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NEW YORK, Aug. 8, 2012 (GLOBE NEWSWIRE) -- KCAP Financial, Inc. (Nasdaq:KCAP) announced its second quarter 2012 financial results.
Net investment income for the three months ended June 30, 2012 and June 30, 2011 was approximately $6.0 million and 2.7 million, respectively, or $0.23 and $0.12 per share.
For the second quarter of 2012, KCAP Financial increased its dividend 33% to $0.24 per share from the 2012 first quarter dividend of $0.18 per share.
At June 30, 2012, the fair value of KCAP Financial's investments totaled approximately $299 million.
Net asset value per share of $7.66 as of June 30, 2012.
Dayl Pearson, chairman and chief executive officer, noted, "As expected, our strong second quarter results are indicative of the full and successful integration of Trimaran Advisors and to the continued performance of our investment portfolio, as we migrate to higher yielding middle market loans."
For the three months ended June 30, 2012, we reported total investment income of approximately $9.5 million, as compared to approximately $6.1 million for the three months ended June 30, 2011. Investment income from debt securities increased 30% to $2.7 million as a result of the continued growth in our debt securities portfolio. Our debt securities portfolio was $143.3 million at June 30, 2012, as compared to $114.7 million at December 31, 2011. Investment income from the subordinated debt we held in various collateralized loan obligation funds increased 66% (approximately $2.2 million) to approximately $5.5 million from approximately $3.3 million in the prior year period. A significant portion of this increase (approximately $1.4 million) is attributable to the four subordinated debt positions in collateralized loan obligation funds managed by Trimaran Advisors, L.L.C. that we acquired in connection with our acquisition of Trimaran Advisors in February 2012. Dividends from our wholly owned asset manager affiliates (Trimaran Advisors and Katonah Debt Advisors, L.L.C.) in the second quarter of 2012 were $1.2 million, as compared to $0.7 million in the second quarter of 2011. The increase resulted from dividends we received from Trimaran Advisors.