BlackRock Kelso Capital Corporation Declares Regular First Quarter Dividend of $0.16 per Share, Announces Financial Results for the Quarter and Year Ended December 31, 2008.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- BlackRock Kelso Capital Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BKCC BKCC BlackRock Kelso Capital Corporation (stock symbol) ) ("BlackRock Kelso Capital" or the "Company") announced today that its Board of Directors has declared a first quarter dividend of $0.16 per share payable on April 3, 2009 to stockholders of record as of March 20, 2009. BlackRock Kelso Capital recognizes that the stability of its dividend is very important to its stockholders. However, we believe that the current economic environment is unprecedented and unpredictable. In light of the uncertain environment, we believe it is prudent to reduce our dividend until market conditions normalize normalize to convert a set of data by, for example, converting them to logarithms or reciprocals so that their previous non-normal distribution is converted to a normal one. . Retaining capital in this manner is a precautionary pre·cau·tion·ar·y also pre·cau·tion·al adj. Of, relating to, or constituting a precaution: taking precautionary measures; gave precautionary advice. Adj. 1. measure that will enable us to protect our balance sheet by reducing borrowings under our credit facility, to make additional investments and to preserve operating flexibility. At December 31, 2008, the Company was in compliance with regulatory coverage requirements with an asset coverage ratio Asset Coverage Ratio A test that determines a company's ability to cover debt obligations with its assets after all liabilities have been satisfied. It is calculated as the following: of 220% and was in compliance with all financial covenants under its credit facility. The Company has made, and intends to continue to make, timely distributions sufficient to satisfy the annual distribution requirements to maintain its qualification as a regulated investment company Regulated investment company An investment company allowed to pass capital gains, dividends, and interest earned on fund investments directly to its shareholders so that it is taxed only at the personal level, and double taxation is avoided. under the Internal Revenue Code The Internal Revenue Code is the body of law that codifies all federal tax laws, including income, estate, gift, excise, alcohol, tobacco, and employment taxes. These laws constitute title 26 of the U.S. Code (26 U.S.C.A. § 1 et seq. . BlackRock Kelso Capital also announced financial results for the quarter and year ended December 31, 2008. [TABLE OMITTED] Portfolio and Investment Activity During the quarter ended December 31, 2008, we invested $13.9 million across one new and two existing portfolio companies. This compares to investing $76.2 million across two new and three existing portfolio companies for the quarter ended December 31, 2007. Sales and repayments of investment principal totaled $8.2 million during the quarter ended December 31, 2008 versus $36.5 million during the quarter ended December 31, 2007. During the year ended December 31, 2008, we invested $197.3 million across 7 new and 10 existing portfolio companies. This compares to investing $711.3 million across 26 new and 12 existing portfolio companies for the year ended December 31, 2007. Additionally, we received proceeds from sales/repayments of investment principal of approximately $120.3 million and $310.4 million for the years ended December 31, 2008 and 2007, respectively. At December 31, 2008, our portfolio consisted of 63 portfolio companies and was invested 61% in senior secured loans, 28% in unsecured Unsecured A loan or equity interest that is given without any guarantee of payment, performance, satisfaction or opportunity for return from the recipient. No property, interest or security is used as collateral in either a guarantee or a pledge. or subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". securities, 6% in senior secured notes, 3% in equity investments and 2% in cash, cash equivalents and foreign currency. This compares to 64% in senior secured loans, 26% in unsecured or subordinated debt securities, 5% in equity investments, 4% in senior secured notes and approximately 1% in cash, cash equivalents and foreign currency at December 31, 2007. Our average portfolio company investment at amortized cost was approximately $19.6 million at December 31, 2008, versus $19.3 million at December 31, 2007. At December 31, 2008, 1.8% of our total debt investments at fair value (or 6.6% at amortized cost) were on non-accrual status. The weighted average yields of the debt and income producing equity securities in our portfolio at their current cost basis were 11.0% at December 31, 2008 and 12.4% at December 31, 2007. The weighted average yields on our senior secured loans and other debt securities at their current cost basis were 10.2% and 12.2%, respectively, at December 31, 2008, versus 11.9% and 13.3% at December 31, 2007. Yields exclude common equity investments, preferred equity investments with no stated dividend rate, short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments, cash, cash equivalents and foreign currency. At December 31, 2008, we had $15 million in cash and cash equivalents and $119 million available under our senior secured, multi-currency credit facility. Since our inception of operations in July 2005, we have invested in excess of $1.7 billion across more than 105 portfolio companies in transactions involving more than 65 financial sponsors. Results of Operations Results comparisons are for the quarters and years ended December 31, 2008 and 2007. Investment Income Investment income totaled $35.2 million and $35.4 million for the quarters ended December 31, 2008 and 2007, respectively, and $143.2 million and $127.8 million for the years ended December 31, 2008 and 2007, respectively. The increase in investment income for the year ended December 31, 2008 reflects the growth of our portfolio as a result of the deployment of debt capital under our credit facility and equity capital from our initial public offering in July 2007. Total investments at their current cost and borrowings were $1.24 billion and $426.0 million at December 31, 2008, compared to $1.16 billion and $381.3 million at December 31, 2007, respectively. Many of our floating rate debt investments bear interest based on LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). . Investment income for the year ended December 31, 2008 increased despite lower prevailing levels of LIBOR, as fixed rate instruments as a percentage of our debt investments increased to 53% at December 31, 2008 from 40% at December 31, 2007. Expenses Net expenses including taxes for the quarters ended December 31, 2008 and 2007 were $12.1 million and $13.2 million, respectively. Of these totals, $4.8 million and $5.8 million, respectively, were interest and other credit facility expenses. Expenses net of performance-based incentive fees and interest and other credit facility expenses for the quarters ended December 31, 2008 and 2007 were $7.3 million and $7.4 million, respectively. Net expenses including taxes for the years ended December 31, 2008 and 2007 were $48.1 million and $51.9 million, respectively. Of these totals, $18.7 million and $20.3 million, respectively, were interest and other credit facility expenses. Expenses net of performance-based incentive fees and interest and other credit facility expenses for the years ended December 31, 2008 and 2007 were $29.4 million and $24.3 million, respectively. Net expenses for the years ended December 31, 2008 and 2007 were net of base management fee waivers of zero and $2.1 million, respectively. All such fee waivers terminated upon the completion of our initial public offering. These net expenses consist of base management fees (net of waivers), professional fees, administrative services expenses, investment advisor Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and expenses, amortization of debt issuance costs, insurance expenses, director fees, miscellaneous other expenses and excise tax Excise Tax 1. An indirect tax charged on the sale of a particular good. 2. A penalty tax applied to ineligible transactions in retirement accounts. This penalty is assessed by and paid to the IRS. Notes: 1. expense. The increase in base management fees for the year ended December 31, 2008 reflects the growth of the quarterly portfolio values on which the fees are paid (in arrears Adv. 1. in arrears - in debt; "he fell behind with his mortgage payments"; "a month behind in the rent"; "a company that has been run behindhand for years"; "in arrears with their utility bills" behindhand, behind ). No incentive management fees were incurred during 2008 due primarily to the increase in unrealized depreciation on investments. The decrease in interest expense and fees related to the credit facility in 2008 is a result of reduced borrowing costs from lower prevailing levels of LIBOR, partially offset by higher average borrowings outstanding. Professional fees and insurance expenses increased as a result of our becoming a publicly-traded company in 2007. Net Investment Income Net investment income totaled $23.0 million and $22.1 million, or $0.42 per share and $0.43 per share, for the quarters ended December 31, 2008 and 2007, respectively. For the years ended December 31, 2008 and 2007, net investment income totaled $95.1 million and $75.8 million, or $1.76 per share and $1.66 per share, respectively. The increases were primarily due to portfolio growth and the benefits of leverage from increased borrowings under our credit facility. Net Realized Gain Realized Gain A gain resulting from selling an asset at a price higher than the original purchase price. Notes: There may be tax consequences for a realized profit. or Loss Total net realized gain or loss for the quarters ended December 31, 2008 and 2007 was a gain of $7.4 million and a loss of ($1.3) million, respectively, and a gain of $6.1 million and a loss of ($0.6) million for the years ended December 31, 2008 and 2007, respectively. Net realized gains during the 2008 periods primarily reflect the appreciation of the U.S. dollar relative to the Euro and Canadian dollar Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents , which resulted in gains on our foreign currency contracts used to hedge investments denominated in such currencies. Net Unrealized Depreciation The net change in unrealized depreciation on the Company's investments and foreign currency translation was ($134.6) million and ($36.8) million for the quarters ended December 31, 2008 and 2007, respectively, and ($251.7) million and ($59.0) million for the years ended December 31, 2008 and 2007, respectively. Net unrealized depreciation was ($309.3) million and ($57.6) million at December 31, 2008 and 2007, respectively. The net change in unrealized depreciation for the 2008 periods was a result of a reduction in multiples used to estimate the fair value of our investments and the underperformance of some portfolio companies. Another contributing factor to the increase in unrealized depreciation was market-wide increases in interest yields. Market-wide movements are not necessarily indicative of any fundamental change in the condition or prospects of our portfolio companies. Net Change in Net Assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. from Operations For the quarters ended December 31, 2008 and 2007, the net decrease in net assets from operations was ($104.1) million and ($15.9) million, or ($1.88) per share and ($0.31) per share, respectively. For the years ended December 31, 2008 and 2007, the net (decrease) increase in net assets from operations was ($150.5) million and $16.2 million, or ($2.78) per share and $0.35 per share, respectively. The decreases in net assets from operations since December 31, 2007 primarily reflect the increase in net unrealized depreciation on investments in excess of net investment income. Liquidity and Capital Resources At December 31, 2008, we had $15 million in cash and cash equivalents, $426 million in borrowings outstanding and, subject to leverage restrictions, $119 million available for use under our $545 million credit facility, which matures in December 2010. Since December 31, 2008, conditions in the public debt and equity markets have continued to be volatile and our net asset value may decline. While these conditions persist, we expect to meet our liquidity needs through use of the remaining availability under our credit facility and continued cash flows from operations and investment sales. The primary use of existing funds is currently expected to be investments in portfolio companies, cash distributions to our stockholders, repayment of indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. and other general corporate purposes. In the future, we may raise additional equity or debt capital off our shelf registration or may securitize Securitize The practice of a company selling accounts receivables or other debts owed to it. The third party that buys the debt assumes ownership of it and the responsibility for collecting the debts, and keeps the repayments when made. a portion of our investments, among other considerations. However, we face and expect to continue to face liquidity constraints A liquidity constraint in economic theory is a form of imperfection in the capital market. It causes difficulties for models based on intertemporal consumption. Many economic models require individuals to save or borrow money from time to time. under current market conditions, and if such conditions worsen wors·en tr. & intr.v. wors·ened, wors·en·ing, wors·ens To make or become worse. worsen Verb to make or become worse worsening adjn substantially, we may be unable to raise capital at all. On October 23, 2008, our Form N-2 shelf registration statement was declared effective by the Securities and Exchange Commission ("SEC"), which permits us to offer, from time to time, up to $1 billion of our common stock, preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. , debt securities, warrants representing rights to purchase shares of our common stock, preferred stock or debt securities and subscription rights. As a closed-end investment company closed-end investment company: see mutual fund. regulated as a business development company under the Investment Company Act of 1940 (the "1940 Act"), we are prohibited pro·hib·it tr.v. pro·hib·it·ed, pro·hib·it·ing, pro·hib·its 1. To forbid by authority: Smoking is prohibited in most theaters. See Synonyms at forbid. 2. from selling shares of our common stock at a price below the current net asset value of the stock, or NAV See navigation system and navigation bar. , unless our stockholders approve such a sale and our Board of Directors makes certain determinations. On April 24, 2008, our stockholders approved a proposal authorizing us to issue shares of our common stock at a price below the then-current NAV, with the approval of our Board of Directors. The approval expires on the earlier of April 23, 2009 or on the date of our 2009 Annual Meeting of Stockholders. Our Board of Directors has adopted a policy to limit our ability to sell common stock at a price below NAV to circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or in which the price per share of the common stock is equal to 95% or greater of its NAV in effect on the date any such sale is priced. Any sale of our common stock at a price below NAV would have a dilutive effect Dilutive effect Result of a transaction that decreases earnings per common share (EPS). on our NAV. Certain institutional shareholders beneficially owned, in the aggregate, approximately 76.9% of the outstanding shares of our common stock at December 31, 2008. The outstanding shares of our common stock owned by such institutions are eligible for immediate sale, subject to compliance with applicable securities laws. Sales of substantial amounts of our common stock, or the availability of common stock for sale, could adversely affect the prevailing market price of our common stock. If this occurs and continues, it could impair im·pair tr.v. im·paired, im·pair·ing, im·pairs To cause to diminish, as in strength, value, or quality: an injury that impaired my hearing; a severe storm impairing communications. our ability to raise additional capital through the sale of common stock should we desire to do so. Dividends Dividends paid to stockholders for the quarters ended December 31, 2008 and 2007 totaled $23.8 million or $0.43 per share and $22.4 million or $0.43 per share, respectively. For the years ended December 31, 2008 and 2007, dividends totaled $92.9 million or $1.72 per share and $77.0 million or $1.69 per share, respectively. Tax characteristics of all dividends will be reported to stockholders on Form 1099 after the end of the calendar year. We have elected to be taxed as a regulated investment company, or RIC RIC Rhode Island College RIC Rehabilitation Institute of Chicago RIC Regulated Investment Company RIC Royal Irish Constabulary RIC Reuters Instrument Code RIC Roman Imperial Coinage RIC Resources Inventory Committee RIC Rapid Intervention Crew , under Subchapter M Subchapter M An IRS regulation dealing with investment companies and real estate investment trusts that avoid double taxation by distributing interest, dividends, and capital gains directly to shareholders, who are taxed individually. of the Internal Revenue Code. To maintain our status as a RIC, we must distribute annually to our stockholders at least 90% of our investment company taxable income Under the federal tax law, gross income reduced by adjustments and allowable deductions. It is the income against which tax rates are applied to compute an individual or entity's tax liability. The essence of taxable income is the accrual of some gain, profit, or benefit to a taxpayer. and at least 98% of our income (both ordinary income and net capital gains) to avoid an excise tax. We currently intend to make distributions of net realized capital gains, if any, at least annually. We may, at our discretion, carry forward taxable income in excess of calendar year distributions and pay a 4% excise tax on this income. We will accrue To increase; to augment; to come to by way of increase; to be added as an increase, profit, or damage. Acquired; falling due; made or executed; matured; occurred; received; vested; was created; was incurred. excise tax on estimated excess taxable income as required. For the years ended December 31, 2008 and 2007, we recorded a provision for federal excise taxes excise taxes, governmental levies on specific goods produced and consumed inside a country. They differ from tariffs, which usually apply only to foreign-made goods, and from sales taxes, which typically apply to all commodities other than those specifically exempted. of approximately $437,000 and $24,000, respectively. Excise taxes increased in 2008 due to higher than expected amounts of fees from investments and realized gains on forward foreign currency contracts that were not distributed to stockholders in 2008. These amounts, currently estimated to be approximately $13.0 million or $0.23 per share, will be paid out as dividends to stockholders in 2009. We may not be able to achieve operating results that will allow us to make dividends and distributions at a specific level or to increase the amount of these dividends and distributions from time to time. In addition, we may be limited in our ability to make dividends and distributions due to the asset coverage test for borrowings applicable to us as a business development company under the 1940 Act and due to provisions in our credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities . If we do not distribute a certain percentage of our income annually, we will suffer adverse tax consequences, including possible loss of our status as a RIC. We cannot assure stockholders that they will receive dividends and distributions at any particular level or at all. With respect to the dividends paid to stockholders, income we receive from origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real , structuring, closing, commitment and other upfront fees associated with investments in portfolio companies is treated as taxable income when received and accordingly, distributed to stockholders. For the quarters ended December 31, 2008 and 2007, these fees totaled zero and $1.2 million, respectively. For the years ended December 31, 2008 and 2007, such fees totaled $2.6 million and $6.5 million, respectively. A new tax rule for 2009 permits publicly-traded RICs to distribute stock to satisfy their taxable income distribution requirements if stated conditions are met, including that at least 10% of the aggregate declared distribution be paid in cash and that stockholders be permitted to elect whether to receive cash or stock subject to the limit set by the RIC on the cash to be distributed in the aggregate to all stockholders. Our Board of Directors has not yet made a determination whether to utilize the new rule. Dividend Reinvestment Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. and Amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. and Restated Dividend Reinvestment Plan Dividend Reinvestment Plan (DRP) Plan which provides for automatic reinvestment of shareholder dividends in more shares of a company's stock, often without commissions. Some plans provide for the purchase of additional shares at a discount to market price. We maintain an "opt out" dividend reinvestment plan for our common stockholders. As a result, if we declare a dividend, stockholders' cash dividends will be automatically reinvested in additional shares of our common stock, unless they specifically "opt out" of the dividend reinvestment plan so as to receive cash dividends. For the years ended December 31, 2008 and 2007, dividends reinvested pursuant to our dividend reinvestment plan totaled $28.7 million and $72.9 million, respectively. Under the terms of our amended and restated dividend reinvestment plan adopted on March 4, 2009, dividends may be paid in newly issued or treasury shares of our common stock at a price equal to 95% of the market price on the dividend payment date. This feature of the plan means that, under certain circumstances, we may issue shares of our common stock at a price below net asset value per share, which could cause our stockholders to experience dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. . Reinvestment at such prices resulted in dilution of our net asset value of approximately $0.11 per share for the year ended December 31, 2008. Share Repurchase Plan share repurchase plan A corporation's plan for buying back a predetermined number of its own shares in the open market. Institution of a share repurchase plan derives from management's view that the company has limited outside investment opportunities and In August 2008, our Board of Directors approved a share repurchase plan under which we may repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. up to 2.5% of our outstanding shares of common stock from time to time in open market or privately negotiated transactions. During the year ended December 31, 2008, we purchased a total of 378,107 shares of our common stock on the open market for $3.2 million, including brokerage commissions. We are currently holding the shares we repurchased in treasury. Notice is hereby given in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Section 23(c) of the 1940 Act that from time to time we may purchase shares of our common stock in the open market at prevailing market prices. Conference Call BlackRock Kelso Capital will host a webcast/teleconference call at 4:30 p.m. (Eastern Time) on Tuesday, March 10, 2009 to discuss its fourth quarter and annual 2008 financial results. All interested parties are welcome to participate. You can access the teleconference by dialing, from the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , (800) 374-0176, or from outside the United States, (706) 679-3431, shortly before 4:30 p.m. and referencing the BlackRock Kelso Capital Corporation Conference Call (ID Number 88624429). A live, listen-only webcast will also be available via the investor relations Investor relations The process by which the corporation communicates with its investors. section of www.blackrockkelso.com. Both the teleconference and webcast will be available for replay by 8:00 p.m. on Tuesday, March 10, 2009 and ending at midnight on Tuesday, March 17, 2009. To access the replay of the teleconference, callers from the United States should dial (800) 642-1687 and callers from outside the United States should dial (706) 645-9291 and enter the Conference ID Number 88624429. To access the webcast, please visit the investor relations section of www.blackrockkelso.com. [TABLE OMITTED] * Certain amounts have been reclassified to conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" the current year's presentation. [TABLE OMITTED] About BlackRock Kelso Capital Corporation BlackRock Kelso Capital Corporation is a business development company formed in early 2005 by its management team, BlackRock, Inc. and principals of Kelso & Company, to provide debt and equity capital to middle-market companies. The Company's investment objective is to generate both current income and capital appreciation through debt and equity investments. The Company invests primarily in middle-market companies in the form of senior and junior secured and unsecured debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. securities and loans, each of which may include an equity component, and by making direct preferred, common and other equity investments in such companies. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release, and other statements that BlackRock Kelso Capital may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and , with respect to BlackRock Kelso Capital's future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as "trend," "potential," "opportunity," "pipeline," "believe," "comfortable," "expect," "anticipate," "current," "intention," "estimate," "position," "assume," "outlook," "continue," "remain," "maintain," "sustain," "seek," "achieve," and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may" or similar expressions. The information contained on our website is not a part of this press release. BlackRock Kelso Capital cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and BlackRock Kelso Capital assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance. In addition to factors previously disclosed in BlackRock Kelso Capital's SEC reports and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: (1) our future operating results; (2) our business prospects and the prospects of our portfolio companies; (3) the impact of investments that we expect to make; (4) our contractual arrangements and relationships with third parties; (5) the dependence of our future success on the general economy and its impact on the industries in which we invest; (6) the ability of our portfolio companies to achieve their objectives; (7) our expected financings and investments; (8) the adequacy of our cash resources and working capital, including our ability to obtain continued financing on favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. terms; (9) the timing of cash flows, if any, from the operations of our portfolio companies; (10) the ability of our investment advisor to locate suitable investments for us and to monitor and administer our investments; (11) the ability of our investment advisor to attract and retain highly talented professionals; (12) fluctuations in foreign currency exchange rates; and (13) the impact of changes to tax legislation and, generally, our tax position. BlackRock Kelso Capital's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2008 to be filed with the SEC identifies additional factors that can affect forward-looking statements. Available Information BlackRock Kelso Capital will make available on its website its Annual Report on Form 10-K, which also serves as its annual report to stockholders. The Company intends to file its Annual Report on Form 10-K with the SEC by no later than March 16, 2009 and stockholders may access the report after it is filed at www.blackrockkelso.com. Stockholders may receive a hard copy of the annual report free of charge by submitting a written request to the Company. |
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