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TheStreet Open House

THL Credit Announces Fourth Quarter 2012 Financial Results

Stocks in this article: TCRD

As of Dec. 31, 2012, THL Credit's investment portfolio at fair value was allocated 26 percent in first lien debt, including unitranche investments, 18 percent in second lien debt, 47 percent in subordinated debt, 7 percent in income-producing securities and 2 percent in equity.

This compares to its portfolio as of Dec. 31, 2011, which had a fair value of $267.0 million allocated 34 percent in first lien debt, 22 percent in second lien debt, 38 percent in subordinated debt, 5 percent in income-producing securities and 1 percent in equity. The weighted average yield of the debt and income-producing securities in the investment portfolio at their cost basis as of Dec. 31, 2011, was 14.0 percent. The weighted average yield on the debt investments alone at their cost basis as of Dec. 31, 2011, was 13.8 percent.

RESULTS OF OPERATIONS

Investment income

Total investment income for the three months ended Dec. 31, 2012 and 2011 was $16.4 million and $10.9 million, respectively, and consisted of $14.3 million and $10.3 million of interest income on debt securities (which included $1.1 million and $0.8 million, respectively, of PIK interest and $1.0 million and $0.5 million, respectively, of prepayment premiums), $0.9 million and $0.6 million of interest income on income-producing securities, $0.4 million and $0.0 million of dividend income, and $0.8 million and $0.6 million of other income (which includes $0.8 million and $0.6 million, respectively, of fees related to THL Credit's portfolio company, THL Credit Greenway Fund LLC ("Greenway")).

Total investment income for the years ended Dec. 31, 2012 and 2011 was $53.1 million and $37.4 million, respectively, and consisted of $47.0 million and $32.8 million of interest income on debt securities (which included $4.1 million and $2.6 million, respectively, of PIK interest and $2.6 million and $1.1 million, respectively, of prepayment premiums), $2.8 million and $2.1 million of interest income on income-producing securities, $0.4 million and $0.3 million of dividend income, and $2.9 million and $2.2 million of other income (which includes $2.6 million and $1.8 million, respectively, of fees related to Greenway).

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