HOUSTON (AP) — NGP Capital Resources Co., which invests in loans extended to energy companies, said on Tuesday that its third-quarter net investment income rose 35 percent on higher investment revenue and slightly lower expenses.
The Houston-based company reported net investment income of nearly $4.3 million for the three months ended Sept. 30, or 20 cents per share, compared with nearly $3.2 million, or 15 cents per share, in the same quarter a year ago.
Total investment income rose 17 percent to $7.32 million from $6.25 million. Operating expenses slipped 1 percent to $3.03 million from $3.07 million.
During the quarter, NGP Capital made $36.9 million in new investments in portfolio companies. The total invested in its 18 portfolio companies was $141.8 million as of Sept. 30.
NGP primarily invests in energy-related private companies, and from time to time in public companies. It invests in senior secured and mezzanine loans, and in some instances receives ownership stakes in portfolio companies.
Shares of NGP rose 33 cents, or 5 percent, to $6.90 in morning trading. The stock has traded in a 52-week range of $5.75 to $10.19.
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