Operating expenses decreased in the first quarter in 2010 as compared to 2009 and this was largely the result of lower management fees and lower interest expense. Net unrealized appreciation for the quarter was $2.6 million after a small provision for income tax as we had modest increases in the evaluations of a couple of our portfolio investments. We did not have any realized gains or losses in the first quarter.
Our net asset value per share as of quarter end after giving effect to the 17% per share dividend and the results for operations was $11.17.
We currently have through our investment facility cash on hand and scheduled repayments during the year in excess of $100 million for new investment activity during 2010.
In our recently filed annual report on Form 10-K for 2009, we’ve restated our financial statements for the years ending December 31, 2007 and 2008. The restatement principally involved noncash accounting entries related to the net deferred tax asset and liability balances that typically arises as a result of timing differences in tax and GAAP accounting. In our case these differences were driven by unrealized appreciation and depreciation in certain of our portfolio investments that are held in taxable subsidiaries.While the 2009 10-K corrected the financial statements for the calendar years of 2007 and 2008 we will also file amended 10-Qs to correct the interim financial statements for each quarter in the years 2007, 2008 and 2009. We intend to file the amended 10-Qs for the first quarters of these three years 2007, 2008 and 2009 along with our 10-Q for the first quarter of 2010, so that the comparisons among the various first quarters can be made accurately. We will file the amended 10-Qs for the second and third quarters of 2007, 2008 and 2009 within the next several weeks. Read the rest of this transcript for free on seekingalpha.com