The Company had a net change in unrealized gains of $4.7 million. This net change in unrealized gains consisted of $7.4 million of unrealized gains from investments that were partially offset by a deferred tax expense of $2.7 million. The majority of these gains are attributable to the Company’s publicly traded MLPs, its investment in debt securities and the Direct Fuels’ preferred unit distribution.
The Company had an increase in net assets resulting from operations of $7.7 million. This increase is composed of the net unrealized gains of $4.7 million; net realized gains of $3.2 million and a net investment loss of $0.2 million.
PORTFOLIO AND INVESTMENT ACTIVITY
As of February 28, 2010, the Company had long-term investments of $210.8 million. The Company’s long-term investments consisted of 46 portfolio companies, which were comprised of approximately 45% in private MLPs, 34% in public MLPs and 21% in energy debt securities.NET ASSET VALUE As of February 28, 2010, the Company’s net asset value was $173.6 million or $17.03 per share. This represents an increase of $0.45 per share or 2.7% compared to $168.5 million or $16.58 per share on November 30, 2009. As of February 28, 2010, the total cost basis of the Company's investments exceeds the fair value reflected on the Statement of Assets and Liabilities. This difference, combined with capital and net operating losses, results in a deferred tax asset of $15.7 million, or approximately $1.54 per share. LIQUIDITY AND CAPITAL RESOURCES As of February 28, 2010, the Company had approximately $11.3 million invested in short-term repurchase agreements. The repurchase agreements are collateralized by U.S. Treasury bonds. As previously disclosed on March 30, 2010, the Company refinanced its existing senior secured revolving credit facility (the “Existing Credit Facility”) with a new senior secured revolving credit facility (the “New Credit Facility”). The New Credit Facility has availability of $70 million and a three year commitment maturing on March 30, 2013.