NGP Capital Resources Company (NGPC, Financial) filed Quarterly Report for the period ended 2010-03-31.
Ngp Capital Resources Company has a market cap of $157.88 million; its shares were traded at around $7.3 with a P/E ratio of 34.76 and P/S ratio of 6.44. The dividend yield of Ngp Capital Resources Company stocks is 9.32%.NGPC is in the portfolios of Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates.
Our total targeted portfolio balance decreased on a cost basis by approximately $57.9 million from $299.6 million on March 31, 2009 to $241.7 million on March 31, 2010. The balance of non-accruing and non-income producing investments on a cost basis increased from approximately $77.8 million at March 31, 2009 to approximately $102.4 million at March 31, 2010. The balance of non-accruing and non-income producing investments on a fair value basis increased from approximately $30.4 million at March 31, 2009 to approximately $50.9 million at March 31, 2010. Although LIBOR rates remained low in the first quarter of 2010, they had a minimal effect on our targeted investment income because of LIBOR floors established for new portfolio companies and certain other existing portfolio companies during 2010 and 2009. Additionally, the continued downward pressure on U.S. Treasury Bill interest rates during 2010 and 2009 reduced interest from cash and cash equivalents.
At March 31, 2010, the weighted average yield on targeted portfolio investments, exclusive of capital gains, was 7.23%. The weighted average yield of our corporate notes was 5.82%. The weighted average yield of our cash & cash equivalents was 0.57%. The weighted average yield on our total capital invested at March 31, 2010 was 5.22%. Further, three investments totaling $62.6 million on a cost basis (Formidable, LLC (“Formidable”), $38.8 million; Alden Tranche B, $19.5 million; and Chroma Exploration & Production, Inc., $4.3 million) are currently on non-accrual status. Investments totaling $39.8 million on a cost basis are non-income producing and include equity investments in TierraMar Energy LP preferred units, DeanLake Operator, LLC preferred units, Resaca Exploitation, Inc. (“Resaca”) common stock, Alden class E units and warrants and units associated with our investment in BioEnergy.
For the quarter ended March 31, 2010, operating expenses were $3.0 million compared to $4.0 million for the quarter ended March 31, 2009. The 2010 amount consisted of investment advisory and management fees of $1.3 million, insurance expenses, administrative services fees, professional fees, directors fees and other general and administrative expenses of $1.4 million and credit facility interest and fees of $0.3 million. In comparison, for the quarter ended March 31, 2009, investment advisory and management fees were $1.8 million, insurance expenses, administrative services fees, professional fees, directors fees and other general and administrative expenses of $1.2 million and credit facility interest and fees of $1.0 million. Overall lower portfolio balances in 2010 resulted in lower investment advisory and management fees, and lowered levels of borrowings reduced our credit facility interest and fees. Professional fees in the first quarter of 2010 were higher than expected due to additional costs incurred related to the restatement of our financial statements from 2007 through 2009.
For the quarter ended March 31, 2010, we had a net increase in stockholders equity (net assets) resulting from operations of $5.0 million, or $0.24 per share, compared to a net decrease of $18.6 million, or $0.86 per share for the quarter ended March 31, 2009, as restated. The $23.6 million or $1.10 per share net increase is attributable to a $25.7 million decrease in unrealized depreciation on portfolio securities net of taxes, offset by a decrease in net investment income after taxes of $2.1 million.
During the quarter ended March 31, 2010, we generated cash from operations, including interest earned on our portfolio securities, as well as our investments in corporate notes and U.S. government securities. At March 31, 2010, we had cash and cash equivalents of $105.3 and investments in corporate notes of $9.4 million. Our Investment Facility had an outstanding balance of $64.9 million at March 31, 2010 and will mature on August 31, 2012. As of March 31, 2010, we had investments in or commitments to fund loan facilities to fifteen portfolio companies totaling $248.7 million, of which $242.7 million was drawn. We expect to fund our investments in 2010 from available cash, income earned on our portfolio and temporary investments, repayments or realizations of existing investments and from borrowings under our Investment Facility. In the future, we may also fund a portion of our investments with issuances of equity or senior debt securities. We may also securitize a portion of our investments in mezzanine or senior secured loans or other assets. We expect our primary use of funds to be investments in portfolio companies, cash distributions to holders of our common stock and payment of fees and other operating expenses.
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Ngp Capital Resources Company has a market cap of $157.88 million; its shares were traded at around $7.3 with a P/E ratio of 34.76 and P/S ratio of 6.44. The dividend yield of Ngp Capital Resources Company stocks is 9.32%.NGPC is in the portfolios of Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates.
Highlight of Business Operations:
Investment income for the quarter ended March 31, 2010 was $5.2 million, with $4.9 million attributable to interest from targeted investments in ten portfolio companies, a $0.2 million net loss attributable to royalty income, net of amortization, and $0.5 million from corporate notes, investments in cash and cash equivalents and fee income from third parties and affiliates. This compares to investment income for the quarter ended March 31, 2009 of $8.5 million with $6.0 million attributable to interest from targeted investments in eleven portfolio companies, $3.2 million attributable to income from commodity derivative instruments, a $0.9 million net loss attributable to royalty income net of amortization, and $0.2 million from corporate notes and investments in cash equivalents.Our total targeted portfolio balance decreased on a cost basis by approximately $57.9 million from $299.6 million on March 31, 2009 to $241.7 million on March 31, 2010. The balance of non-accruing and non-income producing investments on a cost basis increased from approximately $77.8 million at March 31, 2009 to approximately $102.4 million at March 31, 2010. The balance of non-accruing and non-income producing investments on a fair value basis increased from approximately $30.4 million at March 31, 2009 to approximately $50.9 million at March 31, 2010. Although LIBOR rates remained low in the first quarter of 2010, they had a minimal effect on our targeted investment income because of LIBOR floors established for new portfolio companies and certain other existing portfolio companies during 2010 and 2009. Additionally, the continued downward pressure on U.S. Treasury Bill interest rates during 2010 and 2009 reduced interest from cash and cash equivalents.
At March 31, 2010, the weighted average yield on targeted portfolio investments, exclusive of capital gains, was 7.23%. The weighted average yield of our corporate notes was 5.82%. The weighted average yield of our cash & cash equivalents was 0.57%. The weighted average yield on our total capital invested at March 31, 2010 was 5.22%. Further, three investments totaling $62.6 million on a cost basis (Formidable, LLC (“Formidable”), $38.8 million; Alden Tranche B, $19.5 million; and Chroma Exploration & Production, Inc., $4.3 million) are currently on non-accrual status. Investments totaling $39.8 million on a cost basis are non-income producing and include equity investments in TierraMar Energy LP preferred units, DeanLake Operator, LLC preferred units, Resaca Exploitation, Inc. (“Resaca”) common stock, Alden class E units and warrants and units associated with our investment in BioEnergy.
For the quarter ended March 31, 2010, operating expenses were $3.0 million compared to $4.0 million for the quarter ended March 31, 2009. The 2010 amount consisted of investment advisory and management fees of $1.3 million, insurance expenses, administrative services fees, professional fees, directors fees and other general and administrative expenses of $1.4 million and credit facility interest and fees of $0.3 million. In comparison, for the quarter ended March 31, 2009, investment advisory and management fees were $1.8 million, insurance expenses, administrative services fees, professional fees, directors fees and other general and administrative expenses of $1.2 million and credit facility interest and fees of $1.0 million. Overall lower portfolio balances in 2010 resulted in lower investment advisory and management fees, and lowered levels of borrowings reduced our credit facility interest and fees. Professional fees in the first quarter of 2010 were higher than expected due to additional costs incurred related to the restatement of our financial statements from 2007 through 2009.
For the quarter ended March 31, 2010, we had a net increase in stockholders equity (net assets) resulting from operations of $5.0 million, or $0.24 per share, compared to a net decrease of $18.6 million, or $0.86 per share for the quarter ended March 31, 2009, as restated. The $23.6 million or $1.10 per share net increase is attributable to a $25.7 million decrease in unrealized depreciation on portfolio securities net of taxes, offset by a decrease in net investment income after taxes of $2.1 million.
During the quarter ended March 31, 2010, we generated cash from operations, including interest earned on our portfolio securities, as well as our investments in corporate notes and U.S. government securities. At March 31, 2010, we had cash and cash equivalents of $105.3 and investments in corporate notes of $9.4 million. Our Investment Facility had an outstanding balance of $64.9 million at March 31, 2010 and will mature on August 31, 2012. As of March 31, 2010, we had investments in or commitments to fund loan facilities to fifteen portfolio companies totaling $248.7 million, of which $242.7 million was drawn. We expect to fund our investments in 2010 from available cash, income earned on our portfolio and temporary investments, repayments or realizations of existing investments and from borrowings under our Investment Facility. In the future, we may also fund a portion of our investments with issuances of equity or senior debt securities. We may also securitize a portion of our investments in mezzanine or senior secured loans or other assets. We expect our primary use of funds to be investments in portfolio companies, cash distributions to holders of our common stock and payment of fees and other operating expenses.
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