OHA Investment Corporation Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018
May 14, 2018 at 05:01 pm EDT
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OHA Investment Corporation reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported interest income of $2,228,000 against $2,404,000 a year ago. Total investment income was $2,283,000 against $2,455,000 a year ago. The decrease was primarily attributable to a decrease in investment income due to a lower average portfolio balance partially offset by a higher weighted average yield on investments for the three months ended March 31, 2018 compared to the three months ended March 31, 2017. Net investment loss was $95,000 against $193,000 a year ago. Net realized capital loss on investments, net of tax was $29,000 against gain of $95,000 a year ago. Total net realized capital loss on investments was $29,000 against gain of $95,000 a year ago. Net increase in net assets resulting from operations was $1,732,000 against decrease of $19,091,000 a year ago. Net increase in net assets resulting from operations per common share was $0.08 against decrease of $0.95 a year ago. Net investment loss per share was $0.01 against income of $0.01 a year ago. Net realized and unrealized loss on investments was $0.09 against gain of $0.96 a year ago. Net increase in net assets resulting from operations per share was $0.08 against decrease of $0.95 a year ago. Net asset value at the end of March 31, 2018 was $2.43 against $3.02 at the end of March 31, 2017. The decrease in net investment income was driven by lower investment income and an increase in legal fees.
OHA Investment Corporation is a specialty finance company. The Company focuses primarily on providing direct lending solutions to middle market private companies across industry sectors. The Company's investment portfolio includes debt securities and other investments in upstream exploration and production companies engaged in the acquisition, development and production of oil and natural gas properties in and along the Gulf Coast, in the state and federal waters of the Gulf of Mexico, and in the Permian Basin, Mid-Continent and Rocky Mountain areas. The Company is an externally managed, closed-end, non-diversified management investment company. The Company invests primarily in senior and junior secured, unsecured and subordinated loans, and to debt securities or preferred stock of the United States private and public middle market companies. The Company may also invest in equity, distressed debt and other assets. The Company's investment advisor is Oak Hill Advisors, L.P.