Kohlberg Capital Corp. (KCAP, Financial) filed Quarterly Report for the period ended 2009-09-30.
Kohlberg Capital Corp. has a market cap of $102.4 million; its shares were traded at around $4.69 with a P/E ratio of 2.9 and P/S ratio of 2.1. The dividend yield of Kohlberg Capital Corp. stocks is 14.5%.
As of September 30, 2009, our investment in Katonah Debt Advisors was approximately $57 million. For the three months ended September 30, 2009 and 2008, Katonah Debt Advisors had pre-tax net income of approximately $915,000 and $2 million, respectively. For the nine months ended September 30, 2009 and 2008, Katonah Debt Advisors had pre-tax net income of approximately $2 million and $4 million, respectively. For the three and nine months ended September 30, 2009, Katonah Debt Advisors made no distributions of net income. For the nine months ended September 30, 2008, Katonah Debt Advisors distributed approximately $1 million of net income. Katonah Debt Advisors made no distributions of net income for the three months ended September 30, 2008.
Total expenses for the three months ended September 30, 2009 and 2008 were approximately $5 million and $4 million, respectively. Interest expense and amortization on debt issuance costs for the period, which includes facility and program fees on the unused loan balance, were approximately $3 million and $2 million, respectively, on average debt outstanding of $231 million and $239 million, respectively. Approximately $761,000 and $747,000, respectively, of expenses were attributable to employment compensation, including salaries, bonuses and stock option expense for the three months ended September 30, 2009 and 2008. For the three months ended September 30, 2009, other expenses included approximately $870,000 for professional fees, insurance, administrative and other. For the three months ended September 30, 2008, expenses included approximately $696,000 for professional fees, insurance, administrative and other. For the three months ended September 30, 2009 and 2008, administrative and other costs totaled approximately $303,000 and $264,000, respectively, and include occupancy expense, insurance, technology and other office expenses.
Total expenses for the nine months ended September 30, 2009 and 2008 were approximately $11 million and $14 million, respectively. Interest expense and amortization on debt issuance costs for the period, which includes facility and program fees on the unused loan balance, were approximately $6 million and $8 million on average debt outstanding of $241 million and $243 million, respectively. Approximately $2 million and $3 million, respectively, of expenses were attributable to employment compensation, including salaries, bonuses and stock option expense for the nine months ended September 30, 2009 and 2008. For the nine months ended September 30, 2009 and 2008, other expenses included approximately $2 million for professional fees, insurance, administrative and other. For the nine months ended September 30, 2009 and 2008, administrative and other costs totaled approximately $833,000 and $915,000, respectively, and include occupancy expense, insurance, technology and other office expenses.
During the nine months ended September 30, 2009 and 2008, our total investments had a change in net unrealized appreciation of approximately $26 million and depreciation of $14 million, respectively. For the nine months ended September 30, 2009, Katonah Debt Advisors had a change in unrealized appreciation of approximately $206,000 and our middle market portfolio of debt securities, equity securities and CLO Fund securities had a change in unrealized appreciation of approximately $18 million. For the nine months ended September 30, 2008, Katonah Debt Advisors had a change in unrealized appreciation of approximately $3 million offset by a change in unrealized losses of approximately $17 million, on debt securities, equity securities and CLO Fund securities in our investment portfolio.
The net increase in stockholders equity resulting from operations for the three and nine months ended September 30, 2009 was approximately $11 million and $33 million, respectively, or $0.48 and $1.48, respectively, per share. The net increase in stockholders equity resulting from operations for the three and nine months ended September 30, 2008 was approximately $3 million and $9 million, or $0.16 and $0.46, respectively, per share.
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Kohlberg Capital Corp. has a market cap of $102.4 million; its shares were traded at around $4.69 with a P/E ratio of 2.9 and P/S ratio of 2.1. The dividend yield of Kohlberg Capital Corp. stocks is 14.5%.
Highlight of Business Operations:
Investment income for the nine months ended September 30, 2009 and 2008 was approximately $27 million and $38 million, respectively. Of this amount, approximately $19 million and $25 million, respectively, was attributable to interest income on our loan and bond investments. For the nine months ended September 30, 2009 and 2008, approximately $7 million and $10 million, respectively, of investment income is attributable to dividends earned on CLO equity investments.As of September 30, 2009, our investment in Katonah Debt Advisors was approximately $57 million. For the three months ended September 30, 2009 and 2008, Katonah Debt Advisors had pre-tax net income of approximately $915,000 and $2 million, respectively. For the nine months ended September 30, 2009 and 2008, Katonah Debt Advisors had pre-tax net income of approximately $2 million and $4 million, respectively. For the three and nine months ended September 30, 2009, Katonah Debt Advisors made no distributions of net income. For the nine months ended September 30, 2008, Katonah Debt Advisors distributed approximately $1 million of net income. Katonah Debt Advisors made no distributions of net income for the three months ended September 30, 2008.
Total expenses for the three months ended September 30, 2009 and 2008 were approximately $5 million and $4 million, respectively. Interest expense and amortization on debt issuance costs for the period, which includes facility and program fees on the unused loan balance, were approximately $3 million and $2 million, respectively, on average debt outstanding of $231 million and $239 million, respectively. Approximately $761,000 and $747,000, respectively, of expenses were attributable to employment compensation, including salaries, bonuses and stock option expense for the three months ended September 30, 2009 and 2008. For the three months ended September 30, 2009, other expenses included approximately $870,000 for professional fees, insurance, administrative and other. For the three months ended September 30, 2008, expenses included approximately $696,000 for professional fees, insurance, administrative and other. For the three months ended September 30, 2009 and 2008, administrative and other costs totaled approximately $303,000 and $264,000, respectively, and include occupancy expense, insurance, technology and other office expenses.
Total expenses for the nine months ended September 30, 2009 and 2008 were approximately $11 million and $14 million, respectively. Interest expense and amortization on debt issuance costs for the period, which includes facility and program fees on the unused loan balance, were approximately $6 million and $8 million on average debt outstanding of $241 million and $243 million, respectively. Approximately $2 million and $3 million, respectively, of expenses were attributable to employment compensation, including salaries, bonuses and stock option expense for the nine months ended September 30, 2009 and 2008. For the nine months ended September 30, 2009 and 2008, other expenses included approximately $2 million for professional fees, insurance, administrative and other. For the nine months ended September 30, 2009 and 2008, administrative and other costs totaled approximately $833,000 and $915,000, respectively, and include occupancy expense, insurance, technology and other office expenses.
During the nine months ended September 30, 2009 and 2008, our total investments had a change in net unrealized appreciation of approximately $26 million and depreciation of $14 million, respectively. For the nine months ended September 30, 2009, Katonah Debt Advisors had a change in unrealized appreciation of approximately $206,000 and our middle market portfolio of debt securities, equity securities and CLO Fund securities had a change in unrealized appreciation of approximately $18 million. For the nine months ended September 30, 2008, Katonah Debt Advisors had a change in unrealized appreciation of approximately $3 million offset by a change in unrealized losses of approximately $17 million, on debt securities, equity securities and CLO Fund securities in our investment portfolio.
The net increase in stockholders equity resulting from operations for the three and nine months ended September 30, 2009 was approximately $11 million and $33 million, respectively, or $0.48 and $1.48, respectively, per share. The net increase in stockholders equity resulting from operations for the three and nine months ended September 30, 2008 was approximately $3 million and $9 million, or $0.16 and $0.46, respectively, per share.
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