Incentive management fees for the three and nine months ended September 30, 2013 were $9.4 million and $16.7 million, respectively, as compared to $3.0 million and $5.2 million for the three and nine months ended September 30, 2012. With respect to incentive management fees based on income, $1.9 million and $2.2 million were earned for the respective nine month periods ending September 30, 2013 and 2012, while no such fees were earned for the comparable three month periods. The remainder for the three and nine months ended September 30, 2013 represents incentive management fees accrued based on a hypothetical capital gains calculation, as required by GAAP, of $9.4 million and $14.8 million, respectively, as compared to $3.0 million for each of the three and nine month periods ending September 30, 2012. A hypothetical liquidation is performed each quarter possibly resulting in an incentive management fee accrual if the amount is positive. It should be noted, however, that a fee so calculated and accrued is not due and payable, if at all, until the end of each measurement period, or every June 30. As of the June 30, 2013 measurement period end, no gains based incentive management fee was due and payable. However, the increase in the accrual for the current quarter is the result of $97.5 million of net unrealized appreciation on the balance sheet as of quarter end.Interest and credit facility related expenses were $5.5 million and $15.1 million, respectively, for the three and nine months ended September 30, 2013, compared to $5.2 and $14.9 million for the three and nine months ended September 30, 2012. The comparable amounts reflect average debt outstanding of $334.4 million for the nine month 2013 period at a weighted average cost of debt of 5.68%, as compared to average debt outstanding of $390.7 million for the 2012 period with a weighted average cost of debt of 4.87%.
BlackRock Kelso Capital Corporation Declares Regular Quarterly Dividend Of $0.26 Per Share, Announces September 30, 2013 Quarterly Financial Results
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