At December 31, 2012, our portfolio consisted of 31 portfolio companies and was invested 97% in senior secured loans and 3% unsecured loans measured at fair value and over 98% of the portfolio at fair value is comprised of floating rate securities.
The weighted average yield on our portfolio of investments at fair value was 7.8% at December 31, 2012.
Our advisor, Solar Capital Partners has invested approximately $3.4 billion in more than 120 different portfolio companies since it was founded in 2006 and has completed transactions with more than 90 financial sponsors.
Results of Operations for the Twelve Months Ended December 31, 2012 compared to the period January 28, 2011 (commencement of operations) to December 31, 2011.Investment Income For the fiscal year ended December 31, 2012 and the period January 28, 2011 (commencement of operations) to December 31, 2011, gross investment income totaled $20.5 million and $7.9 million, respectively. The increase in gross investment income from fiscal year 2011 to fiscal year 2012 was primarily due to an increase in the size of the income-producing portfolio as compared to the previous fiscal year combined with having a full fiscal year for 2012 as compared to a partial fiscal 2011. Expenses Net expenses totaled $8.0 million and $5.3 million, respectively, for the fiscal year ended December 31, 2012, and the period January 28, 2011 (commencement of operations) to December 31, 2011. The increase in expenses from fiscal 2011 to fiscal 2012 was primarily due to a year that saw significant growth in our portfolio of assets and business in general, as compared to our partial first year of operations in 2011. Net Investment Income The Company’s net investment income totaled $12.5 million or $1.32 per average share and $2.6 million or $0.30 per average share, for the fiscal year ended December 31, 2012 and the period January 28, 2011 (commencement of operations) to December 31, 2011, respectively. Excluding non-recurring charges, net investment income in the fiscal year ended December 31, 2012, was $1.42 per share.
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