BlackRock Kelso Capital Corporation Declares Regular Fourth Quarter Dividend Of $0.26 Per Share, Announces September 30, 2011 Quarterly Financial Results

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 fourth quarter dividend of $0.26 per share payable on January 4, 2012 to stockholders of record as of December 21, 2011.

BlackRock Kelso Capital also announced financial results for the quarter ended September 30, 2011.

HIGHLIGHTS:

Investment Portfolio: $1,022.5 millionNet Assets: $711.8 millionIndebtedness (borrowings under credit facility and senior secured notes): $317.5 millionNet Asset Value per share: $9.75

Portfolio Activity for the Quarter Ended September 30, 2011:

Cost of investments during period: $139.4 millionSales, repayments and other exits during period: $87.6 millionNumber of portfolio companies at end of period: 54

Operating Results for the Quarter Ended September 30, 2011:

Net investment income per share: $0.29Dividends declared per share: $0.26Earnings per share: $0.18Net investment income: $21.0 millionNet realized and unrealized losses: $8.0 millionNet increase in net assets from operations: $12.9 million

Portfolio and Investment Activity

During the three months ended September 30, 2011, we invested $139.4 million across three new and several existing portfolio companies. This compares to investing $177.4 million across four new and several existing portfolio companies for the three months ended September 30, 2010. Sales, repayments and other exits of investment principal totaled $87.6 million during the three months ended September 30, 2011, versus $100.2 million during the three months ended September 30, 2010.

At September 30, 2011, our portfolio consisted of 54 portfolio companies and was invested 58% in senior secured loans, 17% in unsecured or subordinated debt securities, 11% in equity investments, 11% in senior secured notes and 3% in cash and cash equivalents. This compares to our portfolio of 51 companies that was invested 48% in senior secured loans, 24% in unsecured or subordinated debt securities, 12% in equity investments, 10% in senior secured notes and 6% in cash and cash equivalents at September 30, 2010. Our average portfolio company investment at amortized cost was approximately $19.4 million at September 30, 2011, versus $19.0 million at September 30, 2010. At September 30, 2011, 1.2% of our total debt investments at fair value (or 1.6% at amortized cost) was on non-accrual status.

The weighted average yields of the debt and income producing equity securities in our portfolio at fair value were 12.7% at September 30, 2011 and 12.4% at September 30, 2010. The weighted average yields on our senior secured loans and other debt securities at fair value were 11.9% and 14.1%, respectively, at September 30, 2011, versus 10.6% and 15.0% at September 30, 2010. The weighted average yields of the debt and income producing equity securities in our portfolio at their current cost basis were 11.9% at September 30, 2011 and 10.5% at September 30, 2010. The weighted average yields on our senior secured loans and other debt securities at their current cost basis were 11.7% and 12.1%, respectively, at September 30, 2011, versus 9.4% and 11.9% at September 30, 2010. Yields exclude common equity investments, preferred equity investments with no stated dividend rate, short-term investments and cash and cash equivalents.

At September 30, 2011, we had $30.2 million in cash and cash equivalents, $232.6 million available under our senior secured, multi-currency credit facility, and $2.9 million payable for investments purchased.

Results of Operations

Results comparisons are for the three and nine months ended September 30, 2011 and 2010.

Investment Income

Investment income totaled $33.2 million and $95.5 million, respectively, for the three and nine months ended September 30, 2011, compared to $24.8 million and $80.8 million for the three and nine months ended September 30, 2010. The increase in investment income for the three and nine months ended September 30, 2011 reflects the growth of our portfolio as a result of the deployment of debt capital under our credit facility. Total investments at their current cost basis were $1,048.7 million at September 30, 2011, compared to $966.8 million at September 30, 2010.

Expenses

Total expenses for the three and nine months ended September 30, 2011 were $12.3 million and $33.9 million, respectively, versus $8.0 million and $23.3 million for the three and nine months ended September 30, 2010. Of these totals, for the three and nine months ended September 30, 2011, $4.2 million and $11.9 million, respectively, were interest and credit facility related expenses, versus $1.7 million and $4.6 million for the three and nine months ended September 30, 2010. The increase in the 2011 periods was due to the issuance of $175 million in aggregate principal amount of our senior secured notes in January. Base management fees were $5.1 million and $14.5 million, respectively, for the three and nine months ended September 30, 2011, compared to $4.0 million and $12.5 million for the three and nine months ended September 30, 2010. The increase in base management fees for the three and nine months ended September 30, 2011 reflects the overall growth of our portfolio. Professional fees for the three and nine months ended September 30, 2011 were $0.7 million and $1.3 million, respectively, versus $0.4 million and $0.8 million for the three and nine months ended September 30, 2010. The increase in professional fees is due to nonrecurring legal and other professional expenditures incurred in the current period. Expenses also consist of incentive management fees, investment advisor expenses, administrative services expense, insurance expenses, director fees and miscellaneous other expenses.

Net Investment Income

Net investment income totaled $21.0 million and $61.6 million, or $0.29 per share and $0.84 per share, respectively, for the three and nine months ended September 30, 2011. For the three and nine months ended September 30, 2010, net investment income totaled $16.8 million and $57.5 million, or $0.26 per share and $0.96 per share, respectively. The increase for the 2011 period is primarily a result of an increase in interest income, partially offset by an increase in interest and credit facility related expenses.

Net Realized Gain or Loss

Total net realized gain or loss for the three and nine months ended September 30, 2011 was a gain of $1.1 million and a loss of ($42.4) million, respectively, compared to a gain of $1.3 million and a loss of ($62.7) million for the three and nine months ended September 30, 2010. Net realized gain for the three months ended September 30, 2011 was the result of $0.4 million in net gains realized from sales, repayments and other exits of our investments and $0.7 million in net gains realized on foreign currency transactions. Foreign currency gains mainly represent net gains on forward currency contracts used to mitigate the impact that changes in foreign exchange rates would have on our investments denominated in foreign currencies.

Net Unrealized Appreciation or Depreciation

For the three and nine months ended September 30, 2011, the change in net unrealized depreciation on investments and foreign currency translation was a decrease (increase) in net unrealized depreciation of ($9.2) million and $50.7 million, respectively, versus ($1.8) million and $74.4 million for the three and nine months ended September 30, 2010. Net unrealized depreciation was ($55.2) million at September 30, 2011 and ($133.5) million at September 30, 2010. The net change in unrealized depreciation was a result of a reduction in multiples used to estimate the fair value of some of our investments, as well as the underperformance of certain portfolio companies. Market-wide movements and trading multiples are not necessarily indicative of any fundamental change in the condition or prospects of our portfolio companies.

Net Increase in Net Assets from Operations

For the three and nine months ended September 30, 2011, the net increase in net assets from operations was $12.9 million and $69.9 million, or $0.18 per share and $0.96 per share, respectively, compared to $16.3 million and $69.1 million, or $0.25 per share and $1.15 per share, for the three and nine months ended September 30, 2010. As compared to the prior three-month period, the decrease primarily reflects the increase in net investment income as well as the increase in net unrealized depreciation on investments, net of realized gains, for the three months ended September 30, 2011.

Liquidity and Capital Resources

At September 30, 2011, we had approximately $30 million in cash and cash equivalents, $317 million in debt outstanding and, subject to leverage and borrowing base restrictions, $233 million available for use under our senior secured, multi-currency credit facility, which matures in December 2013. At September 30, 2011, we were in compliance with regulatory coverage requirements with an asset coverage ratio of 323% and were in compliance with all financial covenants under our debt agreements. In the near term, we expect to meet our liquidity needs through periodic add-on equity and debt offerings, use of the remaining availability under our credit facility and continued cash flows from operations. The primary use of funds will be investments in portfolio companies, reductions in debt outstanding and other general corporate purposes.

On January 18, 2011, we closed a private placement issuance of $158 million in aggregate principal amount of five-year, senior secured notes with a fixed interest rate of 6.50% and a maturity date of January 18, 2016 and $17 million in aggregate principal amount of seven-year, senior secured notes with a fixed interest rate of 6.60% and a maturity date of January 18, 2018 (collectively, the “Senior Secured Notes”). The Senior Secured Notes were sold to certain institutional accredited investors pursuant to an exemption from registration under the Securities Act of 1933, as amended. Interest on the Senior Secured Notes is due semi-annually on January 18 and July 18, commencing on July 18, 2011. The proceeds from the issuance of the Senior Secured Notes were used to fund new portfolio investments, reduce outstanding borrowings under our credit facility and for general corporate purposes.

Dividends

On November 2, 2011, our Board of Directors declared a dividend of $0.26 per share, payable on January 4, 2012 to stockholders of record at the close of business on December 21, 2011.

Dividends declared to stockholders for the three and nine months ended September 30, 2011 totaled $19.0 million, or $0.26 per share, and $61.3 million, or $0.84 per share, respectively. For the three and nine months ended September 30, 2010, dividends declared to stockholders totaled $21.0 million, or $0.32 per share, and $57.2 million, or $0.96 per share, respectively. Tax characteristics of all dividends are reported to stockholders on Form 1099 after the end of the calendar year.

We have elected to be taxed as a regulated investment company, or RIC, under Subchapter M of the Internal Revenue Code. To maintain our status as a RIC, we must distribute annually to our stockholders at least 90% of our investment company taxable income, and at least 98% of our income (both ordinary income and net capital gains) to avoid an excise tax. We have made, and intend to continue to make, timely distributions sufficient to satisfy the annual distribution requirements to maintain our qualification as a RIC. We also intend to make distributions of net realized capital gains, if any, at least annually. We may, at our discretion, carry forward taxable income in excess of calendar year distributions and pay a 4% excise tax on this income. We will accrue excise tax on estimated undistributed taxable income as required.

Dividend Reinvestment Plan

We maintain an “opt out” dividend reinvestment plan for our common stockholders. As a result, if we declare a dividend, stockholders’ cash dividends will be automatically reinvested in additional shares of our common stock, unless they specifically “opt out” of the dividend reinvestment plan so as to receive cash dividends. With respect to our dividends paid to stockholders for the nine months ended September 30, 2011 and 2010, dividends reinvested pursuant to our dividend reinvestment plan totaled $6.3 million and $3.7 million, respectively.

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 2011, the repurchase plan was further extended through June 30, 2012, with 1,594,971 shares remaining authorized for repurchase. During the three and nine months ended September 30, 2011, we purchased a total of 200,000 and 400,000 shares of our common stock on the open market for $2.0 million and $3.5 million, respectively, including brokerage commissions. Since inception of the repurchase plan through September 30, 2011, we have purchased 1,361,679 shares of our common stock on the open market for $9.0 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 3, 2011 to discuss its third quarter 2011 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 96712988). 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 6:00 p.m. on Thursday, November 3, 2011 and ending at midnight on Thursday, November 10, 2011. 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 96712988. To access the webcast, please visit the investor relations section of www.blackrockkelso.com.
     

BlackRock Kelso Capital Corporation

Statements of Assets and Liabilities (Unaudited)
 
September 30,2011 December 31,2010
Assets:
Investments at fair value:
Non-controlled, non-affiliated investments (amortized cost of $891,642,736
and $822,763,237) $ 821,008,762 $ 707,262,774

Non-controlled, affiliated investments (amortized cost of $63,965,899 and$80,424,668)
70,781,115 77,376,201
Controlled investments (amortized cost of $93,063,468 and $82,489,600)   100,472,026     95,446,691  
 

Total investments at fair value (amortized cost of $1,048,672,103 and$985,677,505)
992,261,903 880,085,666
Cash and cash equivalents 30,223,195 1,344,159
Cash denominated in foreign currency (cost of $4,072 and $798,560) 3,817 816,712
Unrealized appreciation on forward foreign currency contracts 1,376,893
Receivable for investments sold 462,271 5,316,189
Interest receivable 16,004,557 10,763,333
Dividends receivable 12,721,070 9,849,927
Prepaid expenses and other assets   7,410,500     7,431,688  
 
Total Assets $ 1,060,464,206   $ 915,607,674  
 
Liabilities:
Payable for investments purchased $ 2,935,476 $ 2,726,437
Unrealized depreciation on forward foreign currency contracts 159,700 368,445
Debt 317,450,000 170,000,000
Interest payable 2,314,810 256,084
Dividend distributions payable 18,984,146 23,222,287
Base management fees payable 5,124,033 4,355,021
Incentive management fees payable 14,614,098
Accrued administrative services 254,001 80,164
Other accrued expenses and payables   1,458,101     1,505,214  
 
Total Liabilities   348,680,267     217,127,750  
 
Net Assets:
Common stock, par value $.001 per share, 200,000,000 common shares
authorized, 74,377,615 and 73,531,317 issued and 73,015,936 and 72,569,638
outstanding 74,378 73,531
Paid-in capital in excess of par 1,002,494,654 994,200,522
Distributions in excess of net investment income (3,770,179 ) (4,029,341 )
Accumulated net realized loss (222,843,450 ) (180,403,836 )
Net unrealized depreciation (55,205,167 ) (105,935,052 )
Treasury stock at cost, 1,361,679 and 961,679 shares held   (8,966,297 )   (5,425,900 )
 
Total Net Assets   711,783,939     698,479,924  
 
Total Liabilities and Net Assets $ 1,060,464,206   $ 915,607,674  
 
Net Asset Value Per Share $ 9.75 $ 9.62
         

BlackRock Kelso Capital Corporation Statements of Operations (Unaudited)
Three months endedSeptember 30,

2011
Three months ended September 30,

2010
Nine months ended September 30,

2011
Nine months ended September 30,

2010
Investment Income:
From non-controlled, non-affiliated investments:
Interest $ 28,702,720 $ 21,756,798 $ 82,966,737 $ 72,077,951
Dividends 610,173 543,026 2,278,768 1,588,281
Other income 37,500 37,500
From non-controlled, affiliated investments:
Interest 1,222,841

1,637,598

4,055,375
4,722,438
Dividends 383,516

327,156

1,106,309
943,730
From controlled investments:
Interest   2,327,995     553,592     5,069,254     1,458,324  
 
Total investment income   33,247,245     24,818,170     95,513,943     80,828,224  
 
Expenses:
Base management fees 5,124,033 4,049,347 14,547,503 12,522,832
Incentive management fees 493,951
Interest and credit facility fees 4,208,359 1,748,712 11,902,630 4,570,476
Amortization of debt issuance costs 634,678 713,305 1,871,184 1,469,481
Professional fees 683,095 394,589 1,345,608 790,820
Investment advisor expenses 315,435 394,306 1,176,450 1,178,267
Administrative services 319,500 203,182 866,121 681,892
Insurance 108,186 123,409 350,606 458,020
Director fees 97,000 93,500 309,269 281,169
Other   792,346     286,568     1,564,091     884,162  
 
Total expenses   12,282,632     8,006,918     33,933,462     23,331,070  
 
Net Investment Income   20,964,613     16,811,252     61,580,481     57,497,154  
 
Realized and Unrealized Gain (Loss):
Net realized gain (loss):
Non-controlled, non-affiliated investments 258,039 400,317 (37,073,408 ) (26,685,901 )
Non-controlled, affiliated investments 176,800 (4,892,398 ) (36,221,865 )
Controlled investments 18,929 22,372 2,515
Foreign currency   682,083     875,621     (496,180 )   166,998  
 
Net realized gain (loss)   1,135,851     1,275,938     (42,439,614 )   (62,738,253 )
 
Net change in unrealized appreciation or
depreciation on:
Non-controlled, non-affiliated investments (4,598,697 ) (9,861,152 ) 44,282,872 9,255,775
Non-controlled, affiliated investments (190,180 ) 259,096 10,447,300 36,626,837
Controlled investments (5,630,890 ) 9,594,214 (5,548,533 ) 29,115,151
Foreign currency translation   1,256,787     (1,763,644 )   1,548,246     (623,077 )
 
Net change in unrealized appreciation or
depreciation   (9,162,980 )   (1,771,486 )   50,729,885     74,374,686  
 
Net realized and unrealized gain (loss)   (8,027,129 )   (495,548 )   8,290,271     11,636,433  
 
Net Increase in Net Assets Resulting from
Operations $ 12,937,484   $ 16,315,704   $ 69,870,752   $ 69,133,587  
 
Net Investment Income Per Share $ 0.29   $ 0.26   $ 0.84   $ 0.96  
 
Earnings Per Share $ 0.18   $ 0.25   $ 0.96   $ 1.15  
 
Basic and Diluted Weighted-Average Shares
Outstanding 73,101,398 65,509,414 72,966,076 59,898,128
Dividends Declared Per Share $ 0.26 $ 0.32 $ 0.84 $ 0.96

Supplemental Information

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.

The Company records its liability for incentive management fees as it becomes legally obligated to pay them, based on a hypothetical liquidation at the end of each reporting period. The Company’s obligation to pay incentive management fees with respect to any fiscal quarter is based on a formula that reflects the Company’s results over a trailing four-fiscal quarter period ending with the current fiscal quarter. The Company is legally obligated to pay the amount resulting from the formula less any cash payments of incentive management fees during the prior three quarters. The formula’s requirement to reduce the incentive management fee by amounts paid with respect to incentive fees in the prior three quarters has caused the Company’s incentive fee expense to become, and currently is expected to be, concentrated in the fourth quarter of each year. Management believes that reflecting incentive fees throughout the year, as the related investment income is earned, is an effective measure of the Company’s profitability and financial performance that facilitates comparison of current results with historical results and with those of the Company’s peers. The Company’s “as adjusted” results reflect incentive management fees based on the formula the Company utilizes for each trailing four-fiscal quarter period, with the formula applied to the current quarter’s incremental earnings and without any reduction for incentive management fees paid during the prior three quarters. The resulting amount represents an upper limit of each quarter’s incremental incentive management fees that the Company may become legally obligated to pay. However, amounts calculated on a cumulative basis may yield amounts higher than the prior quarterly periods as presented. Prior year amounts are estimated in the same manner. These estimates represent upper limits because, in any calendar year, subsequent quarters’ investment underperformance could reduce the incentive management fees payable by the Company with respect to prior quarters’ operating results. Changes in the economic environment, financial markets and other parameters used in determining such estimates could cause actual results to differ and such differences could be material. For a more detailed description of the Company’s incentive management fee, please refer to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2011 and Annual Report on Form 10-K for the fiscal year ended December 31, 2010 on file with the SEC.

Computations for all periods are derived from the Company's financial statements as follows:

         
Three months

endedSeptember 30, 2011
Three months

endedSeptember 30, 2010
Nine months

endedSeptember 30, 2011
Nine months

endedSeptember 30, 2010
 
GAAP Basis:
Net Investment Income $ 20,964,613 $ 16,811,252 $ 61,580,481 $ 57,497,154
Net Increase in Net Assets from Operations 12,937,484 16,315,704 69,870,752 69,133,587
Net Asset Value at end of period 711,783,939 639,077,694 711,783,939 639,077,694
Less: Incremental incentive management fee expense using
existing formula as applied to current period operating results (2,956,399) (3,791,636) (8,070,524) (11,423,444)
As Adjusted:
Net Investment Income $ 18,008,214 $ 13,019,616 $ 53,509,957 $ 46,073,710
Net Increase in Net Assets from Operations 9,981,085 12,524,068 61,800,228 57,710,143
Net Asset Value at end of period 703,713,415 627,654,250 703,713,415 627,654,250
 
Per Share Amounts, GAAP Basis:
Net Investment Income $ 0.29 $ 0.26 $ 0.84 $ 0.96
Net Increase in Net Assets from Operations 0.18 0.25 0.96 1.15
Net Asset Value at end of period 9.75 9.76 9.75 9.76

 
Per Share Amounts, As Adjusted:
Net Investment Income $ 0.25 $ 0.20 $ 0.73 $ 0.77
Net Increase in Net Assets from Operations 0.14 0.19 0.85 0.96
Net Asset Value at end of period 9.64 9.58 9.64 9.58

About BlackRock Kelso Capital Corporation

BlackRock Kelso Capital Corporation is a business development company that provides debt and equity capital to middle-market companies.

The Company's investment objective is to generate both current income and capital appreciation through debt and equity investments. The Company invests primarily in middle-market companies in the form of senior and junior secured and unsecured debt securities and loans, each of which may include an equity component, and by making direct preferred, common and other equity investments in such companies.

Forward-Looking Statements

This press release, and other statements that BlackRock Kelso Capital may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to BlackRock Kelso Capital’s future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions.

BlackRock Kelso Capital cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock Kelso Capital assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

In addition to factors previously disclosed in BlackRock Kelso Capital's Securities and Exchange Commission (“SEC”) reports and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: (1) our future operating results; (2) our business prospects and the prospects of our portfolio companies; (3) the impact of investments that we expect to make; (4) our contractual arrangements and relationships with third parties; (5) the dependence of our future success on the general economy and its impact on the industries in which we invest; (6) the ability of our portfolio companies to achieve their objectives; (7) our expected financings and investments; (8) the adequacy of our cash resources and working capital, including our ability to obtain continued financing on favorable terms; (9) the timing of cash flows, if any, from the operations of our portfolio companies; (10) the impact of increased competition; (11) the ability of our investment advisor to locate suitable investments for us and to monitor and administer our investments; (12) potential conflicts of interest in the allocation of opportunities between us and other investment funds managed by our investment advisor or its affiliates; (13) the ability of our investment advisor to attract and retain highly talented professionals; (14) fluctuations in foreign currency exchange rates; and (15) the impact of changes to tax legislation and, generally, our tax position.

BlackRock Kelso Capital’s Annual Report on Form 10-K for the year ended December 31, 2010 filed with the SEC identifies additional factors that can affect forward-looking statements.

Available Information

BlackRock Kelso Capital’s filings with the SEC, press releases, earnings releases and other financial information are available on its website at www.blackrockkelso.com. The information contained on our website is not a part of this press release.

Copyright Business Wire 2010

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