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NEW YORK, Aug. 10, 2010 (GLOBE NEWSWIRE) -- Kohlberg Capital Corporation (Nasdaq:KCAP) (the "Company") announced its second quarter 2010 financial results.
Net investment income for the six months ended June 30, 2010 was approximately $2.9 million, or $0.13 per share. For the three months ended June 30, 2010, net investment income was approximately $297,000, or $0.01 per share.
The Company declared dividends of $0.17 per share for each of the first and second quarters of 2010.
Net realized losses were approximately $5.4 million and $7.7 million for the three and six months ended June 30, 2010, respectively.
Net unrealized loss on investments was approximately $554,000 for the three months ended June 30, 2010 and net unrealized gain on investments was approximately $734,000 for the six months ended June 30, 2010.
At June 30, 2010, the fair value of the Company's investments totaled approximately $352.0 million.
Net asset value per share of $9.20 as of June 30, 2010 as compared to $9.56 as of December 31, 2009.
"Through the first half of 2010, our investment portfolio continues to perform well and our investments have benefited from the general recovery in values of corporate debt as a result of improved economic conditions," said Dayl Pearson, president and chief executive officer. "During the quarter we have significantly de-levered our balance sheet – our debt outstanding is down from $218 million at the end of last year to approximately $145 million currently. Our leverage ratio is 40% and our asset coverage is 243% well within the parameters mandated by our status as a BDC and as required under our debt facility. Our asset base remains heavily weighted to debt securities which made up approximately 64% of our investment portfolio, of which approximately 98% are secured loans. Our significant concentration in more senior securities coupled with significant asset diversity reflected in our average loan balances of approximately $3 million and loans spread across 25 different industries, have allowed us to maintain good portfolio quality in this difficult economic environment."