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BlackRock Capital Investment Corporation ™ BlackRock Capital Investment Corporation Reports Financial Results for the Quarter Ended September 30 , 2021 , Declares Quarterly Cash Distribution of $ 0.10 per Share November 3 , 2021 • GAAP Net Investment Income ( " GAAP NII " ) was $ 4.9 million , or $ 0.07 per share , up 1.4 % from the second quarter , providing third quarter distribution coverage of 66 % , up from 65 % in the second quarter . • Adjusted Net Investment Income ( " Adjusted NII " ) was $ 6.2 million , or $ 0.08 per share , up 28.1 % from the second quarter , providing third quarter distribution coverage of 84 % , up from 65 % in the second quarter . Adjusted NII excludes the " hypothetical liquidation " basis capital gains incentive fee accrual required under GAAP of $ 1.3 million in the third quarter and zero in the second quarter ( refer to Supplemental Information for further details ) . GAAP NII and Adjusted NII also benefited from fee and other one - time income of $ 0.01 per share . • Net Asset Value ( " NAV " ) increased to $ 350.9 million , up 1.1 % from $ 347.2 million at the end of the second quarter ; NAV per share increased 1.3 % to $ 4.74 per share from $ 4.68 per share , primarily driven by net realized and unrealized gains of $ 6.7 million during the quarter . • Strong gross deployments in senior secured debt of $ 62.8 million with eight new portfolio companies added during the third quarter , offset by gross repayments / exits of $ 61.6 million including $ 19.6 million in cash proceeds from the disposal of SVP equity as previously disclosed on Form 8 - K . • Net leverage of 0.57x as of September 30 , 2021 was up slightly from 0.56x as of June 30 , 2021. Total liquidity for portfolio company investments , including cash , was approximately $ 218 million , subject to leverage and borrowing base restrictions . • Under the existing share repurchase program , 133,039 shares were repurchased during the third quarter for approximately $ 0.5 million at an average price of $ 4.00 per share , including brokerage commissions . • Subsequent to September 30 , 2021 , junior capital exposure was further reduced after a return of capital distribution of $ 18.3 million was received from BCIC Senior Loan Partners ( " SLP " ) primarily with proceeds from SLP's sale of the Crown Paper first lien loan . The remaining portfolio of SLP consists of first lien loans in two portfolio companies with an estimated FMV of $ 13.3 million . NEW YORK -- ( BUSINESS WIRE ) -- Nov . 3 , 2021-- BlackRock Capital Investment Corporation ( NASDAQ : BKCC ) ( " BCIC " the " Company , " " we , " " us " or " our " ) announced today that its Board of Directors declared a quarterly distribution of $ 0.10 per share , payable on January 6 , 2022 to stockholders of record at the close of business on December 16 , 2021 . " We continued our positive momentum in the third quarter , deploying $ 63 million of new capital , growing our investment portfolio by $ 9 million , increasing our Adjusted NII by 28.1 % and delivering a 1.1 % increase in NAV . We have substantially completed our strategic rotation out of non - core , legacy assets , while building the portfolio for stable , long - term strength . Through the first nine months of the year , we have deployed over $ 206 million on a gross basis , including investments in 35 new portfolio companies , setting the stage for continued improvement in our results for our stockholders , " said James E. Keenan , Chairman and Interim CEO of the Company . " We continue to draw upon the power of the BlackRock platform to identify compelling new opportunities with solid risk - adjusted returns , focusing on senior secured debt - and first lien loans in particular . During the third quarter of 2021 , 88 % of our investment dollars were in first lien term loans . Approximately 68 % of the portfolio now consists of first lien investments , which has doubled from 34 % at the end of 2019 , " Mr. Keenan added . First Lien Debt Second Lien Debt Deployments Repayments / Exits Non - Core & Junior Capital Other Core Assets Portfolio Composition Three Months Ended September 30 , 2021 $ in Millions % Pro Forma³ September 30 , 2021 56 7 20 42 " We remain focused on further diversifying the portfolio to capitalize on a broader range of sectors and opportunities , and also to safeguard against potential challenges in any given industry . " We ended the third quarter with 78 portfolio companies , up from 74 in the prior quarter and 47 at the end of 2019. This represents remarkable progress- and we anticipate making more headway in the fourth quarter of 2021 and in the new year , " said Mr. Keenan . September 30 , 2021 88 % 12 % December 31 , 2020 33 % 67 % December 31 , 2019