BlackRock Kelso Capital Corporation (NASDAQ:BKCC) (“BlackRock Kelso Capital” or the “Company”, “we”, “us” or “our”) announced today that its Board of Directors has declared a quarterly dividend of $0.26 per share payable on October 3, 2013 to stockholders of record as of September 19, 2013.
BlackRock Kelso Capital also announced financial results for the quarter ended June 30, 2013.
|Investment Portfolio: $1,053.1 million|
|Net Assets: $694.5 million|
|Indebtedness (borrowings under credit facility, term loan, senior secured notes & convertible notes): $314.9 million|
|Net Asset Value per share: $9.37|
|Portfolio Activity for the Quarter Ended June 30, 2013:|
|Cost of investments during period: $185.8 million|
|Sales, repayments and other exits during period: $199.1 million|
|Number of portfolio companies at end of period: 41|
|Operating Results for the Quarter Ended June 30, 2013:|
|Net investment income per share: $0.29|
|Dividends declared per share: $0.26|
|Earnings per share: $0.16|
|Net investment income: $21.2 million|
|Net realized and unrealized losses: $9.2 million|
|Net increase in net assets from operations: $12.0 million|
|Net investment income per share, as adjusted 1: $0.26|
|Net investment income, as adjusted 1: $19.1 million|
1 Non-GAAP basis financial measure. See Supplemental Information on page 8.
Portfolio and Investment Activity
During the second quarter, we experienced some portfolio repayments driven by an elevated amount of liquidity in the markets, which has contributed to a net reduction in our overall portfolio for the quarter. We invested $185.8 million during the three months ended June 30, 2013, and $231.8 million during the six months ended June 30, 2013, a slight increase over the $221.7 million invested during the same six month period one year ago. Sales, repayments and other exits of investment principal totaled $199.1 million during the three months ended June 30, 2013. In conjunction with the early repayments of certain of our investments during the quarter, we recognized $4.5 million in fees and prepayment penalties, increasing our 2013 total to $6.5 million, or $0.09 per share. Although we experienced a net reduction in our overall portfolio this quarter, we are pleased that our exits during the quarter were at par or above, and had a blended IRR, or cash on cash return, in excess of twelve percent.