Solar Capital Ltd. Announces Quarter Ended September 30, 2015 Financial Results; Declares Quarterly Distribution of $0.40 per Share for Q4, 2015
11/03/15
The Company's Board of Directors declared a fourth quarter distribution of
HIGHLIGHTS:
At
Investment portfolio fair value:
Number of portfolio companies: 54
Net assets:
Net asset value per share:
Portfolio Activity for the Quarter Ended
Investments made during the quarter:
Investments prepaid and sold during the quarter:
Operating Results for the Quarter Ended
Net investment income:
Net realized and unrealized loss:
Net increase in net assets from operations:
Net investment income per share:
"Year-to-date we have achieved almost 20% net portfolio growth. We expect additional portfolio growth in Q4 driven by investments in our target asset niches and continued light repayments," said
Conference Call and Webcast
The company will host an earnings conference call and audio webcast at
Portfolio and Investment Activity
During the three months ended
At
Crystal Financial's
At
At
From inception in 2006 through
* We have included Crystal Financial as 100% floating rate.
Results of Operations for the Three Months Ended
Investment Income
For the three months ended
Net Expenses
Net expenses totaled
Net Investment Income
The Company's net investment income totaled
Net Realized and Unrealized Loss
Net realized and unrealized loss for the three months ended
Net Increase in Net Assets Resulting From Operations
For the three months ended
Liquidity and Capital Resources
At
On
Financial Statements and Tables
| SOLAR CAPITAL LTD. | ||||||||||
| CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES | ||||||||||
| (in thousands, except share amounts) | ||||||||||
| September 30, 2015 (unaudited) | December 31, 2014 |
|||||||||
| Assets | ||||||||||
| Investments at fair value: | ||||||||||
| Companies less than 5% owned (cost: $866,422 and $659,552, respectively) | $ | 851,537 | $ | 652,288 | ||||||
| Companies 5% to 25% owned (cost: $8,511 and $8,511, respectively) | 1,533 | 4,646 | ||||||||
| Companies more than 25% owned (cost: $330,964 and $339,380, respectively) | 353,618 | 363,804 | ||||||||
| Total investments (cost: $1,205,897 and $1,007,443, respectively) | 1,206,688 | 1,020,738 | ||||||||
| Cash | 3,558 | 145,075 | ||||||||
| Cash equivalents (cost: $422,223 and $490,000, respectively) | 422,149 | 490,000 | ||||||||
| Foreign currency (cost: $0 and $275, respectively) | - | 265 | ||||||||
| Receivable for investments sold | 12,535 | 13,138 | ||||||||
| Interest receivable | 9,496 | 4,549 | ||||||||
| Dividends receivable | 8,242 | 8,258 | ||||||||
| Deferred financing costs | 3,234 | 3,263 | ||||||||
| Prepaid expenses and other assets | 1,092 | 1,048 | ||||||||
| Total assets | $ | 1,666,994 | $ | 1,686,334 | ||||||
| Liabilities | ||||||||||
| Revolving credit facilities | $ | 73,400 | $ | - | ||||||
| Unsecured senior notes | 100,000 | 100,000 | ||||||||
| Senior secured notes | 75,000 | 75,000 | ||||||||
| Term loan | 50,000 | 50,000 | ||||||||
| Distributions payable | 16,986 | 16,986 | ||||||||
| Payable for investments and cash equivalents purchased | 424,479 | 492,475 | ||||||||
| Management fee payable | 6,254 | 6,109 | ||||||||
| Performance-based incentive fee payable | 1,271 | 4,198 | ||||||||
| Administrative services expense payable | 1,767 | 2,427 | ||||||||
| Interest payable | 2,690 | 1,504 | ||||||||
| Other liabilities and accrued expenses | 1,277 | 1,067 | ||||||||
| Total liabilities | $ | 753,124 | $ | 749,766 | ||||||
| Net Assets | ||||||||||
| Common stock, par value $0.01 per share, 200,000,000 and 200,000,000 common shares authorized, respectively, and 42,465,162 and 42,465,162 shares issued and outstanding, respectively | $ | 425 | $ | 425 | ||||||
| Paid-in capital in excess of par | 991,963 | 991,963 | ||||||||
| Distributions in excess of net investment income | (12,188 | ) | (8,599 | ) | ||||||
| Accumulated net realized loss | (67,047 | ) | (60,506 | ) | ||||||
| Net unrealized appreciation | 717 | 13,285 | ||||||||
| Total net assets | $ | 913,870 | $ | 936,568 | ||||||
| Net Asset Value Per Share | $ | 21.52 | $ | 22.05 | ||||||
| SOLAR CAPITAL LTD. | |||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) | |||||||||||
| (in thousands, except share amounts) | |||||||||||
| Three months ended | |||||||||||
| September 30, 2015 | September 30, 2014 | ||||||||||
| INVESTMENT INCOME: | |||||||||||
| Interest: | |||||||||||
| Companies less than 5% owned | $ | 21,066 | $ | 18,847 | |||||||
| Companies 5% to 25% owned | - | 253 | |||||||||
| Companies more than 25% owned | 639 | 814 | |||||||||
| Dividends: | |||||||||||
| Companies less than 5% owned | 8 | - | |||||||||
| Companies more than 25% owned | 8,393 | 8,391 | |||||||||
| Other income: | |||||||||||
| Companies less than 5% owned | 334 | 50 | |||||||||
| Companies more than 25% owned | 5 | 3 | |||||||||
| Total investment income | 30,445 | 28,358 | |||||||||
| EXPENSES: | |||||||||||
| Management fees | $ | 6,254 | $ | 6,159 | |||||||
| Performance-based incentive fees | 1,971 | - | |||||||||
| Interest and other credit facility expenses | 3,875 | 3,630 | |||||||||
| Administrative services expense | 1,245 | 1,268 | |||||||||
| Other general and administrative expenses | 811 | 941 | |||||||||
| Total expenses | 14,156 | 11,998 | |||||||||
| Performance-based incentive fees waived | (700 | ) | - | ||||||||
| Net expenses | 13,456 | 11,998 | |||||||||
| Net investment income | $ | 16,989 | $ | 16,360 | |||||||
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, CASH EQUIVALENTS, FOREIGN CURRENCIES AND DERIVATIVES: | |||||||||||
| Net realized gain (loss) on investments and cash equivalents: | |||||||||||
| Companies less than 5% owned | $ | 151 | $ | - | |||||||
| Companies 5% to 25% owned | 337 | - | |||||||||
| Companies more than 25% owned | (373 | ) | 51 | ||||||||
| Net realized gain (loss) on investments and cash equivalents | 115 | 51 | |||||||||
| Net realized loss on foreign currencies and derivatives: | (42 | ) | (3,016 | ) | |||||||
| Net realized gain (loss) | 73 | (2,965 | ) | ||||||||
| Net change in unrealized gain (loss) on investments and cash equivalents | (17,008 | ) | (609 | ) | |||||||
| Net change in unrealized gain (loss) on foreign currencies and derivatives | 32 | (18 | ) | ||||||||
| Net change in unrealized gain (loss) | (16,976 | ) | (627 | ) | |||||||
| Net realized and unrealized gain (loss) on investments, cash equivalents, foreign currencies and derivatives | (16,903 | ) | (3,592 | ) | |||||||
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 86 | $ | 12,768 | |||||||
| EARNINGS PER SHARE | $ | 0.00 | $ | 0.30 | |||||||
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Forward-Looking Statements
Statements included herein may constitute "forward-looking statements," which relate to future events or our future performance or financial condition. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the
Contact
Investor Relations
(646) 308-8770
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