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BlackRock Kelso Capital Corporation Declares Regular Fourth Quarter Dividend Of $0.26 Per Share, Announces September 30, 2011 Quarterly Financial Results

Stocks in this article: BKCC

Net Investment Income

Net investment income totaled $21.0 million and $61.6 million, or $0.29 per share and $0.84 per share, respectively, for the three and nine months ended September 30, 2011. For the three and nine months ended September 30, 2010, net investment income totaled $16.8 million and $57.5 million, or $0.26 per share and $0.96 per share, respectively. The increase for the 2011 period is primarily a result of an increase in interest income, partially offset by an increase in interest and credit facility related expenses.

Net Realized Gain or Loss

Total net realized gain or loss for the three and nine months ended September 30, 2011 was a gain of $1.1 million and a loss of ($42.4) million, respectively, compared to a gain of $1.3 million and a loss of ($62.7) million for the three and nine months ended September 30, 2010. Net realized gain for the three months ended September 30, 2011 was the result of $0.4 million in net gains realized from sales, repayments and other exits of our investments and $0.7 million in net gains realized on foreign currency transactions. Foreign currency gains mainly represent net gains on forward currency contracts used to mitigate the impact that changes in foreign exchange rates would have on our investments denominated in foreign currencies.

Net Unrealized Appreciation or Depreciation

For the three and nine months ended September 30, 2011, the change in net unrealized depreciation on investments and foreign currency translation was a decrease (increase) in net unrealized depreciation of ($9.2) million and $50.7 million, respectively, versus ($1.8) million and $74.4 million for the three and nine months ended September 30, 2010. Net unrealized depreciation was ($55.2) million at September 30, 2011 and ($133.5) million at September 30, 2010. The net change in unrealized depreciation was a result of a reduction in multiples used to estimate the fair value of some of our investments, as well as the underperformance of certain portfolio companies. Market-wide movements and trading multiples are not necessarily indicative of any fundamental change in the condition or prospects of our portfolio companies.

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