This Day On The Street
Continue to site
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

Kayne Anderson Energy Development Company Announces Results For The Fiscal Year Ended November 30, 2010

The Company had net realized gains from its investments of $7.6 million, net of $4.4 million of deferred income tax expense.

The Company had net unrealized gains of $47.4 million. The net unrealized gain consisted of $74.8 million of unrealized gains from investments and a deferred income tax expense of $27.4 million. The majority of these gains are attributable to the Company’s investment in International Resource Partners LP (“IRP”) and its investments in public MLPs. During the fiscal year, the Company’s valuation for IRP appreciated by $53.3 million (a 154% increase) based on continued strong performance and increases in valuations for comparable coal companies.

The Company had an increase in net assets resulting from operations of $53.2 million. This increase is composed of a net investment loss of $1.8 million; net realized gains of $7.6 million; and net unrealized gains of $47.4 million, as noted above.


Investment income totaled $0.5 million and consisted primarily of interest income on the Company’s energy debt investments and net dividends and distributions. The Company received $2.8 million of cash dividends and distributions, of which $3.2 million was treated as a return of capital during the period. For the fourth quarter, the Company estimated the return of capital portion of the cash dividends and distributions received to be $2.2 million or 79%. As noted above, the Company’s return of capital for the fourth quarter of fiscal 2010 was increased by $1.0 million as a result of an adjustment the Company made to its return of capital estimate for fiscal 2009. The Company received $1.4 million of paid-in-kind dividends ($1.3 million from Direct Fuels), which are not included in investment income but are reflected as an unrealized gain.

Operating expenses totaled $2.0 million, including $1.2 million of investment management fees; $0.4 million of interest expense and $0.4 million of other operating expenses. Interest expense included $0.1 million of amortization of debt issuance costs. Investment management fees were equal to an annual rate of 1.75% of average total assets.

2 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.03 -2.90%
FB $117.52 7.90%
GOOG $691.20 -2.10%
TSLA $247.54 -1.60%
YHOO $36.58 -1.00%


Chart of I:DJI
DOW 17,830.76 -210.79 -1.17%
S&P 500 2,075.81 -19.34 -0.92%
NASDAQ 4,805.2910 -57.85 -1.19%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs