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 September 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 November 7, 2023 was 72,571,907.

BLACKROCK CAPITAL INVESTMENT CORPORATION

FORM 10-Q

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 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 September 30, 2023 (unaudited) and December 31, 2022	3
	Consolidated Statements of Operations for the three and nine months ended September 30, 2023 (unaudited) and September 30, 2022 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2023 (unaudited) and September 30, 2022 (unaudited)	5
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 (unaudited) and September 30, 2022 (unaudited)	6
	Consolidated Schedules of Investments as of September 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	48
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	58
Item 4.	Controls and Procedures	59
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	60
Item 1A.	Risk Factors	60
Item 2.	Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities	60
Item 3.	Defaults Upon Senior Securities	60
Item 4.	Mine Safety Disclosures	60
Item 5.	Other Information	61
Item 6.	Exhibits	62
SIGNATURES		63

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

	September 30, 2023			December 31, 2022
	(Unaudited)
Assets
Investments at fair value:
Non-controlled, non-affiliated investments (cost of $603,241,914 and $569,528,145)	$	580,291,076		$	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)		15,051,000			15,228,000
Total investments at fair value (cost of $688,800,977 and $658,300,164)		595,342,076			570,489,084
Cash and cash equivalents		8,781,026			9,531,190
Interest, dividends and fees receivable		8,039,386			5,515,446
Deferred debt issuance costs		3,101,928			1,055,117
Due from broker		2,227,876			1,946,507
Receivable for investments sold		69,434			12,096
Prepaid expenses and other assets		481,982			510,706
Total assets	$	618,043,708		$	589,060,146
Liabilities
Debt (net of deferred issuance costs of $743,453 and $996,839)	$	275,256,547		$	253,003,161
Income incentive fees payable (see Note 3)		9,235,880			3,403,349
Accrued capital gains incentive fees (see Note 3)		261,077			—
Dividends payable		7,257,191			7,257,191
Management fees payable		2,278,742			2,186,540
Interest and debt related payables		1,851,583			738,719
Interest Rate Swap at fair value		1,669,628			1,332,299
Accrued administrative expenses		225,478			397,299
Payable for investments purchased		—			600,391
Accrued expenses and other liabilities		2,409,378			1,618,844
Total liabilities		300,445,504			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)		(459,311,927	)		(458,387,778	)
Treasury stock at cost, 11,909,890 shares held		(73,373,702	)		(73,373,702	)
Total net assets		317,598,204			318,522,353
Total liabilities and net assets	$	618,043,708		$	589,060,146
Net assets per share	$	4.38		$	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						Nine Months Ended
	September 30, 2023			September 30, 2022			September 30, 2023			September 30, 2022
Investment income
Interest income (excluding PIK):
Non-controlled, non-affiliated investments	$	19,406,840		$	14,733,808		$	55,361,062		$	37,986,722
PIK interest income:
Non-controlled, non-affiliated investments		1,568,546			376,854			3,597,013			626,012
Non-controlled, affiliated investments		—			114,909			31,794			347,377
PIK dividend income:
Non-controlled, non-affiliated investments		91,823			81,188			267,205			235,799
Other income:
Non-controlled, non-affiliated investments		273,219			718,634			788,780			1,280,725
Total investment income		21,340,428			16,025,393			60,045,854			40,476,635
Operating expenses
Interest and other debt expenses		5,682,588			3,337,735			15,883,269			8,927,377
Management fees		2,278,742			2,118,115			6,631,122			6,125,146
Incentive fees on income		2,070,446			1,621,402			5,832,531			1,709,758
Incentive fees on capital gains(1)		261,077			—			261,077			(1,544,569	)
Professional fees		529,477			214,022			972,638			724,368
Administrative expenses		225,478			345,707			806,566			1,010,476
Director fees		208,125			149,375			657,125			455,625
Insurance expense		144,452			187,022			468,155			582,894
Investment advisor expenses		17,093			25,819			51,280			77,457
Other operating expenses		405,266			363,161			1,192,695			1,129,757
Total expenses		11,822,744			8,362,358			32,756,458			19,198,289
Net investment income(1)		9,517,684			7,663,035			27,289,396			21,278,346
Realized and unrealized gain (loss) on investments and Interest Rate Swap
Net realized gain (loss):
Non-controlled, non-affiliated investments		204,267			370,660			242,069			1,196,573
Non-controlled, affiliated investments		—			—			(441,906	)		—
Net realized gain (loss)		204,267			370,660			(199,837	)		1,196,573
Net change in unrealized appreciation (depreciation):
Non-controlled, non-affiliated investments		1,248,945			(1,281,032	)		(5,109,339	)		(13,693,406	)
Non-controlled, affiliated investments		—			102,585			(864,398	)		332,256
Controlled investments		52,000			(232,073	)		325,916			690,314
Interest Rate Swap		(196,560	)		(1,015,964	)		(594,314	)		(1,214,658	)
Net change in unrealized appreciation (depreciation)		1,104,385			(2,426,484	)		(6,242,135	)		(13,885,494	)
Net realized and unrealized gain (loss)		1,308,652			(2,055,824	)		(6,441,972	)		(12,688,921	)
Net increase (decrease) in net assets resulting from operations	$	10,826,336		$	5,607,211		$	20,847,424		$	8,589,425
Net investment income per share—basic(1)	$	0.13		$	0.10		$	0.38		$	0.29
Earnings (loss) per share—basic(1)	$	0.15		$	0.08		$	0.29		$	0.12
Weighted average shares outstanding—basic		72,571,907			73,170,323			72,571,907			73,551,057
Net investment income per share—diluted(1)(2)	$	0.13		$	0.10		$	0.38		$	0.29
Earnings (loss) per share—diluted(1)(2)	$	0.15		$	0.08		$	0.29		$	0.12
Weighted average shares outstanding—diluted		72,571,907			73,170,323			72,571,907			83,884,141

(1)Net investment income and per share amounts displayed above are net of the accrual (reversal) for incentive fees on capital gains which is reflected on a hypothetical liquidation basis in accordance with GAAP for the three and nine month periods ended September 30, 2023 and for the nine month period ended September 30, 2022 (see Note 3).

(2)For the nine month period ended September 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
Net investment income	—		—		—			9,517,684		—				9,517,684
Net realized and unrealized gain (loss)	—		—		—			1,308,652		—				1,308,652
Dividends to common stockholders(2)	—		—		—			(7,257,191	)	—				(7,257,191	)
Balance at September 30, 2023		72,571,907	$	84,482	$	850,199,351	$	(459,311,927	)	$	(73,373,702	)	$	317,598,204

	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
Repurchase of common stock		(463,911	)	—		—			—				(1,705,878	)		(1,705,878	)
Net investment income	—			—		—				7,663,035		—				7,663,035
Net realized and unrealized gain (loss)	—			—		—				(2,055,824	)	—				(2,055,824	)
Dividends to common stockholders(2)	—			—		—				(7,312,237	)	—				(7,312,237	)
Balance at September 30, 2022		72,890,231		$	84,482	$	848,052,543		$	(443,881,330	)	$	(72,221,952	)	$	332,033,743

(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 the three month periods ended September 30, 2023, June 30,2023 and March 31, 2023, it is estimated that there was no return of capital based on book income. For the three months ended September 30, 2022, it is estimated that there was no return of capital based on book income. For the three months ended June 30, 2022, it is estimated that $242,968 out of the total $7,363,184 dividend was from a return of capital based on book income. For the three months ended March 31, 2022, it is estimated that $885,175 out of the total $7,380,270 dividend was from a 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)

	Nine Months Ended
	September 30, 2023			September 30, 2022
Operating activities
Net increase (decrease) in net assets resulting from operations	$	20,847,424		$	8,589,425
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		199,837			(1,196,573	)
Net change in unrealized (appreciation) depreciation of investments		5,647,821			12,670,836
Net change in unrealized (appreciation) depreciation on Interest Rate Swap		594,314			1,214,658
Interest and dividend income paid in kind		(3,896,012	)		(1,209,188	)
Net amortization of investment discounts and premiums		(2,806,533	)		(2,533,470	)
Amortization of deferred debt issuance costs		709,973			868,344
Changes in assets and liabilities:
Purchase of investments		(95,567,565	)		(194,380,774	)
Proceeds from disposition of investments		70,809,059			164,537,110
Decrease (increase) in interest, dividends and fees receivable		(1,763,540	)		439,326
Decrease (increase) in due from broker		(185,085	)		(1,878,136	)
Decrease (increase) in receivable for investments sold		(57,338	)		275,036
Decrease (increase) in prepaid expenses and other assets		28,724			66,285
Increase (decrease) in payable for investments purchased		(600,391	)		(8,146,967	)
Increase (decrease) in interest and debt related payables		1,112,864			713,783
Increase (decrease) in management fees payable		92,202			(4,404	)
Increase (decrease) in income incentive fees payable		5,832,531			1,520,743
Increase (decrease) in accrued capital gains incentive fees		261,077			(1,544,569	)
Increase (decrease) in Interest Rate Swap at fair value		(353,268	)		—
Increase (decrease) in accrued administrative expenses		(171,821	)		(38,518	)
Increase (decrease) in accrued expenses and other liabilities		790,534			(112,158	)
Net cash provided by (used in) operating activities		1,524,807			(20,149,211	)
Financing activities
Draws on Credit Facility		66,000,000			214,000,000
Repayments of Credit Facility draws		(44,000,000	)		(98,000,000	)
Dividends paid to common stockholders		(21,771,573	)		(22,136,426	)
Payments of debt issuance costs		(2,503,398	)		(1,152,052	)
Repayment of 2022 Convertible Notes		—			(143,720,000	)
Proceeds from issuance of 2025 Private Placement Notes		—			92,000,000
Repurchase of common shares		—			(3,732,566	)
Net cash provided by (used in) financing activities		(2,274,971	)		37,258,956
Net increase (decrease) in cash and cash equivalents		(750,164	)		17,109,745
Cash and cash equivalents at beginning of period		9,531,190			12,750,121
Cash and cash equivalents at end of period	$	8,781,026		$	29,859,866
Supplemental cash flow information
Interest payments	$	13,753,295		$	6,678,112
Tax payments	$	81,001		$	80,464
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

September 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	SOFR(M)		1.00	%		6.75	%		12.18	%	4/15/2026	$	2,117,008	$	2,097,532		$	2,061,966
ALCV Purchaser, Inc. (AutoLenders)	First Lien Revolver	SOFR(M)/(Q)		1.00	%		6.75	%		12.22	%	4/15/2026	$	233,430		231,657			227,361
																2,329,189			2,289,327
Building Products
Porcelain Acquisition Corporation (Paramount)	First Lien Term Loan	SOFR(Q)		1.00	%		5.75	%		11.49	%	4/30/2027	$	2,493,328		2,460,515			2,398,582
Capital Markets
Pico Quantitative Trading, LLC	First Lien Term Loan (1.0% Exit Fee)	SOFR(Q)		1.50	%		7.25	%		12.92	%	2/7/2025	$	500,000		492,978			504,500
Pico Quantitative Trading, LLC	First Lien Incremental Term Loan	SOFR(Q)		1.50	%		7.25	%		12.88	%	2/7/2025	$	560,228		546,699			560,228
																1,039,677			1,064,728
Commercial Services & Supplies
Kellermeyer Bergensons Services, LLC	First Lien Term Loan	SOFR(Q)		1.00	%		6.00	%		11.52	%	11/7/2026	$	1,572,712		1,566,729			1,487,786
Kellermeyer Bergensons Services, LLC	First Lien Delayed Draw Term Loan A	SOFR(Q)		1.00	%		6.00	%		11.52	%	11/7/2026	$	346,012		344,606			327,328
Kellermeyer Bergensons Services, LLC	First Lien Delayed Draw Term Loan B	SOFR(Q)		1.00	%		6.00	%		11.52	%	11/7/2026	$	479,275		477,352			453,394
Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)	First Lien Term Loan	SOFR(Q)		0.75	%		6.00	%		11.38	%	8/23/2028	$	1,355,927		1,327,660			1,334,097
Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		6.00	%		11.39	%	8/23/2028	$	742,053		695,262			690,668		M
Modigent, LLC (fka Pueblo Mechanical and Controls, LLC)	First Lien Revolver	PRIME		0.75	%		5.00	%		13.50	%	8/23/2027	$	149,047		138,990			141,938		M
Thermostat Purchaser III, Inc. (Reedy Industries)	Second Lien Term Loan	SOFR(Q)		0.75	%		7.25	%		12.82	%	8/31/2029	$	2,615,252		2,583,427			2,481,874
																7,134,026			6,917,085
Construction & Engineering
CSG Buyer, Inc. (Core States)	First Lien Term Loan	SOFR(Q)		1.00	%		6.00	%		11.65	%	3/31/2028	$	3,250,358		3,185,351			3,113,843
CSG Buyer, Inc. (Core States)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		6.00	%		11.65	%	3/31/2028	$	—		(10,731	)		(45,071	)	M
CSG Buyer, Inc. (Core States)	First Lien Revolver	SOFR(Q)		1.00	%		6.00	%		11.65	%	3/31/2028	$	—		(10,731	)		(22,536	)	M
Geo Parent Corporation	First Lien Term Loan	SOFR(S)		—			5.25	%		10.80	%	12/19/2025	$	737,161		725,266			718,732
Homerenew Buyer, Inc. (Project Dream)	First Lien Term Loan	SOFR(Q)		1.00	%		6.50	%		12.02	%	11/23/2027	$	3,538,800		3,465,763			3,425,559
Homerenew Buyer, Inc. (Project Dream)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		6.50	%		12.02	%	11/23/2027	$	4,945,106		4,872,601			4,786,863
Homerenew Buyer, Inc. (Project Dream)	First Lien Revolver	SOFR(Q)		1.00	%		6.50	%		12.00	%	11/23/2027	$	963,053		949,737			924,531		M
LJ Avalon Holdings, LLC (Ardurra)	First Lien Term Loan	SOFR(Q)		1.00	%		6.50	%		11.77	%	2/1/2030	$	1,742,930		1,694,723			1,715,043
LJ Avalon Holdings, LLC (Ardurra)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		6.50	%		11.79	%	2/1/2030	$	100,604		89,453			89,241		M
LJ Avalon Holdings, LLC (Ardurra)	First Lien Revolver	SOFR(Q)		1.00	%		6.50	%		11.77	%	2/1/2029	$	—		(7,586	)		(4,545	)	M
Vortex Companies, LLC	First Lien Term Loan	SOFR(M)		1.00	%		6.00	%		11.32	%	9/4/2029	$	332,031		324,670			324,561
Vortex Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		6.00	%		11.32	%	9/4/2029	$	77,149		74,764			72,314		M
Vortex Companies, LLC	First Lien Revolver	SOFR(M)/PRIME		1.00	%		6.00	%		11.73	%	9/4/2029	$	9,578		7,843			7,820		M/T
																15,361,123			15,106,355
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		5,081,031			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		1,692,686			1,661,867
Lucky US BuyerCo LLC (Global Payments)	First Lien Term Loan	SOFR(M)		1.00	%		7.50	%		12.82	%	3/30/2029	$	2,165,207		2,103,868			2,126,017
Lucky US BuyerCo LLC (Global Payments)	First Lien Revolver	SOFR(M)		1.00	%		7.50	%		12.82	%	3/30/2029	$	—		(7,677	)		(5,030	)	M
Money Transfer Acquisition Inc.	First Lien Term Loan	SOFR(M)		1.00	%		8.25	%		13.67	%	12/14/2027	$	2,545,630		2,499,554			2,499,809
																11,369,462			11,268,264
Containers & Packaging
BW Holding, Inc. (Brook & Whittle)	Second Lien Term Loan	SOFR(Q)		0.75	%		7.50	%		13.07	%	12/14/2029	$	4,559,359		4,471,651			4,053,270
PVHC Holding Corp.	First Lien Term Loan	SOFR(Q)		2.50	%	5.50% Cash + 0.75% PIK				11.79	%	2/17/2027	$	5,052,806		4,781,894			5,078,070		D
																9,253,545			9,131,340
Distributors
Colony Display LLC	First Lien Term Loan (15% Exit Fee)	SOFR(Q)		1.00	%	6.50% Cash + 3.00% PIK				15.15	%	6/30/2026	$	2,357,302		2,329,676			2,149,859		D
Diversified Consumer Services
Fusion Holding Corp. (Finalsite)	First Lien Term Loan	SOFR(Q)/(S)		0.75	%		6.25	%		11.64	%	9/14/2029	$	3,176,917		3,114,885			3,130,216
Fusion Holding Corp. (Finalsite)	First Lien Revolver	SOFR(Q)		0.75	%		6.25	%		11.64	%	9/15/2027	$	—		(4,663	)		(3,815	)	M

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

7

BlackRock Capital Investment Corporation

Consolidated Schedules of Investments—(Continued)

September 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 Delayed Draw Term Loan	SOFR(M)		2.00	%	5.00% Cash + 5.00% PIK				15.47	%	4/30/2025	$	13,522,008	$	13,555,288		$	13,028,357		D/H/J/M
Razor Group GmbH (Germany)	First Lien Sr Secured Convertible Term Loan	Fixed		—		3.50% Cash + 3.50% PIK				7.00	%	4/30/2025	$	1,681,711		1,681,711			1,688,438		D/H/J
SellerX Germany GmbH (Germany)	First Lien Term Loan Tranche A1	SOFR(Q)		2.00	%	4.50% Cash + 4.50% PIK				14.39	%	5/23/2026	$	6,517,167		6,476,168			6,517,167		D/H/J
SellerX Germany GmbH (Germany)	First Lien Term Loan Tranche A2	SOFR(Q)		2.00	%	4.50% Cash + 4.50% PIK				14.39	%	5/23/2026	$	7,816,043		7,772,810			7,816,043		D/H/J
SellerX Germany GmbH (Germany)	First Lien Delayed Draw Term Loan B	SOFR(Q)		2.00	%	4.50% Cash + 4.50% PIK				14.39	%	5/23/2026	$	—		—			—		D/H/J
Thras.io, LLC	First Lien Term Loan	SOFR(Q)		1.00	%		7.00	%		12.65	%	12/18/2026	$	7,245,988		7,168,955			5,168,780		O
Thras.io, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		7.00	%		12.65	%	12/18/2026	$	3,037,178		2,991,764			2,166,510		O
Whele LLC (Perch)	First Lien Incremental Term Loan	SOFR(M)		1.00	%	11.50% PIK				16.95	%	10/15/2025	$	6,531,157		6,554,441			5,002,866		D/Q
																49,311,359			44,514,562
Diversified Financial Services
2-10 Holdco, Inc.	First Lien Term Loan	SOFR(M)		0.75	%		6.00	%		11.42	%	3/26/2026	$	6,438,127		6,371,574			6,307,433
2-10 Holdco, Inc.	First Lien Revolver	SOFR(M)		0.75	%		6.00	%		11.42	%	3/26/2026	$	—		(2,400	)		(4,877	)	M
Accordion Partners LLC	First Lien Term Loan	SOFR(Q)		0.75	%		6.25	%		11.64	%	8/29/2029	$	4,786,806		4,693,069			4,825,100
Accordion Partners LLC	First Lien Delayed Draw Term Loan A	SOFR(Q)		0.75	%		6.50	%		11.89	%	8/29/2029	$	383,423		380,387			387,257
Accordion Partners LLC	First Lien Delayed Draw Term Loan B	SOFR(Q)		0.75	%		6.25	%		11.62	%	8/29/2029	$	584,733		566,838			589,410
Accordion Partners LLC	First Lien Revolver	SOFR(Q)		0.75	%		6.25	%		11.64	%	8/31/2028	$	—		(7,847	)		—		M
Callodine Commercial Finance, LLC	First Lien Term Loan	SOFR(Q)		1.00	%		9.00	%		14.65	%	11/3/2025	$	25,000,000		25,000,000			24,925,000
Callodine Commercial Finance, LLC	Subordinated Debt	SOFR(M)		0.25	%		8.50	%		14.06	%	10/8/2027	$	5,000,000		5,000,000			4,980,000		R
GC Champion Acquisition LLC (Numerix)	First Lien Term Loan	SOFR(S)		1.00	%		6.75	%		11.28	%	8/21/2028	$	7,122,636		7,002,637			6,980,896
GC Champion Acquisition LLC (Numerix)	First Lien Delayed Draw Term Loan	SOFR(S)		1.00	%		6.75	%		11.28	%	8/21/2028	$	1,978,510		1,943,176			1,939,138
Gordon Brothers Finance Company	Unsecured Debt	LIBOR(M)		1.00	%		11.00	%		18.43	%	10/31/2021	$	37,183,232		37,183,232			15,051,000		G/Q/S
Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC)	Second Lien Term Loan	SOFR(M)		1.00	%		8.50	%		13.94	%	7/5/2026	$	5,000,000		4,941,725			4,900,000
Wealth Enhancement Group, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)/(S)		1.00	%		6.25	%		10.77	%	10/4/2027	$	5,175,677		5,152,950			5,080,452		M
Wealth Enhancement Group, LLC	First Lien Revolver	SOFR(Q)		1.00	%		6.25	%		10.77	%	10/4/2027	$	—		(1,558	)		(5,405	)	M
Worldremit Group Limited (United Kingdom)	First Lien Term Loan (3.0% Exit Fee)	SOFR(M)/(Q)		1.00	%		9.25	%		14.79	%	2/11/2025	$	11,300,000		11,208,855			10,994,900		H/J
																109,432,638			86,950,304
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				12.49	%	6/28/2028	$	2,754,986		2,712,784			2,275,619		D
Opco Borrower, LLC (Giving Home Health Care)	First Lien Term Loan	SOFR(Q)		1.00	%		6.50	%		11.99	%	8/19/2027	$	324,805		322,183			326,916
Opco Borrower, LLC (Giving Home Health Care)	First Lien Revolver	SOFR(Q)		1.00	%		6.50	%		11.99	%	8/19/2027	$	—		(245	)		—		M
Outcomes Group Holdings, Inc.	Second Lien Term Loan	SOFR(Q)		—			7.50	%		13.02	%	10/26/2026	$	5,769,231		5,764,532			5,278,846		O
Outcomes Group Holdings, Inc.	Second Lien Term Loan	SOFR(Q)		0.50	%		7.50	%		13.02	%	10/26/2026	$	3,538,462		3,500,036			3,290,769
PHC Buyer, LLC (Patriot Home Care)	First Lien Term Loan	SOFR(Q)		0.75	%		6.00	%		11.50	%	5/4/2028	$	3,770,105		3,709,702			3,696,588
PHC Buyer, LLC (Patriot Home Care)	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%		6.00	%		11.50	%	5/4/2028	$	—		(7,773	)		(28,361	)	M
Team Services Group, LLC	Second Lien Term Loan	SOFR(Q)		1.00	%		9.00	%		14.88	%	11/13/2028	$	6,554,543		6,408,746			5,899,088
																22,409,965			20,739,465
Health Care Technology
Appriss Health, LLC (PatientPing)	First Lien Term Loan	SOFR(Q)		1.00	%		7.25	%		12.23	%	5/6/2027	$	2,854,330		2,818,515			2,794,389
Appriss Health, LLC (PatientPing)	First Lien Revolver	SOFR(Q)		1.00	%		7.25	%		12.23	%	5/6/2027	$	—		(2,309	)		(4,026	)	M
CareATC, Inc.	First Lien Term Loan	SOFR(Q)		1.00	%		7.75	%		13.26	%	3/14/2026	$	7,664,445		7,588,662			7,526,484
CareATC, Inc.	First Lien Revolver	SOFR(Q)		1.00	%		7.75	%		13.26	%	3/14/2026	$	—		(2,804	)		(6,085	)	M
ESO Solutions, Inc.	First Lien Term Loan	SOFR(Q)		1.00	%		7.00	%		12.40	%	5/3/2027	$	8,380,593		8,261,472			8,104,033
ESO Solutions, Inc.	First Lien Revolver	SOFR(Q)		1.00	%		7.00	%		12.33	%	5/3/2027	$	369,758		362,191			349,422		M
Gainwell Acquisition Corp.	Second Lien Term Loan	SOFR(Q)		1.00	%		8.00	%		13.37	%	10/2/2028	$	2,016,737		2,009,233			1,974,386
Sandata Technologies, LLC	First Lien Term Loan	SOFR(Q)		1.00	%		6.00	%		11.54	%	7/23/2024	$	4,500,000		4,488,465			4,473,000
Sandata Technologies, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		6.00	%		11.55	%	7/23/2024	$	191,298		187,734			191,298
Sandata Technologies, LLC	First Lien Revolver	SOFR(Q)		—			6.00	%		11.53	%	7/23/2024	$	266,667		265,293			263,667		M
																25,976,452			25,666,568

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

8

BlackRock Capital Investment Corporation

Consolidated Schedules of Investments—(Continued)

September 30, 2023

(Unaudited)

Issuer(N/P)	Instrument	Ref(E)	Floor			Spread			Total Coupon			Maturity	Principal		Cost(A)			Fair Value(B)			Notes
Debt Investments - Continued
Hotels, Restaurants & Leisure
OCM Luxembourg Baccarat Bidco S.À R.L. (Interblock) (Slovenia)	First Lien Term Loan	SOFR(Q)		0.75	%		6.25	%		11.15	%	6/3/2027	$	5,195,124	$	5,113,832		$	5,117,197		H/J
OCM Luxembourg Baccarat Bidco S.À R.L. (Interblock) (Slovenia)	First Lien Revolver	SOFR(M)		0.75	%		6.25	%		11.08	%	6/3/2027	$	314,856		308,597			308,559		H/J/M
Showtime Acquisition, L.L.C. (World Choice)	First Lien Term Loan	SOFR(Q)		1.00	%		7.50	%		12.97	%	8/7/2028	$	6,094,086		5,926,717			5,982,564
Showtime Acquisition, L.L.C. (World Choice)	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		7.50	%		12.97	%	8/7/2028	$	—		(4,627	)		(6,389	)	M
Showtime Acquisition, L.L.C. (World Choice)	First Lien Revolver	SOFR(Q)		1.00	%		7.50	%		12.97	%	8/7/2028	$	—		(11,574	)		(7,986	)	M
																11,332,945			11,393,945
Insurance
AmeriLife Holdings, LLC	First Lien Term Loan	SOFR(S)		0.75	%		5.75	%		11.08	%	8/31/2029	$	4,090,838		4,018,834			4,049,930
AmeriLife Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR(S)		0.75	%		5.75	%		10.62	%	8/31/2029	$	681,807		666,765			671,554		M
AmeriLife Holdings, LLC	First Lien Revolver	SOFR(S)		0.75	%		5.75	%		10.99	%	8/31/2028	$	85,870		77,366			80,718		M
Integrity Marketing Acquisition, LLC	First Lien Incremental Term Loan	SOFR(Q)		0.75	%		6.50	%		11.92	%	8/27/2026	$	5,129,060		5,054,737			5,129,060
Integrity Marketing Acquisition, LLC	First Lien Incremental Revolver	SOFR(Q)		1.00	%		6.50	%		11.92	%	8/27/2026	$	—		(293,684	)		—		M
IT Parent, LLC (Insurance Technologies)	First Lien Term Loan	SOFR(M)		1.00	%		6.25	%		11.67	%	10/1/2026	$	1,918,852		1,897,365			1,778,776
IT Parent, LLC (Insurance Technologies)	First Lien Revolver	SOFR(M)		1.00	%		6.25	%		11.82	%	10/1/2026	$	225,000		222,241			206,750		M
Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)	First Lien Term Loan	SOFR(M)		0.75	%		6.00	%		11.43	%	11/1/2028	$	845,954		835,732			837,494
Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)	First Lien Delayed Draw Term Loan	SOFR(M)		0.75	%		6.00	%		11.43	%	11/1/2028	$	2,116,885		2,093,477			2,095,716
																14,572,833			14,849,998
Internet & Catalog Retail
CommerceHub, Inc.	First Lien Term Loan	SOFR(Q)		0.75	%		6.25	%		11.77	%	12/29/2027	$	2,209,022		2,075,744			2,058,809
Syndigo, LLC	Second Lien Term Loan	SOFR(Q)		0.75	%		8.00	%		13.67	%	12/14/2028	$	4,673,472		4,621,489			4,065,921
																6,697,233			6,124,730
Internet Software & Services
Anaconda, Inc.	First Lien Term Loan	SOFR(Q)		1.00	%		7.50	%		12.92	%	8/22/2027	$	1,938,957		1,922,288			1,904,055
Astra Acquisition Corp. (Anthology)	Second Lien Term Loan	SOFR(Q)		0.75	%		8.88	%		14.53	%	10/25/2029	$	7,164,842		7,048,002			5,115,697
Bynder Bidco B.V. (Netherlands)	First Lien Term Loan B	SOFR(Q)		1.00	%		7.25	%		12.60	%	1/26/2029	$	4,653,609		4,526,593			4,572,637		H/J
Bynder Bidco B.V. (Netherlands)	First Lien Revolver B	SOFR(Q)		1.00	%		7.25	%		12.60	%	1/26/2029	$	—		(10,056	)		(6,567	)	H/J/M
Bynder Bidco, Inc. (Netherlands)	First Lien Term Loan A	SOFR(Q)		1.00	%		7.25	%		12.60	%	1/26/2029	$	1,283,754		1,248,715			1,261,417		H/J
Bynder Bidco, Inc. (Netherlands)	First Lien Revolver A	SOFR(Q)		1.00	%		7.25	%		12.60	%	1/26/2029	$	—		(2,770	)		(1,809	)	H/J/M
e-Discovery Acquireco, LLC (Reveal)	First Lien Term Loan	SOFR(Q)		1.00	%		6.50	%		11.90	%	8/29/2029	$	4,583,333		4,469,560			4,468,750
e-Discovery Acquireco, LLC (Reveal)	First Lien Revolver	SOFR(Q)		1.00	%		6.50	%		11.90	%	8/29/2029	$	—		(10,262	)		(10,417	)	M
Gympass US, LLC	First Lien Term Loan	SOFR(M)		1.00	%	4.00% Cash + 4.00% PIK				13.45	%	7/8/2027	$	1,982,895		1,967,813			1,972,981		D
InMoment, Inc.	First Lien Term Loan	SOFR(S)		0.75	%	5.00% Cash + 2.50% PIK				12.34	%	6/8/2028	$	11,679,124		11,488,160			11,335,758		D
Magenta Buyer, LLC (McAfee)	First Lien Incremental Term Loan	Fixed		—			12.00	%		12.00	%	7/27/2028	$	1,300,366		1,190,454			1,046,794		O
Magenta Buyer, LLC (McAfee)	Second Lien Term Loan	SOFR(Q)		0.75	%		8.25	%		13.88	%	7/27/2029	$	7,000,000		6,918,548			3,220,000		O
Oranje Holdco, Inc. (KnowBe4)	First Lien Term Loan	SOFR(Q)		1.00	%		7.75	%		13.12	%	2/1/2029	$	3,336,406		3,259,275			3,333,070
Oranje Holdco, Inc. (KnowBe4)	First Lien Revolver	SOFR(Q)		1.00	%		7.75	%		13.12	%	2/1/2029	$	—		(9,278	)		(417	)	M
Persado, Inc.	First Lien Term Loan (6.575% Exit Fee)	SOFR(M)		1.80	%		7.50	%		12.83	%	6/10/2027	$	4,956,117		4,902,068			4,539,804
Persado, Inc.	First Lien Delayed Draw Term Loan (6.575% Exit Fee)	SOFR(M)		1.80	%		7.50	%		12.83	%	6/10/2027	$	1,328,125		1,321,461			1,216,563
Pluralsight, Inc.	First Lien Term Loan	SOFR(Q)		1.00	%		8.00	%		13.45	%	4/6/2027	$	12,069,635		11,905,527			11,647,197
Pluralsight, Inc.	First Lien Revolver	SOFR(Q)		1.00	%		8.00	%		13.44	%	4/6/2027	$	583,340		572,056			550,776		M
Quartz Holding Company (Quick Base)	Second Lien Term Loan	SOFR(M)		—			8.00	%		13.42	%	4/2/2027	$	5,512,958		5,456,727			5,490,906
Sailpoint Technologies Holdings, Inc.	First Lien Term Loan	SOFR(M)		0.75	%		6.25	%		11.58	%	8/16/2029	$	4,111,714		4,039,584			4,109,247
Sailpoint Technologies Holdings, Inc.	First Lien Revolver	SOFR(M)		0.75	%		6.25	%		11.58	%	8/16/2028	$	—		(5,434	)		(768	)	M
Spartan Bidco Pty Ltd (StarRez) (Australia)	First Lien Term Loan	SOFR(Q)		0.75	%	0.75% Cash + 6.25% PIK				12.50	%	1/24/2028	$	4,029,729		3,966,145			3,993,059		D/H/J
Suited Connector, LLC	First Lien Term Loan	SOFR(Q)		1.00	%	6.00% Cash + 2.00% PIK				13.31	%	12/1/2027	$	1,410,333		1,388,214			936,461		D
Suited Connector, LLC	First Lien Revolver	SOFR(Q)		1.00	%	6.00% Cash + 2.00% PIK				13.36	%	12/1/2027	$	232,569		229,154			154,426		D
																77,782,544			70,849,620
IT Services
Avalara, Inc.	First Lien Term Loan	SOFR(Q)		0.75	%		7.25	%		12.64	%	10/19/2028	$	2,250,000		2,201,377			2,279,250

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

9

BlackRock Capital Investment Corporation

Consolidated Schedules of Investments—(Continued)

September 30, 2023

(Unaudited)

Issuer(N/P)	Instrument	Ref(E)	Floor			Spread			Total Coupon			Maturity	Principal		Cost(A)			Fair Value(B)			Notes
Debt Investments - Continued
Avalara, Inc.	First Lien Revolver	SOFR(Q)		0.75	%		7.25	%		12.64	%	10/19/2028	$	—	$	(4,745	)	$	—		M
Ensono, Inc.	Second Lien Term Loan B	SOFR(M)		—			8.00	%		13.43	%	5/28/2029	$	5,000,000		4,964,384			4,740,000
Idera, Inc.	Second Lien Term Loan	SOFR(Q)		0.75	%		6.75	%		12.27	%	2/4/2029	$	2,867,296		2,852,690			2,709,595
Madison Logic Holdings, Inc.	First Lien Term Loan	SOFR(Q)		1.00	%		7.00	%		12.39	%	12/29/2028	$	4,983,727		4,843,377			4,879,069
Madison Logic Holdings, Inc.	First Lien Revolver	SOFR(Q)		1.00	%		7.00	%		12.39	%	12/30/2027	$	—		(9,180	)		(7,549	)	M
Serrano Parent, LLC (Sumo Logic)	First Lien Term Loan	SOFR(Q)		1.00	%		6.50	%		11.87	%	5/13/2030	$	6,079,701		5,929,436			6,031,064
Serrano Parent, LLC (Sumo Logic)	First Lien Revolver	SOFR(Q)		1.00	%		6.50	%		11.87	%	5/13/2030	$	—		(14,395	)		(4,864	)	M
																20,762,944			20,626,565
Leisure Products
Peloton Interactive, Inc.	First Lien Term Loan	SOFR(S)		0.50	%		7.00	%		12.26	%	5/25/2027	$	2,611,731		2,536,444			2,609,119		J/O
Life Sciences Tools & Services
Alcami Corporation	First Lien Term Loan	SOFR(M)		1.00	%		7.00	%		12.42	%	12/21/2028	$	2,185,792		2,115,660			2,207,650
Alcami Corporation	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		7.00	%		12.42	%	12/21/2028	$	—		(5,637	)		1,835		M
Alcami Corporation	First Lien Revolver	SOFR(M)		1.00	%		7.00	%		12.42	%	12/21/2028	$	—		(8,984	)		—		M
																2,101,039			2,209,485
Machinery
Sonny's Enterprises, LLC	First Lien Term Loan	SOFR(Q)		1.00	%		6.75	%		12.27	%	8/5/2028	$	6,181,526		6,057,153			6,193,889
Sonny's Enterprises, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)		1.00	%		6.75	%		12.27	%	8/5/2028	$	—		(4,734	)		409		M
Sonny's Enterprises, LLC	First Lien Revolver	SOFR(Q)		1.00	%		6.75	%		12.27	%	8/5/2027	$	—		(4,028	)		—		M
																6,048,391			6,194,298
Media
NEP Group, Inc. et al	First Lien Term Loan	SOFR(M)		—			3.25	%		8.68	%	10/20/2025	$	656,884		609,518			633,486		O
NEP Group, Inc. et al	Second Lien Term Loan	SOFR(M)		—			7.00	%		12.43	%	10/19/2026	$	3,131,760		2,953,531			2,455,832		O
Streamland Media Midco LLC	First Lien Term Loan	SOFR(Q)		1.00	%	6.75% Cash + 0.50% PIK				12.88	%	12/31/2024	$	376,268		371,957			362,346		D
Terraboost Media Operating Company, LLC	First Lien Term Loan	SOFR(Q)		1.00	%		6.50	%		12.04	%	8/23/2026	$	3,613,516		3,565,580			3,281,072		D
																7,500,586			6,732,736
Paper & Forest Products
Alpine Acquisition Corp II (48Forty)	First Lien Term Loan	SOFR(M)		1.00	%		5.75	%		11.43	%	11/30/2026	$	9,987,851		9,818,656			9,688,215
Alpine Acquisition Corp II (48Forty)	First Lien Revolver	SOFR(M)		1.00	%		5.75	%		11.69	%	11/30/2026	$	268,015		254,337			247,914		M
FSK Pallet Holding Corp. (Kamps)	First Lien Term Loan	SOFR(Q)		1.25	%		6.00	%		11.43	%	12/23/2026	$	3,507,402		3,418,193			3,385,344
																13,491,186			13,321,473
Pharmaceuticals
Nephron Pharmaceuticals Corp. et al	First Lien Term Loan	SOFR(Q)		1.50	%		9.00	%		14.57	%	9/11/2026	$	4,516,129		4,337,766			4,335,484
Professional Services
DTI Holdco, Inc. (Epiq Systems, Inc.)	Second Lien Term Loan	SOFR(Q)		0.75	%		7.75	%		13.12	%	4/26/2030	$	5,007,465		4,924,612			4,306,420
GI Consilio Parent, LLC	Second Lien Term Loan	SOFR(M)		0.50	%		7.50	%		12.93	%	5/14/2029	$	5,000,000		4,967,489			4,920,000
ICIMS, Inc.	First Lien Term Loan	SOFR(Q)		0.75	%	3.38% Cash + 3.88% PIK				12.63	%	8/18/2028	$	11,057,837		10,892,469			10,983,750		D
ICIMS, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)		0.75	%	3.38% Cash + 3.88% PIK				12.63	%	8/18/2028	$	335,245		335,245			315,547		D/M
ICIMS, Inc.	First Lien Revolver	SOFR(Q)		0.75	%		6.75	%		12.14	%	8/18/2028	$	175,907		160,744			168,850		M
JobandTalent USA, Inc. (United Kingdom)	First Lien Term Loan (3.0% Exit Fee)	SOFR(M)		1.00	%		8.75	%		14.20	%	2/17/2025	$	9,892,491		9,799,812			9,724,319		H/J
JobandTalent USA, Inc. (United Kingdom)	First Lien Delayed Draw Term Loan (3.0% Exit Fee)	SOFR(M)		1.00	%		8.75	%		14.20	%	2/17/2025	$	5,300,000		5,255,638			5,209,900		H/J
TLE Holdings, LLC	First Lien Term Loan	SOFR(M)		1.00	%		5.50	%		10.92	%	6/28/2024	$	3,790,365		3,663,194			3,733,510
TLE Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR(M)		1.00	%		5.50	%		10.92	%	6/28/2024	$	970,359		937,803			955,803
																40,937,006			40,318,099
Real Estate Management & Development
Greystone Affordable Housing Initiatives, LLC	First Lien Delayed Draw Term Loan	SOFR(S)		1.25	%		6.00	%		11.84	%	3/2/2026	$	1,866,667		1,866,667			1,849,867		J

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

10

BlackRock Capital Investment Corporation

Consolidated Schedules of Investments—(Continued)

September 30, 2023

(Unaudited)

Issuer(N/P)	Instrument	Ref(E)	Floor			Spread			Total Coupon			Maturity	Principal		Cost(A)			Fair Value(B)		Notes
Debt Investments - Continued
Greystone Select Company II, LLC (Passco)	First Lien Term Loan	SOFR(M)		1.50	%		6.50	%		11.93	%	3/21/2027	$	4,661,332	$	4,585,980		$	4,622,177
																6,452,647			6,472,044
Road & Rail
Motive Technologies, Inc. (fka Keep Truckin, Inc.)	First Lien Term Loan	SOFR(S)		1.00	%		7.25	%		13.17	%	4/8/2025	$	15,000,000		14,889,408			14,910,000
Semiconductors & Semiconductor Equipment
Emerald Technologies (U.S.) AcquisitionCo, Inc	First Lien Term Loan	SOFR(Q)		1.00	%		6.25	%		11.82	%	12/29/2027	$	1,862,750		1,833,423			1,760,299
Emerald Technologies (U.S.) AcquisitionCo, Inc	First Lien Revolver	SOFR(M)		1.00	%		6.00	%		11.43	%	12/29/2026	$	390,162		323,369			331,906	M
																2,156,792			2,092,205
Software
Aerospike, Inc.	First Lien Term Loan (0.50% Exit Fee)	SOFR(M)		1.00	%		7.50	%		12.93	%	12/29/2025	$	2,416,867		2,402,783			2,392,215
Aerospike, Inc.	First Lien Delayed Draw Term Loan (0.50% Exit Fee)	SOFR(M)		1.00	%		7.50	%		12.94	%	12/29/2025	$	1,054,373		1,033,145			1,043,618
AlphaSense, Inc.	First Lien Term Loan	SOFR(M)		1.00	%		7.00	%		12.43	%	3/11/2027	$	8,673,018		8,606,404			8,667,814
Aras Corporation	First Lien Term Loan	SOFR(Q)		1.00	%	3.50% Cash + 3.25% PIK				12.20	%	4/13/2027	$	4,564,483		4,513,987			4,404,727	D
Aras Corporation	First Lien Revolver	SOFR(Q)		1.00	%		6.50	%		12.14	%	4/13/2027	$	225,239		221,510			214,489	M
Backoffice Associates Holdings, LLC (Syniti)	First Lien Term Loan	SOFR(S)		1.00	%		7.75	%		12.78	%	4/30/2026	$	4,361,671		4,286,755			4,405,288
Backoffice Associates Holdings, LLC (Syniti)	First Lien Revolver	PRIME		1.00	%		6.75	%		15.10	%	4/30/2026	$	492,791		481,633			492,791	M
Bluefin Holding, LLC (Allvue)	First Lien Term Loan	SOFR(S)		1.00	%		7.25	%		12.72	%	9/12/2029	$	6,826,923		6,657,360			6,656,250
Bluefin Holding, LLC (Allvue)	First Lien Revolver	SOFR(S)		1.00	%		7.25	%		12.72	%	9/12/2029	$	—		(16,681	)