Ralf Hahn/iStock via Getty Images
Blackrock Capital Investment (NASDAQ:BKCC) reported fourth-quarter net investment income that met analysts' median estimate and total investment that slightly exceeded consensus. However, its net asset value decreased due to net realized and unrealized losses in the portfolio.
Fourth Quarter Adjusted Net Investment Income Per Share of $0.12, which is in line with the consensus estimate, fell from $0.13 in the third quarter and increased from $0.11 in the fourth quarter of 2022.
Total investment income of $20.3 million, above the average analyst estimate of $20.1 million, decreased from $21.3 million in the prior quarter and increased from $17.5 million. dollars from the previous year's quarter.
Net asset value per share fell to $4.35 as of December 31, 2023 from $4.38 as of September 30.
BlackRock Capital Investment (BKCC) Stock fell 1.3% in after-hours trading on Tuesday.
Gross implementations during the quarter totaled $25.4 million, substantially all of it in first lien loans, with a weighted average yield of 11.9%. Gross payments during the quarter were $12.6 million. BKCC had a total of 121 portfolio companies, up from 120 in the previous quarter.
The portfolio's weighted average return as of December 31, 2023 was 12.7% based on the portfolio's total fair value, down from 12.8% as of September 30.
Net leverage of 0.91x as of December 31 increased from 0.84x as of September 30.
“We selectively increased our portfolio during the quarter with new investments in first lien loans,” said Interim President and CEO James E. Keenan. “Over the past several quarters, we have successfully diversified and strengthened the portfolio as we continue to identify attractive investment opportunities.”
In September, BlackRock Capital Investment (BKCC) agreed to merge with BlackRock TCP Capital (NASDAQ:TCPC).
