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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

Net Investment Income

Net investment income totaled $11.3 million and $72.9 million, or $0.15 per share and $1.00 per share, respectively, for the three months and year ended December 31, 2011. For the three months and year ended December 31, 2010, net investment income totaled $2.4 million and $59.9 million, or $0.03 per share and $0.96 per share, respectively. The increase for the 2011 periods is primarily a result of an increase in interest income and other fees, partially offset by an increase in interest and credit facility related expenses.

Net Realized Gain or Loss

Total net realized loss for the three months and year ended December 31, 2011 was ($7.5) million and ($49.9) million, respectively, compared to ($27.5) million and ($90.2) million for the three months and year ended December 31, 2010. Net realized loss on investments for the year ended December 31, 2011 resulted primarily from the restructuring or disposition of our investments in Facet Technologies, LLC, Mattress Giant Corporation and Fitness Together Holdings, Inc.. Foreign currency gains of $1.7 million and $1.2 million for the three months and year ended December 31, 2011, respectively, 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. Foreign currency losses were ($1.1) million and ($0.9) million for the three months and year ended December 31, 2010, respectively.

Net Unrealized Appreciation or Depreciation

For the three months and year ended December 31, 2011, the decrease in net unrealized depreciation on investments and foreign currency translation was $3.2 million and $53.9 million, respectively, versus $27.6 million and $101.9 million for the three months and year ended December 31, 2010. Net unrealized depreciation was ($52.0) million at December 31, 2011 and ($105.9) million at December 31, 2010. The valuations of our investments were favorably impacted by improved performance in certain portfolio companies, as well as increased multiples used to estimate the fair value of some of our investments. 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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