Solar Capital Announces December 31, 2011 Financial Results; 4% Increase In NAV; Declares Quarterly Dividend Of $0.60 Per Share

Solar Capital Ltd (NASDAQ: SLRC), today reported earnings of $1.42 per share and net investment income of $20.7 million, or $0.57 per share, for the quarter ended December 31, 2011. At year end, net asset value (NAV) per share was $22.02, a 4% increase from September 30, 2011. Solar Capital also announced that its Board of Directors has declared a first quarter dividend of $0.60 per share, payable on April 3, 2012 to stockholders of record on March 20, 2012. The Company expects the dividend to be paid from taxable earnings with specific tax characteristics reported to stockholders after the end of the 2012 calendar year.
 
Year-End Balance Sheet Highlights
($ in millions, except per share amounts)
  2011   2010
Investment Portfolio $ 1,045.0 $ 976.2
Total Assets $ 1,079.4 $ 1,291.8
Net Assets $ 805.9 $ 827.0
 
NAV per share $ 22.02 $ 22.73
 
Investment Portfolio Composition:
Senior Secured Loans $ 412.4 $ 247.1
Subordinated Debt $ 546.9 $ 649.8
Equity Investments $ 85.8 $ 79.3
 
Weighted Average Portfolio Statistics:
Yield on Fair Value 14.2 % 14.3 %
Yield on Cost 13.2 % 13.8 %
 
 
Income Highlights for the Quarter and Year
($ in millions)
       

Quarter endedDecember 31,2011

Quarter endedDecember 31,2010

Year endedDecember 31,2011

Year endedDecember 31,2010
 
Investment Income $ 36.0 $ 31.6 $ 138.9 $ 124.6
 
Net Investment Income (NII) $ 20.7 $ 17.4 $ 81.9 $ 69.2
Net Realized and Unrealized Gain (Loss)   31.2   25.0   (20.6 )   72.7
Net Income $ 51.9 $ 42.4 $ 61.3   $ 141.9
 
NII per share $ 0.57 $ 0.51 $ 2.25 $ 2.08
 

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