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BlackRock Kelso Capital's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Additionally, certain information discussed and presented may have been derived from third-party sources and has not been independently verified. Accordingly, BlackRock Kelso Capital Corporation makes no representation or warranty with respect to such information.

Please note, that we've posted to our website an investor presentation that compliments this call. Shortly, Jim and Mike will highlight some of the information contained in the presentation. At this time, we would like to invite participants to access the presentation by going to our website at, www. blackrockkelso.com and clicking the August 2012 Investor Presentation link in the presentation section of the Investor Relations page.

With that, I would now like to turn the call back over to Jim.

James Maher

Thanks, Larry. Good afternoon and thank you for joining our call today. We're pleased to report that we had another productive quarter and first half at BlackRock Kelso Capital.

In the second quarter, we made new investments aggregating $148.2 million. On a net basis, the portfolio grew by nearly $70 million. Total investments at their current fair market value of $1.166 billion at June 30 compared to $1.095 billion at the end of the first quarter.

Our leverage stands at 0.64 times at the end of the second quarter. The funds that were used during the quarter to increase our investment portfolio were provided by borrowings under our revolving credit facility. Weighted average yields increased during the second quarter and our portfolio company performance remained strong with only one investment on non-accrual.

We continued to deliver sequential net portfolio growth consistent with our goals. We remain pleased with our investment opportunities. The second quarter exhibited an increase in opportunities we tracked relative to the first quarter and the same period a year ago.

Our relationships with a broad group of private equity firms, commercial banking firms, investment banks and management teams continues to provide us with substantial deal flow. We have sufficient debt capacity to grow our portfolio. Net debt as of June 30 was equal to $438 million relative to the $1.2 billion fair market value of our assets.

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