BlackRock Kelso Capital Corporation (NASDAQ:BKCC) (“BlackRock Kelso Capital” or the “Company”, “we”, “us” or “our”) announced today that its Board of Directors has declared a fourth quarter dividend of $0.26 per share payable on January 4, 2012 to stockholders of record as of December 21, 2011.
BlackRock Kelso Capital also announced financial results for the quarter ended September 30, 2011.
Investment Portfolio: $1,022.5 millionNet Assets: $711.8 millionIndebtedness (borrowings under credit facility and senior secured notes): $317.5 millionNet Asset Value per share: $9.75
Portfolio Activity for the Quarter Ended September 30, 2011:
Cost of investments during period: $139.4 millionSales, repayments and other exits during period: $87.6 millionNumber of portfolio companies at end of period: 54
Operating Results for the Quarter Ended September 30, 2011:
Net investment income per share: $0.29Dividends declared per share: $0.26Earnings per share: $0.18Net investment income: $21.0 millionNet realized and unrealized losses: $8.0 millionNet increase in net assets from operations: $12.9 million
Portfolio and Investment Activity
During the three months ended September 30, 2011, we invested $139.4 million across three new and several existing portfolio companies. This compares to investing $177.4 million across four new and several existing portfolio companies for the three months ended September 30, 2010. Sales, repayments and other exits of investment principal totaled $87.6 million during the three months ended September 30, 2011, versus $100.2 million during the three months ended September 30, 2010.
At September 30, 2011, our portfolio consisted of 54 portfolio companies and was invested 58% in senior secured loans, 17% in unsecured or subordinated debt securities, 11% in equity investments, 11% in senior secured notes and 3% in cash and cash equivalents. This compares to our portfolio of 51 companies that was invested 48% in senior secured loans, 24% in unsecured or subordinated debt securities, 12% in equity investments, 10% in senior secured notes and 6% in cash and cash equivalents at September 30, 2010. Our average portfolio company investment at amortized cost was approximately $19.4 million at September 30, 2011, versus $19.0 million at September 30, 2010. At September 30, 2011, 1.2% of our total debt investments at fair value (or 1.6% at amortized cost) was on non-accrual status.