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BlackRock Kelso Capital Corporation Declares Regular Quarterly Dividend Of $0.26 Per Share, Announces September 30, 2013 Quarterly Financial Results

Stocks in this article: BKCC

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.

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