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THL Credit Announces Fourth Quarter 2012 Financial Results

Stocks in this article: TCRD

The increase in the investment income compared to the same periods in prior years is due to the growth of THL Credit's investment portfolio and an increase in prepayment premiums.

Expenses

Expenses for the three months ended Dec. 31, 2012 and 2011 were $6.8 million and $4.9 million, respectively. Base management fees for the same periods were $1.5 million and $1.0 million; incentive fees totaled $2.3 million and $1.8 million; administrator and other expenses totaled $1.8 million and $1.5 million; fees and expenses related to THL Credit's credit facility totaled $1.2 million and $0.6 million; and excise and income taxes totaled $0.6 million and $0.02 million, respectively.

Expenses for the years ended Dec. 31, 2012 and 2011 were $22.9 million and $16.4 million, respectively. Base management fees for the same periods were $4.9 million and $4.0 million; incentive fees totaled $7.0 million and $4.8 million; administrator and other expenses totaled $6.3 million and $5.9 million; fees related to THL Credit's credit facility totaled $4.1 million and $1.7 million, and excise and income taxes totaled $0.6 million and $0.02 million, respectively.

The increase in base management fees and incentive fee expense is due to the growth in both the investment portfolio and net investment income. The increase in expenses and fees related to the credit facility is due to the level of borrowings and the increased commitment size of the revolving loan portion of the credit facility.

Net investment income

Net investment income totaled $9.0 million and $6.0 million, or $0.34 and $0.30 per share based upon weighted average common shares outstanding, for the three months ended Dec. 31, 2012 and 2011, respectively.

Net investment income totaled $30.2 million and $21.0 million, or $1.38 and $1.04 per share based upon weighted average common shares outstanding, for the years ended Dec. 31, 2012 and 2011, respectively.

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