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 January 3, 2014 to stockholders of record as of December 20, 2013.
BlackRock Kelso Capital also announced financial results for the quarter ended September 30, 2013.
|Investment Portfolio: $1,152.8 million|
|Net Assets: $696.3 million|
|Indebtedness (borrowings under credit facility, term loan, senior secured notes & convertible notes): $412.9 million|
|Net Asset Value per share: $9.38|
|Portfolio Activity for the Quarter Ended September 30, 2013:|
|Cost of investments during period: $133.1 million|
|Sales, repayments and other exits during period: $16.0 million|
|Number of portfolio companies at end of period: 47|
|Operating Results for the Quarter Ended September 30, 2013:|
|Net investment income per share: $0.12|
|Dividends declared per share: $0.26|
|Earnings per share: $0.27|
|Net investment income: $8.9 million|
|Net realized and unrealized gains: $11.0 million|
|Net increase in net assets from operations: $19.8 million|
|Net investment income per share, as adjusted 1: $0.22|
|Net investment income, as adjusted 1: $16.1 million|
Portfolio and Investment Activity
We had a strong third quarter for new investments, experiencing a net increase in our overall portfolio for the quarter of $117.1 million. We invested $133.1 million during the three months ended September 30, 2013, and $365.0 million during the nine months ended September 30, 2013, a 53.0% increase over the $238.5 million invested during the same nine month period one year ago. In conjunction with certain of our investments, we recognized $2.3 million in capital structuring fees during the quarter, increasing our 2013 fee total to $10.2 million, or $0.14 per share. Sales, repayments and other exits of investment principal during the three months ended September 30, 2013 were at a three year low totaling $16.0 million. We are pleased that such exits during the quarter were at par or above, and produced a blended IRR, or cash on cash return, in excess of twelve percent.