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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

Share Repurchase Plan

In 2008, our Board of Directors approved a share repurchase plan under which we may repurchase up to 2.5% of our outstanding shares of common stock from time to time in open market or privately negotiated transactions. In 2009, our Board of Directors approved an extension and increase to the plan which authorized us to repurchase up to an additional 2.5% of our outstanding shares of common stock. In May 2013, the repurchase plan was further extended through June 30, 2014, with 1,331,143 shares remaining authorized for repurchase. There were no purchases under the plan during the three and nine months ended September 30, 2013. Since inception of the repurchase plan through September 30, 2013, we have purchased 1,425,507 shares of our common stock on the open market for $9.5 million, including brokerage commissions.

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940 that from time to time we may purchase shares of our common stock in the open market at prevailing market prices.

Conference Call

BlackRock Kelso Capital will host a webcast/teleconference at 4:30 p.m. (Eastern Time) on Thursday November 7, 2013 to discuss its third quarter 2013 financial results. All interested parties are welcome to participate. You can access the teleconference by dialing, from the United States, (800) 374-0176, or from outside the United States, (706) 679-3431, shortly before 4:30 p.m. and referencing the BlackRock Kelso Capital Corporation Conference Call (ID Number 29135516). A live, listen-only webcast will also be available via the investor relations section of www.blackrockkelso.com.

Both the teleconference and webcast will be available for replay by 7:30 p.m. on Thursday, November 7, 2013 and ending at midnight on Thursday, November 14, 2013. To access the replay of the teleconference, callers from the United States should dial (855) 859-2056 and callers from outside the United States should dial (404) 537-3406 and enter the Conference ID Number 29135516. To access the webcast, please visit the investor relations section of www.blackrockkelso.com.

PRIOR TO THE WEBCAST/TELECONFERENCE, AN INVESTOR PRESENTATION THAT COMPLEMENTS THE EARNINGS CONFERENCE CALL WILL BE POSTED TO BLACKROCK KELSO CAPITAL’S WEBSITE WITHIN THE PRESENTATIONS SECTION OF THE INVESTOR RELATIONS PAGE ( http://www.blackrockkelso.com/InvestorRelations/Presentations/index.htm).

           
 

BlackRock Kelso Capital Corporation

Consolidated Statements of Assets and Liabilities

(Unaudited)

 
 

 

 

September 30, 2013

 

December 31, 2012

Assets
Investments at fair value:
Non-controlled, non-affiliated investments (cost of $791,002,833 and $849,028,227)

$

802,818,060

$ 850,511,125
Non-controlled, affiliated investments (cost of $98,337,878 and $50,983,674) 143,726,372 67,750,172
Controlled investments (cost of $149,890,939 and $137,337,392) 192,543,797   143,336,244  
 
Total investments at fair value (cost of $1,039,231,650 and $1,037,349,293) 1,139,088,229 1,061,597,541
Cash and cash equivalents 13,727,451 9,122,141
Unrealized appreciation on forward foreign currency contracts 369,417
Receivable for investments sold 10,357,911 504,996
Interest receivable 18,739,382 14,048,248
Prepaid expenses and other assets 11,666,665   4,375,527  
 
Total Assets

$

1,193,579,638

  $ 1,090,017,870  
 
Liabilities
Payable for investments purchased

$

30,675,753

$ 440,243
Debt 412,919,440 346,850,000
Interest payable 3,365,354 5,277,132
Dividend distributions payable 19,302,790 19,196,418
Base management fees payable 5,286,986 5,626,893
Incentive management fees payable 20,269,011 20,277,930
Accrued administrative services 221,967 277,000
Other accrued expenses and payables 5,238,135   4,692,562  
 
Total Liabilities 497,279,436   402,638,178  
 
Net Assets

Common stock, par value $.001 per share, 200,000,000 common shares authorized,75,667,000 and 75,257,888 issued and 74,241,493 and 73,832,381 outstanding

75,667 75,258
Paid-in capital in excess of par 922,588,375 917,534,577
Distributions in excess of taxable net investment income (37,031,405 ) (22,291,022 )
Accumulated net realized loss (277,308,567 ) (219,270,607 )
Net unrealized appreciation 97,452,808 20,808,162
Treasury stock at cost, 1,425,507 and 1,425,507 shares held (9,476,676 ) (9,476,676 )
 
Total Net Assets 696,300,202   687,379,692  
 
Total Liabilities and Net Assets

$

1,193,579,638

  $ 1,090,017,870  
 
Net Asset Value Per Share

$

9.38

$ 9.31
 
 
                   
 
BlackRock Kelso Capital Corporation Consolidated Statement of Operations (Unaudited) Three months ended September 30, 2013 Three months ended September 30, 2012 Nine months ended September 30, 2013 Nine months ended September 30, 2012
Investment Income:
Interest income:
Non-controlled, non-affiliated investments $

21,370,250

$ 27,543,637 $ 73,117,037 $ 81,802,597
Non-controlled, affiliated investments 3,876,098 1,037,387 5,958,969 4,053,330
Controlled investments   2,702,931     3,071,070     7,641,475     6,501,767  
 
Total interest income 27,949,279 31,652,094 86,717,481 92,357,694
Fee income:
Non-controlled, non-affiliated investments 29,875 8,369,140 7,578,694 15,457,315
Non-controlled, affiliated investments 602,344 735,708
Controlled investments   2,350,000     57,679     2,638,680     136,170  
 
Total fee income   2,379,875     9,029,163     10,217,374     16,329,193  
 
Dividend income:
Non-controlled, non-affiliated investments 640,163 38,845 1,226,348 706,157
Non-controlled, affiliated investments 413,302 487,141
Controlled investments                
 
Total dividend income   1,053,465     38,845     1,713,489     706,157  
 

Total investment income

  31,382,619     40,720,102     98,648,344     109,393,044  
 
Expenses:
Incentive management fees 9,358,529 2,963,803 16,692,244 5,177,662
Interest and credit facility fees 5,455,017 5,180,706 15,128,057 14,917,849
Base management fees 5,286,986 5,964,904 15,826,168 16,877,541
Amortization of debt issuance costs 568,678 634,677 1,431,226 1,890,236
Professional fees 541,180 577,051 1,647,600 1,080,582
Investment advisor expenses 479,871 511,774 1,520,714 1,364,420
Director fees 194,500 113,500 474,000 347,063
Administrative services 174,288 164,074 607,429 416,608
Other   449,909     671,341     2,263,313     1,975,362  
 
Total expenses   22,508,958     16,781,830     55,590,751     44,047,323  
 
Net Investment Income   8,873,661     23,938,272     43,057,593     65,345,721  
 
Realized and Unrealized Gain (Loss):
Net realized gain (loss):
Non-controlled, non-affiliated investments 307,321 (4,417 ) (25,980,491 ) (75,340,007 )
Non-controlled, affiliated investments 2,441,751 21 2,123,846
Controlled investments 769,604 (31,890,556 )
Foreign currency   (933,861 )   362,009     (166,934 )   (217,703 )
 
Net realized gain (loss)   143,064     2,799,343     (58,037,960 )   (73,433,864 )
 
Net change in unrealized appreciation or depreciation:
Non-controlled, non-affiliated investments (408,094 ) (1,814,151 ) 21,595,785 77,069,859
Non-controlled, affiliated investments 4,602,853 5,287,500 28,621,996 6,300,604
Controlled investments 6,507,911 (14,735,396 ) 26,688,350 (20,004,775 )
Foreign currency translation   124,348     (1,146,461 )   (261,485 )   331,946  
 
Net change in unrealized appreciation or depreciation   10,827,018     (12,408,508 )   76,644,646     63,697,634  
 
Net realized and unrealized gain (loss)   10,970,082     (9,609,165 )   18,606,686     (9,736,230 )
 
Net Increase in Net Assets Resulting from Operations $ 19,843,743   $ 14,329,107   $ 61,664,279   $ 55,609,491  
 
Net Investment Income Per Share - basic $ 0.12   $ 0.32   $ 0.58   $ 0.89  
 
Earnings Per Share – basic $ 0.27   $ 0.19   $ 0.83   $ 0.76  
 
Basic and Diluted Weighted-Average Shares Outstanding - basic   74,239,932     73,692,104     74,099,028     73,555,011  
 
Net Investment Income Per Share - diluted $ 0.12   $ 0.32   $ 0.57   $ 0.89  
 
Earnings Per Share – diluted $ 0.26   $ 0.19   $ 0.80   $ 0.76  
 
Basic and Diluted Weighted-Average Shares Outstanding - diluted 84,136,659 73,692,104 82,183,168 73,555,011
Dividends Declared Per Share $ 0.26 $ 0.26 $ 0.78 $ 0.78
 
 

The Company reports its financial results on a GAAP basis; however, management believes that evaluating the Company’s ongoing operating results may be enhanced if investors have additional non-GAAP basis financial measures. Management reviews non-GAAP financial measures to assess ongoing operations and, for the reasons described below, considers them to be effective indicators, for both management and investors, of the Company’s financial performance over time. The Company’s management does not advocate that investors consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

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