HOUSTON, May 7, 2014 (GLOBE NEWSWIRE) -- NGP Capital Resources Company (Nasdaq:NGPC) (the "Company") today announced its financial results for the first quarter of 2014.
Highlights for the quarter ended March 31, 2014 : Operating Results: Total investment income: $5.9 million Net investment income: $1.9 million, or $0.09 per share Net realized loss on investments: $9.6 million, or $0.47 per share Net unrealized appreciation on investments: $1.3 million, or $0.06 per share Net asset value: $178.9 million, or $8.73 per share Quarterly dividends declared: $0.16 per share
Portfolio and investment activity: New investments in portfolio securities during the quarter: $1.1 million Redemption of portfolio securities during the quarter: $1.3 million Fair value of portfolio investments at March 31, 2014: $203.4 million Weighted average yield on portfolio investments: 10.4% Number of portfolio companies at March 31, 2014: 15Portfolio and Investment Activity During the first quarter of 2014, we invested $1.1 million with existing portfolio companies and received proceeds from redemption and repayments of portfolio securities totaling $1.3 million. In April 2014, we sold our $13.0 million face amount of Midstates Petroleum Company ("Midstates") 10.75% Senior Subordinated Notes at an average price of 108.1, resulting in a capital gain of $0.7 million, or $0.03 per common share. Our investment in the Midstates Senior Subordinated Notes, which originated in October 2012, generated an internal rate of return of 15.2% with a return on investment of 1.2x. In January 2014, we accepted a third party bid to purchase our GMX Resources, Inc. ("GMX") Senior Secured Second-Priority Notes due 2018 ("the GMX Notes") for $70,000. This transaction resulted in a realized capital loss of $9.4 million, or $0.47 per share, which was entirely offset by the reversal of previously recognized unrealized depreciation on this investment. GMX's bankruptcy filing in 2013 severely impacted our investment, which generated an internal rate of return of -21.2% and a return on investment of 0.5x.
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