This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

BlackRock Kelso Capital Corporation Declares Regular Quarterly Dividend Of $0.26 Per Share, Announces September 30, 2012 Quarterly Financial Results

Stocks in this article: BKCC

At September 30, 2012, our portfolio consisted of 50 portfolio companies and was invested 59% in senior secured loans, 16% in senior secured notes 13% in unsecured or subordinated debt securities, 12% in equity investments, and less than 1% in cash and cash equivalents. Our average portfolio company investment at amortized cost was approximately $21.6 million and our average portfolio company investment at amortized cost, excluding investments below $5.0 million, was approximately $25.9 million at September 30, 2012. At September 30, 2012, 0.1% of our total debt investments at fair value (or 0.8% at amortized cost) was on non-accrual status.

The weighted average yields of the debt and income producing equity securities in our portfolio at their current cost basis were 12.2% at September 30, 2012 and 11.9% at September 30, 2011. The weighted average yields on our senior secured loans and other debt securities at their current cost basis were 11.6% and 13.5%, respectively, at September 30, 2012, versus 11.7% and 12.1% at September 30, 2011. Yields exclude common equity investments, preferred equity investments with no stated dividend rate, short-term investments and cash and cash equivalents.

At September 30, 2012, we had $3.0 million in cash and cash equivalents, $165.4 million available under our senior secured, multi-currency credit facility, and $1.5 million payable for investments purchased.

Results of Operations

Results comparisons are for the three and nine months ended September 30, 2012 and 2011.

Investment Income

Investment income totaled $40.7 million and $109.4 million, respectively, for the three and nine months ended September 30, 2012, compared to $33.2 million and $95.5 million for the three and nine months ended September 30, 2011. Of these totals, fee income for the three and nine months ended September 30, 2012 was $9.0 million and $16.3 million, respectively, versus $5.1 million and $16.4 million for the three and nine months ended September 30, 2011. Of the current period amount, $8.7 million represents one-time fees collected in conjunction with the early repayment of certain portfolio company investments. The increase in investment income for the nine months ended September 30, 2012 reflects a larger overall portfolio as a result of the deployment of debt capital under our credit facility. During the nine months ended September 30, 2012, we invested $101.7 million in four new portfolio companies and $136.8 million in several existing portfolio companies. Although investments at their current cost basis at September 30, 2012 were slightly lower than that at December 31, 2011, the average balance of our total investments at amortized cost for the nine month period ended September 30, 2012 was $1,114.8 million, compared to $1,002.1 million for the nine month period ended September 30, 2011. This increase in the average balance also contributed to our increase in investment income. Capital structuring and amendment fees associated with new investments for the current nine month period totaled $3.3 million.

2 of 11

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs