien Term Loan

 

SOFR(S)

 

 

0.75

%

 

 

6.00

%

 

 

11.12

%

 

11/1/2028

 

$

852,379

 

 

 

840,617

 

 

 

814,022

 

 

 

Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

 

0.75

%

 

 

6.00

%

 

 

11.11

%

 

11/1/2028

 

$

1,859,529

 

 

 

1,833,303

 

 

 

1,763,340

 

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,147,478

 

 

 

14,213,824

 

 

 

Internet & Catalog Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CommerceHub, Inc.

 

First Lien Term Loan

 

PRIME

 

 

0.75

%

 

 

5.25

%

 

 

12.25

%

 

12/29/2027

 

$

2,225,715

 

 

 

2,072,848

 

 

 

2,072,141

 

 

 

Syndigo, LLC

 

Second Lien Term Loan

 

LIBOR(S)

 

 

0.75

%

 

 

8.00

%

 

 

13.21

%

 

12/14/2028

 

$

4,673,472

 

 

 

4,617,397

 

 

 

3,598,574

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,690,245

 

 

 

5,670,715

 

 

 

Internet Software & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anaconda, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

11.86

%

 

8/22/2027

 

$

1,938,957

 

 

 

1,920,501

 

 

 

1,911,811

 

 

 

Astra Acquisition Corp. (Anthology)

 

Second Lien Term Loan

 

LIBOR(M)

 

 

0.75

%

 

 

8.88

%

 

 

13.26

%

 

10/25/2029

 

$

7,164,842

 

 

 

7,034,117

 

 

 

6,376,709

 

 

 

Gympass US, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

4.00% Cash + 4.00% PIK

 

 

 

12.77

%

 

7/8/2027

 

$

1,922,747

 

 

 

1,905,105

 

 

 

1,890,061

 

 

D

InMoment, Inc.

 

First Lien Term Loan

 

SOFR(S)

 

 

0.75

%

 

5.00% Cash + 2.50% PIK

 

 

 

11.58

%

 

6/8/2028

 

$

11,460,476

 

 

 

11,247,733

 

 

 

11,195,739

 

 

D

Magenta Buyer, LLC (McAfee)

 

First Lien Incremental Term Loan

 

Fixed

 

 

 

 

 

12.00

%

 

 

12.00

%

 

7/27/2028

 

$

667,101

 

 

 

600,391

 

 

 

620,404

 

 

P

Magenta Buyer, LLC (McAfee)

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

0.75

%

 

 

8.25

%

 

 

12.67

%

 

7/27/2029

 

$

7,000,000

 

 

 

6,913,061

 

 

 

5,483,310

 

 

P

Persado, Inc.

 

First Lien Term Loan (6.575% Exit Fee)

 

SOFR(M)

 

 

1.80

%

 

 

7.00

%

 

 

11.12

%

 

6/10/2027

 

$

5,830,726

 

 

 

5,754,713

 

 

 

5,518,783

 

 

 

Persado, Inc.

 

First Lien Delayed Draw Term Loan (6.575% Exit Fee)

 

SOFR(M)

 

 

1.80

%

 

 

7.00

%

 

 

11.12

%

 

6/10/2027

 

$

1,562,500

 

 

 

1,552,329

 

 

 

1,111,570

 

 

N

Pluralsight, Inc.

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

8.00

%

 

 

11.83

%

 

4/6/2027

 

$

12,069,635

 

 

 

11,881,653

 

 

 

11,598,919

 

 

 

Pluralsight, Inc.

 

First Lien Revolver

 

LIBOR(M)

 

 

1.00

%

 

 

8.00

%

 

 

12.36

%

 

4/6/2027

 

$

465,183

 

 

 

451,936

 

 

 

428,899

 

 

N

Quartz Holding Company (Quick Base)

 

Second Lien Term Loan

 

LIBOR(M)

 

 

 

 

 

8.00

%

 

 

12.38

%

 

4/2/2027

 

$

5,512,958

 

 

 

5,446,114

 

 

 

5,358,595

 

 

 

Reveal Data Corporation et al

 

First Lien FILO Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

6.50

%

 

 

9.92

%

 

3/9/2028

 

$

2,814,549

 

 

 

2,752,981

 

 

 

2,721,951

 

 

 

Sailpoint Technologies Holdings, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.25

%

 

 

10.58

%

 

8/16/2029

 

$

4,111,714

 

 

 

4,031,739

 

 

 

3,987,129

 

 

 

Sailpoint Technologies Holdings, Inc.

 

First Lien Revolver

 

SOFR(M)

 

 

0.75

%

 

 

6.25

%

 

 

10.58

%

 

8/16/2028

 

$

 

 

 

(6,262

)

 

 

(9,712

)

 

N

Spartan Bidco Pty Ltd (StarRez) (Australia)

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

0.75% Cash + 6.50% PIK

 

 

 

11.46

%

 

1/24/2028

 

$

3,845,195

 

 

 

3,774,506

 

 

 

3,736,760

 

 

D/H/J

Suited Connector, LLC

 

First Lien Term Loan

 

LIBOR(S)

 

 

1.00

%

 

 

6.00

%

 

 

10.92

%

 

12/1/2027

 

$

1,396,023

 

 

 

1,371,786

 

 

 

1,119,610

 

 

 

Suited Connector, LLC

 

First Lien Delayed Draw Term Loan

 

LIBOR(S)

 

 

1.00

%

 

 

6.00

%

 

 

10.92

%

 

12/1/2027

 

$

 

 

 

(2,185

)

 

 

(67,500

)

 

N

Suited Connector, LLC

 

First Lien Revolver

 

LIBOR(S)

 

 

1.00

%

 

 

6.00

%

 

 

10.98

%

 

12/1/2027

 

$

227,273

 

 

 

223,453

 

 

 

182,273

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

66,853,671

 

 

 

63,165,311

 

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avalara, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

11.83

%

 

10/19/2028

 

$

2,250,000

 

 

 

2,194,940

 

 

 

2,182,500

 

 

 

Avalara, Inc.

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

7.25

%

 

 

11.83

%

 

10/19/2028

 

$

 

 

 

(5,443

)

 

 

(6,750

)

 

N

Ensono, Inc.

 

Second Lien Term Loan B

 

LIBOR(S)

 

 

 

 

 

8.00

%

 

 

13.15

%

 

5/28/2029

 

$

5,000,000

 

 

 

4,958,482

 

 

 

4,625,000

 

 

 

Idera, Inc.

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

0.75

%

 

 

6.75

%

 

 

10.50

%

 

2/4/2029

 

$

2,867,296

 

 

 

2,849,793

 

 

 

2,351,183

 

 

 

Madison Logic Holdings, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

11.58

%

 

12/29/2028

 

$

5,008,771

 

 

 

4,858,604

 

 

 

4,858,508

 

 

 

Madison Logic Holdings, Inc.

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

11.58

%

 

12/30/2027

 

$

 

 

 

(10,784

)

 

 

(10,784

)

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,845,592

 

 

 

13,999,657

 

 

 

Leisure Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Peloton Interactive, Inc.

 

First Lien Term Loan

 

SOFR(S)

 

 

0.50

%

 

 

7.00

%

 

 

11.76

%

 

5/25/2027

 

$

2,631,567

 

 

 

2,542,648

 

 

 

2,581,119

 

 

J/P

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Life Sciences Tools & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alcami Corporation

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.00

%

 

 

11.42

%

 

12/21/2028

 

$

2,202,309

 

 

 

2,125,543

 

 

 

2,125,229

 

 

 

Alcami Corporation

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.00

%

 

 

11.42

%

 

12/21/2028

 

$

 

 

 

(6,392

)

 

 

(6,423

)

 

N

Alcami Corporation

 

First Lien Revolver

 

SOFR(M)

 

 

1.00

%

 

 

7.00

%

 

 

11.42

%

 

12/21/2028

 

$

 

 

 

(10,228

)

 

 

(10,277

)

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,108,923

 

 

 

2,108,529

 

 

 

Machinery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sonny's Enterprises, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

10.99

%

 

8/5/2026

 

$

1,430,193

 

 

 

1,409,814

 

 

 

1,444,495

 

 

 

Sonny's Enterprises, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

10.99

%

 

8/5/2026

 

$

3,855,495

 

 

 

3,801,066

 

 

 

3,894,050

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,210,880

 

 

 

5,338,545

 

 

 

 

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
Value(B)

 

 

Notes

Debt Investments - Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NEP II, Inc.

 

Second Lien Term Loan

 

LIBOR(M)

 

 

 

 

 

7.00

%

 

 

11.38

%

 

10/19/2026

 

$

3,131,760

 

 

$

2,921,510

 

 

$

2,274,441

 

 

P

Streamland Media Midco LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

11.11

%

 

8/31/2023

 

$

379,050

 

 

 

374,456

 

 

 

361,614

 

 

 

Streamland Media Midco LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.75

%

 

 

11.11

%

 

8/31/2023

 

$

 

 

 

(1,460

)

 

 

(5,520

)

 

N

Terraboost Media Operating Company, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

8.14

%

 

8/23/2026

 

$

3,601,472

 

 

 

3,540,585

 

 

 

3,338,564

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,835,091

 

 

 

5,969,099

 

 

 

Metals & Mining

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kemmerer Operations, LLC (WMLP)

 

First Lien Term Loan

 

Fixed

 

 

 

 

15.00% PIK

 

 

 

15.00

%

 

6/21/2023

 

$

1,956,190

 

 

 

1,956,190

 

 

 

1,956,190

 

 

D/F/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paper & Forest Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alpine Acquisition Corp II (48Forty)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

5.50

%

 

 

9.76

%

 

11/30/2026

 

$

10,063,709

 

 

 

9,866,133

 

 

 

9,579,644

 

 

 

Alpine Acquisition Corp II (48Forty)

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

5.50

%

 

 

9.76

%

 

11/30/2026

 

$

 

 

 

(16,709

)

 

 

(32,229

)

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,849,424

 

 

 

9,547,415

 

 

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DTI Holdco, Inc. (Epiq Systems, Inc.)

 

Second Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

7.75

%

 

 

11.84

%

 

4/26/2030

 

$

5,007,465

 

 

 

4,913,512

 

 

 

4,586,000

 

 

P

GI Consilio Parent, LLC

 

Second Lien Term Loan

 

LIBOR(M)

 

 

0.50

%

 

 

7.50

%

 

 

11.88

%

 

5/14/2029

 

$

5,000,000

 

 

 

4,959,969

 

 

 

4,795,000

 

 

 

ICIMS, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

3.38% Cash + 3.88% PIK

 

 

 

11.52

%

 

8/18/2028

 

$

11,060,029

 

 

 

10,873,218

 

 

 

10,640,854

 

 

D

ICIMS, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

3.38% Cash + 3.88% PIK

 

 

 

11.52

%

 

8/18/2028

 

$

 

 

 

 

 

 

(111,339

)

 

D/N

ICIMS, Inc.

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.75

%

 

 

11.02

%

 

8/18/2028

 

$

 

 

 

(17,307

)

 

 

(39,921

)

 

N

JobandTalent USA, Inc. (United Kingdom)

 

First Lien Term Loan (3.0% Exit Fee)

 

SOFR(M)

 

 

1.00

%

 

 

8.75

%

 

 

13.19

%

 

2/17/2025

 

$

9,892,491

 

 

 

9,759,102

 

 

 

9,655,071

 

 

H/J

JobandTalent USA, Inc. (United Kingdom)

 

First Lien Delayed Draw Term Loan (3.0% Exit Fee)

 

SOFR(M)

 

 

1.00

%

 

 

8.75

%

 

 

13.19

%

 

2/17/2025

 

$

5,300,000

 

 

 

5,234,978

 

 

 

5,172,800

 

 

H/J

RigUp, Inc.

 

First Lien Delayed Draw Term Loan (4.0% Exit Fee)

 

LIBOR(M)

 

 

1.50

%

 

 

7.00

%

 

 

11.81

%

 

3/1/2024

 

$

500,000

 

 

 

496,559

 

 

 

492,500

 

 

 

TLE Holdings, LLC

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

5.50

%

 

 

9.88

%

 

6/28/2024

 

$

3,820,368

 

 

 

3,583,613

 

 

 

3,658,003

 

 

 

TLE Holdings, LLC

 

First Lien Delayed Draw Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

5.50

%

 

 

9.88

%

 

6/28/2024

 

$

977,931

 

 

 

917,326

 

 

 

936,369

 

 

 

VT TopCo, Inc. (Veritext)

 

Second Lien Term Loan

 

LIBOR(M)

 

 

0.75

%

 

 

6.75

%

 

 

11.13

%

 

8/4/2026

 

$

1,064,655

 

 

 

1,059,229

 

 

 

1,019,407

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

41,780,199

 

 

 

40,804,744

 

 

 

Real Estate Management & Development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Greystone Affordable Housing Initiatives, LLC

 

First Lien Delayed Draw Term Loan

 

LIBOR(S)

 

 

1.25

%

 

 

6.00

%

 

 

9.05

%

 

3/2/2026

 

$

1,866,667

 

 

 

1,866,667

 

 

 

1,844,267

 

 

J

Greystone Select Company II, LLC (Passco)

 

First Lien Term Loan

 

SOFR(M)

 

 

1.50

%

 

 

6.50

%

 

 

10.94

%

 

3/21/2027

 

$

4,661,332

 

 

 

4,576,784

 

 

 

4,577,428

 

 

 

Greystone Select Company II, LLC (Passco)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.50

%

 

 

6.50

%

 

 

10.94

%

 

3/21/2027

 

$

 

 

 

20,817

 

 

 

(121,195

)

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,464,268

 

 

 

6,300,500

 

 

 

Road & Rail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Motive Technologies, Inc. (fka Keep Truckin, Inc.)

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

7.25

%

 

 

11.03

%

 

4/8/2025

 

$

15,000,000

 

 

 

14,848,983

 

 

 

14,895,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Semiconductors & Semiconductor Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Emerald Technologies (U.S.) AcquisitionCo, Inc

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

6.25

%

 

 

10.67

%

 

12/29/2027

 

$

1,899,037

 

 

 

1,865,593

 

 

 

1,785,095

 

 

P

Emerald Technologies (U.S.) AcquisitionCo, Inc

 

First Lien Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.00

%

 

 

10.42

%

 

12/29/2026

 

$

330,137

 

 

 

249,986

 

 

 

268,505

 

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,115,579

 

 

 

2,053,600

 

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospike, Inc.

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

7.50

%

 

 

11.88

%

 

12/29/2025

 

$

2,416,867

 

 

 

2,397,971

 

 

 

2,375,297

 

 

 

AlphaSense, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

 

7.00

%

 

 

11.44

%

 

3/11/2027

 

$

8,673,018

 

 

 

8,592,729

 

 

 

8,594,961

 

 

 

Aras Corporation

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

3.25% Cash + 3.75% PIK

 

 

 

10.94

%

 

4/13/2027

 

$

4,442,604

 

 

 

4,383,120

 

 

 

4,273,786

 

 

D

Aras Corporation

 

First Lien Revolver

 

LIBOR(S)

 

 

1.00

%

 

 

6.50

%

 

 

9.50

%

 

4/13/2027

 

$

102,381

 

 

 

97,919

 

 

 

90,710

 

 

N

Backoffice Associates Holdings, LLC (Syniti)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.75

%

 

 

12.00

%

 

4/30/2026

 

$

4,949,797

 

 

 

4,845,184

 

 

 

4,816,153

 

 

 

Backoffice Associates Holdings, LLC (Syniti)

 

First Lien Revolver

 

PRIME

 

 

1.00

%

 

 

6.75

%

 

 

14.25

%

 

4/30/2026

 

$

519,073

 

 

 

505,266

 

 

 

501,333

 

 

N

Bluefin Holding, LLC (BlackMountain)

 

Second Lien Term Loan

 

LIBOR(Q)

 

 

 

 

 

7.75

%

 

 

12.48

%

 

9/3/2027

 

$

4,809,535

 

 

 

4,762,954

 

 

 

4,756,630

 

 

 

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

10.98

%

 

9/8/2027

 

$

2,833,333

 

 

 

2,798,816

 

 

 

2,746,350

 

 

 

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

First Lien Delayed Draw Term Loan

 

LIBOR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

10.98

%

 

9/8/2027

 

$

54,686

 

 

 

53,168

 

 

 

46,158

 

 

N

Bonterra LLC (fka CyberGrants Holdings, LLC)

 

First Lien Revolver

 

LIBOR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

10.98

%

 

9/8/2027

 

$

103,311

 

 

 

100,015

 

 

 

94,783

 

 

N

Elastic Path Software Inc. (Canada)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

11.37

%

 

1/6/2026

 

$

1,893,754

 

 

 

1,878,821

 

 

 

1,875,195

 

 

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
Value(B)

 

 

Notes

Debt Investments - Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elastic Path Software Inc. (Canada)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.50

%

 

 

12.12

%

 

1/6/2026

 

$

961,395

 

 

$

952,144

 

 

$

951,973

 

 

H/J

Fusion Risk Management, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

3.25% Cash + 3.75% PIK

 

 

 

11.40

%

 

8/30/2028

 

$

362,133

 

 

 

354,405

 

 

 

349,821

 

 

D

Fusion Risk Management, Inc.

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

10.90

%

 

8/30/2028

 

$

 

 

 

(762

)

 

 

(1,220

)

 

N

Grey Orange Incorporated

 

First Lien Term Loan (3.75% Exit Fee)

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

12.23

%

 

5/6/2026

 

$

1,539,384

 

 

 

1,525,409

 

 

 

1,520,757

 

 

 

Grey Orange Incorporated

 

First Lien Delayed Draw Term Loan (3.75% Exit Fee)

 

SOFR(Q)

 

 

1.00

%

 

 

7.25

%

 

 

11.55

%

 

5/6/2026

 

$

923,630

 

 

 

910,497

 

 

 

905,004

 

 

N

GTY Technology Holdings Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

2.58% Cash + 4.30% PIK

 

 

 

11.46

%

 

7/9/2029

 

$

1,958,707

 

 

 

1,922,412

 

 

 

1,896,028

 

 

D

GTY Technology Holdings Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

2.58% Cash + 4.30% PIK

 

 

 

11.40

%

 

7/9/2029

 

$

1,513,252

 

 

 

1,484,207

 

 

 

1,464,827

 

 

D

GTY Technology Holdings Inc.

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

10.83

%

 

7/9/2029

 

$

 

 

 

(6,532

)

 

 

(11,160

)

 

N

Integrate.com, Inc. (Infinity Data, Inc.)

 

First Lien Term Loan

 

LIBOR(M)/SOFR(M)

 

 

1.00

%

 

3.00% Cash + 3.00% PIK

 

 

 

10.34

%

 

12/17/2027

 

$

1,837,108

 

 

 

1,796,699

 

 

 

1,781,995

 

 

D/U

Integrate.com, Inc. (Infinity Data, Inc.)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

 

1.00

%

 

3.00% Cash + 3.00% PIK

 

 

 

10.28

%

 

12/17/2027

 

$

 

 

 

(1,748

)

 

 

(8,000

)

 

D/N

Integrate.com, Inc. (Infinity Data, Inc.)

 

First Lien Revolver

 

SOFR(M)

 

 

1.00

%

 

 

6.00

%

 

 

10.28

%

 

12/17/2027

 

$

 

 

 

(2,208

)

 

 

(4,000

)

 

N

JOBVITE, Inc. (Employ, Inc.)

 

First Lien Term Loan

 

SOFR(S)

 

 

0.75

%

 

 

8.00

%

 

 

10.93

%

 

8/5/2028

 

$

7,017,052

 

 

 

6,847,683

 

 

 

6,779,876

 

 

 

Kaseya Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.75

%

 

 

10.33

%

 

6/25/2029

 

$

7,444,189

 

 

 

7,337,399

 

 

 

7,220,864

 

 

 

Kaseya Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

5.75

%

 

 

10.33

%

 

6/25/2029

 

$

 

 

 

(3,158

)

 

 

(13,651

)

 

N

Kaseya Inc.

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

5.75

%

 

 

10.33

%

 

6/25/2029

 

$

 

 

 

(6,318

)

 

 

(13,651

)

 

N

Kong Inc.

 

First Lien Term Loan

 

SOFR(M)

 

 

1.00

%

 

5.50% Cash + 3.25% PIK

 

 

 

12.99

%

 

11/1/2027

 

$

2,100,294

 

 

 

2,058,551

 

 

 

2,058,288

 

 

D

Nvest, Inc. (SigFig)

 

First Lien Term Loan

 

SOFR(S)

 

 

1.00

%

 

 

7.50

%

 

 

11.49

%

 

9/15/2025

 

$

2,349,466

 

 

 

2,318,584

 

 

 

2,289,789

 

 

 

Oversight Systems, Inc.

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

7.00

%

 

 

11.38

%

 

9/24/2026

 

$

1,543,315

 

 

 

1,519,175

 

 

 

1,481,582

 

 

 

SEP Eiger BidCo Ltd. (Beqom) (Switzerland)

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

3.00% Cash + 3.50% PIK

 

 

 

10.71

%

 

5/9/2028

 

$

5,645,032

 

 

 

5,541,077

 

 

 

5,477,375

 

 

D/H/J

SEP Eiger BidCo Ltd. (Beqom) (Switzerland)

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.50

%

 

 

10.71

%

 

5/9/2028

 

$

 

 

 

(10,516

)

 

 

(17,476

)

 

H/J/N

SEP Raptor Acquisition, Inc. (Loopio) (Canada)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

4.50% Cash + 3.00% PIK

 

 

 

12.25

%

 

3/31/2027

 

$

3,799,349

 

 

 

3,742,283

 

 

 

3,730,961

 

 

D/H/J

SEP Raptor Acquisition, Inc. (Loopio) (Canada)

 

First Lien Revolver

 

LIBOR(Q)

 

 

1.00

%

 

4.50% Cash + 3.00% PIK

 

 

 

12.25

%

 

3/31/2027

 

$

 

 

 

(5,816

)

 

 

(7,373

)

 

D/H/J/N

Superman Holdings, LLC (Foundation Software)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

1.00

%

 

 

6.13

%

 

 

10.85

%

 

8/31/2027

 

$

4,616,646

 

 

 

4,536,715

 

 

 

4,538,163

 

 

 

Superman Holdings, LLC (Foundation Software)

 

First Lien Revolver

 

LIBOR(Q)

 

 

1.00

%

 

 

6.13

%

 

 

10.85

%

 

8/31/2026

 

$

 

 

 

(5,050

)

 

 

(5,601

)

 

N

Syntellis Parent, LLC (Axiom Software)

 

First Lien Term Loan

 

SOFR(M)

 

 

0.75

%

 

 

6.50

%

 

 

10.82

%

 

8/2/2027

 

$

7,652,145

 

 

 

7,502,382

 

 

 

7,422,580

 

 

 

Zendesk, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.50

%

 

 

11.04

%

 

11/22/2028

 

$

5,190,354

 

 

 

5,086,883

 

 

 

5,086,547

 

 

 

Zendesk, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

0.75

%

 

 

6.50

%

 

 

11.04

%

 

11/22/2028

 

$

 

 

 

(12,739

)

 

 

(25,952

)

 

N

Zendesk, Inc.

 

First Lien Revolver

 

SOFR(Q)

 

 

0.75

%

 

 

6.50

%

 

 

11.04

%

 

11/22/2028

 

$

 

 

 

(10,499

)

 

 

(10,686

)

 

N

Zilliant Incorporated

 

First Lien Term Loan

 

LIBOR(M)

 

 

0.75

%

 

2.00% Cash + 4.50% PIK

 

 

 

10.85

%

 

12/21/2027

 

$

1,550,239

 

 

 

1,524,752

 

 

 

1,454,124

 

 

D

Zilliant Incorporated

 

First Lien Delayed Draw Term Loan

 

LIBOR(M)

 

 

0.75

%

 

2.00% Cash + 4.50% PIK

 

 

 

10.85

%

 

12/21/2027

 

$

 

 

 

(2,442

)

 

 

(22,963

)

 

D/N

Zilliant Incorporated

 

First Lien Revolver

 

LIBOR(M)

 

 

0.75

%

 

 

6.00

%

 

 

10.35

%

 

12/21/2027

 

$

 

 

 

(2,458

)

 

 

(9,185

)

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

87,306,974

 

 

 

86,430,992

 

 

 

Specialty Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calceus Acquisition, Inc. (Cole Haan)

 

First Lien Term Loan B

 

LIBOR(Q)

 

 

 

 

 

5.50

%

 

 

10.23

%

 

2/12/2025

 

$

3,678,280

 

 

 

3,399,559

 

 

 

3,387,070

 

 

P

Calceus Acquisition, Inc. (Cole Haan)

 

First Lien Sr Secured Notes

 

Fixed

 

 

 

 

 

9.75

%

 

 

9.75

%

 

2/19/2025

 

$

1,000,000

 

 

 

984,665

 

 

 

916,000

 

 

 

Hanna Andersson, LLC

 

First Lien Term Loan

 

LIBOR(M)

 

 

1.00

%

 

 

6.00

%

 

 

10.29

%

 

7/2/2026

 

$

7,147,915

 

 

 

7,040,248

 

 

 

6,811,963

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,424,472

 

 

 

11,115,033

 

 

 

Technology Hardware, Storage & Peripherals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SumUp Holdings Luxembourg S.A.R.L. (United Kingdom)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

7.00

%

 

 

11.68

%

 

2/17/2026

 

$

10,842,857

 

 

 

10,679,921

 

 

 

10,452,514

 

 

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
Value(B)

 

 

Notes

Debt Investments - Continued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Textiles, Apparel & Luxury Goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

James Perse Enterprises, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

 

1.00

%

 

 

6.25

%

 

 

10.93

%

 

9/8/2027

 

$

9,862,348

 

 

$

9,737,884

 

 

$

9,826,843

 

 

 

James Perse Enterprises, Inc.

 

First Lien Revolver

 

SOFR(Q)

 

 

1.00

%

 

 

6.25

%

 

 

10.93

%

 

9/8/2027

 

$

 

 

 

(18,354

)

 

 

(5,301

)

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,719,530

 

 

 

9,821,542

 

 

 

Trading Companies & Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blackbird Purchaser, Inc. (Ohio Transmission Corp.)

 

Second Lien Term Loan

 

LIBOR(M)

 

 

0.75

%

 

 

7.50

%

 

 

11.88

%

 

4/8/2027

 

$

3,539,347

 

 

 

3,480,055

 

 

 

3,391,402

 

 

 

Blackbird Purchaser, Inc. (Ohio Transmission Corp.)

 

Second Lien Delayed Draw Term Loan

 

LIBOR(M)

 

 

0.75

%

 

 

7.50

%

 

 

11.88

%

 

4/8/2027

 

$

 

 

 

(7,181

)

 

 

(49,315

)

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,472,874

 

 

 

3,342,087

 

 

 

Wireless Telecommunication Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OpenMarket, Inc. (Infobip) (United Kingdom)

 

First Lien Term Loan

 

LIBOR(Q)

 

 

0.75

%

 

 

6.25

%

 

 

10.98

%

 

9/17/2026

 

$

4,937,500

 

 

 

4,841,489

 

 

 

4,781,475

 

 

H/J

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt Investments - 175.9% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

598,534,207

 

 

 

560,266,004

 

 

 

 

 

 

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
Value(B)

 

 

Notes

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marsico Holdings, LLC

 

Limited Partnership/Limited Liability Company Interests

 

 

 

 

 

 

 

91,445

 

 

$

1,848,077

 

 

$

 

 

C/I

Pico Quantitative Trading Holdings, LLC

 

Warrants to Purchase Membership Units

 

 

 

 

2/7/2030

 

 

162

 

 

 

14,804

 

 

 

38,478

 

 

C/I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,862,881

 

 

 

38,478

 

 

 

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AGY Equity, LLC

 

Class A Preferred Stock

 

 

 

 

 

 

 

4,195,600

 

 

 

1,139,597

 

 

 

 

 

C/F/I

AGY Equity, LLC

 

Class B Preferred Stock

 

 

 

 

 

 

 

2,936,920

 

 

 

 

 

 

 

 

C/F/I

AGY Equity, LLC

 

Class C Common Stock

 

 

 

 

 

 

 

2,307,580

 

 

 

 

 

 

 

 

C/F/I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,139,597

 

 

 

 

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elevate Brands Holdco Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

3/14/2032

 

 

66,428

 

 

 

 

 

 

31,965

 

 

C/I

Elevate Brands Holdco Inc.

 

Warrants to Purchase Preferred Stock

 

 

 

 

3/14/2032

 

 

33,214

 

 

 

 

 

 

25,645

 

 

C/I

MXP Prime Platform GmbH (SellerX) (Germany)

 

Warrants to Purchase Preferred Series B Shares

 

 

 

 

11/23/2028

 

 

48

 

 

 

 

 

 

97,941

 

 

C/H/I/J

PerchHQ LLC

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

10/15/2027

 

 

45,283

 

 

 

 

 

 

252,226

 

 

C/I/L

Razor Group GmbH (Germany)

 

Warrants to Purchase Preferred Series A1 Shares

 

 

 

 

 

 

 

4/28/2028

 

 

182

 

 

 

 

 

 

702,914

 

 

C/H/I/J

Razor Group GmbH (Germany)

 

Warrants to Purchase Series C Shares

 

 

 

 

4/28/2028

 

 

56

 

 

 

 

 

 

320,504

 

 

C/H/I/J

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,431,195

 

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gordon Brothers Finance Company

 

Common Stock

 

 

 

 

 

 

 

10,612

 

 

 

10,611,548

 

 

 

 

 

C/G

Gordon Brothers Finance Company

 

Preferred Stock

 

 

13.50

%

 

 

 

 

34,285

 

 

 

36,624,685

 

 

 

 

 

C/G/R

Worldremit Group Limited (United Kingdom)

 

Warrants to Purchase Series D Stock

 

 

 

 

 

 

 

 

2/11/2031

 

 

7,662

 

 

 

 

 

 

183,658

 

 

C/H/I/J

Worldremit Group Limited (United Kingdom)

 

Warrants to Purchase Series E Stock

 

 

 

 

 

 

 

 

8/27/2031

 

 

508

 

 

 

 

 

 

3,678

 

 

C/H/I/J

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

47,236,233

 

 

 

187,336

 

 

 

Household Durables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stitch Holdings, L.P.

 

Limited Partnership/Limited Liability Company Interests

 

 

 

 

 

 

 

5,910

 

 

 

5,909,910

 

 

 

4,373,400

 

 

C/I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Internet Software & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FinancialForce.com, Inc.

 

Warrants to Purchase Series C Preferred Stock

 

 

 

 

 

1/30/2029

 

 

450,000

 

 

 

100,544

 

 

 

211,350

 

 

C/I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MBS Parent, LLC

 

Limited Partnership/Limited Liability Company Interests

 

 

 

 

 

 

 

 

546

 

 

 

 

 

 

 

 

C/M

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metals & Mining

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kemmerer Holdings, LLC (WMLP)

 

Limited Partnership/Limited Liability Company Interests

 

 

 

 

 

 

 

 

 

8

 

 

 

753,851

 

 

 

1,618,248

 

 

C/F/K

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oil, Gas & Consumable Fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TER Management Resources, LLC (fka ETX Energy Management Company, LLC)

 

Limited Partnership/Limited Liability Company Interests

 

 

 

 

 

 

 

 

53,815

 

 

 

 

 

 

 

 

C

Trailblazer Energy Resources, LLC (fka ETX Energy, LLC)

 

Limited Partnership/Limited Liability Company Interests

 

 

 

 

 

 

 

 

51,119

 

 

 

 

 

 

 

 

C/L

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grey Orange International Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

5/6/2032

 

 

2,087

 

 

 

 

 

 

8,849

 

 

C/I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading Companies & Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blackbird Holdco, Inc. (Ohio Transmission Corp.)

 

Preferred Stock

 

 

 

 

 

 

 

12.50% PIK

 

 

 

 

 

2,478

 

 

 

2,762,941

 

 

 

2,354,224

 

 

D/I

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Equity Securities - 3.2% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

59,765,957

 

 

 

10,223,080

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments - 179.1% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

658,300,164

 

 

$

570,489,084

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents - 3.0% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

9,531,190

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Cash and Investments - 182.1% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

580,020,274

 

 

 

 

 

 

 

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

 

2.633%

 

1 Day SOFR

 

CME

 

6/9/2025

 

Annual

 

$

35,000,000

 

 

$

(1,332,299

)

 

 

 

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:

(a)
Represents amortized cost for fixed income securities and cost for preferred and common stock, limited partnership/limited liability company interests and equity warrants/options.
(b)
Pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the "1940 Act"), the Company's Board of Directors designated the Advisor as the valuation designee to perform certain fair value functions, including performing fair value determinations. See Note 2 for further details.
(c)
Non-income producing equity securities at December 31, 2022.
(d)
Interest may be paid in cash or payment-in-kind (“PIK”), or a combination thereof which is generally at the option of the borrower. PIK earned is included in the cost basis of the security. In accordance with the Company’s policy, PIK is recorded on an effective interest method.
(e)
Approximately 99.2% of the fair value of total senior secured loans in the Company’s portfolio bear interest at a floating rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR”), “L”, Secured Overnight Financing Rate (“SOFR”), “S”, or other base rate (commonly the Federal Funds Rate or the Prime Rate), “P”, at the borrower’s option. In addition, 94.2% of the fair value of such senior secured loans have floors of 0.50% to 1.80%. The borrower under a senior secured loan generally has the option to select from interest reset periods of one, two, three or six months and may alter that selection at the end of any reset period. The stated interest rate represents the weighted average interest rate at December 31, 2022 of all contracts within the specified loan facility. LIBOR and SOFR reset monthly (M), quarterly (Q) or semiannually (S).
(f)
Transaction and other information for “non-controlled, affiliated” investments under the 1940 Act, whereby the Company owns 5% or more (but not more than 25%) of the portfolio company’s outstanding voting securities, is presented in a separate table of the Consolidated Schedules of Investments.
(g)
Transaction and other information for “controlled” investments under the 1940 Act, whereby the Company owns more than 25% of the portfolio company’s outstanding voting securities, is presented in a separate table of the Consolidated Schedules of Investments.
(h)
Non-U.S. company or principal place of business outside the U.S.
(i)
Securities are either exempt from registration under Rule 144A of the Securities Act, or sale of the security is subject to certain contractual restrictions. Securities that are exempt from registration under 144A may be resold in transactions, normally to qualified institutional buyers. In aggregate, these securities represent 2.9% of the Company’s net assets at December 31, 2022. The acquisition dates for restricted securities of unaffiliated issuers were as follows as of December 31, 2022:

Investment

 

Initial Acquisition Date

Marsico Holdings, LLC, Limited Partnership/Limited Liability Company Interests

 

11/28/2007

FinancialForce.com, Warrants to Purchase Series C Preferred Stock

 

1/30/2019

Pico Quantitative Trading Holdings, LLC, Warrants to Purchase Membership Units

 

2/7/2020

Worldremit Group Limited (United Kingdom), Warrants to Purchase Series D Stock

 

2/11/2021

Advanced Lighting Technologies, LLC, Senior Secured Notes

 

3/16/2021

Razor Group GmbH (Germany), Warrants to Purchase Preferred Series A1 Shares

 

4/28/2021

Stitch Holdings, L.P., Limited Partnership Interests

 

7/30/2021

Worldremit Group Limited (United Kingdom), Warrants to Purchase Series E Stock

 

8/27/2021

MXP Prime Platform GmbH (SellerX) (Germany), Warrants to Purchase Preferred Series B Shares

 

11/23/2021

Blackbird Holdco, Inc. (Ohio Transmission Corp.), Preferred Stock

 

12/14/2021

Elevate Brands Holdco Inc., Warrants to Purchase Common Stock

 

3/14/2022

Elevate Brands Holdco Inc., Warrants to Purchase Preferred Stock

 

3/14/2022

Grey Orange International Inc., Warrants to Purchase Common Stock

 

5/6/2022

PerchHQ LLC, Warrants to Purchase Common Stock

 

9/30/2022

Razor Group GmbH (Germany), Warrants to Purchase Series C Shares

 

12/23/2022

(j)
Investments that the Company has determined are not “qualifying assets” under Section 55(a) of the 1940 Act. Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. The status of these assets under the 1940 Act may be subject to change. The Company monitors the status of these assets on an ongoing basis. As of December 31, 2022, approximately 15.0% of the total assets of the Company were not qualifying assets under Section 55(a) of the 1940 Act.
(k)
The Company is the sole stockholder of BKC ASW Blocker, Inc., a consolidated subsidiary, which is the beneficiary of 5% or more (but not more than 25%) of the voting securities of Kemmerer Operations, LLC and thus non-controlled, affiliated investments.
(l)
The Company is the sole stockholder of BKC ASW Blocker, Inc., a consolidated subsidiary, which is the beneficiary of less than 5% of the voting securities of Trailblazer Energy Resources, LLC (fka ETX Energy, LLC) and PerchHQ LLC and thus non-controlled, non-affiliated investments.
(m)
The Company is the sole stockholder of BCIC-MBS, LLC, a consolidated subsidiary, which is the beneficiary of less than 5% of the voting securities of MBS Parent, LLC and thus a non-controlled, non-affiliated investment.
(n)
Position or associated portfolio company thereof has an unfunded commitment as of December 31, 2022 (see Note 9). Note that there may be additional unfunded positions which do not have a funded component at period end, and therefore are not displayed herein. Any negative balances represent unfunded commitments that were acquired and/or valued at a discount.
(o)
Unless otherwise indicated, all investments are considered Level 3 in accordance with ASC Topic 820 (see Note 2).
(p)
Investments are considered other than Level 3 in accordance with ASC Topic 820 (see Note 2).
(q)
As of December 31, 2022, the Company generally uses Global Industry Classification Standard (“GICS”) codes to identify the industry groupings. This information is unaudited.
(r)
The investment is on non-accrual status as of December 31, 2022 and therefore non-income producing. At December 31, 2022, the aggregate fair value and amortized cost of the Company’s debt and preferred stock investments on non-accrual status represents 2.8% and 11.8% of the Company's debt and preferred stock investments at fair value and amortized cost, respectively.
(s)
This investment will have a first lien security interest after the senior tranches are repaid.
(t)
Total coupon includes default interest of 2.00%.
(u)
Portions of the loan bear interest using a combination of LIBOR, SOFR, and/or the Prime rate. The total coupon represents the weighted average interest rate at December 31, 2022 of all contracts within the loan facility.
(v)
Refer to Notes 2 and 4 for additional information on the Company’s Interest Rate Swap.

 

 

 

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
December 31, 2021

 

 

Net realized gain (loss)(2)

 

 

Net increase or decrease in unrealized appreciation or depreciation(2)

 

 

Acquisitions(3)

 

 

Dispositions(4)

 

 

Fair Value at
December 31, 2022

 

AGY Equity, LLC:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A Preferred Stock

 

$

 

 

$

251,736

 

 

$

 

 

$

(251,736

)

 

$

 

 

$

 

 

$

 

Class B Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class C Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kemmerer Operations, LLC (WMLP):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Secured Loan, First Lien

 

 

455,516

 

 

 

3,091,618

 

 

 

 

 

 

 

 

 

346,256

 

 

 

(1,481,684

)

 

 

1,956,190

 

Delayed Draw Term Loan, First Lien

 

 

1,170

 

 

 

42,550

 

 

 

 

 

 

 

 

 

1,188

 

 

 

(43,738

)

 

 

 

Kemmerer Holdings, LLC (WMLP):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Limited Liability Co. Interest

 

 

 

 

 

746,074

 

 

 

 

 

 

872,174

 

 

 

 

 

 

 

 

 

1,618,248

 

Totals

 

$

456,686

 

 

$

4,131,978

 

 

$

 

 

$

620,438

 

 

$

347,444

 

 

$

(1,525,422

)

 

$

3,574,438

 

 

(1)
The issuers of the securities listed on this schedule are considered non-controlled, affiliated investments under the 1940 Act due to the ownership by the Company of 5% to 25% of the issuers’ voting securities.
(2)
Amounts reported above are for the year ended December 31, 2022. Dividends and interest income also includes fee income as applicable.
(3)
Acquisitions include new purchases, PIK income and amortization of original issue and market discounts, and the movement of an existing portfolio company into this category from a different category for the year ended December 31, 2022.
(4)
Dispositions include decreases in the cost basis of investments, net of realized gain or loss, resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category for the year ended December 31, 2022.

The aggregate fair value of non-controlled, affiliated investments at December 31, 2022 represents 1.1% of the Company’s net assets.

 

Controlled Affiliate Security(1)

 

Dividends and interest income(2)

 

 

Fair Value at
December 31, 2021

 

 

Net realized gain (loss)(2)

 

 

Net increase or decrease in unrealized appreciation or depreciation(2)

 

 

Acquisitions(3)

 

 

Dispositions(4)

 

 

Fair Value at
December 31, 2022

 

Gordon Brothers Finance Company:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured Debt

 

$

 

 

$

21,927,071

 

 

$

 

 

$

(2,523,687

)

 

$

 

 

$

(4,175,384

)

 

$

15,228,000

 

Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Totals

 

$

 

 

$

21,927,071

 

 

$

 

 

$

(2,523,687

)

 

$

 

 

$

(4,175,384

)

 

$

15,228,000

 

 

(1)
The issuers of the securities listed on this schedule are considered controlled affiliates under the 1940 Act due to the ownership by the Company of more than 25% of the issuers’ voting securities.
(2)
Amounts reported above are for the year ended December 31, 2022. Dividends and interest income also includes fee income as applicable.
(3)
Acquisitions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest or dividends, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category for the year ended December 31, 2022.
(4)
Dispositions include decreases in the cost basis of investments, net of realized gain or loss, resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category for the year ended December 31, 2022.

The aggregate fair value of controlled investments at December 31, 2022 represents 4.8% of the Company’s net assets.

 

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

24


 

BlackRock Capital Investment Corporation

Notes to Consolidated Financial 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 100% of each subsidiary and, as such, the subsidiaries are consolidated into the Company’s consolidated financial statements. The subsidiaries hold investments which are treated as pass through entities for tax purposes. By investing through these 100% owned subsidiaries, the Company is able to benefit from corporate tax treatment for these entities and thereby create a tax structure that is more advantageous with respect to the RIC status of the Company. Intercompany balances and transactions are eliminated in consolidation.

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 June 30, 2023 and for the three and six months ended June 30, 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:

(i)
The quarterly valuation process begins with each portfolio company or investment being initially evaluated and rated by the investment professionals of the Valuation Designee responsible for the portfolio investment;
(ii)
The investment professionals provide recent portfolio company financial statements and other reporting materials as and when available to independent valuation firms engaged by the Valuation Designee and approved by the Valuation Committee (with the exception of statements and materials related to investments priced directly by the Valuation Designee as described in (iv) below), such firms conduct independent appraisals each quarter and their preliminary valuation conclusions are documented and discussed with senior management of the Advisor;
(iii)
The Valuation Committee reviews the preliminary valuations prepared by the independent valuation firm and the Valuation Designee, as applicable;
(iv)
The fair value of certain investments, comprising in the aggregate, less than 5% of the Company’s net asset value and no more than 15% of total positions held, respectively, may be determined by the Valuation Designee in good faith without the engagement of an independent valuation firm in accordance with the Company’s valuation policy; provided that if only the threshold with respect to the number of all positions valued at zero or immaterial amounts is exceeded, the Valuation Designee may request the Valuation Committee's approval to not request a fair valuation from an independent valuation firm for all such positions; and
(v)
The Valuation Designee discuss valuations and determines the fair value of each investment in the portfolio in good faith based on the input of the Valuation Committee and the respective independent valuation firms.

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 June 30, 2023, the Company’s investments were categorized as follows:

Level

 

Basis for Determining Fair Value

 

Bank Debt(1)

 

 

Other
Corporate Debt
(2)

 

 

Equity
Securities

 

 

Total

 

1

 

Quoted prices in active markets for identical assets

 

$

 

 

$

 

 

$

 

 

$

 

2

 

Other direct and indirect observable market inputs(3)

 

 

35,656,092

 

 

 

 

 

 

 

 

 

35,656,092

 

3

 

Valuation sources that employ significant unobservable inputs

 

 

535,307,387

 

 

 

20,942,000

 

 

 

3,931,932

 

 

 

560,181,319

 

Total

 

 

 

$

570,963,479

 

 

$

20,942,000

 

 

$

3,931,932

 

 

$

595,837,411

 

 

(1)
Includes senior secured loans.
(2)
Includes senior secured notes, unsecured debt and subordinated debt.
(3)
For example, quoted prices in inactive markets or quotes for comparable investments.

Unobservable inputs used in the fair value measurement of Level 3 investments as of June 30, 2023 included the following:

Asset Type

 

Fair Value

 

 

Valuation Technique

 

Unobservable Input

 

Weighted Average Range(1) (Concluded Value)(2)

Bank Debt

 

$

505,516,761

 

 

Income approach

 

Discount rate

 

13.0% - 13.8% (13.5%)

 

 

26,825,380

 

 

Market quotations

 

Indicative bid/ask quotes

 

1 (1)

 

 

 

1,189,932

 

 

Market comparable companies

 

Revenue multiples

 

0.5x - 0.7x (0.6x)

 

 

 

1,775,314

 

 

Option Pricing Model

 

Implied volatility

 

60.0% - 70.0% (65.0%)

 

 

 

 

 

 

 

Term

 

1.3 years - 2.3 years (1.8 years)

 

 

 

 

 

 

 

EBITDA/Revenue multiples

 

1.8x - 2.3x (2.0x)

Other Corporate Debt

 

 

20,942,000

 

 

Income approach

 

Discount rate

 

13.8% - 15.3% (14.4%)

Equity

 

 

1,399,668

 

 

Option Pricing Model

 

EBITDA/Revenue multiples

 

2.4x - 2.9x (2.7x)

 

 

 

 

 

 

Implied volatility

 

57.8% - 67.8% (62.8%)

 

 

 

 

 

 

Term

 

1.5 years - 2.5 years (2.0 years)

 

 

 

2,400,116

 

 

Income approach

 

Discount rate

 

13.4% - 13.9% (13.6%)

 

 

132,148

 

 

Market comparable companies

 

Revenue multiples

 

2.3x - 2.6x (2.5x)

 

 

$

560,181,319

 

 

 

 

 

 

 

 

(1)
Representing the weighted average of each significant unobservable input range at the investment level by fair value.
(2)
Representing the weighted average of each significant unobservable input for concluded value at the investment level by fair value.

 

27


 

Certain fair value measurements may employ more than one valuation technique, with each valuation technique receiving a relative weight between 0% and 100%. Generally, a change in an unobservable input may result in a change to the value of an investment as follows:

Input

 

Impact to Value if

Input Increases

 

Impact to Value if

Input Decreases

Discount rate

 

Decrease

 

Increase

Revenue multiples

 

Increase

 

Decrease

EBITDA multiples

 

Increase

 

Decrease

Book value multiples

 

Increase

 

Decrease

Implied volatility

 

Increase

 

Decrease

Term

 

Increase

 

Decrease

Yield

 

Increase

 

Decrease

Changes in investments categorized as Level 3 during the three months ended June 30, 2023 were as follows:

 

 

Bank Debt

 

 

Other
Corporate Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

525,892,549

 

 

$

21,594,000

 

 

$

8,354,948

 

 

$

555,841,497

 

Net realized and unrealized gains (losses)

 

 

1,398,994

 

 

 

(150,641

)

 

 

(4,512,056

)

 

 

(3,263,703

)

Acquisitions(1)

 

 

21,238,755

 

 

 

1,557

 

 

 

89,040

 

 

 

21,329,352

 

Dispositions

 

 

(5,719,598

)

 

 

(502,916

)

 

 

 

 

 

(6,222,514

)

Transfers into Level 3(2)

 

 

7,380,725

 

 

 

 

 

 

 

 

 

7,380,725

 

Transfers out of Level 3(3)

 

 

(14,884,038

)

 

 

 

 

 

 

 

 

(14,884,038

)

Ending balance

 

$

535,307,387

 

 

$

20,942,000

 

 

$

3,931,932

 

 

$

560,181,319

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)

 

$

1,360,798

 

 

$

(150,641

)

 

$

(4,512,056

)

 

$

(3,301,899

)

 

(1)
Includes payments received in kind and accretion of original issue and market discounts.
(2)
Comprised of two investments that were transferred from Level 2 to Level 3 due to decreased observable market activity.
(3)
Comprised of five investments that were transferred from Level 3 to Level 2 due to increased observable market activity.

Changes in investments categorized as Level 3 during the six months ended June 30, 2023 were as follows:

 

 

Bank Debt

 

 

Other
Corporate Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

494,932,878

 

 

$

21,782,823

 

 

$

10,223,080

 

 

$

526,938,781

 

Net realized and unrealized gains (losses)

 

 

1,855,751

 

 

 

436,820

 

 

 

(6,154,586

)

 

 

(3,862,015

)

Acquisitions(1)

 

 

58,314,673

 

 

 

3,409

 

 

 

175,382

 

 

 

58,493,464

 

Dispositions

 

 

(10,258,442

)

 

 

(1,281,052

)

 

 

(311,944

)

 

 

(11,851,438

)

Transfers into Level 3(2)

 

 

6,371,096

 

 

 

 

 

 

 

 

 

6,371,096

 

Transfers out of Level 3(3)

 

 

(15,908,569

)

 

 

 

 

 

 

 

 

(15,908,569

)

Ending balance

 

$

535,307,387

 

 

$

20,942,000

 

 

$

3,931,932

 

 

$

560,181,319

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)

 

$

1,309,491

 

 

$

367,507

 

 

$

(4,848,282

)

 

$

(3,171,284

)

 

(1)
Includes payments received in kind and accretion of original issue and market discounts.
(2)
Comprised of two investments that were transferred from Level 2 to Level 3 due to decreased observable market activity.
(3)
Comprised of five investments that were transferred from Level 3 to Level 2 due to increased observable market activity.

 

 

 

28


 

At December 31, 2022, the Company’s investments were categorized as follows:

Level

 

Basis for Determining Fair Value

 

Bank Debt(1)

 

 

Other
Corporate Debt
(2)

 

 

Equity
Securities

 

 

Total

 

1

 

Quoted prices in active markets for identical assets

 

$

 

 

$

 

 

$

 

 

$

 

2

 

Other direct and indirect observable market inputs(3)

 

 

43,550,303

 

 

 

 

 

 

 

 

 

43,550,303

 

3

 

Valuation sources that employ significant unobservable inputs

 

 

494,932,878

 

 

 

21,782,823

 

 

 

10,223,080

 

 

 

526,938,781

 

Total

 

 

 

$

538,483,181

 

 

$

21,782,823

 

 

$

10,223,080

 

 

$

570,489,084

 

 

(1)
Includes senior secured loans.
(2)
Includes senior secured notes, unsecured debt and subordinated debt.
(3)
For example, quoted prices in inactive markets or quotes for comparable investments.

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

 

$

450,067,848

 

 

Income approach

 

Discount rate

 

12.9% - 13.7% (13.3%)

 

 

43,102,197

 

 

Market quotations

 

Indicative bid/ask quotes

 

1 (1)

 

 

 

1,762,833

 

 

Option Pricing Model

 

Implied volatility

 

60.0% - 70.0% (65.0%)

 

 

 

 

 

 

 

Term

 

1.8 years - 2.8 years (2.3 years)

Other Corporate Debt

 

 

21,074,000

 

 

Income approach

 

Discount rate

 

13.6% - 15.1% (14.3%)

 

 

708,823

 

 

Market comparable companies

 

Revenue multiples

 

0.1x - 0.2x (0.2x)

Equity

 

 

1,586,504

 

 

Option Pricing Model

 

EBITDA/Revenue multiples

 

3.6x - 3.9x (3.8x)

 

 

 

 

 

 

Implied volatility

 

58.2% - 68.2% (63.2%)

 

 

 

 

 

 

Term

 

1.8 years - 2.9 years (2.4 years)

 

 

4,373,400

 

 

Market comparable companies

 

EBITDA multiples

 

5.8x - 6.8x (6.3x)

 

 

 

3,972,472

 

 

Income approach

 

Discount rate

 

20.3% - 32.8% (24.6%)

 

 

290,704

 

 

Market comparable companies

 

Revenue multiples

 

2.1x - 2.3x (2.2x)

 

 

$

526,938,781

 

 

 

 

 

 

 

 

(1)
Representing the weighted average of each significant unobservable input range at the investment level by fair value.
(2)
Representing the weighted average of each significant unobservable input for concluded value at the investment level by fair value.

Changes in investments categorized as Level 3 during the three months ended June 30, 2022 were as follows:

 

 

Bank Debt

 

 

Other
Corporate Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

448,941,825

 

 

$

28,664,354

 

 

$

12,894,493

 

 

$

490,500,672

 

Net realized and unrealized gains (losses)

 

 

(7,868,042

)

 

 

692,232

 

 

 

(768,142

)

 

 

(7,943,952

)

Acquisitions(1)

 

 

71,509,591

 

 

 

1,318

 

 

 

78,729

 

 

 

71,589,638

 

Dispositions

 

 

(20,890,895

)

 

 

(4,175,384

)

 

 

 

 

 

(25,066,279

)

Transfers into Level 3(2)

 

 

6,987,400

 

 

 

 

 

 

 

 

 

6,987,400

 

Transfers out of Level 3(3)

 

 

(1,877,265

)

 

 

 

 

 

 

 

 

(1,877,265

)

Ending balance

 

$

496,802,614

 

 

$

25,182,520

 

 

$

12,205,080

 

 

$

534,190,214

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)

 

$

(7,592,410

)

 

$

692,232

 

 

$

(768,142

)

 

$

(7,668,320

)

(1)
Includes payments received in kind and accretion of original issue and market discounts.
(2)
Comprised of one investment that was transferred from Level 2 to Level 3 due to decreased observable market activity.
(3)
Comprised of one investment that was transferred from Level 3 to Level 2 due to increased observable market activity.

 

 

29


 

Changes in investments categorized as Level 3 during the six months ended June 30, 2022 were as follows:

 

 

Bank Debt

 

 

Other
Corporate Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

483,970,602

 

 

$

28,568,871

 

 

$

12,489,257

 

 

$

525,028,730

 

Net realized and unrealized gains (losses)

 

 

(9,826,619

)

 

 

786,218

 

 

 

(453,966

)

 

 

(9,494,367

)

Acquisitions(1)

 

 

114,309,011

 

 

 

2,815

 

 

 

169,789

 

 

 

114,481,615

 

Dispositions

 

 

(98,691,530

)

 

 

(4,175,384

)

 

 

 

 

 

(102,866,914

)

Transfers into Level 3(2)

 

 

7,041,150

 

 

 

 

 

 

 

 

 

7,041,150

 

Ending balance

 

$

496,802,614

 

 

$

25,182,520

 

 

$

12,205,080

 

 

$

534,190,214

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)

 

$

(9,255,305

)

 

$

770,779

 

 

$

(453,966

)

 

$

(8,938,492

)

(1)
Includes payments received in kind and accretion of original issue and market discounts.
(2)
Comprised of one investment that was transferred from Level 2 to Level 3 due to decreased observable market activity.

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 Notes 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:

(i)
market value of investment securities, other assets and liabilities—at the spot exchange rate on the last business day of the period; and
(ii)
purchases and sales of investment securities, income and expenses—at the rates of exchange prevailing on the respective dates of such transactions, income or expenses.

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 June 30, 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 no open forward foreign currency contracts at June 30, 2023 and December 31, 2022.

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 June 30, 2023 and December 31, 2022 represented 0.5% and 0.6% of the Company’s net assets, respectively.

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 June 30, 2023 and December 31, 2022.

Changes in the fair value of the swap contract, net of any periodic interest accruals, 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 June 30, 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 June 30, 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 $401,155,603 available to offset future realized capital gains.

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,
2022

 

Tax basis of investments

 

$

615,741,586

 

 

 

 

 

Unrealized appreciation

 

 

49,398,479

 

Unrealized depreciation

 

 

(95,970,114

)

Net unrealized depreciation(1)

 

$

(46,571,635

)

 

(1)
Includes net unrealized depreciation on the Company's Interest Rate Swap.

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 1.50% of total assets up to 200% of net asset value (excluding cash and cash equivalents), including any assets acquired with the proceeds of leverage, payable quarterly in arrears based on the asset valuation as of the end of the prior

 

32


 

quarter. Additionally, the Management Fee is calculated at 1.00% on assets that exceed 200% of net asset value of the Company. The Management Fee for any partial quarter is prorated.

For the three and six months ended June 30, 2023, the Company incurred $2,221,908 and $4,352,380, respectively, in Management Fees under the Current Management Agreement. For the three and six months ended June 30, 2022, the Company incurred $1,947,167 and $4,007,031, respectively, in Management Fees under the Current Management Agreement.

Incentive Fees

(i)
Quarterly Incentive Fee Based on Income

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:

No Incentive Fee based on income other than capital gains for any calendar quarter in which the Pre-Incentive Fee Net Investment Income does not exceed 1.75% (7.00% annualized) of net assets attributable to common stock at the beginning of such quarter.
100% of the Pre-Incentive Fee Net Investment Income in any calendar quarter with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, for such calendar quarter, that exceeds 1.75% (7.00% annualized) of net assets attributable to common stock at the beginning of such quarter but is less than approximately 2.12% (8.48% annualized).
17.5% of the Pre-Incentive Fee Net Investment Income, if any, for any calendar quarter that exceeds approximately 2.12% (8.48% annualized) of net assets attributable to common stock at the beginning of such quarter.

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 7.0% of net assets attributable to common stock at the beginning of such four quarter period as adjusted for the net proceeds from any common stock issuances and the cost of any common stock repurchases during such four full calendar quarter period, with any deferred Incentive Fees to be carried over for payment in subsequent quarterly calculation periods to the extent such payment can then be made in accordance with the investment management agreement.

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 and six months ended June 30, 2023, the Company incurred $1,886,182 and $3,762,085, respectively, in Incentive Fees on income. For the three and six months ended June 30, 2022, the Company incurred $69,343 and $88,356, respectively, in Incentive Fees on income. As of June 30, 2023 and December 31, 2022, there was $7,165,434 and $3,403,349, respectively, of Incentive Fees payable based on income. The payment of Incentive Fee based on income of $7,165,434 at June 30, 2023 was deferred pursuant to the Incentive Fee deferral provision discussed above.

(ii)
Annual Incentive Fee Based on Capital Gains

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 17.5% of the amount by which (1) net realized capital gains during the period, if any, exceeds (2) gross unrealized capital depreciation, if any, during the period. In calculating the portion of the Incentive Fee based on capital gains payable for any period, investments are accounted for on a security-by-security basis. In addition, the portion of the Incentive Fee based on capital gains is determined using the “period-to-period” method pursuant to which the portion of the Incentive Fee based on capital gains for any period will be based on realized capital gains for the period reduced by realized capital losses for the period and unrealized capital depreciation for the period.

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 17.5% of such amount, for periods ended after May 2, 2020, less the amount of any Incentive Fees on capital gains already accrued during the Annual Period. If the resulting calculation

 

33


 

amount is negative, the accrual for GAAP in a given period may result in the reduction or reversal of Incentive Fee expense on capital gains previously accrued during the Annual Period.

In accordance with GAAP, the hypothetical liquidation for the three and six months ended June 30, 2023 resulted in no capital gains Incentive Fees. Incentive Fees on capital gains accrued (reversed) on a liquidation basis under GAAP for the three and six months ended June 30, 2022 were $(1,073,068) and $(1,544,569), respectively. The Company did not have an accrued balance at June 30, 2023 and December 31, 2022.

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 seventh amendment thereto, dated as of April 26, 2023, the “Credit Facility”) and senior unsecured notes issued through a private placement on June 9, 2022 by the Company and due December 9, 2025 (the “2025 Private Placement Notes”). Prior to being repaid on June 15, 2022, debt also included the Company’s unsecured convertible senior notes due 2022 (the “2022 Convertible Notes”).

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 200% to 150%, as set forth in Section 61(a)(2) of the 1940 Act, as amended by the Small Business Credit Availability Act. As of June 30, 2023 and December 31, 2022, the Company’s asset coverage was 210% and 225%, respectively.

Total debt outstanding and available at June 30, 2023 was as follows:

 

 

Maturity

 

Rate

 

Carrying Value

 

 

Available

 

 

Total
Capacity

 

 

Credit Facility

 

2025

 

S+2.25%

(1)

$

192,000,000

 

 

$

73,000,000

 

(2)

$

265,000,000

 

(3)

2025 Private Placement Notes

 

2025

 

Fixed/Variable

(4)

 

91,171,157

 

(5)

 

 

 

 

91,171,157

 

 

Debt, net of unamortized issuance costs

 

 

 

 

 

$

283,171,157

 

 

$

73,000,000

 

 

$

356,171,157

 

 

 

(1)
The applicable margin for SOFR-based borrowings could be either 2.00% or 2.25% depending on a ratio of the borrowing base to certain committed indebtedness, and is also subject to a credit spread adjustment of 0.10%. If the Company elects to borrow based on the alternate base rate, the applicable margin could be either 1.00% or 1.25% depending on a ratio of the borrowing base to certain committed indebtedness.
(2)
Subject to borrowing base and leverage restrictions.
(3)
Provides for a feature that allows the Company, under certain circumstances, to increase the size of the Credit Facility up to $325.0 million.
(4)
The 2025 Private Placement Notes were issued in two tranches, consisting of a $35.0 million aggregate principal amount with a fixed interest rate of 5.82% and a $57.0 million aggregate principal amount bearing interest at a rate equal to SOFR plus 3.14%.
(5)
The carrying value of 2025 Private Placement Notes was comprised of the following:

 

 

June 30, 2023

 

 Principal amount of debt

 

$

92,000,000

 

 Unamortized issuance costs

 

 

(828,843

)

 Carrying value

 

$

91,171,157

 

 

 

34


 

Total debt outstanding and available at December 31, 2022 was as follows:

 

 

Maturity

 

Rate

 

Carrying Value

 

 

Available

 

 

Total
Capacity

 

 

Credit Facility

 

2025

 

L+2.00%

(1)

$

162,000,000

 

 

$

103,000,000

 

(2)

$

265,000,000

 

(3)

2025 Private Placement Notes

 

2025

 

Fixed/Variable

(4)

 

91,003,161

 

(5)

 

 

 

 

91,003,161

 

 

Debt, net of unamortized issuance costs

 

 

 

 

 

$

253,003,161

 

 

$

103,000,000

 

 

$

356,003,161

 

 

 

(1)
The applicable margin for LIBOR-based borrowings was either 2.00% or 2.25% depending on a ratio of the borrowing base to certain indebtedness. If the Company elects to borrow based on the alternate base rate, the applicable margin could be either 1.00% or 1.25% depending on a ratio of the borrowing base to certain indebtedness.
(2)
Subject to borrowing base and leverage restrictions.
(3)
Provides for a feature that allows the Company, under certain circumstances, to increase the size of the Credit Facility up to $325.0 million.
(4)
The 2025 Private Placement Notes were issued in two tranches, consisting of a $35.0 million aggregate principal amount with a fixed interest rate of 5.82% and a $57.0 million aggregate principal amount bearing interest at a rate equal to SOFR plus 3.14%.
(5)
The carrying value of 2025 Private Placement Notes was comprised of the following:

 

 

December 31, 2022

 

 Principal amount of debt

 

$

92,000,000

 

 Unamortized issuance costs

 

 

(996,839

)

 Carrying value

 

$

91,003,161

 

 

The Company’s weighted average outstanding debt balance during the three months ended June 30, 2023 and 2022 was $278,335,448 and $213,448,919, respectively. The maximum amounts borrowed during the three months ended June 30, 2023 and 2022 were $286,142,384 and $377,673,980, respectively. The Company’s weighted average outstanding debt balance during the six months ended June 30, 2023 and 2022 was $270,570,675 and $210,643,606, respectively. The maximum amounts borrowed during the six months ended June 30, 2023 and 2022 were $286,142,384 and $377,671,273, respectively.

The weighted average annual interest cost, including the amortization of debt issuance costs for the three and six months ended June 30, 2023 was 7.76% and 7.45%, respectively, exclusive of commitment fees. The weighted average annual interest cost, including the amortization of debt issuance costs for the three and six months ended June 30, 2022 was 4.98% and 4.94%, respectively, exclusive of commitment fees. With respect to any unused portion of the commitments under the Credit Facility, the Company incurs an annual commitment fee of 0.40%.

Total expenses related to debt for the three and six months ended June 30, 2023 and 2022 included the following:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Stated interest expense

 

$

5,136,153

 

 

$

2,322,209

 

 

$

9,546,288

 

 

$

4,489,106

 

Amortization of deferred debt issuance costs

 

 

249,058

 

 

 

325,665

 

 

 

445,104

 

 

 

668,747

 

Total interest expense

 

 

5,385,211

 

 

 

2,647,874

 

 

 

9,991,392

 

 

 

5,157,853

 

Commitment and credit facility fees

 

 

97,239

 

 

 

212,817

 

 

 

209,289

 

 

 

431,789

 

Total

 

$

5,482,450

 

 

$

2,860,691

 

 

$

10,200,681

 

 

$

5,589,642

 

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 June 30, 2023 and December 31, 2022 were as follows:

 

 

June 30, 2023

 

 

December 31, 2022

 

 

 

Carrying Value

 

 

Fair Value

 

 

Carrying Value

 

 

Fair Value

 

Credit Facility

 

$

192,000,000

 

 

$

175,680,000

 

 

$

162,000,000

 

 

$

146,610,000

 

2025 Private Placement Notes

 

 

91,171,157

 

 

 

90,734,530

 

 

 

91,003,161

 

 

 

89,074,810

 

Total

 

$

283,171,157

 

 

$

266,414,530

 

 

$

253,003,161

 

 

$

235,684,810

 

At June 30, 2023, the Company was in compliance with all covenants required under the Credit Facility and 2025 Private Placement Notes.

Senior Secured Revolving Credit Facility

The Company’s most recent amendment under the Credit Facility (i) replaces the LIBOR-based interest rate benchmark provisions with interest rate benchmark provisions based on (a) in the case of borrowings denominated in U.S. dollars, a forward-looking term SOFR-based rate, (b) in the case of borrowings denominated in Canadian dollars, a CDOR-based rate and (c) in the case of borrowings denominated in Euros or any other Agreed Foreign Currency (as defined in the Credit Facility) (excluding Canadian dollars), a EURIBO-based rate (such

 

35


 

replacement benchmark as referred to in subclauses (a) – (c), collectively, the “Benchmarks”) and (ii) adds a 10 basis point credit spread adjustment for borrowings bearing interest based on SOFR. The applicable margin for Benchmark-based borrowings could be either 2.00% or 2.25% depending on a ratio of the borrowing base to certain committed indebtedness. If the Company elects to borrow based on the alternate base rate, the applicable margin could be either 1.00% or 1.25% depending on a ratio of the borrowing base to certain committed indebtedness.

The Credit Facility (a) provides for amounts to be drawn up to $265,000,000, by which the Company may seek an increase in the commitments to $325,000,000 (subject to satisfaction of certain conditions, including obtaining commitments), (b) has a maturity date of April 23, 2025 and (c) requires a minimum shareholders’ equity under the Credit Facility to the greater of (i) 33% of the total assets of the Company and its subsidiaries and (ii) $240,000,000 plus 25% of net proceeds from the sale of equity interests by the Company and its subsidiaries.

Under the Credit Facility, the Company is required to comply with various customary affirmative and restrictive covenants, including reporting requirements and financial covenants, including, without limitation, covenants related to: (a) limitations on the incurrence of additional indebtedness and liens, (b) limitations on certain investments and fundamental changes, (c) limitations on dividends and certain other restricted payments, (d) certain restrictions on subsidiaries, (e) maintaining a certain minimum shareholders’ equity, (f) maintaining an asset coverage ratio of not less than 1.5:1.0, (g) maintaining a senior coverage ratio of not less than 2.0:1:0, (h) limitations on certain transactions with affiliates, (i) limitations on pledging certain unencumbered assets, and (j) limitations on the creation or existence of agreements that prohibit liens on certain properties of the Company and certain of its subsidiaries. These covenants are subject to important limitations and exceptions that are described in the Credit Facility and other loan documents. Further, amounts available to borrow under the Credit Facility (and the incurrence of certain other permitted debt) are also subject to compliance with a borrowing base that applies different advance rates to different types of assets in the Company’s portfolio that are pledged as collateral. The Credit Facility is secured by a lien on substantially all of the assets of the Company and its wholly owned domestic subsidiaries, subject to certain customary exceptions.

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 $92,000,000 in aggregate principal amount of senior unsecured notes in two tranches to qualified institutional investors in a private placement. The Company issued $35,000,000 in aggregate principal amount of 2025 Private Placement Notes with a fixed interest rate of 5.82% with interest to be paid semi-annually on June 9 and December 9 of each year, beginning on December 9, 2022, and $57,000,000 in aggregate principal amount of 2025 Private Placement Notes bearing interest at a rate equal to SOFR plus 3.14% with interest to be paid quarterly on March 9, June 9, September 9, and December 9 of each year, beginning on September 9, 2022. In addition, during any time that the rating assigned to the 2025 Private Placement Notes declines below investment grade, the 2025 Private Placement Notes will bear interest at a rate that is increased by 1.00%. The 2025 Private Placement Notes were issued at a closing which occurred on June 9, 2022. The 2025 Private Placement Notes will be due on December 9, 2025 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. The Company may prepay the 2025 Private Placement Notes at its option, subject to a prepayment premium, in an amount equal to 2% on or before June 9, 2023, 1% after June 9, 2023 but on or before June 9, 2024, 0.5% after June 9, 2024 but on or before June 9, 2025 and zero after June 9, 2025. In addition, the Company will be obligated to offer to repay the 2025 Private Placement Notes at par if certain change in control events occur. The 2025 Private Placement Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

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 $35,000,000 and matures on June 9, 2025. Under the swap agreement, the Company receives a fixed rate of 2.633% and pays a floating interest rate of SOFR. Such payments will be due annually. For the three and six months ended June 30, 2023, the Company made a periodic net interest payment in the amount of $353,268 to the counterparty. Since the swap contract has not been designated as a hedge accounting relationship pursuant to ASC 815, “Derivatives and Hedging,” both the net interest receivable and the change in the fair value of the swap contract are presented as part of the change in unrealized appreciation (depreciation) on the Consolidated Statements of Operations. As of June 30, 2023 and December 31, 2022, the Interest Rate Swap had a fair value of $(1,445,045) and $(1,332,299), respectively, which is reflected as a liability on the Consolidated Statements of Assets and Liabilities; such fair value is inclusive of any net periodic interest accruals and payments on the contract. The fair value of the Interest Rate Swap is classified as Level 2 with respect to the fair value hierarchy. See Note 2 for further information.

The Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a business development company within the meaning of the Investment Company Act of 1940, as amended, and a regulated investment company under the Internal Revenue Code of 1986, as amended, minimum shareholders’ equity, minimum asset coverage ratio, and prohibitions on certain fundamental changes of the Company. The Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness of the Company or certain significant subsidiaries, certain judgments and orders, and certain events of bankruptcy.

Unsecured Convertible Senior Notes Due 2022

On June 13, 2017, the Company issued $143,750,000 in aggregate principal amount ($125,000,000 of the initial offering and $18,750,000 of the underwriters’ exercise of the overallotment option) of 5.00% Convertible Notes due 2022 under an indenture, dated as of

 

36


 

June 13, 2017 (the “2022 Convertible Notes Indenture”). Net proceeds to the Company from the offering, including the exercise of the overallotment option, were approximately $139,800,000. The 2022 Convertible Notes matured on June 15, 2022, and the Company fully repaid the aggregate outstanding $143,720,000 principal amount (post noteholder conversion) plus outstanding accrued interest. The interest rate on the notes was 5.00% per year, payable semiannually in arrears on June 15 and December 15 of each year, commencing on December 15, 2017. Holders were able to convert their notes at their option prior to the close of business on the business day immediately preceding December 15, 2021, in integral multiples of $1,000 principal amount, only under certain circumstances. Upon noteholder conversion, the Company was able to pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of our common stock, at our election at an initial conversion rate of 118.2173 shares of common stock per $1,000 principal amount of notes, which is equivalent to an initial conversion price of approximately $8.46 per share of the Company’s common stock. On or after December 23, 2021, the Company was able to redeem the 2022 Convertible Notes for cash, in whole or from time to time in part, at its option in accordance with their terms. During the year ended December 31, 2022, the Company issued 3,546 shares of common stock with an aggregate value of $30,000 to a noteholder who elected the conversion option in lieu of principal repayment pursuant to the redemption terms of the 2022 Convertible Notes Indenture.

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 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 $4,337,631, offset by a decrease to accumulated loss of $3,888,233 as of January 1, 2022, and an increase to the carrying value of the 2022 Convertible Notes of $449,398.

The 2022 Convertible Notes contained certain covenants, which included covenants that required the Company to reserve shares of common stock for the purpose of satisfying all obligations to issue the underlying securities upon conversion of the securities and to furnish to holders of the securities upon request, any information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.

 

 

37


 

5. Investments

Purchases of investments, including PIK, for the three and six months ended June 30, 2023 totaled $20,797,118 and $58,411,431, respectively. Purchases of investments, including PIK, for the three and six months ended June 30, 2022 totaled $73,481,309 and $117,494,185, respectively. Proceeds from sales, repayments and other exits of investments for the three and six months ended June 30, 2023 totaled $6,507,960 and $27,226,737, respectively. Proceeds from sales, repayments and other exits of investments for the three and six months ended June 30, 2022 totaled $25,107,943 and $103,762,076, respectively.

At June 30, 2023, investments consisted of the following:

 

 

Cost

 

 

Fair Value

 

Senior secured notes

 

$

988,074

 

 

$

988,000

 

Unsecured debt

 

 

37,183,232

 

 

 

14,999,000

 

Subordinated debt

 

 

5,000,000

 

 

 

4,955,000

 

Senior secured loans:

 

 

 

 

 

 

First lien

 

 

504,569,408

 

 

 

497,077,006

 

Second/other priority lien

 

 

83,669,054

 

 

 

73,886,473

 

Total senior secured loans

 

 

588,238,462

 

 

 

570,963,479

 

Preferred stock

 

 

40,702,606

 

 

 

2,400,116

 

Common stock

 

 

10,611,548

 

 

 

 

Limited partnership/limited liability company interests

 

 

7,757,987

 

 

 

49,500

 

Equity warrants/options

 

 

115,348

 

 

 

1,482,316

 

Total investments

 

$

690,597,257

 

 

$

595,837,411

 

At December 31, 2022, investments consisted of the following:

 

 

Cost

 

 

Fair Value

 

Senior secured notes

 

$

1,920,592

 

 

$

1,624,823

 

Unsecured debt

 

 

37,686,148

 

 

 

15,228,000

 

Subordinated debt

 

 

5,000,000

 

 

 

4,930,000

 

Senior secured loans:

 

 

 

 

 

 

First lien

 

 

455,458,846

 

 

 

447,490,518

 

Second/other priority lien

 

 

98,468,621

 

 

 

90,992,663

 

Total senior secured loans

 

 

553,927,467

 

 

 

538,483,181

 

Preferred stock

 

 

40,527,223

 

 

 

2,354,224

 

Common stock

 

 

10,611,548

 

 

 

 

Limited partnership/limited liability company interests

 

 

8,511,838

 

 

 

5,991,648

 

Equity warrants/options

 

 

115,348

 

 

 

1,877,208

 

Total investments

 

$

658,300,164

 

 

$

570,489,084

 

 

 

38


 

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 June 30, 2023 and December 31, 2022.

Industry

 

June 30, 2023

 

 

December 31, 2022

 

 Software

 

 

17.2

%

 

 

15.2

%

 Diversified Financial Services

 

 

14.7

 

 

 

14.5

 

 Internet Software & Services

 

 

11.6

 

 

 

11.1

 

 Diversified Consumer Services

 

 

7.7

 

 

 

8.3

 

 Professional Services

 

 

6.9

 

 

 

7.2

 

 Health Care Technology

 

 

4.3

 

 

 

4.4

 

 Health Care Providers & Services

 

 

3.6

 

 

 

3.7

 

 IT Services

 

 

3.4

 

 

 

2.5

 

 Road & Rail

 

 

2.5

 

 

 

2.6

 

 Insurance

 

 

2.5

 

 

 

2.5

 

 Construction & Engineering

 

 

2.4

 

 

 

2.6

 

 Containers & Packaging

 

 

2.3

 

 

 

2.5

 

 Paper & Forest Products

 

 

2.2

 

 

 

1.7

 

 Consumer Finance

 

 

1.9

 

 

 

1.3

 

 Hotels, Restaurants & Leisure

 

 

1.9

 

 

 

0.9

 

 Technology Hardware, Storage & Peripherals

 

 

1.8

 

 

 

1.8

 

 Specialty Retail

 

 

1.8

 

 

 

1.9

 

 Textiles, Apparel & Luxury Goods

 

 

1.7

 

 

 

1.7

 

 Commercial Services & Supplies

 

 

1.1

 

 

 

1.1

 

 Media

 

 

1.1

 

 

 

1.0

 

 Real Estate Management & Development

 

 

1.1

 

 

 

1.1

 

 Machinery

 

 

1.0

 

 

 

0.9

 

 Internet & Catalog Retail

 

 

1.0

 

 

 

1.0

 

 Trading Companies & Distributors

 

 

1.0

 

 

 

1.0

 

 Wireless Telecommunication Services

 

 

0.8

 

 

 

0.8

 

 Leisure Products

 

 

0.4

 

 

 

0.5

 

 Building Products

 

 

0.4

 

 

 

0.4

 

 Automobiles

 

 

0.4

 

 

 

0.4

 

 Life Sciences Tools & Services

 

 

0.4

 

 

 

0.4

 

 Semiconductors & Semiconductor Equipment

 

 

0.4

 

 

 

0.4

 

 Distributors

 

 

0.4

 

 

 

0.4

 

 Capital Markets

 

 

0.1

 

 

 

0.2

 

 Health Care Equipment & Supplies

 

 

 

 

 

2.5

 

 Household Durables

 

 

 

 

 

0.8

 

 Metals & Mining

 

 

 

 

 

0.6

 

 Electrical Equipment

 

 

 

 

 

0.1

 

 Chemicals

 

 

 

 

 

 

 Oil, Gas & Consumable Fuels

 

 

 

 

 

 

Totals

 

 

100.0

%

 

 

100.0

%

The following table shows the geographic composition of the portfolio at fair value at June 30, 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

 

June 30, 2023

 

 

December 31, 2022

 

 United States

 

 

84.4

%

 

 

85.4

%

 United Kingdom

 

 

7.3

 

 

 

7.2

 

 Germany

 

 

3.6

 

 

 

3.7

 

 Canada

 

 

1.1

 

 

 

1.1

 

 Switzerland

 

 

1.0

 

 

 

1.0

 

 Netherlands

 

 

1.0

 

 

 

 

 Slovenia

 

 

0.9

 

 

 

0.9

 

 Australia

 

 

0.7

 

 

 

0.7

 

Totals

 

 

100.0

%

 

 

100.0

%

 

 

39


 

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 and six months ended June 30, 2023, the Company incurred $17,094 and $34,187, respectively, for its share of office space rental, which is included in investment advisor expenses on the Consolidated Statements of Operations. For the three and six months ended June 30, 2022, the Company incurred $25,819 and $51,638, respectively, for its share of office space rental, which is included in investment advisor expenses on the Consolidated Statements of Operations.

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 and six months ended June 30, 2023 were $101,450 and $356,469, respectively. Reimbursements to the Advisor and their affiliates for such purposes during the three and six months ended June 30, 2022 were $72,211 and $161,895, respectively. As of June 30, 2023 and December 31, 2022, the Company was owed $219,335 and zero, respectively, from the Advisor for certain professional and director fees, which is included in Prepaid expenses and other assets on the Consolidated Statements of Assets and Liabilities.

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 and six months ended June 30, 2023, the Company incurred $288,454 and $581,088, respectively, for such administrative services expenses. For the three and six months ended June 30, 2022, the Company incurred $299,262 and $664,769, respectively, for such administrative services expenses.

Advisor Stock Transactions

At June 30, 2023 and December 31, 2022, BCIA did not own any shares of the Company. At both June 30, 2023 and December 31, 2022, other entities affiliated with the Administrator and Advisor beneficially owned less than 1% of the Company’s total shares of common stock outstanding.

 

40


 

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.

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 and six months ended June 30, 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)

 

February 28, 2023

 

March 16, 2023

 

April 6, 2023

 

Regular

 

$

0.10

 

$

7,257,191

 

$

768,930

 

April 26, 2023

 

June 15, 2023

 

July 6, 2023

 

Regular

 

 

0.10

 

 

7,257,191

 

 

737,537

 

Total

 

 

 

 

 

 

 

$

0.20

 

$

14,514,382

 

$

1,506,467

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date Declared

 

Record Date

 

Payment Date

 

Type

 

Amount Per Share

 

Total Amount

 

Reinvested dividends paid during quarter (1) (2)

 

March 1, 2022

 

March 17, 2022

 

April 7, 2022

 

Regular

 

$

0.10

 

$

7,380,270

 

$

698,261

 

April 27, 2022

 

June 16, 2022

 

July 7, 2022

 

Regular

 

 

0.10

 

 

7,363,184

 

 

744,840

 

Total

 

 

 

 

 

 

 

$

0.20

 

$

14,743,454

 

$

1,443,101

 

(1)
The Company has adopted a dividend reinvestment plan that provides for reinvestment of dividends on behalf of stockholders, unless a stockholder elects to receive cash.
(2)
Dividends reinvested through purchase of shares in the open market.

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 divided amount in newly issued shares on behalf of the participants or (b) invest the dividend 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 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 8,000,000 shares, commencing on November 7, 2022 and effective until the earlier of November 6, 2023 or such time that all of the authorized shares have been repurchased (the

 

41


 

“Company Repurchase Plan”), in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934 (the “Exchange Act”). As of June 30, 2023, 8,000,000 shares remained available for repurchase.

No shares were repurchased by the Company under the Company Repurchase Plan for the three and six months ended June 30, 2023.

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 and six months ended June 30, 2022:

June 30, 2022

 

Shares
Repurchased

 

 

Price Per
Share

 

 

Total Cost

 

Three Months Ended

 

 

420,083

 

 

$

3.78

 

 

$

1,586,451

 

Six Months Ended

 

 

526,391

 

 

 

3.85

 

 

 

2,026,688

 

Since inception of the original repurchase plan through June 30, 2023, the Company has purchased 11,909,890 shares of its common stock on the open market for $73,373,702, including brokerage commissions through the repurchase plan. The Company currently holds the shares it repurchased in treasury stock.

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 and six months ended June 30, 2023 and 2022.

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2023

 

 

June 30, 2022

 

 

June 30, 2023

 

 

June 30, 2022

 

Net increase (decrease) in net assets resulting from operations

 

$

1,503,691

 

 

$

(2,540,160

)

 

$

10,021,088

 

 

$

2,982,214

 

Weighted average shares outstanding – basic(1)

 

 

72,571,907

 

 

 

73,667,822

 

 

 

72,571,907

 

 

 

73,744,580

 

Earnings (loss) per share – basic and diluted

 

$

0.02

 

 

$

(0.03

)

 

$

0.14

 

 

$

0.04

 

(1)
No adjustments for interest or incremental shares on the 2022 Convertible Notes were included for the three and six months ended June 30, 2022 because the effect would be antidilutive.

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 no such guarantees outstanding at June 30, 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 June 30, 2023 and December 31, 2022, the Company had unfunded commitments of $47.2 million across 49 portfolio companies and $72.1 million across 51 portfolio companies, respectively. The aggregate fair value of unfunded commitments at June 30, 2023 and December 31, 2022 was $46.6 million and $70.0 million, respectively. We maintain sufficient cash on hand and available borrowings to fund such unfunded commitments should the need arise.

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.

 

42


 

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 six months ended June 30, 2023 and 2022:

 

 

 

Six Months Ended

 

 

 

 

June 30, 2023

 

 

June 30, 2022

 

 

Per Share Data:

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

4.39

 

 

$

4.73

 

 

 

 

 

 

 

 

 

 

Investment Operations:

 

 

 

 

 

 

 

Net investment income, before incentive fees

 

 

0.30

 

 

 

0.16

 

 

Incentive fees(1)

 

 

(0.05

)

 

 

0.02

 

 

Net investment income(1)

 

 

0.25

 

 

 

0.18

 

 

Net realized and unrealized gain (loss)

 

 

(0.11

)

 

 

(0.14

)

 

Total from investment operations

 

 

0.14

 

 

 

0.04

 

 

 

 

 

 

 

 

 

 

Cumulative effect of adjustment for the adoption of ASU 2020-06(2)

 

 

 

 

 

(0.01

)

 

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

 

 

 

0.01

 

 

 

 

 

 

 

 

 

 

Dividends to stockholders(3)

 

 

(0.20

)

 

 

(0.20

)

 

 

 

 

 

 

 

 

 

Net asset value, end of period

 

$

4.33

 

 

$

4.57

 

 

 

 

 

 

 

 

 

 

Market price at end of period

 

$

3.28

 

 

$

3.67

 

 

Total return based on market price(4)

 

 

(4.14

)%

 

 

(3.67

)%

 

Total return based on net asset value(5)

 

 

4.35

%

 

 

1.44

%

 

Shares outstanding at end of period

 

 

72,571,907

 

 

 

73,354,142

 

 

 

 

 

 

 

 

 

 

Ratios to average net assets(6):

 

 

 

 

 

 

 

Operating expenses, before incentive fees

 

 

4.40

%

 

 

3.92

%

 

Interest and other debt related expenses

 

 

6.44

%

 

 

3.26

%

 

Total expenses, before incentive fees

 

 

10.84

%

 

 

7.18

%

 

Incentive fees(1)

 

 

1.18

%

 

 

(0.42

)%

 

Total expenses, after incentive fees

 

 

12.02

%

 

 

6.76

%

 

Net investment income

 

 

12.42

%

 

 

7.53

%

 

 

 

 

 

 

 

 

 

Net assets at end of period

 

$

314,029,059

 

 

$

335,444,647

 

 

Portfolio turnover rate

 

 

5

%

 

 

19

%

 

Weighted average interest rate on debt(7)

 

 

7.45

%

 

 

4.94

%

 

Weighted average debt outstanding

 

$

270,570,675

 

 

$

210,643,606

 

 

Weighted average shares outstanding

 

 

72,571,907

 

 

 

73,744,580

 

 

Weighted average debt per share(8)

 

$

3.73

 

 

$

2.86

 

 

 

 

 

 

 

 

 

 

 

(1)
For the six months ended June 30, 2023, the net investment income per share amount displayed above is net of incentive fees based on income of $0.05 per share or 1.18% of average net assets. For the six months ended June 30, 2022, the net investment income per share amount displayed above is net of a reversal of hypothetical liquidation basis GAAP incentive fees on capital gains of $(0.02) per share, or (0.45)% of average net assets, and is also net of incentive fees based on income.
(2)
The Company adopted ASU 2020-06 under the modified retrospective basis as of January 1, 2022 (see Note 4).
(3)
For the six months ended June 30, 2023, it is estimated that all of the $14.5 million declared dividends were from net investment income based on book income. The amount of dividend related to net investment income and return of capital will be adjusted on an annual basis, if necessary, and calculated in accordance with federal income tax regulations (see Note 2).
(4)
Total return based on market value is calculated by determining the percentage change in market value per share during the period and assuming that the shares are purchased at market price at the beginning of the period and the dividends are reinvested in accordance with the Company’s dividend reinvestment plan. Not annualized.
(5)
Total return based on net asset value is calculated by determining the percentage change in net asset value per share during the period and assuming that the shares are purchased at market price at the beginning of the period and the dividends are reinvested in accordance with the Company’s dividend reinvestment plan. Not annualized.
(6)
Annualized, except for incentive fees.
(7)
Weighted average interest rate on debt includes contractual interest and amortization of debt issuance costs (see Note 4).
(8)
Weighted average debt per share is calculated as weighted average debt outstanding divided by the weighted average shares outstanding during the applicable period.

 

43


 

11. Subsequent events

On August 1, 2023, the Company’s Board declared a dividend of $0.10 per share, payable on October 6, 2023 to stockholders of record at the close of business on September 15, 2023.

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.

 

44


 

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:

our future operating results;
our business prospects and the prospects of our portfolio companies;
the impact of investments that we expect to make;
our contractual arrangements and relationships with third parties;
the dependence of our future success on the general economy and its impact on the industries in which we invest;
the financial condition of and ability of our current and prospective portfolio companies to achieve their objectives;
our expected financings and investments;
the adequacy of our cash resources and working capital, including our ability to obtain continued financing on favorable terms;
the timing of cash flows, if any, from the operations of our portfolio companies;
the impact of increased competition;
the ability of the Advisor to locate suitable investments for us and to monitor and administer our investments;
changes in law and policy accompanying the new administration and uncertainty pending any such changes;
increased geopolitical unrest, terrorist attacks or acts of war, which may adversely affect the general economy, domestic and local financial and capital markets, or the specific industries of our portfolio companies;
changes and volatility in political, economic or industry conditions, the interest rate environment, inflation, foreign exchange rates or financial and capital markets;
the unfavorable resolution of legal proceedings; and
the impact of changes to tax legislation and, generally, our tax position.

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.

Certain items previously reported may have been reclassified to conform to the current year presentation.

 

45


 

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 June 30, 2023, approximately 15.8% 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).

 

46


 

Financial and operating highlights

At June 30, 2023:

Investment portfolio, at fair value: $595.8 million

Net assets: $314.0 million

Indebtedness, excluding deferred issuance costs: $284.0 million

Net asset value per share: $4.33

Portfolio Activity for the Three Months Ended June 30, 2023:

Cost of investments during period, including PIK: $20.8 million

Sales, repayments and other exits during period: $6.5 million

Number of portfolio companies at end of period: 121

Operating Results for the Three Months Ended June 30, 2023:

Net investment income per share: $0.12

Dividends declared per share: $0.10

Basic earnings (loss) per share: $0.02

Net investment income: $8.9 million

Net realized and unrealized gain (loss): $(7.4) million

Net increase (decrease) in net assets from operations: $1.5 million

Net investment income per share, as adjusted1: $0.12

Basic earnings (loss) per share, as adjusted1: $0.02

Net investment income, as adjusted1: $8.9 million

Net increase (decrease) in net assets from operations, as adjusted1: $1.5 million

As Adjusted1: 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 June 30, 2023.

Portfolio and investment activity

We invested approximately $20.8 million, including PIK, during the three months ended June 30, 2023. The new investments consisted of senior secured loans secured by first lien ($20.7 million, or 99.6%) and equity securities ($0.1 million, or 0.4%). Additionally, we received proceeds from sales, repayments and other exits of approximately $6.5 million during the three months ended June 30, 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 June 30, 2023, our portfolio of $595.8 million (at fair value) consisted of 121 portfolio companies and was invested approximately 96% in senior secured loans, 3% 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 $5.7 million at June 30, 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 June 30, 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 $24.9 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 June 30, 2023, our top three industry concentrations at fair value consisted of Software (17.2%), Diversified Financial Services (14.7%), and Internet Software & Services (11.6%). 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).

 

47


 

The weighted average portfolio yields at fair value and cost as of June 30, 2023 and December 31, 2022 were as follows:

 

 

June 30, 2023

 

 

December 31, 2022

 

 

 

Fair Value

 

 

Cost

 

 

Fair Value

 

 

Cost

 

Weighted Average Yield(1)

 

 

 

 

 

 

 

 

 

 

 

 

Total portfolio

 

 

12.8

%

 

 

11.4

%

 

 

11.9

%

 

 

10.6

%

Senior secured loans

 

 

13.2

%

 

 

13.2

%

 

 

12.4

%

 

 

12.4

%

Other debt securities

 

 

3.8

%

 

 

1.9

%

 

 

3.4

%

 

 

1.7

%

Debt and income producing equity securities

 

 

12.9

%

 

 

12.4

%

 

 

12.0

%

 

 

11.6

%

 

(1)
Computed as (a) the annual stated interest rate or yield earned plus the net annual amortization of original issue discount, divided by (b) the amortized cost or at fair value of each category, as applicable. The calculation excludes exit fees that are receivable upon repayment of certain loan investments.

 

 

For the three and six months ended June 30, 2023, the total return based on net asset value was 1.0% and 4.4%, respectively. For the three and six months ended June 30, 2023, the total return based on market price was (2.2)% and (4.1)%, respectively. For the three and six months ended June 30, 2022, the total return based on net asset value was (0.2)% and 1.4%, respectively. For the three and six months ended June 30, 2022, the total return based on market price was (10.6)% and (3.7)%, 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 1.44 at June 30, 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 June 30, 2023 and December 31, 2022:

 

 

June 30,
2023

 

 

December 31,
2022

 

Grade 1

 

$

373,160,979

 

 

$

422,813,958

 

Grade 2

 

 

198,666,330

 

 

 

117,689,506

 

Grade 3

 

 

8,961,602

 

 

 

9,675,397

 

Grade 4

 

 

14,999,000

 

 

 

15,936,823

 

Not Rated(1)

 

 

49,500

 

 

 

4,373,400

 

Total investments

 

$

595,837,411

 

 

$

570,489,084

 

 

(1)
The 'Not Rated' category at June 30, 2023 consists primarily of the Company's residual equity investment in MBS Parent, LLC. The 'Not Rated' category at December 31, 2022 consists primarily of the Company’s residual equity investment in Stitch Holdings, L.P. For purposes of calculating our weighted average investment rating, the 'Not Rated' category is excluded.

 

48


 

Results of operations

Results comparisons for the three months ended June 30, 2023 and 2022.

Investment income

 

 

Three Months Ended

 

 

 

June 30, 2023

 

 

June 30, 2022

 

Investment income

 

 

 

 

 

 

Interest and fees on senior secured loans

 

$

19,578,938

 

 

$

12,004,839

 

Interest and fees on other debt securities

 

 

203,323

 

 

 

149,298

 

Interest earned on short-term investments, cash equivalents

 

 

70,160

 

 

 

36,089

 

Dividends on equity securities

 

 

89,040

 

 

 

78,729

 

Total investment income

 

$

19,941,461

 

 

$

12,268,955

 

Total investment income for the three months ended June 30, 2023 increased $7.7 million, or 62.5%, as compared to the three months ended June 30, 2022. The increase was primarily due to a 41.0% increase in the weighted average yield on senior secured loans period over period as a result of a higher interest rate environment, and a 19.1% higher average balance in senior secured loans, at amortized cost, during the three months ended June 30, 2023. The increased balance of senior secured loans is primarily due to net deployments during 2022 and the six months ended June 30, 2023, which were substantially all in senior secured debt.

Expenses

 

 

Three Months Ended

 

 

 

June 30, 2023

 

 

June 30, 2022

 

Operating expenses

 

 

 

 

 

 

Interest and other debt expenses

 

$

5,482,450

 

 

$

2,860,691

 

Management fees

 

 

2,221,908

 

 

 

1,947,167

 

Incentive fees on income

 

 

1,886,182

 

 

 

69,343

 

Incentive fees on capital gains

 

 

 

 

 

(1,073,068

)

Director fees

 

 

299,375

 

 

 

153,125

 

Administrative expenses

 

 

288,454

 

 

 

299,262

 

Professional fees

 

 

249,734

 

 

 

207,489

 

Insurance expense

 

 

162,746

 

 

 

196,114

 

Investment advisor expenses

 

 

17,094

 

 

 

25,819

 

Other operating expenses

 

 

423,298

 

 

 

462,797

 

Total expenses

 

$

11,031,241

 

 

$

5,148,739

 

Total expenses increased $5.9 million, or 114.3%, for the three months ended June 30, 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 June 30, 2023, coupled with the reversal of previously accrued Incentive Fees on capital gains as required by GAAP during the three months ended June 30, 2022.

Interest and other debt expenses increased approximately $2.6 million, or 91.6%, for the three months ended June 30, 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 $1.8 million for the three months ended June 30, 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 $(1.1) million during the three months ended June 30, 2023 and 2022, respectively. The Company did not have an accrued balance at June 30, 2023 and December 31, 2022.

Net investment income

Net investment income was $8.9 million and $7.1 million for the three months ended June 30, 2023 and 2022, respectively. The increase of approximately $1.8 million, or 25.1%, was due to a $7.7 million increase in total investment income, partially offset by a $5.9 million increase in expenses described above.

 

49


 

Net realized gain or loss

Net realized gain (loss) recorded for the three months ended June 30, 2023 was $0.2 million, due to escrow proceeds received from SVP-Singer Holdings, LP, which was exited during 2021. There was no net realized gain(loss) recorded for the three months ended June 30, 2022.

Net unrealized appreciation or depreciation

For the three months ended June 30, 2023 and 2022, the change in net unrealized appreciation or depreciation on our investments and Interest Rate Swap was an increase in net unrealized depreciation of $(7.6) million and $(9.7) million, respectively. The increase in net unrealized depreciation for the three months ended June 30, 2023 was primarily due to i) $(4.4) million of valuation depreciation in our equity position in Stitch Holdings, L.P.; ii) $(2.7) million of valuation depreciation in our debt positions in Astra Acquisition Corp. and Thras.io, LLC; and iii) $(0.6) million of unrealized depreciation on our Interest Rate Swap. The increase in net unrealized depreciation for the three months ended June 30, 2022 was primarily due to i) an overall increase in valuation depreciation across our portfolio due to spread widening and general market declines during the quarter, out of which our investments in Zest Acquisition Corp., Thras.io, LLC, Razor Group GmbH and Magenta Buyer, LLC (McAfee) contributed to $(2.8) million of that decrease; ii) a $(1.5) million increase in valuation depreciation in our investment in Juul Labs Inc; partially offset by iii) a $0.8 million decrease in unrealized depreciation in Gordon Brothers Finance Company, including the reversal of $2.0 million of previously recognized depreciation as a result of a paydown during the quarter and $(1.2) million of valuation depreciation 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 June 30, 2023 and 2022 was approximately $1.5 million and $(2.5) million, respectively. The increase is primarily due to a $1.8 million increase in net investment income and a $2.3 million decrease in net realized and unrealized loss period-over-period.

Results comparisons for the six months ended June 30, 2023 and 2022.

Investment income

 

 

Six Months Ended

 

 

 

June 30, 2023

 

 

June 30, 2022

 

Investment income

 

 

 

 

 

 

Interest and fees on senior secured loans

 

$

37,983,075

 

 

$

23,973,523

 

Interest and fees on other debt securities

 

 

397,251

 

 

 

285,205

 

Interest earned on short-term investments, cash equivalents

 

 

149,718

 

 

 

37,903

 

Dividends and fees on equity securities

 

 

175,382

 

 

 

154,611

 

Total investment income

 

$

38,705,426

 

 

$

24,451,242

 

Total investment income for the six months ended June 30, 2023 increased $14.3 million, or 58.3%, as compared to the six months ended June 30, 2022. The increase was primarily due to a 39.9% increase in the weighted average yield on senior secured loans period over period as a result of a higher interest rate environment, and a 16.3% higher average balance in senior secured loans, at amortized cost, during the six months ended June 30, 2023. The increased balance of senior secured loans is primarily due to net deployments during 2022 and the six months ended June 30, 2023, which were substantially all in senior secured debt.

Expenses

 

 

Six Months Ended

 

 

 

June 30, 2023

 

 

June 30, 2022

 

Operating expenses

 

 

 

 

 

 

Interest and other debt expenses

 

$

10,200,681

 

 

$

5,589,642

 

Management fees

 

 

4,352,380

 

 

 

4,007,031

 

Incentive fees on income

 

 

3,762,085

 

 

 

88,356

 

Incentive fees on capital gains

 

 

 

 

 

(1,544,569

)

Director fees

 

 

449,000

 

 

 

306,250

 

Administrative expenses

 

 

581,088

 

 

 

664,769

 

Professional fees

 

 

443,161

 

 

 

510,346

 

Insurance expense

 

 

323,703

 

 

 

395,872

 

Investment advisor expenses

 

 

34,187

 

 

 

51,638

 

Other operating expenses

 

 

787,429

 

 

 

766,596

 

Total expenses

 

$

20,933,714

 

 

$

10,835,931

 

Total expenses increased $10.1 million, or 93.2%, for the six months ended June 30, 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 June 30, 2023,

 

50


 

coupled with the reversal of previously accrued Incentive Fees on capital gains as required by GAAP during the six months ended June 30, 2022.

Interest and other debt expenses increased approximately $4.6 million, or 82.5%, for the six months ended June 30, 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 $3.7 million for the six months ended June 30, 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 $(1.5) million during the six months ended June 30, 2023 and 2022, respectively. The Company did not have an accrued balance at June 30, 2023 and December 31, 2022.

Net investment income

Net investment income was $17.8 million and $13.6 million for the six months ended June 30, 2023 and 2022, respectively. The increase of approximately $4.2 million, or 30.5%, was due to a $14.3 million increase in total investment income, partially offset by a $10.1 million increase in expenses described above.

Net realized gain or loss

Net realized gain (loss) recorded for the six months ended June 30, 2023 was $(0.4) million, due to the full sales of our positions in Kemmerer Holdings, LLC and Advanced Lighting Technologies, LLC, partially offset by escrow proceeds received from SVP-Singer Holdings, LP, which was exited during 2021. Net realized gain (loss) for the six months ended June 30, 2022 was approximately $0.8 million, primarily due to escrow proceeds received from SVP –Singer Holdings, LP.

Net unrealized appreciation or depreciation

For the six months ended June 30, 2023 and 2022, the change in net unrealized appreciation or depreciation on our investments and Interest Rate Swap was an increase in net unrealized depreciation of $(7.3) million and $(11.5) million, respectively. The increase in net unrealized depreciation for the six months ended June 30, 2023 was primarily due to i) $(4.7) million of valuation depreciation in our debt positions in Astra Acquisition Corp., Magenta Buyer, LLC (McAfee) and Thras.io, LLC; ii) $(4.4) million of valuation depreciation in our equity position in Stitch Holdings, L.P.; and iii) $(0.4) million of unrealized depreciation on our Interest Rate Swap; offset by net unrealized appreciation of $2.2 million on the remaining portfolio positions during the six months ended June 30, 2023. The increase in net unrealized depreciation for the six months ended June 30, 2022 was primarily due to i) an overall increase in valuation depreciation across our portfolio due to spread widening and general market declines during the period, out of which our investments in Zest Acquisition Corp., Stitch Holdings L.P., Thras.io, LLC, and Magenta Buyer, LLC (McAfee) contributed to $(3.3) million of that decrease; ii) a $(1.6) million increase in valuation depreciation in our investment in Juul Labs Inc.; partially offset by iii) a $0.9 million decrease in unrealized depreciation in Gordon Brothers Finance Company, including the reversal of $2.0 million of previously recognized depreciation as a result of a paydown during the period and $(1.1) million of valuation depreciation during the period.

Net increase or decrease in net assets resulting from operations

The net increase or (decrease) in net assets resulting from operations for the six months ended June 30, 2023 and 2022 was approximately $10.0 million and $3.0 million, respectively. The increase is primarily due to a $4.2 million increase in net investment income and a $2.9 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

 

51


 

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

 

 

Six Months Ended

 

 

 

June 30, 2023

 

 

June 30, 2022

 

 

June 30, 2023

 

 

June 30, 2022

 

GAAP Basis:

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income

 

$

8,910,220

 

 

$

7,120,216

 

 

$

17,771,712

 

 

$

13,615,311

 

Net Investment Income per share

 

 

0.12

 

 

 

0.10

 

 

 

0.24

 

 

 

0.18

 

Addback: GAAP incentive fee (reversal) based on capital gains

 

 

 

 

 

(1,073,068

)

 

 

 

 

 

(1,544,569

)

Addback: GAAP incentive fee based on Income

 

 

1,886,182

 

 

 

69,343

 

 

 

3,762,085

 

 

 

88,356

 

Pre-Incentive Fee1:

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income

 

$

10,796,402

 

 

$

6,116,491

 

 

$

21,533,797

 

 

$

12,159,098

 

Net Investment Income per share

 

 

0.15

 

 

 

0.08

 

 

 

0.30

 

 

 

0.16

 

Less: Incremental incentive fee based on Income

 

 

(1,886,182

)

 

 

(69,343

)

 

 

(3,762,085

)

 

 

(88,356

)

As Adjusted2:

 

 

 

 

 

 

 

 

 

 

 

 

Net Investment Income

 

$

8,910,220

 

 

$

6,047,148

 

 

$

17,771,712

 

 

$

12,070,742

 

Net Investment Income per share

 

 

0.12

 

 

 

0.08

 

 

 

0.24

 

 

 

0.16

 

Pre-Incentive Fee1: 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.

As Adjusted2: 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 and six month periods ended June 30, 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 six months ended June 30, 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 six months ended June 30, 2023 was $(12.0) million. Our use of cash from operating activities during the period primarily consisted of $(29.5) million in net purchases of investments, excluding PIK capitalization.

Net cash provided by financing activities during the six months ended June 30, 2023 was $14.9 million. Our sources of cash from financing activities consisted of $30.0 million in net debt borrowings under the Credit Facility. Our uses of cash consisted of cash dividends paid to stockholders of $(14.5) million and payments of debt issuance costs of $(0.6) 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 June 30, 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 June 30, 2023 and December 31, 2022, we were obligated to existing portfolio companies for unfunded commitments of $47.2 million across 49 portfolio companies and $72.1 million across 51 portfolio companies, respectively.

As of June 30, 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.

 

52


 

Contractual obligations

A summary of our significant contractual payment obligations for the repayment of outstanding borrowings at June 30, 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)

 

$

192.0

 

 

$

 

 

$

192.0

 

 

$

 

 

$

 

2025 Private Placement Notes

 

 

92.0

 

 

 

 

 

 

92.0

 

 

 

 

 

 

 

Interest and Debt Related Payables

 

 

1.7

 

 

 

1.7

 

 

 

 

 

 

 

 

 

 

(1)
At June 30, 2023, $73.0 million remained undrawn under our Credit Facility.

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 June 2021:

Dividend Amount
Per Share
Outstanding

 

Record Date

 

Payment Date

$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

$0.10

 

September 15, 2023

 

October 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.

 

53


 

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:

98% of our ordinary income (not taking into account any capital gains or losses) for the calendar year;
98.2% of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) for the one-year period generally ending on October 31 of the calendar year; and
certain undistributed amounts from previous years on which we paid no U.S. federal income tax.

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 July 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

 

54


 

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 August 1, 2023, the Company’s Board declared a dividend of $0.10 per share, payable on October 6, 2023 to stockholders of record at the close of business on September 15, 2023.

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 Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates. At June 30, 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 June 30, 2023, assuming no changes to our investment and borrowing structure:

 

 

Net
Investment
Income
(1)

 

 

Net
Investment
Income
Per Share
(1)(2)

 

Basis Point Change ($ in millions, except per share data)

 

 

 

 

 

 

Up 400 basis points

 

$

14.2

 

 

$

0.20

 

Up 300 basis points

 

$

10.7

 

 

$

0.15

 

Up 200 basis points

 

$

7.1

 

 

$

0.10

 

Up 100 basis points

 

$

3.6

 

 

$

0.05

 

Down 100 basis points

 

$

(3.6

)

 

$

(0.05

)

(1)
Excludes the impact of incentive fees based on income
(2)
Per share amounts based on the weighted average shares outstanding for the most recent quarter.

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.

 

55


 

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.

 

56


 

PART II. OTHER INFORMATION

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. Risk 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 Safety Disclosures

Not Applicable

 

57


 

Item 5. Other Information

During the three months ended June 30, 2023, no director or Section 16 officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K.

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 to date for the year ended December 31, 2023, the year ended December 31, 2022 and the year ended December 31, 2021. On June 30, 2023, the reported closing price of our common stock was $3.28 per share.

 

 

 

 

 

 

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
Dividends

 

Fiscal Year ended December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter

 

$

4.41

 

 

$

3.81

 

 

$

3.30

 

 

 

(14

)%

 

 

(25

)%

 

$

0.10

 

Second Quarter

 

$

4.33

 

 

$

3.59

 

 

$

3.05

 

 

 

(17

)%

 

 

(30

)%

 

$

0.10

 

Fiscal Year ended December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter

 

$

4.70

 

 

$

4.25

 

 

$

4.00

 

 

 

(10

)%

 

 

(15

)%

 

$

0.10

 

Second Quarter

 

$

4.57

 

 

$

4.34

 

 

$

3.46

 

 

 

(5

)%

 

 

(24

)%

 

$

0.10

 

Third Quarter

 

$

4.56

 

 

$

4.02

 

 

$

3.38

 

 

 

(12

)%

 

 

(26

)%

 

$

0.10

 

Fourth Quarter

 

$

4.39

 

 

$

3.90

 

 

$

3.42

 

 

 

(11

)%

 

 

(22

)%

 

$

0.10

 

Fiscal Year ended December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter

 

$

4.35

 

 

$

3.68

 

 

$

2.65

 

 

 

(15

)%

 

 

(39

)%

 

$

0.10

 

Second Quarter

 

$

4.68

 

 

$

4.43

 

 

$

3.48

 

 

 

(5

)%

 

 

(26

)%

 

$

0.10

 

Third Quarter

 

$

4.74

 

 

$

4.24

 

 

$

3.81

 

 

 

(11

)%

 

 

(20

)%

 

$

0.10

 

Fourth Quarter

 

$

4.73

 

 

$

4.35

 

 

$

3.80

 

 

 

(8

)%

 

 

(20

)%

 

$

0.10

 

 

(1)
NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period.
(2)
The High/Low Stock Price is calculated as of the closing price on a given day in the applicable quarter.
(3)
Calculated as the respective High/Low Stock Price minus the quarter end NAV, divided by the quarter end NAV.

 

 

58


 

Item 6. Exhibits.

(a)
Exhibits.

 

 

 

 

3.1

 

Certificate of Incorporation of the Registrant (1)

 

 

 

3.2

 

Certificate of Amendment to the Certificate of Incorporation of the Registrant (2)

 

 

 

3.3

 

Amended and Restated By-laws of the Registrant (3)

 

 

 

4.1

 

Form of Stock Certificate of the Registrant (4)

 

 

 

31.1*

 

Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

 

 

31.2*

 

Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

 

 

32*

 

Certification of CEO and CFO Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

 

 

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

(1)
Previously filed with the Registrant’s Registration Statement on Form 10 (Commission File No. 000-51327), as amended, originally filed on May 24, 2005.
(2)
Previously filed with the Registrant’s Form 8-K dated as of March 9, 2015.
(3)
Previously filed with the Registrant’s Form 8-K dated as of April 30, 2018.
(4)
Previously filed with the Registrant’s pre-effective Amendment No. 2 to the Registration Statement on Form N-2 (Commission File No. 333-141090), filed on June 14, 2007.

 

 

59


 

SIGNATURES

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: August 2, 2023

By:

/s/ James E. Keenan

James E. Keenan

Interim Chief Executive Officer

 

 

 

Date: August 2, 2023

By:

/s/ Chip Holladay

Chip Holladay

Interim Chief Financial Officer and Treasurer

 

 

 

60