At June 30, 2012, we had $11.5 million in cash and cash equivalents, $100.1 million available under our senior secured, multi-currency credit facility, and $9.9 million payable for investments purchased.
Results of Operations
Results comparisons are for the three and six months ended June 30, 2012 and 2011.
Investment IncomeInvestment income totaled $35.5 million and $68.7 million, respectively, for the three and six months ended June 30, 2012, compared to $37.1 million and $62.3 million for the three and six months ended June 30, 2011. Of these totals, fee income for the three and six months ended June 30, 2012 was $3.8 million and $7.3 million, respectively, versus $10.7 million and $11.3 million for the three and six months ended June 30, 2011. Of the current period amount, $2.2 million represents amendment and capital structuring fees collected, and $1.3 million represents fees collected in conjunction with the early repayment of certain portfolio company investments. The decrease in investment income for the current period is primarily attributable to interest and one-time fees collected from the early repayment of one of our largest portfolio company investments during the 2011 period. Total investments at their current cost basis were $1,138.4 million at June 30, 2012, compared to $993.6 million at June 30, 2011. Expenses Total expenses for the three and six months ended June 30, 2012 were $13.1 million and $27.3 million, respectively, versus $11.4 million and $21.7 million for the three and six months ended June 30, 2011. Of these totals, for the three and six months ended June 30, 2012, $5.5 million and $10.9 million, respectively, were base management fees, versus $5.0 million and $9.4 million for the three and six months ended June 30, 2011. The increases in the current period reflect the overall growth and appreciation in value of our portfolio. Interest and credit facility related expenses were $5.0 million and $9.7 million, respectively, for the three and six months ended June 30, 2012, compared to $4.1 million and $7.7 million for the three and six months ended June 30, 2011. The increase in the 2012 period is mainly a result of increased borrowing levels, as well as the issuance of $175 million in aggregate principal amount of our senior secured notes during January 2011. Average debt outstanding for the six months ended June 30, 2012 and 2011 was $375.6 million and $267.7 million, respectively. Incentive management fees for the three and six months ended June 30, 2012 were zero and $2.2 million, respectively. There were no such fees for the 2011 periods. Expenses also consist of amortization of debt issuance costs, investment advisor expenses, professional fees, administrative services expense, director fees and miscellaneous other expenses.
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