American Capital, Ltd (ACAS) 10-Q Quarterly Report November 2016

Bethesda, MD - November 3, 2016 – American Capital, Ltd. (“American Capital” or the “Company”) (NASDAQ: ACAS) announced consolidated net operating income (“NOI”) before income taxes for the quarter ended September 30, 2016 of $52 million, or $0.23 per diluted share, a 5% annualized return on equity. Consolidated NOI for the quarter ended September 30, 2016 was $34 million, or $0.15 per diluted share. Consolidated net earnings for the quarter ended September 30, 2016 was $141 million, or $0.63 per diluted share. As of September 30, 2016, net asset value (“NAV”) per share was $21.40, a $0.63 per share increase from the June 30, 2016 NAV per share of $20.77.

Q3 2016 CONSOLIDATED FINANCIAL SUMMARY


•	$21.40 NAV per share outstanding


ü	$0.63 per share increase from Q2 2016


ü	13% annualized economic return from Q2 2016


•	$0.23 NOI before income taxes per diluted share, or $52 million


ü	(26%), or $(0.08) per diluted share, decline over Q2 2016, or $(19) million


ü	5% annualized return on equity


•	$0.15 NOI after income taxes per diluted share, or $34 million


ü	(25%), or $(0.05) per diluted share, decline over Q2 2016, or $(12) million


•	$0.63 net earnings per diluted share, or $141 million


ü	34%, or $0.16 per diluted share increase over Q2 2016, or $35 million


•	$914 million of cash proceeds from realizations


ü	$562 million from the sale of American Capital Mortgage Manager, LLC (“ACMM”)


ü	$176 million from Sponsor Finance and Other Investments


ü	$71 million from American Capital One Stop Buyouts^®


•	$1,025 million of cash and cash equivalents as of September 30, 2016

American Capital repaid in full and terminated its secured term loan facility and its $350 million senior unsecured five year notes. American Capital recorded a loss on extinguishment of debt of $(7) million, net of tax.

On July 1, 2016, pursuant to the terms of the Mortgage Manager Purchase Agreement, American Capital Agency Corp. acquired from American Capital Asset Management, LLC (“ACAM”) all of the issued and outstanding limited liability company interests in ACMM for a purchase price of $562 million, or $2.45 per diluted share. During the three months ended September 30, 2016, American Capital recognized a net realized gain of $386 million on the sale of ACMM, which was fully offset by a reversal of unrealized appreciation of $386 million.

The following information was filed by American Capital, Ltd (ACAS) on Thursday, November 3, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Material Contracts, Statements, Certifications & more

American Capital, Ltd provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: ACAS
CIK: 817473
Form Type: 10-Q Quarterly Report
Accession Number: 0000817473-16-000163
Submitted to the SEC: Thu Nov 03 2016 4:31:34 PM EST
Accepted by the SEC: Thu Nov 03 2016
Period: Friday, September 30, 2016
Industry: 817473

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American Capital, Ltd (ACAS) SEC Filing 10-Q Quarterly report for the period ending Friday, September 30, 2016

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