Results of Operations
Total investment income for the fourth quarter was $5.80 million, of which $4.90 million was attributable to interest and fees on subordinated debt and senior secured loans, $0.79 million was attributable to interest from income-producing equity interests, and $0.11 million was derived from interest on cash and cash equivalents.
Total investment income for the year ended Dec. 31, 2010 was $12.33 million, of which $9.81 million was attributable to interest and fees on subordinated debt and senior secured loans, $2.20 million was attributable to interest from income-producing equity interests and $0.32 million was derived from interest on cash and cash equivalents.Expenses Operating expenses for the quarter totaled $2.34 million. Base management fees were $0.98 million with administrator and other expenses of $1.36 million. Operating expenses for the year ended Dec. 31, 2010 were $6.29 million. Base management fees were $2.70 million with administrator and other expenses of $3.59 million. Net investment income THL Credit had net investment income of $3.46 million, or $0.17 per share for the quarter. Net investment income was $6.03 million, or $0.31 per share for the year ended Dec. 31, 2010. Net unrealized appreciation on investments Investments had $0.60 million and $1.76 million of unrealized appreciation for the fourth quarter and for the year ended Dec. 31, 2010, respectively. Net increase in net assets resulting from operations THL Credit's net increase in net assets resulting from operations was $4.06 million for the fourth quarter, or $0.20 per share. The net increase in net assets resulting from operations was $7.79 million for the year ended Dec. 31, 2010, or $0.39 per share. Financial Condition, Liquidity and Capital Resources As of Dec. 31, 2010, THL Credit had $110.1 million in cash and cash equivalents. Its liquidity is generated primarily from cash flows from operations, including interest earned and fees received on subordinated debt, senior secured loans and other income-producing equity securities.
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