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BlackRock Kelso Capital Corporation Declares Regular First Quarter Dividend Of $0.26 Per Share, Announces Financial Results For The Quarter And Year Ended December 31, 2011

Stocks in this article: BKCC

At December 31, 2011, we had $7.8 million in cash and cash equivalents and $207.0 million available under our senior secured, multi-currency credit facility.

Results of Operations

Results comparisons are for the three months and years ended December 31, 2011 and 2010.

Investment Income

Investment income totaled $36.0 million and $131.5 million, respectively, for the three months and year ended December 31, 2011, compared to $25.0 million and $105.9 million for the three months and year ended December 31, 2010. The increase in investment income for the three months and year ended December 31, 2011 reflects interest and one-time fees collected from the early repayment of one of our largest portfolio company investments during the second quarter, as well as the consistent growth of our portfolio throughout the year as a result of the deployment of debt capital under our credit facility. Total investments at their current cost basis were $1,097.9 million at December 31, 2011, compared to $985.7 million at December 31, 2010.

Expenses

Total expenses for the three months and year ended December 31, 2011 were $24.7 million and $58.6 million, respectively, versus $22.4 million and $45.7 million for the three months and year ended December 31, 2010. Of these totals, for both the three months and year ended December 31, 2011, $11.9 million of incentive management fees were incurred, versus $14.6 million and $15.1 million, respectively, for the three months and year ended December 31, 2010. Base management fees were $5.3 million and $19.8 million, respectively, for the three months and year ended December 31, 2011, compared to $4.4 million and $16.9 million for the three months and year ended December 31, 2010. For the three months and year ended December 31, 2011, $4.7 million and $16.6 million, respectively, were interest and credit facility related expenses, versus $1.7 million and $6.2 million for the three months and year ended December 31, 2010. Professional fees for the three months and year ended December 31, 2011 were $0.6 million and $1.9 million, respectively, versus $0.1 million and $0.9 million for the three months and year ended December 31, 2010. Expenses also consist of amortization of debt issuance costs, investment advisor expenses, administrative services expense, insurance expenses, director fees and miscellaneous other expenses. The increase in base management fees for the three months and year ended December 31, 2011 reflects the overall growth and appreciation in value of our portfolio. The increase in credit facility related expenses for the 2011 periods was due to the issuance of $175 million in aggregate principal amount of our senior secured notes in January. The increase in professional fees is due to nonrecurring legal and other professional expenditures incurred in the 2011 periods.

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