This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

THL Credit Announces Third Quarter 2010 Financial Results And Quarterly Dividend Of $0.10 Per Share

As of Sept. 30, 2010, the portfolio's investments at fair value were allocated 63 percent in subordinated debt, 21 percent in senior secured debt, 12 percent in income-producing equity interests and 4 percent in equity. The weighted average yield of the debt and income producing equity securities in its portfolio at their current cost basis was 17.6 percent.  The weighted average yield on its senior secured loans and subordinated debt securities at their current cost basis was 16.5 percent. 

Results of Operations

Total investment income for the third quarter was $4.08 million, of which $3.15 million was attributable to interest and fees on subordinated debt and senior secured loans, $0.80 million was attributable to interest from income-producing equity interests and $0.13 million was derived from interest on cash and cash equivalents.

Operating expenses for the quarter totaled $2.22 million. Base management fees were $0.97 million with administrator and other expenses of $1.25 million. There was no incentive fee incurred during the quarter.

THL Credit had net investment income of $1.86 million, or $0.09 per share based on a weighted average of 19,792,370 shares for the quarter ended Sept. 30, 2010. THL Credit's investments had $1.05 million of estimated net unrealized appreciation for the quarter ended Sept. 30, 2010.

Net Increase in Net Assets from Operations

THL Credit had a net increase in net assets resulting from operations of $2.92 million for the third quarter, or $0.15 per share, based on a weighted-average of 19,792,370 shares.

Financial Condition, Liquidity and Capital Resources

As of Sept. 30, 2010, the company had $160.9 million in cash and cash equivalents. It generated cash primarily from cash flows from operations, including interest earned and fees received on subordinated debt, senior secured loans and other income-producing equity securities. In the future, the company may also fund a portion of its investments through borrowing from banks and future equity offerings. It does not expect to incur such debt until the net proceeds of its initial public offering have been substantially invested.

2 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs