Solar Capital Ltd. (NASDAQ: SLRC), today reported earnings of $30.2 million, or $0.82 per share, and net investment income of $22.3 million, or $0.60 per share, for the quarter ended September 30, 2012. Net asset value (NAV) per share increased to $22.70, from $22.02 at December 31, 2011.
The Company also announced that its Board of Directors has declared its quarterly dividend of $0.60 per share for its fourth fiscal quarter 2012, which will be payable on January 3, 2013 to stockholders of record on December 20, 2012. The Company expects the dividend to be paid from taxable earnings with specific tax characteristics reported to stockholders after the end of the 2012 calendar year.
|At September 30, 2012:|
|Investment Portfolio: $1.17 billion|
|Number of Portfolio Companies: 41|
Net Assets: $877.6 million
|Net Asset Value per share: $22.70|
|Portfolio Activity for the Quarter Ended September 30, 2012:|
|Investments made during the quarter: $27.4 million|
|Investments repaid and sold during the quarter: $71.5 million|
|Operating Results for the Quarter Ended September 30, 2012:|
|Net investment income: $22.3 million|
|Net realized and unrealized gains: $8.0 million|
|Net increase in net assets from operations: $30.2 million|
|Net investment income per share: $0.60|
|Net realized and unrealized gains per share: $0.22|
“We are pleased to report that the portfolio generated net investment income of 60 cents per share, continuing our positive earnings momentum,” said Michael Gross, Chairman and CEO of Solar Capital Ltd. "Year to date, we have originated over $280 million of high quality investments, however, in the current heated credit markets, we are maintaining our patient and prudent approach to sourcing investments that we believe meet our stringent risk-return requirements."
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