As a result of investment activity after November 30, 2012, the Company’s guidance is based on its portfolio as of January 24, 2013. The Company estimates its portfolio will generate dividends, distributions, and interest income of approximately $7.0 million in the next quarter. The estimate includes distributions of $0.76 million per quarter from VantaCore, which is based on only the cash distributions the Company expects to receive, on average, over the next four quarters of $0.285 per common and preferred A unit and $0.383 per preferred B unit. The Company’s guidance does not include $0.47 million of non-cash distributions that the Company expects to receive on VantaCore’s common and preferred A units. The Company’s guidance does not reflect any changes in cash distributions made by MLPs or changes in interest rates based on the movement in LIBOR rates since November 30, 2012.
AmountInvested($ in millions)
|Average AnnualYield (1)(2)|
|Private MLPs (3)||$ 79||10.6%|
|Public MLPs and Other Public Equity||234||6.5|
|Debt Investments (4)(5)||38||11.9|
(1) Average yields include return of capital distributions. Return of capital distributions are reported as areduction to gross dividends and distributions to arrive at net investment income reported under generally acceptedaccounting principles.
(2) Average yields for Public MLPs and Other Public Equity are based on the most recently declared distributionsas of November 30, 2012. Amounts invested for Private MLPs are based on November 30, 2012 valuations.
(3) The amount invested excludes the Company’s equity investment in ProPetro (valued at $7.8 million as ofNovember 30, 2012), which does not pay a dividend.
(4) The average yield includes straight-line amortization of the purchase price discounts/premiums through theexpected maturity.
(5) The amount invested includes the Company’s $13.6 million debt investment in ProPetro. This investment payspaid-in-kind interest at an annual rate of 13.0%.
Management Fees and Other Operating Expenses – Management fees are estimated to be approximately $1.59 million per quarter. Other operating expenses are estimated to be approximately $0.37 million per quarter.
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