Net Investment Income
Net investment income totaled $22.4 million and $41.4 million, or $0.30 per share and $0.56 per share, respectively, for the three and six months ended June 30, 2012. For the three and six months ended June 30, 2011, net investment income totaled $25.7 million and $40.6 million, or $0.35 per share and $0.56 per share, respectively. The decrease for the current three month period is primarily a result of interest and one-time fees collected from the early repayment of one of our largest portfolio company investments during the 2011 period, as well as an increase in base management fees and interest and credit facility related expenses during the current period.
Net Realized Loss
Total net realized loss for the three and six months ended June 30, 2012 was $75.9 million and $76.2 million, respectively, compared to $0.7 million and $43.6 million for the three and six months ended June 30, 2011. Net realized loss for the three months ended June 30, 2012 was the result of $75.5 million in net losses realized from the disposition or restructuring of our investments and $0.4 million in net losses realized on foreign currency transactions. Net realized loss on investments resulted primarily from the disposition of our debt and equity investments in Big Dumpster Acquisition, Inc. et al, as well as the restructuring of our equity investment in WBS Group Holdings, LLC. Nearly the entire net realized loss on investments represents amounts that had been reflected in unrealized depreciation on investments in prior periods. Foreign currency losses mainly represent net losses on forward currency contracts used to mitigate the impact that changes in foreign exchange rates would have on our investments denominated in foreign currencies.Net Unrealized Appreciation or Depreciation For the three and six months ended June 30, 2012, the change in net unrealized depreciation on investments and foreign currency translation was a decrease in net unrealized depreciation of $74.5 million and $76.1 million, respectively, versus $13.9 million and $59.9 million for the three and six months ended June 30, 2011. The decrease in net unrealized depreciation on investments for the three months ended June 30, 2012 includes $68.8 million relating to reversals of prior periods’ net unrealized depreciation as a result of investment restructurings and dispositions. Net unrealized appreciation (depreciation) was $24.1 million at June 30, 2012 and ($46.0) million at June 30, 2011. The valuations of our investments were favorably impacted by improved performance in certain portfolio companies. Market-wide movements and trading multiples are not necessarily indicative of any fundamental change in the condition or prospects of our portfolio companies.
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