UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the fiscal year ended December 31, 2021 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 (State or Other Jurisd ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 | --- | --- | |----------------------------------------------------------------|--------------------------------------| | | | | Delaware | 20-2725151 | | (State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | 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, 2021 OR ☐ TRANSITION REPORT ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 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 August 4, 2021 was 74,101,740. 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 June 30, 2021 OR ☐ TRANSITI ...

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 March 31, 2021 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) | --- | --- | --- | --- | ...

PART I [Item 1. Business](index=4&type=section&id=Item%201.%20Business) BlackRock Capital Investment Corporation (BKCC) is an externally-managed BDC and RIC focused on providing flexible financing solutions to middle-market companies, primarily through senior secured loans - BlackRock Capital Investment Corporation (BKCC) is an externally-managed, non-diversified closed-end management investment company that has elected to be regulated as a Business Development Company (BDC) under the 1940 Act and intends to qualify as a Regulated Investment Company (RIC) for tax purposes[14](index=14&type=chunk)[17](index=17&type=chunk) - The company's investment objective is to generate both current income and capital appreciation by investing primarily in middle-market companies (enterprise value typically **$100 million to $1.5 billion**) through senior and junior secured, unsecured, and subordinated debt, often with an equity component[13](index=13&type=chunk)[17](index=17&type=chunk)[18](index=18&type=chunk) - The Advisor, BlackRock Capital Investment Advisors, LLC (BCIA), is an indirect subsidiary of BlackRock, Inc., a leading investment management firm with **$8.7 trillion** in AUM as of December 31, 2020, providing significant platform advantages and expertise[20](index=20&type=chunk)[27](index=27&type=chunk) - The company employs a 4-grade investment rating system to reflect borrower performance and collateral coverage, with an average rating of **1.90** at December 31, 2020, compared to **1.39** at December 31, 2019, indicating increased risk[65](index=65&type=chunk)[66](index=66&type=chunk) Investment Ratings Distribution (Fair Value) | Grade | December 31, 2020 ($) | December 31, 2019 ($) | | :---------------- | :-------------------- | :-------------------- | | **Grade 1** | 189,012,640 | 543,022,093 | | **Grade 2** | 198,713,376 | 163,762,457 | | **Grade 3** | 38,605,618 | — | | **Grade 4** | 51,136,642 | 43,074,531 | | **Not Rated** | 1,557,200 | — | | **Total** | 479,025,476 | 749,859,081 | - Effective May 2, 2020, the Base Management Fee was reduced from **1.75% to 1.50%** of total assets (up to 200% of NAV) and **1.0%** on assets exceeding 200% of NAV. The Incentive Fee based on net investment income was reduced from **20% to 17.5%** over a **7% hurdle**, and the capital gains Incentive Fee was reduced from **20% to 17.5%**[75](index=75&type=chunk)[77](index=77&type=chunk)[79](index=79&type=chunk)[86](index=86&type=chunk) Management Fees Incurred | Year Ended December 31, | Base Management Fees ($) | | :---------------------- | :----------------------- | | 2020 | 10,799,832 | | 2019 | 12,425,101 | | 2018 | 14,138,788 | Incentive Fees Based on Income Incurred (Pre-Waiver) | Year Ended December 31, | Incentive Fees Based on Income ($) | | :---------------------- | :--------------------------------- | | 2020 | 6,304,333 | | 2019 | 8,751,521 | | 2018 | 8,510,866 | - The Advisor voluntarily waived a portion of its Incentive Fees based on income from July 1, 2019, through December 31, 2020, resulting in **no net Incentive Fees for 2020** and **$1,849,597 for 2019**[85](index=85&type=chunk) - The company's Senior Secured Revolving Credit Facility was amended in May 2020, extending maturity to June 5, 2023, reducing aggregate commitment from **$340 million to $300 million**, and lowering the minimum asset coverage ratio from **200% to 150%**[99](index=99&type=chunk) - The company has **$143.75 million** in **5.00%** Unsecured Convertible Senior Notes due June 15, 2022, with an initial conversion rate of **118.2173 shares per $1,000 principal amount**[100](index=100&type=chunk) [Item 1A. Risk Factors](index=19&type=section&id=Item%201A.%20Risk%20Factors) Investing in the company's securities is highly speculative and involves significant risks, including intense competition for investment opportunities, potential negative impacts from external events like the COVID-19 pandemic, and capital market disruptions - The company operates in a highly competitive market for investment opportunities, competing with various financial entities, which may lead to less favorable investment terms or missed opportunities[114](index=114&type=chunk)[115](index=115&type=chunk) - The COVID-19 pandemic has caused significant business disruption, adversely impacted portfolio company valuations, and increased market volatility, potentially affecting the company's ability to value its portfolio, comply with asset coverage ratios, pay dividends, and access capital[116](index=116&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk)[125](index=125&type=chunk) - The company's use of borrowed funds (leverage) magnifies potential gains or losses, increasing the risk of loss for common stockholders and potentially restricting distributions if asset coverage ratios are not maintained[166](index=166&type=chunk)[171](index=171&type=chunk)[172](index=172&type=chunk) - Substantially all of the company's assets are pledged as collateral under its Credit Facility, meaning a default could lead to foreclosure and forced sales at disadvantageous prices, severely impairing operations and distributions[153](index=153&type=chunk)[154](index=154&type=chunk)[155](index=155&type=chunk) - The illiquidity of the company's private investments makes them difficult to sell quickly, and their fair value is determined by the Board of Directors, involving subjective judgments and estimates, which may differ materially from realized values[265](index=265&type=chunk)[266](index=266&type=chunk)[304](index=304&type=chunk)[305](index=305&type=chunk)[307](index=307&type=chunk) - The Incentive Fee structure may incentivize the Advisor to pursue riskier or more speculative investments, including those with deferred interest features (PIK interest), which accrue income before cash receipt, potentially creating distribution challenges[253](index=253&type=chunk)[254](index=254&type=chunk) - As a BDC, the company is generally prohibited from certain transactions with affiliates, though an exemptive order from the SEC permits some affiliated investments subject to conditions, which may still present conflicts of interest for the Advisor[355](index=355&type=chunk)[356](index=356&type=chunk)[357](index=357&type=chunk) - Failure to maintain RIC status would subject the company to corporate-level income tax, substantially reducing net assets and distributable income to stockholders[369](index=369&type=chunk)[370](index=370&type=chunk)[372](index=372&type=chunk) - Shares of the company's common stock have historically traded at a discount from net asset value and may do so again, limiting the ability to raise additional equity capital without stockholder and independent director approval[373](index=373&type=chunk)[374](index=374&type=chunk) [Item 1B. Unresolved Staff Comments](index=55&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) There are no unresolved staff comments from the SEC - The company has no unresolved staff comments[401](index=401&type=chunk) [Item 2. Properties](index=55&type=section&id=Item%202.%20Properties) The company does not own any material real estate or physical properties, utilizing administrative and executive offices in New York, NY, which are deemed suitable for its operations - The company does not own any real estate or other physical properties materially important to its operation. Its administrative and principal executive offices are located at 40 East 52nd Street, New York, NY 10022[402](index=402&type=chunk) [Item 3. Legal Proceedings](index=55&type=section&id=Item%203.%20Legal%20Proceedings) The company and its Advisor may be involved in legal proceedings in the normal course of business, including enforcing rights under contracts with portfolio companies - The company and its Advisor may be party to legal proceedings incidental to the normal course of business, including enforcement of rights under contracts with portfolio companies. These proceedings are not expected to have a material effect on the consolidated financial statements[403](index=403&type=chunk) [Item 4. Mine Safety Disclosures](index=55&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Mine Safety Disclosures are not applicable to the company - Mine Safety Disclosures are not applicable[404](index=404&type=chunk) PART II [Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=56&type=section&id=Item%205.%20Market%20For%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on The NASDAQ Global Select Market under 'BKCC', and has historically traded at a discount to its Net Asset Value (NAV) - The company's common stock is quoted on The NASDAQ Global Select Market under the symbol 'BKCC' since June 27, 2007[406](index=406&type=chunk) Common Stock Price and NAV Data | Quarter Ended | NAV ($) | High Sales Price ($) | Low Sales Price ($) | Premium/Discount of High Sales Price to NAV (%) | Premium/Discount of Low Sales Price to NAV (%) | Declared Distributions ($) | | :-------------- | :------ | :------------------- | :------------------ | :---------------------------------------------- | :--------------------------------------------- | :------------------------- | | Dec 31, 2019 | 6.33 | 5.17 | 4.63 | (18)% | (27)% | 0.14 | | Mar 31, 2020 | 5.35 | 5.09 | 1.47 | (5)% | (73)% | 0.14 | | Jun 30, 2020 | 4.84 | 3.51 | 1.79 | (27)% | (63)% | 0.10 | | Sep 30, 2020 | 4.24 | 3.08 | 2.31 | (27)% | (46)% | 0.10 | | Dec 31, 2020 | 4.23 | 3.07 | 2.34 | (27)% | (45)% | 0.10 | - The Board of Directors authorized the purchase of up to **7,500,000 shares**, effective until November 2, 2021, or until all authorized shares are repurchased. In 2020, **986,554 shares** were purchased for **$3,627,604**[408](index=408&type=chunk)[410](index=410&type=chunk) - As of March 3, 2021, there were approximately **206 holders of record** of the company's common stock[412](index=412&type=chunk) Quarterly Distributions Per Share | Record Date | Payment Date | Distribution Amount Per Share Outstanding ($) | | :----------------- | :----------------- | :-------------------------------------------- | | December 18, 2019 | January 8, 2020 | 0.14 | | March 17, 2020 | April 7, 2020 | 0.14 | | June 1, 2020 | July 7, 2020 | 0.10 | | August 18, 2020 | September 29, 2020 | 0.10 | | November 18, 2020 | December 30, 2020 | 0.10 | - To maintain RIC tax treatment, the company must distribute at least **90%** of its ordinary income and net short-term capital gains annually. To avoid excise taxes, it must distribute at least **98%** of ordinary income and **98.2%** of capital gains[414](index=414&type=chunk)[415](index=415&type=chunk) Estimated Annual Expenses (as a Percentage of Net Assets Attributable to Common Shares) | Expense Category | Percentage (%) | | :---------------------------------------------- | :------------- | | Management Fees | 2.94 | | Incentive Fees Payable Under the Management Agreement | 1.62 | | Interest Payments on Borrowed Funds | 4.95 | | Other Expenses | 2.07 | | Acquired Fund Fees and Expenses | 4.43 | | **Total Annual Expenses** | **16.01** | [Item 6. Selected Financial Data](index=62&type=section&id=Item%206.%20Selected%20Financial%20Data) This section presents a five-year summary of the company's unaudited consolidated statement of operations, per share data, and balance sheet data, highlighting key financial performance and position metrics from 2016 to 2020 Consolidated Statement of Operations Data (in thousands) | Metric | 2020 | 2019 | 2018 | 2017 | 2016 | | :------------------------------------------------------------------ | :-------- | :-------- | :-------- | :-------- | :-------- | | Total Investment Income | $67,116 | $78,119 | $83,868 | $97,329 | $117,411 | | Total Expenses | 32,892 | 36,211 | 36,436 | 42,238 | 63,374 | | Net Investment Income | 34,223 | 41,908 | 47,432 | 55,092 | 54,037 | | Net Realized and Unrealized Gain (Loss) including Realized Losses on Extinguishment of Debt | (138,076) | (48,795) | (56,594) | (34,190) | (138,329) | | Net Increase (Decrease) in Net Assets Resulting from Operations | (103,853) | (6,887) | (9,162) | 20,902 | (84,292) | Consolidated Per Share Data | Metric | 2020 | 2019 | 2018 | 2017 | 2016 | | :------------------------------------------------------------------ | :------ | :------ | :------ | :------ | :------ | | Net Asset Value Per Common Share at Year End | $4.23 | $6.33 | $7.07 | $7.83 | $8.21 | | Market Price at Year End | 2.69 | 4.97 | 5.29 | 6.23 | 6.96 | | Net Investment Income | 0.49 | 0.61 | 0.66 | 0.75 | 0.74 | | Net Realized and Unrealized Gain (Loss) including Realized Losses on Extinguishment of Debt | (1.98) | (0.71) | (0.79) | (0.46) | (1.90) | | Net Increase (Decrease) in Net Assets Resulting from Operations | (1.49) | (0.10) | (0.13) | 0.29 | (1.16) | | Distributions Declared | 0.44 | 0.64 | 0.72 | 0.72 | 0.84 | Consolidated Balance Sheet Data at Year End (in thousands) | Metric | 2020 | 2019 | 2018 | 2017 | 2016 | | :--------------------- | :---------- | :---------- | :---------- | :---------- | :---------- | | Total Assets | $511,720 | $774,063 | $693,632 | $799,880 | $957,067 | | Borrowings Outstanding | 179,798 | 313,570 | 186,398 | 206,661 | 335,668 | | Total Net Assets | 315,010 | 435,609 | 487,020 | 571,100 | 596,320 | Other Data | Metric | 2020 | 2019 | 2018 | 2017 | 2016 | | :----------------------------------- | :------ | :----- | :----- | :----- | :------ | | Total Return | (35.7)% | 5.3% | (4.4)% | (0.6)% | (18.1)% | | Number of Portfolio Companies at Year End | 55 | 47 | 27 | 30 | 38 | | Value of Investments at Year End | $479,025| $749,859| $671,653| $757,941| $931,123| | Yield on Total Portfolio at Cost | 7.4% | 9.4% | 9.7% | 8.7% | 9.2% | [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=63&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition and operational results, detailing investment strategy, revenue, expenses, portfolio activity, and liquidity - The company's investment objective is to generate both current income and capital appreciation through debt and equity investments, primarily in middle-market companies[440](index=440&type=chunk) - As of December 31, 2020, approximately **17.9%** of the company's total assets were not 'qualifying assets' under Section 55(a) of the 1940 Act, which requires at least **70%** of total assets to be qualifying assets[445](index=445&type=chunk) - Revenues are primarily generated from interest on debt, dividends on equity, and capital gains from sales of warrants and other interests. Expenses include base management fees, incentive fees, interest, professional fees, and administrative costs[446](index=446&type=chunk)[447](index=447&type=chunk) Financial and Operating Highlights (December 31, 2020) | Metric | Value ($) | | :-------------------------------------- | :-------------- | | Investment portfolio, at fair value | 479.0 million | | Net assets | 315.0 million | | Indebtedness (excluding deferred financing costs) | 181.2 million | | Net asset value per share | 4.23 | | Cost of investments during period (including PIK) | 143.5 million | | Sales, repayments and other exits during period | 277.6 million | | Number of portfolio companies at end of period | 55 | | Net investment income per share | 0.49 | | Distributions declared per share | 0.44 | | Basic earnings/(losses) per share | (1.49) | | Net investment income | 34.2 million | | Net realized and unrealized gain/(loss) | (138.1) million | | Net increase/(decrease) in net assets from operations | (103.9) million | - During 2020, the company invested **$143.5 million**, primarily in senior secured loans (**57.1% first lien, 14.1% second lien**), and received **$277.6 million** from sales, repayments, and other exits[452](index=452&type=chunk) Portfolio Composition (Fair Value) | Investment Type | December 31, 2020 (%) | December 31, 2019 (%) | | :-------------------------- | :-------------------- | :-------------------- | | Senior Secured Loans | 77% | 56% | | Unsecured or Subordinated Debt Securities | 13% | 22% | | Equity Investments | 10% | 21% | | Senior Secured Notes | <1% | 1% | Top Three Industry Concentrations (Fair Value) | Industry | December 31, 2020 (%) | December 31, 2019 (%) | | :----------------------------- | :-------------------- | :-------------------- | | Diversified Financial Services | 19.3% | 34.0% | | Road & Rail | 10.0% | 6.2% | | Thrift & Mortgage Finance | 7.8% | 6.2% | Weighted Average Yields | Category | December 31, 2020 (Fair Market Value) | December 31, 2020 (Cost) | December 31, 2019 (Fair Market Value) | December 31, 2019 (Cost) | | :-------------------------------------- | :------------------------------------ | :----------------------- | :------------------------------------ | :----------------------- | | Total portfolio | 8.7% | 7.4% | 10.4% | 9.4% | | Senior secured loans | 9.5% | 9.5% | 10.2% | 10.2% | | Other debt securities | 7.3% | 5.3% | 11.8% | 10.8% | | Debt and income producing equity securities | 8.9% | 8.5% | 10.9% | 10.7% | Investment Income (in thousands) | Investment Income Category | 2020 | 2019 | 2018 | | :-------------------------------------- | :-------- | :-------- | :-------- | | Interest and fees on senior secured loans | $40,270 | $40,727 | $45,742 | | Interest and fees on other debt securities | 18,628 | 21,456 | 21,897 | | Interest earned on short-term investments, cash equivalents | 27 | 114 | 140 | | Dividends and fees on equity securities | 8,190 | 15,792 | 16,040 | | Other income | — | 30 | 48 | | **Total investment income** | **$67,116** | **$78,119** | **$83,868** | - Total investment income decreased by **$11.0 million (14.1%)** in 2020 compared to 2019, primarily due to a decrease in dividend income, a lower rate environment, and a **1.3% decrease** in the average investment portfolio[461](index=461&type=chunk) Expenses (in thousands) | Expense Category | 2020 | 2019 | 2018 | | :-------------------------------------- | :-------- | :-------- | :-------- | | Base management fees | $10,800 | $12,425 | $14,139 | | Incentive management fees | 6,304 | 8,752 | 8,511 | | Interest and credit facility fees | 15,584 | 15,559 | 15,228 | | Professional fees | 1,964 | 2,093 | 2,429 | | Administrative services | 1,458 | 1,403 | 1,703 | | Director fees | 652 | 730 | 727 | | Investment advisor expenses | 350 | 350 | 350 | | Other | 2,083 | 1,801 | 1,861 | | **Total expenses, before waiver** | **39,196**| **43,112**| **44,947**| | Incentive management fee waiver | (6,304) | (6,902) | (8,511) | | **Expenses, net of waiver** | **$32,892** | **$36,211** | **$36,436** | - Net investment income decreased by **$7.7 million (18.3%)** in 2020 compared to 2019, primarily due to lower total investment income, partially offset by decreased expenses[468](index=468&type=chunk) Net Realized Gain (Loss) on Investments (in thousands) | Year Ended December 31, | Net Realized Gain (Loss) ($) | | :---------------------- | :--------------------------- | | 2020 | (116,000) | | 2019 | (24,900) | | 2018 | (45,900) | - Net realized loss in 2020 was primarily due to the restructure of AGY Holding Corp. (**$(59.2) million**), sale of U.S. Well Services, Inc. equity (**$(43.8) million**), and sale of Sur La Table, Inc. debt (**$(12.3) million**)[469](index=469&type=chunk) Net Change in Unrealized Appreciation or (Depreciation) (in thousands) | Year Ended December 31, | Net Change in Unrealized Appreciation (Depreciation) ($) | | :---------------------- | :------------------------------------------------------- | | 2020 | (22,100) | | 2019 | (23,900) | | 2018 | (10,700) | - The increase in net unrealized depreciation in 2020 was mainly due to a **$(85.4) million increase** in valuation depreciation in Gordon Brothers Finance Company and BCIC Senior Loan Partners, LLC, partially offset by a **$64.0 million reversal** from the sale of U.S. Well Services, Inc. equity and AGY Holding Corp. restructure[470](index=470&type=chunk) Net Increase (Decrease) in Net Assets from Operations (in thousands) | Year Ended December 31, | Net Increase (Decrease) in Net Assets from Operations ($) | | :---------------------- | :-------------------------------------------------------- | | 2020 | (103,900) | | 2019 | (6,900) | | 2018 | (9,200) | - Net cash provided by operating activities for 2020 was **$170.6 million**, primarily from disposition of investments (**$140.5 million**). Net cash used by financing activities was **$(162.0) million**, including debt repayments of **$(135.6) million**[478](index=478&type=chunk)[480](index=480&type=chunk) Contractual Payment Obligations (December 31, 2020, in millions) | Obligation | Total ($) | Payments Due in 1-3 Years ($) | | :------------------------------ | :-------- | :---------------------------- | | Credit Facility | 38.8 | 38.8 | | 2022 Convertible Notes | 143.8 | 143.8 | | Interest and Credit Facility Fees Payable | 0.5 | — | - As of December 31, 2020, the company had unfunded commitments of **$24.3 million** to existing portfolio companies, including **$4.2 million** to BCIC Senior Loan Partners, LLC[496](index=496&type=chunk) - On March 2, 2021, the Board declared a distribution of **$0.10 per share**, payable on April 7, 2021[497](index=497&type=chunk) [Item 7A. Quantitative and Qualitative Disclosure About Market Risk](index=74&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosure%20About%20Market%20Risk) The company is exposed to financial market risks, particularly interest rate changes, as 87% of its yielding debt investments bore floating rates at December 31, 2020 - At December 31, 2020, **87%** of the company's yielding debt investments bore interest based on floating rates (e.g., LIBOR, Federal Funds Rate, Prime Rate), with **80%** of those containing an interest rate floor[499](index=499&type=chunk) - The Credit Facility bears variable interest rates with no floors, while the 2022 Convertible Notes bear a fixed interest rate[499](index=499&type=chunk) Approximate Annual Impact on Net Investment Income from Interest Rate Changes (December 31, 2020, in millions) | Basis Point Change | Net Investment Income ($) | Net Investment Income Per Share ($) | | :----------------- | :------------------------ | :---------------------------------- | | Up 400 | 10.8 | 0.15 | | Up 300 | 7.5 | 0.11 | | Up 200 | 4.2 | 0.06 | | Up 100 | 0.9 | 0.01 | | Down 100 | (0.1) | (0.00) | - The company did not engage in any interest rate hedging activity during the years ended December 31, 2020, 2019, and 2018[500](index=500&type=chunk) [Item 8. Consolidated Financial Statements and Supplementary Data](index=74&type=section&id=Item%208.%20Consolidated%20Financial%20Statements%20and%20Supplementary%20Data) This item refers to the Index to Consolidated Financial Statements for detailed financial reporting - The consolidated financial statements and supplementary data are provided in the Index to Consolidated Financial Statements on page F-1[501](index=501&type=chunk) [Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=74&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) There have been no changes in or disagreements with accountants on accounting and financial disclosure - There are no changes in and disagreements with accountants on accounting and financial disclosure[502](index=502&type=chunk) [Item 9A. Controls and Procedures](index=74&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management evaluated the effectiveness of the company's disclosure controls and internal control over financial reporting as of December 31, 2020, concluding they were effective - The company's management concluded that its disclosure controls and procedures were **effective** as of December 31, 2020[503](index=503&type=chunk) - Management also concluded that the company's internal control over financial reporting was **effective** as of December 31, 2020, based on the COSO framework[505](index=505&type=chunk) - Deloitte & Touche LLP, the independent registered public accounting firm, issued an **unqualified opinion** on the company's internal control over financial reporting[507](index=507&type=chunk)[511](index=511&type=chunk) - There have been no material changes in internal control over financial reporting during the most recently completed fiscal quarter, and no material impact from employees working remotely due to COVID-19[508](index=508&type=chunk) [Item 9B. Other Information](index=75&type=section&id=Item%209B.%20Other%20Information) There is no other information to report in this item - There is no other information to report[509](index=509&type=chunk) PART III [Item 10. Directors, Executive Officers and Corporate Governance](index=77&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding directors, executive officers, and corporate governance is incorporated by reference from the Registrant's 2021 Annual Meeting of Stockholders Proxy Statement - Information for this item is incorporated by reference from the Registrant's definitive Proxy Statement for its 2021 Annual Meeting of Stockholders[518](index=518&type=chunk) [Item 11. Executive Compensation](index=77&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the Registrant's 2021 Annual Meeting of Stockholders Proxy Statement - Information for this item is incorporated by reference from the Registrant's definitive Proxy Statement for its 2021 Annual Meeting of Stockholders[519](index=519&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters](index=77&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholders%20Matters) Information regarding security ownership of certain beneficial owners and management, and related stockholder matters, is incorporated by reference from the Registrant's 2021 Annual Meeting of Stockholders Proxy Statement - Information for this item is incorporated by reference from the Registrant's definitive Proxy Statement for its 2021 Annual Meeting of Stockholders[520](index=520&type=chunk) [Item 13. Certain Relationships and Related Transactions, and Director Independence](index=77&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information regarding certain relationships, related transactions, and director independence is incorporated by reference from the Registrant's 2021 Annual Meeting of Stockholders Proxy Statement - Information for this item is incorporated by reference from the Registrant's definitive Proxy Statement for its 2021 Annual Meeting of Stockholders[521](index=521&type=chunk) [Item 14. Principal Accountant Fees and Services](index=77&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees and services is incorporated by reference from the Registrant's 2021 Annual Meeting of Stockholders Proxy Statement - Information for this item is incorporated by reference from the Registrant's definitive Proxy Statement for its 2021 Annual Meeting of Stockholders[522](index=522&type=chunk) PART IV [Item 15. Exhibits and Consolidated Financial Statement Schedules](index=78&type=section&id=Item%2015.%20Exhibits%20and%20Consolidated%20Financial%20Statement%20Schedules) This section lists all exhibits and consolidated financial statement schedules filed as part of this Annual Report on Form 10-K - The section lists documents filed as part of the Annual Report, including consolidated financial statements and exhibits[525](index=525&type=chunk) - Financial statement schedules are omitted if not required, not applicable, or if the information is shown in the consolidated financial statements or notes[526](index=526&type=chunk) - Agreements included as exhibits are for informational purposes regarding their terms and do not necessarily reflect the actual state of affairs[526](index=526&type=chunk) INDEX TO CONSOLIDATED FINANCIAL STATEMENTS [Report of Independent Registered Public Accounting Firm](index=81&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) Deloitte & Touche LLP issued an unqualified opinion on the company's consolidated financial statements and internal control over financial reporting, highlighting the fair value of financial instruments as a critical audit matter - Deloitte & Touche LLP issued an **unqualified opinion** on the company's consolidated financial statements and financial highlights for the periods ended December 31, 2020 and 2019[533](index=533&type=chunk) - The firm also issued an **unqualified opinion** on the effectiveness of the company's internal control over financial reporting as of December 31, 2020[534](index=534&type=chunk) - The fair value of financial instruments, particularly Level 3 investments, was identified as a **critical audit matter** due to the inherent uncertainty and subjective judgments involved in their valuation[538](index=538&type=chunk)[541](index=541&type=chunk)[542](index=542&type=chunk) [Consolidated Statements of Assets and Liabilities](index=83&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) The consolidated statements of assets and liabilities present the company's financial position as of December 31, 2020, and 2019, showing a significant decrease in total investments and net assets Consolidated Statements of Assets and Liabilities (in thousands) | Asset/Liability Category | December 31, 2020 ($) | December 31, 2019 ($) | | :----------------------- | :-------------------- | :-------------------- | | **Assets** | | | | Investments at fair value| 479,025 | 749,859 | | Cash and cash equivalents| 23,333 | 14,679 | | Receivable for investments sold | 5,440 | 1,871 | | Interest, dividends and fees receivable | 2,138 | 5,708 | | Prepaid expenses and other assets | 1,783 | 1,946 | | **Total Assets** | **511,720** | **774,063** | | **Liabilities** | | | | Debt (net) | 179,798 | 313,570 | | Interest and credit facility fees payable | 503 | 757 | | Distributions payable | — | 9,637 | | Base management fees payable | 2,313 | 3,251 | | Incentive management fees payable | 1,850 | 1,850 | | Payable for investments purchased | 9,194 | 7,313 | | Accrued administrative services | 389 | 372 | | Other accrued expenses and payables | 2,663 | 1,705 | | **Total Liabilities** | **196,709** | **338,454** | | **Total Net Assets** | **315,010** | **435,609** | - Total investments at fair value decreased by **$270.8 million (36.1%)** from **$749.9 million** in 2019 to **$479.0 million** in 2020[550](index=550&type=chunk) - Total net assets decreased by **$120.6 million (27.7%)** from **$435.6 million** in 2019 to **$315.0 million** in 2020[550](index=550&type=chunk) [Consolidated Statements of Operations](index=84&type=section&id=Consolidated%20Statements%20of%20Operations) The consolidated statements of operations detail the company's financial performance for the years ended December 31, 2020, 2019, and 2018, showing a significant net decrease in net assets in 2020 due to realized and unrealized losses Consolidated Statements of Operations (in thousands) | Metric | 2020 | 2019 | 2018 | | :------------------------------------------------------------------ | :---------- | :---------- | :---------- | | **Investment Income:** | | | | | Total investment income from non-controlled, non-affiliated investments | 37,073 | 32,822 | 30,084 | | Total investment income from non-controlled, affiliated investments | 933 | 3,962 | 12,049 | | Total investment income from controlled investments | 29,109 | 41,304 | 41,687 | | Other income | — | 30 | 48 | | **Total investment income** | **67,116** | **78,119** | **83,868** | | **Expenses:** | | | | | Total expenses, before incentive management fee waiver | 39,196 | 43,112 | 44,947 | | Incentive management fee waiver | (6,304) | (6,902) | (8,511) | | **Expenses, net of incentive management fee waiver** | **32,892** | **36,211** | **36,436** | | **Net Investment Income** | **34,223** | **41,908** | **47,431** | | **Realized and Unrealized Gain (Loss):** | | | | | Net realized gain (loss) | (115,988) | (24,885) | (45,939) | | Net change in unrealized appreciation (depreciation) | (22,088) | (23,910) | (10,655) | | **Net realized and unrealized gain (loss)** | **(138,076)** | **(48,795)**| **(56,594)**| | **Net Increase (Decrease) in Net Assets Resulting from Operations** | **$(103,853)**| **$(6,887)**| **$(9,162)**| Per Share Data | Metric | 2020 | 2019 | 2018 | | :------------------------------------ | :------ | :------ | :------ | | Net Investment Income Per Share—basic | $0.49 | $0.61 | $0.66 | | Earnings (Loss) Per Share—basic | $(1.49) | $(0.10) | $(0.13) | | Distributions Declared Per Share | $0.44 | $0.64 | $0.72 | [Consolidated Statements of Changes in Net Assets](index=85&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Net%20Assets) The consolidated statements of changes in net assets show a significant decrease in net assets in 2020 due to a large net decrease from operations and distributions to stockholders Consolidated Statements of Changes in Net Assets (in thousands) | Metric | 2020 | 2019 | 2018 | | :------------------------------------------------------------------ | :---------- | :---------- | :---------- | | Net investment income | $34,223 | $41,908 | $47,431 | | Net realized gain (loss) | (115,988) | (24,885) | (45,939) | | Net change in unrealized appreciation (depreciation) before taxes | (22,088) | (23,910) | (10,655) | | **Net increase (decrease) in net assets resulting from operations** | **(103,853)** | **(6,887)** | **(9,162)** |\ | Distributions to Stockholders (Total) | (30,606) | (44,055) | (51,269) | | Net increase (decrease) in net assets resulting from capital share transactions | 13,859 | (469) | (23,649) | | **Total Increase (Decrease) in Net Assets** | **(120,599)** | **(51,411)**| **(84,080)**| | Net assets at beginning of period | 435,609 | 487,020 | 571,100 | | **Net assets at end of period** | **$315,010** | **$435,609**| **$487,020**| - Net assets at the end of 2020 were **$315.0 million**, a decrease of **$120.6 million** from **$435.6 million** at the end of 2019[557](index=557&type=chunk) Capital Share Activity | Metric | 2020 | 2019 | 2018 | | :-------------------------------------- | :-------- | :------ | :-------- | | Shares issued from stock distribution and reinvestment | 6,616,964 | — | 137,523 | | Purchases of treasury stock | (986,554) | (85,543)| (4,162,635)| | Net increase (decrease) in shares outstanding | 5,630,410 | (85,543)| (4,025,112)| [Consolidated Statements of Cash Flows](index=86&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The consolidated statements of cash flows present the company's cash activities for the years ended December 31, 2020, 2019, and 2018, showing significant cash generation from operations in 2020 Consolidated Statements of Cash Flows (in thousands) | Activity Category | 2020 | 2019 | 2018 | | :-------------------------------------------------------------- | :---------- | :---------- | :---------- | | Net cash provided by (used in) operating activities | 170,637 | (76,779) | 82,042 | | Net cash provided by (used in) financing activities | (161,983) | 77,960 | (97,559) | | Net increase (decrease) in cash and cash equivalents | 8,654 | 1,182 | (15,517) | | Cash and cash equivalents, beginning of period | 14,679 | 13,497 | 29,015 | | **Cash and cash equivalents, end of period** | **$23,333** | **$14,679** | **$13,497** | - In 2020, net cash provided by operating activities was **$170.6 million**, primarily driven by **$277.6 million** in proceeds from disposition of investments[561](index=561&type=chunk) - Net cash used by financing activities in 2020 was **$(162.0) million**, including **$(135.6) million** in net debt repayments and **$(22.8) million** in cash distributions[561](index=561&type=chunk) Supplemental Cash Flow Information (in thousands) | Metric | 2020 | 2019 | 2018 | | :-------------------------------------- | :------ | :------ | :------ | | Cash paid during period for: Interest | $12,322 | $11,875 | $12,562 | | Cash paid during period for: Taxes | 108 | 81 | 176 | | Share issuance — stock distribution and reinvestment | 17,487 | — | 817 | [Consolidated Schedules of Investments](index=87&type=section&id=Consolidated%20Schedules%20of%20Investments) The consolidated schedules of investments provide a detailed breakdown of the company's portfolio as of December 31, 2020, and 2019, categorized by security type, industry, interest rate, and maturity Investment Portfolio Composition (December 31, 2020) | Investment Type | Cost ($) | Fair Value ($) | | :------------------------------------------------ | :------------ | :------------- | | Senior secured notes | 3,154,101 | 1,098,500 | | Unsecured debt | 43,288,785 | 22,850,000 | | Subordinated debt | 37,625,000 | 37,625,000 | | Senior secured loans | 380,325,711 | 369,000,288 | | Preferred stock | 46,456,865 | 7,277,210 | | Common stock | 17,363,000 | — | | Limited partnership/limited liability company interests | 78,196,644 | 41,020,718 | | Equity warrants/options | 365,348 | 153,760 | | **Total investments** | **606,775,454** | **479,025,476**| Industry Composition of Portfolio (Fair Value) | Industry | December 31, 2020 (%) | December 31, 2019 (%) | | :----------------------------- | :-------------------- | :-------------------- | | Diversified Financial Services | 19.3% | 34.0% | | Road & Rail | 10.0% | 6.2% | | Thrifts & Mortgage Finance | 7.8% | 6.2% | | Health Care Equipment & Supplies | 5.8% | 5.2% | | Health Care Providers & Services | 5.6% | 3.9% | | Internet Software & Services | 5.6% | 2.1% | | Software | 4.3% | 3.4% | | Containers & Packaging | 4.3% | 2.8% | | Media | 4.2% | 2.7% | | Insurance | 3.5% | 0.8% | - As of December 31, 2020, approximately **17.9%** of the company's total assets were not 'qualifying assets' under Section 55(a) of the 1940 Act[579](index=579&type=chunk) - At December 31, 2020, the aggregate fair value of debt and preferred stock investments on non-accrual status represented **6.53%** of the portfolio, and **17.77%** at amortized cost[579](index=579&type=chunk) - The company's geographic composition at fair value at December 31, 2020, was **96.2% United States** and **3.8% Canada**[707](index=707&type=chunk) - BCIC Senior Loan Partners, LLC, a joint venture, had total investments at fair value of **$35.5 million** as of December 31, 2020, after selling a majority of its loan portfolio. The company's equity commitment to Senior Loan Partners was **$66.1 million**, with **$4.2 million** unfunded at year-end[713](index=713&type=chunk)[718](index=718&type=chunk) [Notes to Consolidated Financial Statements](index=102&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes provide comprehensive details on the company's accounting policies, financial instruments, and related party transactions, covering valuation, revenue recognition, tax treatment, and debt facilities [1. Organization](index=102&type=section&id=1.%20Organization) BlackRock Capital Investment Corporation was incorporated in Delaware on April 13, 2005, and commenced operations on July 25, 2005, operating as a BDC and RIC focused on middle-market debt and equity investments - BlackRock Capital Investment Corporation was incorporated on April 13, 2005, and commenced operations on July 25, 2005[628](index=628&type=chunk) - The company has elected to be regulated as a Business Development Company (BDC) under the 1940 Act and intends to qualify as a Regulated Investment Company (RIC) under the Code for tax purposes[628](index=628&type=chunk) - The investment objective is to generate both current income and capital appreciation through debt and equity investments, primarily in middle-market companies[629](index=629&type=chunk) [2. Significant accounting policies](index=102&type=section&id=2.%20Significant%20accounting%20policies) The company's consolidated financial statements are prepared in accordance with GAAP, following ASC 946 for investment companies, with key policies including fair value measurement, accrual-based interest income, and RIC tax compliance - Consolidated financial statements are prepared in accordance with GAAP and ASC 946, requiring management estimates and assumptions[630](index=630&type=chunk) - Investments for which market quotations are not readily available are valued at fair value as determined in good faith by or under the direction of the Board of Directors, using a multi-step valuation process involving independent valuation firms[635](index=635&type=chunk)[636](index=636&type=chunk)[640](index=640&type=chunk) - Interest income is recorded on an accrual basis, including amortization of discounts and premiums. PIK interest is accrued only if collection is likely, and must be distributed to maintain RIC status[647](index=647&type=chunk)[648](index=648&type=chunk) - To qualify as a RIC, the company must distribute at least **90%** of its investment company taxable income annually and meet income source and asset diversification requirements[651](index=651&type=chunk) - The company adopted ASU No. 2018-13 (Fair Value Measurement disclosures) as of January 1, 2020, and early adopted SEC rule amendments for 'significant subsidiary' definition as of December 31, 2020, resulting in reduced disclosures[672](index=672&type=chunk)[673](index=673&type=chunk) [3. Agreements and Related Party Transactions](index=110&type=section&id=3.%20Agreements%20and%20Related%20Party%20Transactions) This section details the investment management agreement with BlackRock Capital Investment Advisors, LLC (BCIA), outlining amended fee structures and voluntary waivers, along with administrative service agreements - The company's investment activities are managed by BlackRock Capital Investment Advisors, LLC (BCIA), an indirect subsidiary of BlackRock, Inc., under an Investment Management Agreement[674](index=674&type=chunk) - Effective May 2, 2020, the Base Management Fee was reduced from **1.75% to 1.50%** of total assets (up to 200% of NAV) and **1.0%** on assets exceeding 200% of NAV[675](index=675&type=chunk)[678](index=678&type=chunk) Base Management Fees Incurred | Year Ended December 31, | Base Management Fees ($) | | :---------------------- | :----------------------- | | 2020 | 10,799,832 | | 2019 | 12,425,101 | | 2018 | 14,138,788 | - Effective May 2, 2020, the Incentive Fee based on net investment income was reduced from **20% to 17.5%** over a **7% hurdle**, and the capital gains Incentive Fee was reduced from **20% to 17.5%**[675](index=675&type=chunk)[680](index=680&type=chunk)[687](index=687&type=chunk) - The Advisor voluntarily waived a portion of its Incentive Fees based on income from July 1, 2019, through December 31, 2020, resulting in **no net Incentive Fees for 2020** and **$1,849,597 for 2019**[686](index=686&type=chunk) Incentive Fees Based on Income Incurred (Pre-Waiver) | Year Ended December 31, | Incentive Fees Based on Income ($) | | :---------------------- | :--------------------------------- | | 2020 | 6,304,333 | | 2019 | 8,751,521 | | 2018 | 8,510,866 | - The company reimburses the Advisor for certain administrative and operating expenses (**$350,000 annually**) and BlackRock Financial Management, Inc. (the Administrator) for allocable overhead and administrative services (**$1,457,979 in 2020**)[695](index=695&type=chunk)[698](index=698&type=chunk) [4. Earnings (Loss) per share](index=115&type=section&id=4.%20Earnings%20(Loss)%20per%20share) This section provides the computation of basic and diluted net increase (decrease) in net assets from operations per share for the years ended December 31, 2020, 2019, and 2018, reporting basic and diluted earnings per share of $(1.49) in 2020 Earnings (Loss) Per Share – Basic | Metric | 2020 | 2019 | 2018 | | :------------------------------------------------------------------ | :------------ | :------------ | :------------ | | Net increase (decrease) in net assets resulting from operations | $(103,852,603)| $(6,886,740) | $(9,162,162) | | Weighted average shares outstanding – basic | 69,801,849 | 68,836,590 | 71,373,570 | | **Earnings (Loss) per share – basic** | **$(1.49)** | **$(0.10)** | **$(0.13)** | - Due to a net decrease in net assets from operations, no incremental shares were included in diluted EPS calculations as the effect would be antidilutive[703](index=703&type=chunk) [5. Investments](index=116&type=section&id=5.%20Investments) This note details the company's investment activities, including purchases, sales, and the composition of its portfolio by security type and industry, highlighting a significant reduction in the BCIC Senior Loan Partners, LLC joint venture portfolio Investment Activity (in thousands) | Metric | 2020 | 2019 | 2018 | | :------------------------------------ | :---------- | :---------- | :---------- | | Purchases of investments (including PIK) | $143,538 | $303,465 | $308,645 | | Proceeds from sales, repayments and other exits | 277,596 | 176,722 | 338,429 | Investment Portfolio Composition (December 31, 2020) | Investment Type | Cost ($) | Fair Value ($) | | :------------------------------------------------ | :------------ | :------------- | | Senior secured notes | 3,154,101 | 1,098,500 | | Unsecured debt | 43,288,785 | 22,850,000 | | Subordinated debt | 37,625,000 | 37,625,000 | | Senior secured loans | 380,325,711 | 369,000,288 | | Preferred stock | 46,456,865 | 7,277,210 | | Common stock | 17,363,000 | — | | Limited partnership/limited liability company interests | 78,196,644 | 41,020,718 | | Equity warrants/options | 365,348 | 153,760 | | **Total investments** | **606,775,454** | **479,025,476**| Industry Composition of Portfolio (Fair Value, Top 5) | Industry | December 31, 2020 (%) | December 31, 2019 (%) | | :----------------------------- | :-------------------- | :-------------------- | | Diversified Financial Services | 19.3% | 34.0% | | Road & Rail | 10.0% | 6.2% | | Thrifts & Mortgage Finance | 7.8% | 6.2% | | Health Care Equipment & Supplies | 5.8% | 5.2% | | Health Care Providers & Services | 5.6% | 3.9% | - BCIC Senior Loan Partners, LLC (Senior Loan Partners), a joint venture, had total investments at fair value of **$35.5 million** at December 31, 2020, down from **$259.5 million** in 2019, after selling a majority of its loan portfolio[718](index=718&type=chunk)[729](index=729&type=chunk) - Senior Loan Partners' New Senior Facility was fully prepaid on December 29, 2020, prior to its July 13, 2023 maturity date, resulting in **$1.7 million** in realized loss on debt extinguishment[716](index=716&type=chunk) [6. Derivatives](index=122&type=section&id=6.%20Derivatives) The company may use forward foreign currency contracts to manage currency risk and holds warrants/options in portfolio companies, with no open forward foreign currency contracts at December 31, 2020 and 2019 - The company may use forward foreign currency contracts to manage currency risk for foreign-denominated investments, marking them to market and recognizing gains/losses upon settlement[731](index=731&type=chunk) - There were no open forward foreign currency contracts at December 31, 2020 and 2019[731](index=731&type=chunk) - The company holds warrants and options in certain portfolio companies, with an aggregate fair value representing **0.05%** and **0.02%** of net assets at December 31, 2020 and 2019, respectively[732](index=732&type=chunk) [7. Debt](index=123&type=section&id=7.%20Debt) This note details the company's debt structure, including its Senior Secured Revolving Credit Facility and Unsecured Convertible Senior Notes Due 2022, and confirms compliance with all debt covenants at year-end 2020 - Effective May 2, 2020, the company's asset coverage requirement was reduced from **200% to 150%** under Section 61(a)(2) of the 1940 Act[735](index=735&type=chunk) - At December 31, 2020, the company's asset coverage was **271%**, compared to **235%** at December 31, 2019[735](index=735&type=chunk) - The Senior Secured Revolving Credit Facility was amended in May 2020, extending maturity to June 5, 2023, and reducing the aggregate commitment to **$300 million**[737](index=737&type=chunk) - The company has **$143.75 million** in **5.00%** Unsecured Convertible Senior Notes due June 15, 2022[738](index=738&type=chunk) Outstanding Debt (in thousands) | Debt Type | December 31, 2020 (Principal Amount) | December 31, 2020 (Carrying Value) | December 31, 2019 (Principal Amount) | December 31, 2019 (Carrying Value) | | :----------------------- | :----------------------------------- | :--------------------------------- | :----------------------------------- | :--------------------------------- | | Credit Facility | $38,800 | $38,800 | $174,400 | $174,400 | | 2022 Convertible Notes | 143,750 | 140,998 | 143,750 | 139,170 | | **Total** | **$182,550** | **$179,798** | **$318,150** | **$313,570** | - At December 31, 2020, **$38.8 million** was drawn on the Credit Facility, with **$261.2 million** remaining undrawn. The weighted average annual interest cost for 2020 was **4.80%**[744](index=744&type=chunk)[746](index=746&type=chunk) - The company was in compliance with all covenants under the Credit Facility and 2022 Convertible Notes at December 31, 2020[751](index=751&type=chunk) [8. Capital stock](index=127&type=section&id=8.%20Capital%20stock) This note outlines the company's capital stock activities, including its share repurchase program and distributions to common stockholders, with an amended dividend reinvestment plan allowing cash or stock elections - The Board of Directors authorized the purchase of up to **7,500,000 shares**, effective until November 2, 2021. As of December 31, 2020, **7,500,000 shares** remained available for repurchase[752](index=752&type=chunk) - In 2020, the company repurchased **986,554 shares** of common stock for **$3,627,604**[753](index=753&type=chunk) Distributions to Common Shareholders | Quarter Ended | Distribution in Cash ($) | Distribution in newly issued common shares ($) | Total Declared Distribution ($) | | :--------------- | :----------------------- | :--------------------------------------------- | :------------------------------ | | March 31, 2020 | 9,543,152 | — | 9,543,152 | | June 30, 2020 | 1,363,314 | 5,450,680 | 6,813,994 | | September 30, 2020 | 1,403,889 | 5,613,339 | 7,017,228 | | December 31, 2020| 1,446,700 | 5,784,451 | 7,231,151 | | **Total** | **13,757,055** | **16,848,470** | **30,605,525** | - The dividend reinvestment plan was amended on May 13, 2020, allowing stockholders to elect to receive distributions in cash or newly issued common shares, which could result in dilution if shares are issued below NAV[663](index=663&type=chunk)[755](index=755&type=chunk) [9. Guarantees, commitments and contingencies](index=128&type=section&id=9.%20Guarantees%2C%20commitments%20and%20contingencies) The company had no outstanding guarantees but held unfunded commitments of $24.3 million to portfolio companies at December 31, 2020, maintaining sufficient liquidity to fund these obligations - There were no guarantees outstanding on behalf of portfolio companies at December 31, 2020 and 2019[756](index=756&type=chunk) - At December 31, 2020, the company had unfunded commitments of **$24.3 million** to existing portfolio companies, including **$4.2 million** on its equity commitment to BCIC Senior Loan Partners, LLC[756](index=756&type=chunk) - The company maintains sufficient cash and available borrowings to fund unfunded commitments[756](index=756&type=chunk) - Legal proceedings are not expected to have a material effect on the company's consolidated financial statements[758](index=758&type=chunk) [10. Fair value of financial instruments](index=128&type=section&id=10.%20Fair%20value%20of%20financial%20instruments) This note details the fair value measurements of the company's financial instruments, categorizing them into Level 1, 2, and 3 based on observability of inputs, with a significant portion of investments classified as Level 3 - Fair value measurements are categorized into Level 1 (quoted prices in active markets), Level 2 (observable inputs other than Level 1), and Level 3 (significant unobservable inputs)[759](index=759&type=chunk) - The fair value of the Credit Facility and 2022 Convertible Notes is derived from broker quotes and classified as Level 2[763](index=763&type=chunk) Carrying and Fair Values of Outstanding Debt (in thousands) | Debt Type | December 31, 2020 (Carrying Value) | December 31, 2020 (Fair Value) | December 31, 2019 (Carrying Value) | December 31, 2019 (Fair Value) | | :----------------------- | :--------------------------------- | :----------------------------- | :--------------------------------- | :----------------------------- | | Credit Facility | $38,800 | $35,696 | $174,400 | $165,680 | | 2022 Convertible Notes | 140,998 | 143,211 | 139,170 | 144,109 | | **Total** | **$179,798** | **$178,907** | **$313,570** | **$309,789** | Fair Value Hierarchy of Investments (December 31, 2020, in thousands) | Investment Type | Fair Value ($) | Level 1 ($) | Level 2 ($) | Level 3 ($) | | :------------------------------------------------ | :------------- | :---------- | :---------- | :---------- | | Senior secured notes | 1,099 | — | — | 1,099 | | Unsecured debt | 22,850 | — | — | 22,850 | | Subordinated debt | 37,625 | — | — | 37,625 | | Senior secured loans | 369,000 | — | 15,349 | 353,652 | | Preferred stock | 7,277 | — | — | 7,277 | | Common stock | — | — | — | — | | Limited partnership/limited liability company interests | 4,870 | — | — | 4,870 | | Equity warrants

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 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 4, 2020 was 72,311,504. 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, 2020 OR ☐ T ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 | --- | --- | |----------------------------------------------------------------|--------------------------------------| | | | | Delaware | 20-2725151 | | (State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | 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 June 30, 2020 OR ☐ TRANSITION REPORT PURS ...

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 March 31, 2020 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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the fiscal year ended December 31, 2019 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 O ...

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, 2019 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 | --- | --- | |------------------------------------------------------------------------------------------------------- ...