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TheStreet Open House

Kohlberg Capital Corporation Announces 2010 Financial Results

Stocks in this article: KCAP

NEW YORK, March 7, 2011 (GLOBE NEWSWIRE) -- Kohlberg Capital Corporation (Nasdaq:KCAP) (the "Company") announced its 2010 financial results.

Financial Highlights

  • Net investment income for 2010 was approximately $11.9 million, or $0.53 per share.   
  • During the year, declared dividends of $0.68 per share.  
  • Net change in unrealized losses on investments of approximately $8,323,000, or $0.37 per share.  
  • At December 31, 2010, the fair value of the Company's investments totaled approximately $191 million.  
  • Net asset value per share of $8.21 as of December 31, 2010 as compared to $9.56 as of December 31, 2009.   
  • Net realized loss of $17.9 million for 2010, or $0.79 per share.

"With the de-levering of our balance sheet that was completed on January 31, 2011, the Company now has the operational flexibility to re-invest in new transactions at higher spreads. Our current loan portfolio has a yield of approximately 9% which we believe we can increase during the course of 2011. Of equal importance, the de-levering did not have a negative impact on credit quality. As of the end of 2010, all but one of our CLO equity investments are distributing cash on average at a yield in the mid-20% at fair value and all previously accrued management fees payable to KDA have been paid and all KDA managed CLOs are current on all management fees and equity distributions."

Operating Results

For the year ended December 31, 2010, the Company reported total investment income of approximately $29.4 million, compared to approximately $33.9 million, in the prior year period. Investment income from debt securities decreased $9.7 million, from approximately $24.20 million in 2009 to approximately $14.4 million in 2010 due to a reduction in size of our loan portfolio primarily due to lower average investment balances on which interest is earned. The decrease in average assets is primarily due to paydowns and settlements during 2010. In addition, investment income from CLO fund securities was approximately $10.2 million in 2010, and Katonah Debt Advisors, the Company's wholly-owned asset manager, paid a cash dividend to the Company of $4.5 million.

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