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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

Net Realized Gain or Loss

Total net realized gain or loss for the three and nine months ended September 30, 2013 was a gain of $0.1 million and a loss of $58.0 million, respectively, compared to a gain of $2.8 million and a loss of $73.4 million for the three and nine months ended September 30, 2012. Nearly all of our realized losses for the nine months ended September 30, 2013 resulted from the restructuring of our debt and equity investments in Bankruptcy Management Solutions, Inc. and our debt investments in Dial Global, Inc. et. al. and AGY Holding Corp., and nearly the entire amount had already been reflected in unrealized depreciation on investments in prior periods.

Net Unrealized Appreciation or Depreciation

For the three and nine months ended September 30, 2013, the change in net unrealized appreciation on investments and foreign currency translation was an increase (decrease) in net unrealized appreciation of $10.8 million and $76.6 million, respectively, versus ($12.4) million and $63.7 million for the three and nine months ended September 30, 2012. Net unrealized appreciation at September 30, 2013 and 2012 was $97.5 million and $11.7 million, respectively. The current unrealized appreciation in the portfolio marks the highest levels experienced since the Company’s inception. For the three months ended September 30, 2013, while certain of our portfolio companies had strong performance, there was underperformance in certain others, but we were pleased with an improved overall health of our investment portfolio and believe our portfolio credit quality to be solid.

Net Increase in Net Assets from Operations

The net increase in net assets from operations for the three and nine months ended September 30, 2013 was $19.8 million and $61.7 million, or $0.27 per share and $0.83 per share, respectively. The net increase in net assets for the same 2012 periods was $14.3 million and $55.6 million, or $0.19 per share and $0.76 per share, respectively. As compared to prior periods, the decline in net investment income was partially offset by net realized and unrealized gains for the period. Our GAAP earnings helped drive our net asset value per share up $0.01 to $9.38 per share at September 30, 2013. This was a further increase over our $9.31 net asset value per share at year end.

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