Kohlberg Capital Corp. (KCAP, Financial) filed Quarterly Report for the period ended 2009-06-30.
KOHLBERG CAPITAL CORPORATION is a publicly traded internally managed business development company. Kohlberg\'s middle market investment business originates structures finances and manages a portfolio of term loans mezzanine investments and selected equity securities in middle market companies. Kohlberg\'s wholly-owned portfolio company Katonah Debt Advisors manages CLO Funds that invest in broadly syndicated corporate term loans high-yield bonds and other credit instruments. Kohlberg\'s investment objective is to generate current income and capital appreciation primarily from the investments made by its middle market business in senior secured term loans mezzanine debt and selected equity investments in middle market companies. Kohlberg Capital Corp. has a market cap of $117.6 million; its shares were traded at around $5.41 with a P/E ratio of 3.3 and P/S ratio of 2.4. The dividend yield of Kohlberg Capital Corp. stocks is 17.7%.
Our common stock is traded on The NASDAQ Global Select Market under the symbol “KCAP.” The net asset value (“NAV”) per share of our common stock at June 30, 2009 was $11.09. On June 30, 2009, the last reported sale price of a share of our common stock on The NASDAQ Global Select Market was $6.32.
Our NAV per share was $11.09 and $11.68 as of June 30, 2009 and December 31, 2008, respectively. As we must report our assets at fair value for each reporting period, NAV also represents the amount of stockholder s equity per share for the reporting period. Our NAV is comprised mostly of investment assets less debt and other liabilities:
During the three and six months ended June 30, 2009, the Company s investments had a net change in unrealized depreciation of approximately $6 million and $14 million, respectively. The net change in unrealized depreciation for the three months ended June 30, 2009 is primarily due to (i) an approximate $10 million net decrease in the market value of certain broadly syndicated loans as a result of current market conditions; (ii) an approximate $5 million increase in the net value of CLO Fund securities; and (iii) an approximate $1 million decrease in the value of Katonah Debt Advisors.
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KOHLBERG CAPITAL CORPORATION is a publicly traded internally managed business development company. Kohlberg\'s middle market investment business originates structures finances and manages a portfolio of term loans mezzanine investments and selected equity securities in middle market companies. Kohlberg\'s wholly-owned portfolio company Katonah Debt Advisors manages CLO Funds that invest in broadly syndicated corporate term loans high-yield bonds and other credit instruments. Kohlberg\'s investment objective is to generate current income and capital appreciation primarily from the investments made by its middle market business in senior secured term loans mezzanine debt and selected equity investments in middle market companies. Kohlberg Capital Corp. has a market cap of $117.6 million; its shares were traded at around $5.41 with a P/E ratio of 3.3 and P/S ratio of 2.4. The dividend yield of Kohlberg Capital Corp. stocks is 17.7%.
Highlight of Business Operations:
We are an internally managed, non-diversified closed-end investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). We originate, structure and invest in senior secured term loans, mezzanine debt and selected equity securities primarily in privately-held middle market companies. We define the middle market as comprising companies with earnings before interest, taxes, depreciation and amortization, which we refer to as “EBITDA,” of $10 million to $50 million and/or total debt of $25 million to $150 million. In addition to our middle market investment business, our wholly-owned portfolio company, Katonah Debt Advisors, manages collateralized loan obligation funds (“CLO Funds”) that invest in broadly syndicated loans, high-yield bonds and other corporate credit instruments. We acquired Katonah Debt Advisors and certain related assets prior to our initial public offering from affiliates of Kohlberg & Co., LLC (“Kohlberg & Co.”), a leading private equity firm focused on middle market investing. As of June 30, 2009, Katonah Debt Advisors had approximately $2.1 billion of assets under management.Our common stock is traded on The NASDAQ Global Select Market under the symbol “KCAP.” The net asset value (“NAV”) per share of our common stock at June 30, 2009 was $11.09. On June 30, 2009, the last reported sale price of a share of our common stock on The NASDAQ Global Select Market was $6.32.
Our NAV per share was $11.09 and $11.68 as of June 30, 2009 and December 31, 2008, respectively. As we must report our assets at fair value for each reporting period, NAV also represents the amount of stockholder s equity per share for the reporting period. Our NAV is comprised mostly of investment assets less debt and other liabilities:
During the three and six months ended June 30, 2009, the Company s investments had a net change in unrealized depreciation of approximately $6 million and $14 million, respectively. The net change in unrealized depreciation for the three months ended June 30, 2009 is primarily due to (i) an approximate $10 million net decrease in the market value of certain broadly syndicated loans as a result of current market conditions; (ii) an approximate $5 million increase in the net value of CLO Fund securities; and (iii) an approximate $1 million decrease in the value of Katonah Debt Advisors.
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