This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Share Repurchase Plan

In 2008, our Board of Directors approved a share repurchase plan under which we may repurchase up to 2.5% of our outstanding shares of common stock from time to time in open market or privately negotiated transactions. In 2009, our Board of Directors approved an extension and increase to the plan which authorized us to repurchase up to an additional 2.5% of our outstanding shares of common stock. In May 2011, the repurchase plan was further extended through June 30, 2012, with 1,594,971 shares remaining authorized for repurchase. During the three and nine months ended September 30, 2011, we purchased a total of 200,000 and 400,000 shares of our common stock on the open market for $2.0 million and $3.5 million, respectively, including brokerage commissions. Since inception of the repurchase plan through September 30, 2011, we have purchased 1,361,679 shares of our common stock on the open market for $9.0 million, including brokerage commissions.

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940 that from time to time we may purchase shares of our common stock in the open market at prevailing market prices.

Conference Call

BlackRock Kelso Capital will host a webcast/teleconference at 4:30 p.m. (Eastern Time) on Thursday, November 3, 2011 to discuss its third quarter 2011 financial results. All interested parties are welcome to participate. You can access the teleconference by dialing, from the United States, (800) 374-0176, or from outside the United States, (706) 679-3431, shortly before 4:30 p.m. and referencing the BlackRock Kelso Capital Corporation Conference Call (ID Number 96712988). A live, listen-only webcast will also be available via the investor relations section of www.blackrockkelso.com.

Both the teleconference and webcast will be available for replay by 6:00 p.m. on Thursday, November 3, 2011 and ending at midnight on Thursday, November 10, 2011. To access the replay of the teleconference, callers from the United States should dial (855) 859-2056 and callers from outside the United States should dial (404) 537-3406 and enter the Conference ID Number 96712988. To access the webcast, please visit the investor relations section of www.blackrockkelso.com.

     

BlackRock Kelso Capital Corporation

Statements of Assets and Liabilities (Unaudited)

 
September 30, 2011 December 31, 2010
Assets:
Investments at fair value:
Non-controlled, non-affiliated investments (amortized cost of $891,642,736
and $822,763,237) $ 821,008,762 $ 707,262,774

Non-controlled, affiliated investments (amortized cost of $63,965,899 and$80,424,668)

70,781,115 77,376,201
Controlled investments (amortized cost of $93,063,468 and $82,489,600)   100,472,026     95,446,691  
 

Total investments at fair value (amortized cost of $1,048,672,103 and$985,677,505)

992,261,903 880,085,666
Cash and cash equivalents 30,223,195 1,344,159
Cash denominated in foreign currency (cost of $4,072 and $798,560) 3,817 816,712
Unrealized appreciation on forward foreign currency contracts 1,376,893
Receivable for investments sold 462,271 5,316,189
Interest receivable 16,004,557 10,763,333
Dividends receivable 12,721,070 9,849,927
Prepaid expenses and other assets   7,410,500     7,431,688  
 
Total Assets $ 1,060,464,206   $ 915,607,674  
 
Liabilities:
Payable for investments purchased $ 2,935,476 $ 2,726,437
Unrealized depreciation on forward foreign currency contracts 159,700 368,445
Debt 317,450,000 170,000,000
Interest payable 2,314,810 256,084
Dividend distributions payable 18,984,146 23,222,287
Base management fees payable 5,124,033 4,355,021
Incentive management fees payable 14,614,098
Accrued administrative services 254,001 80,164
Other accrued expenses and payables   1,458,101     1,505,214  
 
Total Liabilities   348,680,267     217,127,750  
 
Net Assets:
Common stock, par value $.001 per share, 200,000,000 common shares
authorized, 74,377,615 and 73,531,317 issued and 73,015,936 and 72,569,638
outstanding 74,378 73,531
Paid-in capital in excess of par 1,002,494,654 994,200,522
Distributions in excess of net investment income (3,770,179 ) (4,029,341 )
Accumulated net realized loss (222,843,450 ) (180,403,836 )
Net unrealized depreciation (55,205,167 ) (105,935,052 )
Treasury stock at cost, 1,361,679 and 961,679 shares held   (8,966,297 )   (5,425,900 )
 
Total Net Assets   711,783,939     698,479,924  
 
Total Liabilities and Net Assets $ 1,060,464,206   $ 915,607,674  
 
Net Asset Value Per Share $ 9.75 $ 9.62
         

BlackRock Kelso Capital Corporation Statements of Operations (Unaudited)

Three months ended September 30,

2011

Three months ended September 30,

2010

Nine months ended September 30,

2011

Nine months ended September 30,

2010

Investment Income:
From non-controlled, non-affiliated investments:
Interest $ 28,702,720 $ 21,756,798 $ 82,966,737 $ 72,077,951
Dividends 610,173 543,026 2,278,768 1,588,281
Other income 37,500 37,500
From non-controlled, affiliated investments:
Interest 1,222,841

1,637,598

4,055,375

4,722,438
Dividends 383,516

327,156

1,106,309

943,730
From controlled investments:
Interest   2,327,995     553,592     5,069,254     1,458,324  
 
Total investment income   33,247,245     24,818,170     95,513,943     80,828,224  
 
Expenses:
Base management fees 5,124,033 4,049,347 14,547,503 12,522,832
Incentive management fees 493,951
Interest and credit facility fees 4,208,359 1,748,712 11,902,630 4,570,476
Amortization of debt issuance costs 634,678 713,305 1,871,184 1,469,481
Professional fees 683,095 394,589 1,345,608 790,820
Investment advisor expenses 315,435 394,306 1,176,450 1,178,267
Administrative services 319,500 203,182 866,121 681,892
Insurance 108,186 123,409 350,606 458,020
Director fees 97,000 93,500 309,269 281,169
Other   792,346     286,568     1,564,091     884,162  
 
Total expenses   12,282,632     8,006,918     33,933,462     23,331,070  
 
Net Investment Income   20,964,613     16,811,252     61,580,481     57,497,154  
 
Realized and Unrealized Gain (Loss):
Net realized gain (loss):
Non-controlled, non-affiliated investments 258,039 400,317 (37,073,408 ) (26,685,901 )
Non-controlled, affiliated investments 176,800 (4,892,398 ) (36,221,865 )
Controlled investments 18,929 22,372 2,515
Foreign currency   682,083     875,621     (496,180 )   166,998  
 
Net realized gain (loss)   1,135,851     1,275,938     (42,439,614 )   (62,738,253 )
 
Net change in unrealized appreciation or
depreciation on:
Non-controlled, non-affiliated investments (4,598,697 ) (9,861,152 ) 44,282,872 9,255,775
Non-controlled, affiliated investments (190,180 ) 259,096 10,447,300 36,626,837
Controlled investments (5,630,890 ) 9,594,214 (5,548,533 ) 29,115,151
Foreign currency translation   1,256,787     (1,763,644 )   1,548,246     (623,077 )
 
Net change in unrealized appreciation or
depreciation   (9,162,980 )   (1,771,486 )   50,729,885     74,374,686  
 
Net realized and unrealized gain (loss)   (8,027,129 )   (495,548 )   8,290,271     11,636,433  
 
Net Increase in Net Assets Resulting from
Operations $ 12,937,484   $ 16,315,704   $ 69,870,752   $ 69,133,587  
 
Net Investment Income Per Share $ 0.29   $ 0.26   $ 0.84   $ 0.96  
 
Earnings Per Share $ 0.18   $ 0.25   $ 0.96   $ 1.15  
 
Basic and Diluted Weighted-Average Shares
Outstanding 73,101,398 65,509,414 72,966,076 59,898,128
Dividends Declared Per Share $ 0.26 $ 0.32 $ 0.84 $ 0.96

Supplemental Information

The Company reports its financial results on a GAAP basis; however, management believes that evaluating the Company’s ongoing operating results may be enhanced if investors have additional non-GAAP basis financial measures. Management reviews non-GAAP financial measures to assess ongoing operations and, for the reasons described below, considers them to be effective indicators, for both management and investors, of the Company’s financial performance over time. The Company’s management does not advocate that investors consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

6 of 10

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!

Markets

DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

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