Let’s first look at the total return swap, net realized and unrealized gains return swap were plus $2.1 million, and that’s comprising two pieces, a $1.5 of unrealized gains that was primarily result of rally in broadly syndicated loan prices of the loans that were referenced in the total return swap. And in addition to the $1.5 million, there was also an increase in net interest accrued on total return swap of $600,000 for the quarter. So total of $2.1 million consisting of two pieces.Now let’s talk about the second component of net realized and unrealized which is huge investments in loans and equity securities. Here we have a bad guy and that is $1.8 million. Loss of $1.8 million that was comprised of $2.1 million of realized losses on the sale of a non-earning asset in that, $2.5 million on unrealized depreciation because we actually sold that position for more than carrying value. And we also had $2.2 million of unrealized depreciation, principally the result of a write-down on one new non-earning asset.
Golub Capital's CEO Discusses Q4 2011 Results - Earnings Call Transcript
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