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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:4pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">UNITED STATES </p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">FORM 8-K </p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">CURRENT REPORT </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to section 13 or 15(d) </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">of the Securities Exchange Act of 1934 </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Date of Report (Date of Earliest Event Reported): August 12, 2022 </p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">BLACKROCK CAPITAL INVESTMENT CORPORATION </p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">814-00712</p></td>
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<p style="text-align:center;margin-bottom:1pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">of incorporation or organization)</p></td>
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<p style="text-align:center;margin-bottom:1pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">File Number)</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">40 East 52nd Street </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">New York, NY 10022 </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(Address of principal executive offices) </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(212) 810-5800 </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(Registrant&#8217;s telephone number, including area code) </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:10pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Not Applicable </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(Former name or former address, if changed since last report) </p>
<p style="text-align:center;border-bottom:Solid 1pt;padding-bottom:1pt;margin-bottom:0pt;margin-top:0pt;margin-left:40%;margin-right:40%;text-indent:0%;font-size:6pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
<p style="margin-bottom:0pt;margin-top:10pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </p>
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<p style="margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:4.53%;text-indent:-4.54%;font-size:6pt;">&nbsp;</p>
<p style="text-align:center;margin-top:0pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Securities registered pursuant to Section 12(b) of the Act:</p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:10pt;font-family:inherit;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Name of each exchange on which registered</font></p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:inherit;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Common Stock, $0.001 par value</p></td>
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<p style="margin-bottom:0pt;margin-top:10pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b&#8211;2 of the Securities Exchange Act of 1934 (&#167;240.12b&#8211;2 of this chapter). </p>
<p style="margin-bottom:0pt;margin-top:10pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Emerging growth company&#160;&#160;<font style="font-family:Segoe UI Symbol;">&#9744;</font> </p>
<p style="margin-bottom:0pt;margin-top:10pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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&#160;13(a) of the Exchange Act.&#160;&#160;<font style="font-family:Segoe UI Symbol;">&#9744;</font> </p>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">ITEM&#160;7.01.</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160; REGULATION FD DISCLOSURE. </p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">BlackRock Advisors, LLC (&#8220;BlackRock Advisors&#8221;) began serving as the investment manager of BlackRock Capital Investment Corporation (the &#8220;Company&#8221;) on March&#160;6, 2015, the date on which the Advisor acquired certain assets of the Company&#8217;s previous investment adviser (the &#8220;Acquisition Date&#8221;).&nbsp;&nbsp;On January 16, 2018, BlackRock Advisors assigned its management agreement with the Company to a wholly owned subsidiary, BlackRock Capital Investment Advisors, LLC (together with BlackRock Advisors, the &#8220;Advisor&#8221;) pursuant to Rule 2a-6 of the Investment Company Act of 1940.&nbsp;&nbsp;There was no change to the fees paid under the management agreement, nor to the personnel overseeing the provision of investment management services to the Company.&nbsp;&nbsp;For the Advisor&#8217;s marketing purposes unrelated to the Company, the Advisor has calculated implied IRRs (internal rate of return) for that portion of the Company&#8217;s portfolio which was invested on or after the Acquisition Date. Such implied IRRs have been calculated gross of any fees and expenses, as well as net of Applicable Fees (defined below). As a result, we are providing the information below. The calculation covers a period (the &#8220;Calculation Period&#8221;) beginning on the Acquisition Date and ending on March 31, 2022 (the &#8220;Calculation End Date&#8221;). </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The implied IRR calculations include the performance of all new monies invested during the Calculation Period. For such investments exited during the Calculation Period, all actual cash inflows and outflows during the Calculation Period that were attributable to the investment were used to calculate the implied IRRs. For all other such investments, the implied IRRs were calculated (i)&#160;using all actual cash inflows and outflows during the Calculation Period that were attributable to the investment and (ii)&#160;assuming that the fair market value of the investment, as well as any accrued but unpaid interest on the Calculation End Date were realized in cash as of such date. For the Calculation Period, such implied IRRs were 9.2% on a gross basis and 6.4% on a net basis, based on $1.72&#160;billion of cash invested in 231 different investments across 134 companies, of which 69 investments across 47 companies were exited during the Calculation Period. For the Calculation Period, the implied IRRs on these 69 exited investments were 10.5% on a gross basis and 7.7% on a net basis based on $901&#160;million of cash invested. The implied IRRs for the remaining 162 investments across 87 companies were 6.9% on a gross basis and 4.0% on a net basis based on $818&#160;million of cash invested. </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Internal rate of return is the discount rate that makes the net present value of all cash flows related to a particular investment equal to zero. Investments are considered to be exited when the original investment objective has been achieved through the receipt of cash and/or non-cash consideration upon the sale, repayment or other exit of an investment or through the determination that no further consideration was collectible and, thus, a loss may have been realized. </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The implied IRRs on a gross basis are calculated using cash flows that are gross of any fees, costs or expenses incurred by the Company. The implied IRRs on a net basis are calculated using cash flows that are net of Applicable Fees. &#8220;Applicable Fees&#8221; equal the   management fee, incentive fee based on income (before giving effect to any fee waiver during the most recent fiscal quarter) and operating expenses (excluding management fee, incentive fee based on income, incentive fee based on capital gains and leverage expenses including interest, credit facility fees and other debt expenses), respectively, incurred by the Company during the most recent fiscal quarter (Q1 2022) expressed as a percentage of total investments of the Company, at fair market value, as of the end of Q4 2021. For purposes of calculating the implied IRR on a net basis, all Applicable Fees are annualized. The Applicable Fees are applied to total invested capital throughout the Calculation Period for the purpose of calculating net implied IRR. The net implied IRR is calculated on the basis of the Company&#8217;s gross assets. Applicable Fees do not include leverage expenses and are expressed as a percentage of the Company&#8217;s total invested capital (instead of being expressed as a percentage of the Company&#8217;s net assets, as expenses typically are expressed in the Company&#8217;s consolidated financial statements). </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Applicable Fees are calculated solely for the Advisor&#8217;s marketing purposes unrelated to the Company. Investors should not rely upon the gross or net implied IRRs shown above as a measure of the performance of the Company or its portfolio. There is no assurance that the fee and expense assumptions used for these calculations will be representative of fees and expenses incurred by the Company. </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The implied IRRs shown above reflect only the performance of new monies invested during the Calculation Period and not the performance of the entire investment portfolio of the Company over any period of time. We would expect that any such implied IRRs for the entire investment portfolio would be lower than the implied IRRs shown here. Investors should not rely upon the implied IRRs shown above as a measure of the performance of the Company or its portfolio as they do not represent returns experienced by an owner of the Company&#8217;s common stock. A common stockholder&#8217;s actual returns are subject to higher expense ratios when expenses are expressed as a percentage of the Company&#8217;s net assets and leverage expenses are included. There can be no assurance that these implied IRRs could be generated in the future for any investment. </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The information disclosed under this Item 7.01 is being furnished and shall not be deemed to be &#8220;filed&#8221; for purposes of Section&#160;18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing. </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;text-indent:0%;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. </p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">BLACKROCK CAPITAL INVESTMENT CORPORATION</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Date: August 12, 2022</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By:</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">/s/ Chip Holladay</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Name:</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Title:</p></td>
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{"company-data": {"conformed-name": "BlackRock Capital Investment Corp", "cik": "0001326003", "irs-number": "202725151", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "814-00712", "film-number": "221159863"}, "business-address": {"street1": "40 EAST 52ND STREET", "city": "NEW YORK", "state": "NY", "zip": "10022", "phone": "212-754-5300"}, "mail-address": {"street1": "40 EAST 52ND STREET", "city": "NEW YORK", "state": "NY", "zip": "10022"}, "former-company": {"former-conformed-name": "BlackRock Kelso Capital CORP", "date-changed": "20050503"}}
bkcc-8k_20220331.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): August 12, 2022
BLACKROCK CAPITAL INVESTMENT CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
814-00712
20-2725151
(State or other jurisdiction
of incorporation or organization)
(Commission
File Number)
(IRS Employer
Identification Number)
40 East 52nd Street
New York, NY 10022
(Address of principal executive offices)
(212) 810-5800
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b–2 of the Securities Exchange Act of 1934 (§240.12b–2 of this chapter).
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.
☐
ITEM 7.01.
REGULATION FD DISCLOSURE.
BlackRock Advisors, LLC ("BlackRock Advisors") began serving as the investment manager of BlackRock Capital Investment Corporation (the "Company") on March 6, 2015, the date on which the Advisor acquired certain assets of the Company's previous investment adviser (the "Acquisition Date").  On January 16, 2018, BlackRock Advisors assigned its management agreement with the Company to a wholly owned subsidiary, BlackRock Capital Investment Advisors, LLC (together with BlackRock Advisors, the "Advisor") pursuant to Rule 2a-6 of the Investment Company Act of 1940.  There was no change to the fees paid under the management agreement, nor to the personnel overseeing the provision of investment management services to the Company.  For the Advisor's marketing purposes unrelated to the Company, the Advisor has calculated implied IRRs (internal rate of return) for that portion of the Company's portfolio which was invested on or after the Acquisition Date. Such implied IRRs have been calculated gross of any fees and expenses, as well as net of Applicable Fees (defined below). As a result, we are providing the information below. The calculation covers a period (the "Calculation Period") beginning on the Acquisition Date and ending on March 31, 2022 (the "Calculation End Date").
The implied IRR calculations include the performance of all new monies invested during the Calculation Period. For such investments exited during the Calculation Period, all actual cash inflows and outflows during the Calculation Period that were attributable to the investment were used to calculate the implied IRRs. For all other such investments, the implied IRRs were calculated (i) using all actual cash inflows and outflows during the Calculation Period that were attributable to the investment and (ii) assuming that the fair market value of the investment, as well as any accrued but unpaid interest on the Calculation End Date were realized in cash as of such date. For the Calculation Period, such implied IRRs were 9.2% on a gross basis and 6.4% on a net basis, based on $1.72 billion of cash invested in 231 different investments across 134 companies, of which 69 investments across 47 companies were exited during the Calculation Period. For the Calculation Period, the implied IRRs on these 69 exited investments were 10.5% on a gross basis and 7.7% on a net basis based on $901 million of cash invested. The implied IRRs for the remaining 162 investments across 87 companies were 6.9% on a gross basis and 4.0% on a net basis based on $818 million of cash invested.
Internal rate of return is the discount rate that makes the net present value of all cash flows related to a particular investment equal to zero. Investments are considered to be exited when the original investment objective has been achieved through the receipt of cash and/or non-cash consideration upon the sale, repayment or other exit of an investment or through the determination that no further consideration was collectible and, thus, a loss may have been realized.
The implied IRRs on a gross basis are calculated using cash flows that are gross of any fees, costs or expenses incurred by the Company. The implied IRRs on a net basis are calculated using cash flows that are net of Applicable Fees. "Applicable Fees" equal the   management fee, incentive fee based on income (before giving effect to any fee waiver during the most recent fiscal quarter) and operating expenses (excluding management fee, incentive fee based on income, incentive fee based on capital gains and leverage expenses including interest, credit facility fees and other debt expenses), respectively, incurred by the Company during the most recent fiscal quarter (Q1 2022) expressed as a percentage of total investments of the Company, at fair market value, as of the end of Q4 2021. For purposes of calculating the implied IRR on a net basis, all Applicable Fees are annualized. The Applicable Fees are applied to total invested capital throughout the Calculation Period for the purpose of calculating net implied IRR. The net implied IRR is calculated on the basis of the Company's gross assets. Applicable Fees do not include leverage expenses and are expressed as a percentage of the Company's total invested capital (instead of being expressed as a percentage of the Company's net assets, as expenses typically are expressed in the Company's consolidated financial statements).
The Applicable Fees are calculated solely for the Advisor's marketing purposes unrelated to the Company. Investors should not rely upon the gross or net implied IRRs shown above as a measure of the performance of the Company or its portfolio. There is no assurance that the fee and expense assumptions used for these calculations will be representative of fees and expenses incurred by the Company.
The implied IRRs shown above reflect only the performance of new monies invested during the Calculation Period and not the performance of the entire investment portfolio of the Company over any period of time. We would expect that any such implied IRRs for the entire investment portfolio would be lower than the implied IRRs shown here. Investors should not rely upon the implied IRRs shown above as a measure of the performance of the Company or its portfolio as they do not represent returns experienced by an owner of the Company's common stock. A common stockholder's actual returns are subject to higher expense ratios when expenses are expressed as a percentage of the Company's net assets and leverage expenses are included. There can be no assurance that these implied IRRs could be generated in the future for any investment.
The information disclosed under this Item 7.01 is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, 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 12, 2022
By:
/s/ Chip Holladay
Name:
Chip Holladay
Title:
Interim Chief Financial Officer and Treasurer