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KCAP Financial, Inc. Announces First Quarter 2013 Financial Results

NEW YORK, May 6, 2013 (GLOBE NEWSWIRE) -- KCAP Financial, Inc. (Nasdaq:KCAP) announced its first quarter 2013 financial results.

Financial Highlights

  • Net investment income for the three months ended March 31, 2013 was approximately $6.9 million, or $0.24 per share (basic) and $0.23 per share (diluted).  
  • KCAP Financial declared a quarterly dividend of $0.28 per share.  
  • At March 31, 2013, the fair value of KCAP Financial's investments totaled approximately $356.9 million.  
  • Net asset value per share of $8.33 as of March 31, 2013.

Dayl Pearson, President and Chief Executive Officer of KCAP Financial, noted, "KCAP continued on its growth trajectory in the first quarter although the issuance of additional shares did have a negative impact on NII per share especially given that much of our $45 million of new loans closed late in the quarter. Today, we also priced a debt securitization that will add additional low cost leverage to our balance sheet."

Operating Results

For the three months ended March 31, 2013, we reported total investment income of approximately $11.4 million, as compared to approximately $7.4 million, in the prior year period, an increase of 54%. Investment income from debt securities remained constant staying at approximately $2.5 million year over year, dividends from investments in CLO fund securities increased 47.5% from $4 million to $5.9 million, and dividends from our Asset Manager Affiliates increased 263.6% from $825,000 million to $3 million. These increases can be attributable to our average invested assets increasing, our investment in the four subordinated debt positions in collateralized loan obligation funds managed by Trimaran Advisors, L.L.C. that we acquired in connection with our acquisition of Trimaran Advisors in February 2012, and the increased asset management dividends from our wholly owned asset manager affiliates (Trimaran Advisors L.L.C. and Katonah Debt Advisors, L.L.C.), primarily as a result of our acquisition of Trimaran Advisors.

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