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THL Credit Announces Fourth Quarter 2012 Financial Results

Stocks in this article: TCRD

For those wishing to participate by telephone, please dial (877) 375-9141 (domestic) or (253) 237-1151 (international). Use passcode 98766874. THL Credit will also broadcast the conference call live via its website at www.thlcredit.com . Starting approximately two hours after the conclusion of the call, a replay will be available through March 12, 2013, by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international) and entering passcode 98766874. The replay will also be available on the company's website.

AVAILABLE INFORMATION

THL Credit's filings with the Securities and Exchange Commission, press releases, earnings releases, investor presentation and other financial information are available on its website at www.thlcredit.com .

THL CREDIT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
     
  December 31, 2012 December 31, 2011
Assets    
Investments at fair value:    
Non-controlled, non-affiliated investments (cost of $391,698,777 and $263,100,758, respectively) $394,339,072 $266,981,836
Non-controlled, affiliated investments (cost of $10,062 and $10,864, respectively) 10,062 11,496
Total investments at fair value (cost of $391,708,839 and $263,111,622, respectively) 394,349,134 266,993,332
Cash and cash equivalents 4,818,614 5,572,753
Deferred financing costs 3,817,044 1,860,484
Interest receivable 2,594,082 1,440,057
Due from affiliate 420,301 511,842
Receivable for paydown of investment 125,000 258,621
Deferred offering costs 327,267
Prepaid expenses and other assets 134,319 185,075
Total assets $406,258,494 $277,149,431
Liabilities    
Loans payable $50,000,000 $5,000,000
Accrued incentive fees 3,277,937 2,689,030
Base management fees payable 1,514,422 1,013,048
Dividends payable 1,315,760
Interest rate derivative 1,053,221
Accrued expenses 739,149 466,030
Accrued credit facility fee and interest 115,013 5,451
Deferred taxes payable 453,558
Due to affiliate 20,597
Accrued administrator expenses 304,491 338,569
Total liabilities 58,773,551 9,532,725
Net Assets    
Preferred stock, par value $0.001 per share, 100,000,000 preferred shares authorized, no preferred shares issued and outstanding
Common stock, par value $0.001 per share, 100,000,000 common shares authorized, 26,315,202 and 20,220,200 shares issued and outstanding at December 31, 2012 and 2011, respectively 26,315 20,220
Paid-in capital in excess of par 343,722,878 262,289,351
Net unrealized appreciation on investments, net of provision for taxes 2,186,737 3,881,710
Net unrealized depreciation on interest rate derivative  (1,053,221)
Interest rate derivative periodic interest payments, net  (179,581)
Accumulated net realized gain  348,548 917,830
Accumulated undistributed net investment income  2,433,267 507,595
Total net assets 347,484,943 267,616,706
Total liabilities and net assets $406,258,494 $277,149,431
Net asset value per share $13.20 $13.24
 
 
THL CREDIT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
       
  For the year ended December 31, 2012 For the year ended December 31, 2011 For the year ended December 31, 2010
Investment Income:      
From non-controlled, non-affiliated investments:      
Interest income $49,807,892 $34,903,428 $12,260,072
Other income 269,317 415,529 65,360
Dividend income 456,432 279,676 — 
From non-controlled, affiliated investments:      
Other income 2,591,638 1,809,994 — 
       
Total investment income 53,125,279 37,408,627 12,325,432
Expenses:      
Incentive fee 7,017,252 4,790,457 — 
Base management fees  4,943,025 4,011,897 2,696,647
Administrator expenses 3,224,597 2,871,778 1,715,694
Professional fees 1,200,161 1,092,364 649,249
Credit facility interest and fees 3,138,276 1,043,070 — 
Amortization of deferred financing costs 967,607 687,069 — 
Other general and administrative expenses 906,089 793,548 291,132
Directors' fees 517,000 535,000 389,625
Insurance expenses 438,500 526,927 532,244
Organizational expenses —  —  20,000
       
Total operating expenses 22,352,507 16,352,110 6,294,591
Excise and income tax provision 581,502   22,000 
       
Net investment income (loss)  30,191,270  21,034,517  6,030,841
Interest rate derivative periodic interest payments, net  (179,581)  —   —  
Realized and Unrealized Gain on Investments:      
Net realized gain on non-controlled, non-affiliated investments  353,199  979,643  —  
Net change in unrealized appreciation (depreciation) on:      
Non-controlled, non-affiliated investments  (1,240,783)  2,120,689  1,760,389
Non-controlled, affiliated investments  (632)  632  —  
       
Net change in unrealized appreciation  (1,241,415)  2,121,321  1,760,389
       
Net realized and unrealized (loss) gain from investments  (888,216)  3,100,964  1,760,389
Provision for taxes on unrealized appreciation  (453,558)  —   —  
Unrealized depreciation on interest rate derivative  (1,053,221)  —   —  
       
Net increase in net assets resulting from operations $27,616,694 $24,135,481 $7,791,230
       
Net investment income per common share:      
Basic and diluted $1.38 $1.04 $0.31
Net increase in net assets resulting from operations per common share:      
Basic and diluted $1.26 $1.20 $0.39
Weighted average shares of common stock outstanding:      
Basic and diluted 21,852,197 20,167,092 19,762,756

ABOUT THL CREDIT

THL Credit is an externally-managed, non-diversified closed-end management investment company that has elected to be treated as a business development company (BDC) under the Investment Company Act of 1940. THL Credit's investment objective is to generate both current income and capital appreciation, primarily through investments in privately negotiated debt and equity securities of middle market companies. 

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