NGP Capital Resources Company (NGPC, Financial) filed Quarterly Report for the period ended 2010-09-30.
Ngp Capital Resources Company has a market cap of $223.4 million; its shares were traded at around $10.33 with a P/E ratio of 20.3 and P/S ratio of 9.1. The dividend yield of Ngp Capital Resources Company stocks is 6.6%.NGPC is in the portfolios of Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates.
For the nine months ended September 30, 2010, investment income decreased by $2.6 million, or 13.0%, to $17.5 million from $20.1 million for the same period in 2009. For the nine months ended September 30, 2010, we recorded $15.0 million from targeted investments in portfolio companies, $0.2 million from net royalty income and $2.2 million from corporate notes, investments in cash and cash equivalents and fee income from third parties and affiliates. This compares to investment income of $20.1 million for the nine months ended September 30, 2009, consisting primarily of $18.1 million from targeted investments in portfolio companies. Additional income components for the nine months ended September 30, 2009 were $5.9 million from commodity derivative instruments, a $4.6 million net loss on net royalty income and $0.7 million from corporate notes, investments in cash and cash equivalents and fee income from third parties and affiliates. The $1.5 million increase in income from corporate notes, investments in cash and cash equivalents and fee income from third parties and affiliates for this period in 2010, when compared to the same period in 2009 results primarily from advisory fee income of $0.6 million from Alden Resources, LLC and $0.8 million in forfeited commitment fees from prospective clients whose loans did not close.
For the nine months ended September 30, 2010, operating expenses were $9.1 million compared to $11.1 million for the nine months ended September 30, 2009. The 2010 amount consisted of investment advisory and management and incentive fees of $4.2 million, insurance expenses, administrative services fees, professional fees, directors fees and other general and administrative expenses of $3.9 million and credit facility interest expense and fees of $1.0 million. This compares to investment advisory and management and incentive fees of $5.0 million, insurance expenses, administrative services fees, professional fees, directors fees and other general and administrative expenses of $3.6 million and credit facility interest expense and fees of $2.5 million for the nine months ended September 30, 2009. Overall lower portfolio balances in 2010 resulted in lower investment advisory and management fees, and lowered levels of borrowings reduced our credit facility interest expense and fees.
For the nine months ended September 30, 2010, the increase in net unrealized appreciation before income tax benefit of $0.3 million was $0.7 million, comprised of a decrease in targeted portfolio fair value of $0.7 million offset by a $1.4 million increase in the fair value of our corporate notes. By comparison, for the nine months ended September 30, 2009, the increase in net unrealized depreciation before income tax benefit of $2.2 million was $17.7 million, comprised of a decrease in targeted portfolio fair value of $13.1 million and a $7.0 million decrease in the fair value of commodity derivative instruments, offset by a $2.4 million increase in the fair value of our corporate notes.
For the nine months ended September 30, 2010, the net increase in stockholders equity (net assets) resulting from operations was $8.9 million, or $0.42 per share, compared to a decrease of $6.5 million, or $0.30 per share decrease, for the nine months ended September 30, 2009. The $15.4 million or $0.72 per share net increase was primarily attributable to the $16.5 million increase in unrealized appreciation, partially offset by a $0.9 million decrease in net investment income after income taxes for the nine months ended September 30, 2010 compared to the same period in 2009.
Our net cash provided by operating activities for the nine months ended September 30, 2010 was $15.6 million, $29.9 million less than the $45.5 million for the nine months ended September 30, 2009. This reduction was primarily due to lower redemptions of investments in portfolio securities offset by lower investments. Redemptions decreased by $44.2 million, to $20.3 million in this period in 2010 from $64.5 million in the same period in 2009. The higher redemptions in 2009 included Resaca Exploitation, Inc., $23.1 million, APC Drill Fund III net profits interest, $26.3 million, Crossroads Energy, LP, $5.2 million, Tammany Oil & Gas, LLC, $5.4 million and BSR Loco Bayou, LLC, $2.9 million. By comparison, redemptions for this period in 2010 included Alden Resources, LLC, $9.5 million, ATP Oil and Gas Corporation dollar denominated limited term royalty, $6.1 million, Greenleaf Investments, LLC, $1.8 million and TierraMar Energy, LP, $1.0 million. The lower redemptions in 2010 were offset by an $11.9 million decrease in purchases of investments in portfolio securities, to $21.3 million in 2010 from $33.2 million in 2009. The higher purchases in 2009 included Black Pool Energy Partners, $16.5 million, Resaca Exploitation Inc., $5.1 million, Alden Class E preferred units, $5.8 million, Alden Tranche B, $3.2 million and Formidable, LLC, $1.5 million. By comparison, purchases in 2010 included Gatliff Services, LLC, $12.1 million, Alden, $3.0 million, GMX Resources, Inc., $4.9 million and BioEnergy Holdings, LLC, $1.2 million.
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Ngp Capital Resources Company has a market cap of $223.4 million; its shares were traded at around $10.33 with a P/E ratio of 20.3 and P/S ratio of 9.1. The dividend yield of Ngp Capital Resources Company stocks is 6.6%.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 September 30, 2010 was $6.2 million, including $4.9 million in interest from targeted investments in ten of our portfolio companies, $0.4 million from net royalty income and $0.9 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 September 30, 2009 of $6.0 million, primarily from $5.9 million in interest from targeted investments in ten portfolio companies, $0.8 million from commodity derivative instruments, a $0.9 million net loss from net royalty income, and $0.2 million from corporate notes, investments in cash and cash equivalents and fee income from third parties and affiliates. The $0.7 million increase in income from corporate notes, investments in cash and cash equivalents and fee income from third parties and affiliates for this period in 2010, when compared to the same period in 2009 results primarily from advisory fee income of $0.6 million from Alden Resources, LLC.For the nine months ended September 30, 2010, investment income decreased by $2.6 million, or 13.0%, to $17.5 million from $20.1 million for the same period in 2009. For the nine months ended September 30, 2010, we recorded $15.0 million from targeted investments in portfolio companies, $0.2 million from net royalty income and $2.2 million from corporate notes, investments in cash and cash equivalents and fee income from third parties and affiliates. This compares to investment income of $20.1 million for the nine months ended September 30, 2009, consisting primarily of $18.1 million from targeted investments in portfolio companies. Additional income components for the nine months ended September 30, 2009 were $5.9 million from commodity derivative instruments, a $4.6 million net loss on net royalty income and $0.7 million from corporate notes, investments in cash and cash equivalents and fee income from third parties and affiliates. The $1.5 million increase in income from corporate notes, investments in cash and cash equivalents and fee income from third parties and affiliates for this period in 2010, when compared to the same period in 2009 results primarily from advisory fee income of $0.6 million from Alden Resources, LLC and $0.8 million in forfeited commitment fees from prospective clients whose loans did not close.
For the nine months ended September 30, 2010, operating expenses were $9.1 million compared to $11.1 million for the nine months ended September 30, 2009. The 2010 amount consisted of investment advisory and management and incentive fees of $4.2 million, insurance expenses, administrative services fees, professional fees, directors fees and other general and administrative expenses of $3.9 million and credit facility interest expense and fees of $1.0 million. This compares to investment advisory and management and incentive fees of $5.0 million, insurance expenses, administrative services fees, professional fees, directors fees and other general and administrative expenses of $3.6 million and credit facility interest expense and fees of $2.5 million for the nine months ended September 30, 2009. Overall lower portfolio balances in 2010 resulted in lower investment advisory and management fees, and lowered levels of borrowings reduced our credit facility interest expense and fees.
For the nine months ended September 30, 2010, the increase in net unrealized appreciation before income tax benefit of $0.3 million was $0.7 million, comprised of a decrease in targeted portfolio fair value of $0.7 million offset by a $1.4 million increase in the fair value of our corporate notes. By comparison, for the nine months ended September 30, 2009, the increase in net unrealized depreciation before income tax benefit of $2.2 million was $17.7 million, comprised of a decrease in targeted portfolio fair value of $13.1 million and a $7.0 million decrease in the fair value of commodity derivative instruments, offset by a $2.4 million increase in the fair value of our corporate notes.
For the nine months ended September 30, 2010, the net increase in stockholders equity (net assets) resulting from operations was $8.9 million, or $0.42 per share, compared to a decrease of $6.5 million, or $0.30 per share decrease, for the nine months ended September 30, 2009. The $15.4 million or $0.72 per share net increase was primarily attributable to the $16.5 million increase in unrealized appreciation, partially offset by a $0.9 million decrease in net investment income after income taxes for the nine months ended September 30, 2010 compared to the same period in 2009.
Our net cash provided by operating activities for the nine months ended September 30, 2010 was $15.6 million, $29.9 million less than the $45.5 million for the nine months ended September 30, 2009. This reduction was primarily due to lower redemptions of investments in portfolio securities offset by lower investments. Redemptions decreased by $44.2 million, to $20.3 million in this period in 2010 from $64.5 million in the same period in 2009. The higher redemptions in 2009 included Resaca Exploitation, Inc., $23.1 million, APC Drill Fund III net profits interest, $26.3 million, Crossroads Energy, LP, $5.2 million, Tammany Oil & Gas, LLC, $5.4 million and BSR Loco Bayou, LLC, $2.9 million. By comparison, redemptions for this period in 2010 included Alden Resources, LLC, $9.5 million, ATP Oil and Gas Corporation dollar denominated limited term royalty, $6.1 million, Greenleaf Investments, LLC, $1.8 million and TierraMar Energy, LP, $1.0 million. The lower redemptions in 2010 were offset by an $11.9 million decrease in purchases of investments in portfolio securities, to $21.3 million in 2010 from $33.2 million in 2009. The higher purchases in 2009 included Black Pool Energy Partners, $16.5 million, Resaca Exploitation Inc., $5.1 million, Alden Class E preferred units, $5.8 million, Alden Tranche B, $3.2 million and Formidable, LLC, $1.5 million. By comparison, purchases in 2010 included Gatliff Services, LLC, $12.1 million, Alden, $3.0 million, GMX Resources, Inc., $4.9 million and BioEnergy Holdings, LLC, $1.2 million.
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