The Company had a net change in unrealized gains of $13.6 million. The net change consisted of $21.4 million of unrealized gains from investments and a deferred income tax expense of $7.8 million.
The Company had an increase in net assets resulting from operations of $24.3 million. This increase was comprised of net investment income of $0.8 million; net realized gains of $9.9 million; and net unrealized gains of $13.6 million, as noted above.
NET ASSET VALUE
As of November 30, 2012, the Company’s net asset value was $247.0 million or $23.74 per share.
As of November 30, 2012, the Company had long-term investments of $335.6 million, of which approximately 59% were public MLPs and other public equity securities, 26% were private MLPs and other private equity securities and 15% were debt securities. The Company’s long-term investments consisted of 51 portfolio companies.
UPDATES ON PRIVATE PORTFOLIO COMPANIES
Updates on the Company’s private portfolio companies are available on the Company’s website at
LIQUIDITY AND CAPITAL RESOURCES
As of November 30, 2012, the Company had $72.0 million of borrowings under its credit facility (at an interest rate of 2.21%), which represented 55.1% of its borrowing base of $130.8 million (60.8% of its borrowing base attributable to quoted securities). At the same date, the Company’s asset coverage ratio under the Investment Company Act of 1940 was 443%. The maximum amount that the Company can borrow under its credit facility is limited to the lesser of the commitment amount of $85.0 million or its borrowing base. As of January 24, 2013, the Company had $72.0 million borrowed under its credit facility and had $1.2 million in cash. Outstanding borrowings represented 50.9% of the borrowing base of $141.4 million (56.9% of its borrowing base attributable to quoted securities).
On January 17, 2013, the Company declared a distribution of $0.43 per share for the quarter ended November 30, 2012, which will be paid on February 1, 2013 to stockholders of record on January 28, 2013.