Kohlberg Capital Corp. (KCAP, Financial) filed Amended Quarterly Report for the period ended 2009-03-31.
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 March 31, 2009, our investment in Katonah Debt Advisors was approximately $56 million. For the three months ended March 31, 2009 and 2008, Katonah Debt Advisors had pre-tax net loss of approximately $9,000 and pre-tax net income of $2 million, respectively. For the three months ended March 31, 2009, Katonah Debt Advisors made no distributions of net income. For the three months ended March 31, 2008, Katonah Debt Advisors distributed $350,000 of net income.
Total expenses for the three months ended March 31, 2009 and 2008 were approximately $3 million and $6 million, respectively. Interest expense and amortization on debt issuance costs for the period, which includes facility and program fees on the unused loan balance, was approximately $2 million and $3 million, on average debt outstanding of $254 million and $255 million, respectively. Approximately $801,000 and $1 million, respectively, of expenses were attributable to employment compensation, including salaries, bonuses and stock option expense for the three months ended March 31, 2009 and 2008. For the three months ended March 31, 2009, other expenses included approximately $690,000 for professional fees, insurance, administrative and other. For the three months ended March 31, 2008, expenses included approximately $1 million for professional fees, insurance, administrative and other. For the three months ended March 31, 2009 and 2008, administrative and other costs totaled approximately $262,000 and $345,000, respectively, and include occupancy expense, insurance, technology and other office expenses.
During the three months ended March 31, 2009 and 2008, our total investments had a change in net unrealized appreciation of approximately $4 million and $9 million, respectively. Of this amount, affiliate asset managers had unrealized appreciation of approximately $1 million and $3 million, respectively, offset by unrealized gains of approximately $3 million and unrealized losses of $12 million, respectively, 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 months ended March 31, 2009 was approximately $9 million, or $0.41 per share. The net decrease in stockholders equity resulting from operations for the three months ended March 31, 2008 was approximately $577,000, or $0.03 per share.
We are a party to financial instruments with off-balance sheet risk in the normal course of business in order to meet the needs of our investment in portfolio companies. Such instruments include commitments to extend credit and may involve, in varying degrees, elements of credit risk in excess of amounts recognized on our balance sheet. Prior to extending such credit, we attempt to limit our credit risk by conducting extensive due diligence, obtaining collateral where necessary and negotiating appropriate financial covenants. As of March 31, 2009 and December 31, 2008, we had committed to make a total of approximately $3 million and $3 million, respectively, of investments in various revolving senior secured loans, of which approximately $1 million was funded as of March 31, 2009 and approximately $1 million was funded as of December 31, 2008. As of March 31, 2009 and December 31, 2008, we had no investments in delayed draw senior secured loans.
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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 three months ended March 31, 2009 and 2008 was approximately $9 million and $14 million, respectively. Of this amount, approximately $7 million and $10 million, respectively, was attributable to interest income on our loan and bond investments. For the three months ended March 31, 2009 and 2008, approximately $3 million of investment income is attributable to dividends earned on CLO equity investments.As of March 31, 2009, our investment in Katonah Debt Advisors was approximately $56 million. For the three months ended March 31, 2009 and 2008, Katonah Debt Advisors had pre-tax net loss of approximately $9,000 and pre-tax net income of $2 million, respectively. For the three months ended March 31, 2009, Katonah Debt Advisors made no distributions of net income. For the three months ended March 31, 2008, Katonah Debt Advisors distributed $350,000 of net income.
Total expenses for the three months ended March 31, 2009 and 2008 were approximately $3 million and $6 million, respectively. Interest expense and amortization on debt issuance costs for the period, which includes facility and program fees on the unused loan balance, was approximately $2 million and $3 million, on average debt outstanding of $254 million and $255 million, respectively. Approximately $801,000 and $1 million, respectively, of expenses were attributable to employment compensation, including salaries, bonuses and stock option expense for the three months ended March 31, 2009 and 2008. For the three months ended March 31, 2009, other expenses included approximately $690,000 for professional fees, insurance, administrative and other. For the three months ended March 31, 2008, expenses included approximately $1 million for professional fees, insurance, administrative and other. For the three months ended March 31, 2009 and 2008, administrative and other costs totaled approximately $262,000 and $345,000, respectively, and include occupancy expense, insurance, technology and other office expenses.
During the three months ended March 31, 2009 and 2008, our total investments had a change in net unrealized appreciation of approximately $4 million and $9 million, respectively. Of this amount, affiliate asset managers had unrealized appreciation of approximately $1 million and $3 million, respectively, offset by unrealized gains of approximately $3 million and unrealized losses of $12 million, respectively, 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 months ended March 31, 2009 was approximately $9 million, or $0.41 per share. The net decrease in stockholders equity resulting from operations for the three months ended March 31, 2008 was approximately $577,000, or $0.03 per share.
We are a party to financial instruments with off-balance sheet risk in the normal course of business in order to meet the needs of our investment in portfolio companies. Such instruments include commitments to extend credit and may involve, in varying degrees, elements of credit risk in excess of amounts recognized on our balance sheet. Prior to extending such credit, we attempt to limit our credit risk by conducting extensive due diligence, obtaining collateral where necessary and negotiating appropriate financial covenants. As of March 31, 2009 and December 31, 2008, we had committed to make a total of approximately $3 million and $3 million, respectively, of investments in various revolving senior secured loans, of which approximately $1 million was funded as of March 31, 2009 and approximately $1 million was funded as of December 31, 2008. As of March 31, 2009 and December 31, 2008, we had no investments in delayed draw senior secured loans.
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