[November 07, 2018] |
|
Corporate Capital Trust, Inc. Reports Third Quarter 2018 Results
Corporate Capital Trust, Inc. (NYSE:CCT), a leading business development
company, announced its operating results for the quarter ended September
30, 2018.
This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20181107005829/en/
Financial Highlights for the Quarter Ended September 30, 2018
-
Pro forma net investment income of $49.3 million, or $0.40 per
share, as compared to $50.3 million, or $0.40 per share, for the prior
quarter1
-
Net investment income of $43.8 million, or $0.35 per share, as
compared to $49.4 million, or $0.39 per share, for the prior quarter
-
Net realized and unrealized losses on investments of $12.4 million,
or $0.10 per share, resulting from $13.0 million of net unrealized
gains and $25.4 million of net realized losses. This compares to net
realized and unrealized losses on investments of $11.4 million, or
$0.09 per share, for the prior quarter
-
Paid regular cash dividends to stockholders totaling $0.402 per
share
-
Net asset value of $19.44 per share, compared to $19.58 as of June
30, 2018
"This year, we've continued to focus on serving the needs of our
borrowers and sourcing attractive new investment opportunities, which in
turn has allowed us to deliver a competitive and stable dividend while
preserving capital for our stockholders," said Todd Builione, President
of CCT. "Additionally, we are pleased with the progress we've made since
announcing the formation of the partnership between FS Investments and
KKR. Completing the merger with FSIC, efficiently leveraging our lower
cost revolving credit facility and maintaining a robust origination
pipeline will position us well to deliver consistent long-term
performance."
Announcement of Expected Dividend for Fourth Quarter 2018
CCT expects to declare a fourth quarter dividend of at least $0.40 per
share, subject to approval by the board of directors. Assuming the
merger with FSIC closes in Q4 following satisfaction of all conditions,
the final size of the dividend will also be designed to distribute any
undistributed taxable income and net realized capital gains.
Summary Consolidated Results2
|
|
|
|
|
Three Months Ended
|
(dollars in thousands, except per share data) (all
per share amounts are basic and diluted)
|
|
|
|
Sept 30, 2018
|
|
|
June 30, 2018
|
|
|
Sept 30, 2017
|
Total investment income
|
|
|
|
$
|
103,861
|
|
|
|
$
|
103,764
|
|
|
|
$
|
97,593
|
|
Net investment income
|
|
|
|
$
|
43,784
|
|
|
|
$
|
49,426
|
|
|
|
$
|
53,364
|
|
Net increase in net assets resulting from operations
|
|
|
|
$
|
31,414
|
|
|
|
$
|
38,074
|
|
|
|
$
|
45,281
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income per share
|
|
|
|
$
|
0.35
|
|
|
|
$
|
0.39
|
|
|
|
$
|
0.39
|
|
Total net realized and unrealized gain (loss) per share
|
|
|
|
$
|
(0.10
|
)
|
|
|
$
|
(0.09
|
)
|
|
|
$
|
(0.06
|
)
|
Net increase (decrease) in net assets resulting from operations
(Earnings per Share)
|
|
|
|
$
|
0.25
|
|
|
|
$
|
0.30
|
|
|
|
$
|
0.33
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income per share - Adjusted1
|
|
|
|
$
|
0.40
|
|
|
|
$
|
0.40
|
|
|
|
$
|
0.36
|
|
Total net realized and unrealized gain (loss) per share
|
|
|
|
$
|
(0.10
|
)
|
|
|
$
|
(0.09
|
)
|
|
|
$
|
(0.06
|
)
|
Net increase (decrease) in net assets resulting from operations
(Earnings per Share) - Adjusted1
|
|
|
|
$
|
0.30
|
|
|
|
$
|
0.31
|
|
|
|
$
|
0.30
|
|
|
|
|
|
|
|
|
|
|
|
|
Regular Stockholder dividends per share
|
|
|
|
$
|
0.40
|
|
|
|
$
|
0.40
|
|
|
|
$
|
0.40
|
|
Special Stockholder dividends per share
|
|
|
|
|
-
|
|
|
|
$
|
0.10
|
|
|
|
|
-
|
|
Net asset value per share at period end
|
|
|
|
$
|
19.44
|
|
|
|
$
|
19.58
|
|
|
|
$
|
20.01
|
|
Weighted average shares outstanding
|
|
|
|
|
124,195
|
|
|
|
|
126,056
|
|
|
|
|
136,485
|
|
Shares outstanding, end of period
|
|
|
|
|
124,120
|
|
|
|
|
124,663
|
|
|
|
|
135,903
|
|
(dollar amounts in thousands)
|
|
|
|
As of Sept 30, 2018
|
|
|
As of December 31, 2017
|
Total fair value of investments
|
|
|
$
|
4,116,271
|
|
|
$
|
3,969,097
|
Total assets
|
|
|
$
|
4,371,114
|
|
|
$
|
4,221,500
|
Total net assets
|
|
|
$
|
2,413,478
|
|
|
$
|
2,485,102
|
|
|
|
|
|
|
|
|
|
Portfolio Highlights as of September 30, 2018
-
Total fair value of investments was $4.1 billion
-
New investment fundings for the quarter were $279 million. At
September 30, 2018, 82.8% of total investments at fair market value
were in Originated Strategy Investments3
-
Average annual yield on debt investments was 10.4%4
-
74% of investments in senior secured debt, compared to 75% as of June
30, 2018
Total Portfolio Activity
|
|
|
|
Three Months Ended
|
(dollar amounts in millions)
|
|
|
|
Sept 30, 2018
|
|
|
June 30, 2018
|
|
|
Sept 30, 2017
|
Purchases
|
|
|
|
$278.7
|
|
|
$574.8
|
|
|
$549.5
|
Sales and redemptions5
|
|
|
|
$241.7
|
|
|
$452.3
|
|
|
$700.6
|
Net investment activity
|
|
|
|
$37.0
|
|
|
$122.5
|
|
|
($151.1)
|
Net Sales to SCJV
|
|
|
|
$14.2
|
|
|
$206.9
|
|
|
171.4
|
Adjusted net investment activity
|
|
|
|
$51.2
|
|
|
$329.4
|
|
|
$20.3
|
Portfolio Data
|
|
|
|
As of Sept 30, 2018
|
|
|
As of December 31, 2017
|
Total fair value of investments
|
|
|
|
$4,116,271
|
|
|
$3,969,097
|
Number of Portfolio Companies
|
|
|
|
140
|
|
|
113
|
% of Investments on Non-Accrual
(based on fair value)
|
|
|
|
1.3%
|
|
|
1.2%
|
Average yield on debt investments4
|
|
|
|
10.4%
|
|
|
9.5%
|
|
Asset Class (based on fair value)
|
First Lien Senior Secured Loans
|
|
|
|
39.1%
|
|
|
42.1%
|
Second Lien Senior Secured Loans
|
|
|
|
24.3%
|
|
|
23.8%
|
Other Senior Secured Debt
|
|
|
|
4.8%
|
|
|
3.6%
|
Subordinated Debt
|
|
|
|
8.0%
|
|
|
9.6%
|
Asset Based Finance
|
|
|
|
10.4%
|
|
|
8.7%
|
Strategic Credit Opportunities Partners
|
|
|
|
7.5%
|
|
|
7.6%
|
Equity/Other
|
|
|
|
5.9%
|
|
|
4.6%
|
Interest Rate Type (based on US$ Par)
|
% Variable Rate
|
|
|
|
75%
|
|
|
78%
|
% Fixed Rate
|
|
|
|
25%
|
|
|
22%
|
|
|
|
|
|
|
|
|
Funding and Liquidity Management as of September 30, 2018
-
Debt to equity ratio of 0.75x, based on $1.82 billion in total debt
outstanding and net asset value of $2.41 billion. CCT's weighted
average stated interest rate was 4.37%.
-
Cash and cash equivalents of approximately $148.7 million and
availability under its financing arrangements of $471 million, subject
to borrowing base and other limitations.
Conference Call Information
A conference call to discuss CCT's financial results will be held on
Thursday, November 8, 2018 at 11:00 a.m. ET. The conference call may be
accessed by dialing (833) 818-6808 (U.S. callers) or +1 (409) 350-3502
(non-U.S. callers); a passcode is not required. Additionally, the
conference call will be broadcast live over the Internet and may be
accessed through the Investor Relations section of CCT's website at http://corporatecapitaltrust.com/investor-relations/events-presentations/.
A replay of the call will be available on CCT's website or by dialing
(855) 859-2056 (U.S. callers) or +1 (404) 537-3406 (non-U.S. callers),
pass code 4989618, beginning approximately two hours after the broadcast.
Supplemental Information
An investor presentation of financial information will be made available
prior to the call in the Investor Relations section of CCT's website at http://corporatecapitaltrust.com/investor-relations/events-presentations/
under Events & Presentations.
About Corporate Capital Trust
Corporate Capital Trust is a business development company that provides
investors an opportunity to access middle market direct lending
investments. The Company is externally managed by FS/KKR Advisor, LLC,
and its investment objective is to provide shareholders with current
income and, to a lesser extent, long-term capital appreciation. The
Company intends to meet its investment objective by investing primarily
in the debt of privately owned companies, with a focus on originated
transactions. For additional information, please visit www.corporatecapitaltrust.com.
About FS/KKR Advisor, LLC
FS/KKR Advisor, LLC ("FS/KKR") is a partnership between FS Investments
and KKR Credit that serves as the investment adviser to six BDCs,
including FS Investment Corporation, FS Investment Corporation II, FS
Investment Corporation III, FS Investment Corporation IV, Corporate
Capital Trust, Inc. and Corporate Capital Trust II.
FS/KKR seeks to leverage the size of its platform, differentiated
origination capabilities and expertise in capital markets to maximize
returns and preserve capital for investors.
FS Investments is a leading asset manager dedicated to helping
individuals, financial professionals and institutions design better
portfolios. The firm provides access to alternative sources of income
and growth and focuses on setting industry standards for investor
protection, education and transparency. FS Investments is headquartered
in Philadelphia, PA with offices in New York, NY, Orlando, FL and
Washington, DC. Visit www.fsinvestments.com
to learn more.
KKR Credit is a subsidiary of KKR & Co. Inc., a leading global
investment firm that manages multiple alternative asset classes,
including private equity, energy, infrastructure, real estate and
credit, with strategic manager partnerships that manage hedge funds. KKR
aims to generate attractive investment returns for its fund investors by
following a patient and disciplined investment approach, employing
world-class people, and driving growth and value creation with KKR
portfolio companies. KKR invests its own capital alongside the capital
it manages for fund investors and provides financing solutions and
investment opportunities through its capital markets business.
References to KKR's investments may include the activities of its
sponsored funds. For additional information about KKR & Co. Inc. (NYSE:
KKR), please visit KKR's website at www.kkr.com
and on Twitter @KKR_Co.
Forward-Looking Statements
The information in this press release may include "forward-looking
statements." These statements are based on the beliefs and assumptions
of the Company's management and on the information currently available
to management at the time of such statements. Forward-looking statements
generally can be identified by the words "believes," "expects,"
"intends," "plans," "estimates" or similar expressions that indicate
future events. Important factors that could cause actual results to
differ materially from the Company's expectations include the factors
disclosed in the Company's filings with the SEC, including the Company's
annual report on Form 10-K for the year ended December 31, 2017, which
was filed with the SEC on March 14, 2018. The Company undertakes no
obligation to update such statements to reflect subsequent events.
Other Information
The information in this press release is summary information only and
should be read in conjunction with CCT's quarterly report on Form 10-Q
for the quarterly period ended September 30, 2018, which CCT filed with
the U.S. Securities and Exchange Commission (the "SEC") on November 8,
2018, as well as CCT's other reports filed with the SEC. A copy of CCT's
quarterly report on Form 10-Q for the quarterly period ended September
30, 2018 and CCT's other reports filed with the SEC can be found on
CCT's website at www.corporatecapitaltrust.com
and the SEC's website at www.sec.gov.
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|
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|
Corporate Capital Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Assets and Liabilities
(unaudited)
(in thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
September 30, 2018
|
|
|
December 31, 2017
|
Assets
|
|
|
|
|
|
|
Investments at fair value:
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments (amortized cost of
$3,257,152 and $3,319,093, respectively)
|
|
|
$
|
3,182,671
|
|
|
|
$
|
3,225,827
|
|
Non-controlled, affiliated investments (amortized cost of $302,845
and $298,489, respectively)
|
|
|
261,305
|
|
|
|
242,985
|
|
Controlled, affiliated investments (amortized cost of $712,653 and
$540,609, respectively)
|
|
|
672,295
|
|
|
|
500,285
|
|
Total investments, at fair value (amortized cost of $4,272,650 and
$4,158,191, respectively)
|
|
|
4,116,271
|
|
|
|
3,969,097
|
|
Cash
|
|
|
129,797
|
|
|
|
127,186
|
|
Cash denominated in foreign currency (cost of $19,094 and $3,724,
respectively)
|
|
|
18,939
|
|
|
|
3,778
|
|
Restricted cash
|
|
|
10,008
|
|
|
|
51,181
|
|
Dividends and interest receivable
|
|
|
43,737
|
|
|
|
42,517
|
|
Receivable for investments sold
|
|
|
20,276
|
|
|
|
2,320
|
|
Principal receivable
|
|
|
3,480
|
|
|
|
3,389
|
|
Unrealized appreciation on swap contracts
|
|
|
6,644
|
|
|
|
3,763
|
|
Unrealized appreciation on foreign currency forward contracts
|
|
|
1,179
|
|
|
|
1,194
|
|
Receivable from advisers
|
|
|
-
|
|
|
|
2,802
|
|
Other assets
|
|
|
20,783
|
|
|
|
14,273
|
|
Total assets
|
|
|
4,371,114
|
|
|
|
4,221,500
|
|
Liabilities
|
|
|
|
|
|
|
Revolving credit facilities
|
|
|
1,579,226
|
|
|
|
965,000
|
|
Term loan payable, net
|
|
|
-
|
|
|
|
382,768
|
|
Unsecured notes payable, net
|
|
|
241,267
|
|
|
|
240,612
|
|
Payable for investments purchased
|
|
|
29,586
|
|
|
|
47,097
|
|
Unrealized depreciation on swap contracts
|
|
|
19,673
|
|
|
|
29,604
|
|
Unrealized depreciation on foreign currency forward contracts
|
|
|
793
|
|
|
|
3,401
|
|
Accrued performance-based incentive fees
|
|
|
10,946
|
|
|
|
8,418
|
|
Accrued investment advisory fees
|
|
|
5,176
|
|
|
|
5,214
|
|
Shareholders' distributions payable
|
|
|
49,920
|
|
|
|
46,959
|
|
Deferred tax liability
|
|
|
3,410
|
|
|
|
178
|
|
Accrued directors' fees
|
|
|
3
|
|
|
|
-
|
|
Other accrued expenses and liabilities
|
|
|
17,636
|
|
|
|
7,147
|
|
Total liabilities
|
|
|
1,957,636
|
|
|
|
1,736,398
|
|
Commitments and contingencies (Note 11)
|
|
|
|
|
|
|
Net Assets
|
|
|
$
|
2,413,478
|
|
|
|
$
|
2,485,102
|
|
Components of Net Assets
|
|
|
|
|
|
|
Common stock, $0.001 par value per share, 1,000,000,000 shares
authorized, 124,119,644 and 127,130,589 shares issued and
outstanding at September 30, 2018 and December 31, 2017, respectively
|
|
|
$
|
124
|
|
|
|
$
|
127
|
|
Paid-in capital in excess of par value
|
|
|
2,749,403
|
|
|
|
2,799,400
|
|
Accumulated deficit
|
|
|
(336,049
|
)
|
|
|
(314,425
|
)
|
Net assets
|
|
|
$
|
2,413,478
|
|
|
|
$
|
2,485,102
|
|
Net asset value per share
|
|
|
$
|
19.44
|
|
|
|
$
|
19.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Capital Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (unaudited)
(in thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
Investment income
|
Interest income:
|
Non-controlled, non-affiliated investments (net of tax withholding,
$-, $(1,416), $64 and $385, respectively)
|
|
|
$
|
80,970
|
|
|
|
$
|
80,539
|
|
|
|
$
|
242,462
|
|
|
|
$
|
240,168
|
|
Non-controlled, affiliated investments
|
|
|
1,190
|
|
|
|
1,475
|
|
|
|
5,165
|
|
|
|
4,597
|
|
Controlled, affiliated investments
|
|
|
1,942
|
|
|
|
5
|
|
|
|
4,633
|
|
|
|
5
|
|
Total interest income
|
|
|
84,102
|
|
|
|
82,019
|
|
|
|
252,260
|
|
|
|
244,770
|
|
Payment-in-kind interest income:
|
Non-controlled, non-affiliated investments
|
|
|
1,501
|
|
|
|
2,531
|
|
|
|
3,940
|
|
|
|
4,667
|
|
Non-controlled, affiliated investments
|
|
|
58
|
|
|
|
-
|
|
|
|
58
|
|
|
|
-
|
|
Controlled, affiliated investments
|
|
|
4,086
|
|
|
|
2,706
|
|
|
|
11,532
|
|
|
|
8,109
|
|
Total payment-in-kind interest income
|
|
|
5,645
|
|
|
|
5,237
|
|
|
|
15,530
|
|
|
|
12,776
|
|
Fee income:
|
Non-controlled, non-affiliated investments
|
|
|
1,881
|
|
|
|
4,416
|
|
|
|
6,767
|
|
|
|
12,666
|
|
Total fee income
|
|
|
1,881
|
|
|
|
4,416
|
|
|
|
6,767
|
|
|
|
12,666
|
|
Dividend and other income:
|
Non-controlled, non-affiliated investments
|
|
|
569
|
|
|
|
722
|
|
|
|
2,701
|
|
|
|
4,911
|
|
Non-controlled, affiliated investments
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Controlled, affiliated investments
|
|
|
11,664
|
|
|
|
5,199
|
|
|
|
30,009
|
|
|
|
15,792
|
|
Total dividend and other income
|
|
|
12,233
|
|
|
|
5,921
|
|
|
|
32,710
|
|
|
|
20,703
|
|
Total investment income
|
|
|
103,861
|
|
|
|
97,593
|
|
|
|
307,267
|
|
|
|
290,915
|
|
Operating expenses
|
Investment advisory fees
|
|
|
15,817
|
|
|
|
21,173
|
|
|
|
46,595
|
|
|
|
62,858
|
|
Interest expense
|
|
|
23,663
|
|
|
|
18,177
|
|
|
|
65,749
|
|
|
|
47,532
|
|
Performance-based incentive fees
|
|
|
10,946
|
|
|
|
2,046
|
|
|
|
35,029
|
|
|
|
7,721
|
|
Professional services
|
|
|
5,885
|
|
|
|
1,045
|
|
|
|
9,778
|
|
|
|
4,050
|
|
Investment adviser expenses
|
|
|
905
|
|
|
|
373
|
|
|
|
1,365
|
|
|
|
2,982
|
|
Administrative services
|
|
|
827
|
|
|
|
876
|
|
|
|
2,284
|
|
|
|
2,486
|
|
Custodian and accounting fees
|
|
|
435
|
|
|
|
439
|
|
|
|
1,273
|
|
|
|
1,275
|
|
Offering expenses
|
|
|
-
|
|
|
|
67
|
|
|
|
-
|
|
|
|
394
|
|
Director fees and expenses
|
|
|
118
|
|
|
|
131
|
|
|
|
416
|
|
|
|
432
|
|
Other
|
|
|
740
|
|
|
|
926
|
|
|
|
1,712
|
|
|
|
3,067
|
|
Total operating expenses
|
|
|
59,336
|
|
|
|
45,253
|
|
|
|
164,201
|
|
|
|
132,797
|
|
Net investment income before taxes
|
|
|
44,525
|
|
|
|
52,340
|
|
|
|
143,066
|
|
|
|
158,118
|
|
Income tax expense (benefit), including excise tax
|
|
|
741
|
|
|
|
(1,024
|
)
|
|
|
366
|
|
|
|
(703
|
)
|
Net investment income
|
|
|
43,784
|
|
|
|
53,364
|
|
|
|
142,700
|
|
|
|
158,821
|
|
Net realized and unrealized gains (losses)
|
Net realized gains (losses) on:
|
Non-controlled, non-affiliated investments
|
|
|
(411
|
)
|
|
|
(11,731
|
)
|
|
|
(16,538
|
)
|
|
|
(81,839
|
)
|
Non-controlled, affiliated investments
|
|
|
(27,146
|
)
|
|
|
-
|
|
|
|
(27,146
|
)
|
|
|
-
|
|
Controlled, affiliated investments
|
|
|
(550
|
)
|
|
|
(7,869
|
)
|
|
|
(13,347
|
)
|
|
|
(15,282
|
)
|
Swap contracts
|
|
|
82
|
|
|
|
3,471
|
|
|
|
2,493
|
|
|
|
17,782
|
|
Foreign currency forward contracts
|
|
|
2,604
|
|
|
|
(7,848
|
)
|
|
|
7,081
|
|
|
|
(7,926
|
)
|
Foreign currency transactions
|
|
|
10
|
|
|
|
1,471
|
|
|
|
2,523
|
|
|
|
3,353
|
|
Net realized losses
|
|
|
(25,411
|
)
|
|
|
(22,506
|
)
|
|
|
(44,934
|
)
|
|
|
(83,912
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Capital Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (unaudited),
continued
(in thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
Net change in unrealized appreciation (depreciation) on:
|
|
|
|
Non-controlled, non-affiliated investments
|
|
|
$
|
(13,070
|
)
|
|
|
$
|
21,464
|
|
|
|
$
|
18,785
|
|
|
|
$
|
120,905
|
|
Non-controlled, affiliated investments
|
|
|
|
36,480
|
|
|
|
|
189
|
|
|
|
|
13,964
|
|
|
|
|
(519
|
)
|
Controlled, affiliated investments
|
|
|
|
(13,341
|
)
|
|
|
|
12,720
|
|
|
|
|
(34
|
)
|
|
|
|
35,525
|
|
Swap contracts
|
|
|
|
4,903
|
|
|
|
|
(13,558
|
)
|
|
|
|
12,812
|
|
|
|
|
(53,448
|
)
|
Foreign currency forward contracts
|
|
|
|
85
|
|
|
|
|
2,746
|
|
|
|
|
2,593
|
|
|
|
|
(9,235
|
)
|
Foreign currency translation
|
|
|
|
(48
|
)
|
|
|
|
(1,911
|
)
|
|
|
|
(263
|
)
|
|
|
|
(2,636
|
)
|
Provision for taxes
|
|
|
|
(1,968
|
)
|
|
|
|
(7,227
|
)
|
|
|
|
(3,232
|
)
|
|
|
|
1,462
|
|
Net change in unrealized appreciation
|
|
|
|
13,041
|
|
|
|
|
14,423
|
|
|
|
|
44,625
|
|
|
|
|
92,054
|
|
Net realized and unrealized gains (losses)
|
|
|
|
(12,370
|
)
|
|
|
|
(8,083
|
)
|
|
|
|
(309
|
)
|
|
|
|
8,142
|
|
Net increase in net assets resulting from operations
|
|
|
$
|
31,414
|
|
|
|
$
|
45,281
|
|
|
|
$
|
142,391
|
|
|
|
$
|
166,963
|
|
Net investment income per share
|
|
|
$
|
0.35
|
|
|
|
$
|
0.39
|
|
|
|
$
|
1.13
|
|
|
|
$
|
1.16
|
|
Diluted and basic earnings per share
|
|
|
$
|
0.25
|
|
|
|
$
|
0.33
|
|
|
|
$
|
1.13
|
|
|
|
$
|
1.22
|
|
Weighted average number of shares of common stock outstanding (basic
and diluted)
|
|
|
|
124,194,701
|
|
|
|
|
136,484,597
|
|
|
|
|
125,761,583
|
|
|
|
|
137,008,726
|
|
Distributions declared per share
|
|
|
$
|
0.40
|
|
|
|
$
|
0.40
|
|
|
|
$
|
1.31
|
|
|
|
$
|
1.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary Consolidated Results - reconciliation
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
(dollars in thousands, except per share data) (all
per share amounts are basic and diluted)
|
|
|
Sept 30, 2018
|
|
|
June 30, 2018
|
|
|
Sept 30, 2017
|
Pre-incentive fee Net Investment Income
|
|
|
$0.44
|
|
|
$0.48
|
|
|
$0.41
|
Adjust Management Fee to 1.5%
|
|
|
-
|
|
|
-
|
|
|
$0.04
|
Add back one time listing / merger expenses / Refi
|
|
|
$0.06
|
|
|
$0.01
|
|
|
$0.01
|
Adjusted Pre-incentive fee Net Investment Income
|
|
|
$0.50
|
|
|
$0.49
|
|
|
$0.45
|
Incentive Fee
|
|
|
($0.09)
|
|
|
($0.09)
|
|
|
($0.01)
|
Incremental Pro-forma Incentive Fee
|
|
|
($0.01)
|
|
|
|
|
|
($0.08)
|
Adjusted Net Investment Income
|
|
|
$0.40
|
|
|
$0.40
|
|
|
$0.36
|
|
|
|
|
Three Months Ended
|
(dollars in thousands, except per share data) (all
per share amounts are basic and diluted)
|
|
|
Sept 30, 2018
|
|
|
June 30, 2018
|
Pre-incentive fee Net Investment Income
|
|
|
$54,730
|
|
|
$61,136
|
Adjust Management Fee to 1.5%
|
|
|
-
|
|
|
-
|
Add back one time listing / merger expenses
|
|
|
$6,865
|
|
|
$1,041
|
Adjusted Pre-incentive fee Net Investment Income
|
|
|
$61,595
|
|
|
$62,177
|
Incentive Fee
|
|
|
($10,946)
|
|
|
($11,710)
|
Incremental Pro-forma Incentive Fee
|
|
|
($1,373)
|
|
|
($208)
|
Adjusted Net Investment Income
|
|
|
$49,276
|
|
|
$50,259
|
|
|
|
|
|
|
|
_____________________________
|
1 For comparison purposes to 2018, 2017 management fees
have been adjusted to 1.5% and income incentive fee has been
recalculated based on current advisor contract. Additionally,
one-time merger, listing & refinancing related expenses have been
added back. See full reconciliation above.
|
2 All per share metrics are presented pro forma for the
1-for-2.25 reverse stock split which occurred on October 31, 2017.
Schedule may include balancing figures derived from the other
figures in the schedule and may differ slightly due to rounding
associated with the 2.25x stock split.
|
3 Originated Strategy Investments are defined as
investments where our Advisor negotiates the terms of the
transaction beyond just the price, which, for example, may include
negotiating financial covenants, maturity dates or interest rate
terms or where we participate in other originated investment where
there may be third parties involved, or a bank acting as an
intermediary, for a closely held club, or similar investment.
|
4 The weighted average annual yield for accruing debt
investments is computed as (i) the sum of (a) the stated annual
interest rate of each debt, and debt like, investment, multiplied by
its par amount, adjusted to U.S. dollars and for any partial income
accrual when necessary, as of the end of the applicable reporting
period, plus (b) the annual amortization of the purchase or original
issue discount or premium of each accreting debt investment; divided
by (ii) the total amortized cost of debt investments included in the
calculated group as of the end of the applicable reporting period.
Prior to Q3 2017 our weighted average annual yield did not adjust
for any non-accreting or partial accrual investments. Beginning in
Q2 2018, asset based finance investments with an effective interest
rate are being included in the calculation.
|
5 Q3 2018, Q2 2018 and Q3 2017 Sales and Redemptions
include $14.2 million, $206.9 million and $171.4 million,
respectively, of investments sold to SCJV.
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20181107005829/en/
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