BKCC - BlackRock Capital Investment Q1 earnings reflects drive to diversify

BlackRock Capital Investment (NASDAQ:BKCC) Q1 results reflected an exit from what had been its largest portfolio company, a move that reduced net investment income and leverage and helped the business development diversify its portfolio. Q1 adjusted net investment income of $6.0M, or $0.08 per share was little changed from $6.2M, or $0.08 per share, in Q4 2021 and increased from $4.2M, or $0.06 per share, in the year-ago quarter. The Q1 2022 per-share figure was a penny shy of the average estimate of two analysts. BlackRock Capital (BKCC) shares are slipping 0.9% in Monday late morning trading. The adjusted NII per share represented distribution coverage of 82%, down from 84% in the prior quarter. Net leverage fell to 0.46x as of March 31, 2022, down from 0.56x at Dec. 31, 2021, primarily due to net investment dispositions during Q1. The BDC backed by BlackRock (BLK) made progress in diversifying its portfolio

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BlackRock Capital Investment Q1 earnings reflects drive to diversify