The increase in the investment income compared to the same periods in prior years is due to the growth of THL Credit's investment portfolio and an increase in prepayment premiums.
Expenses for the three months ended Dec. 31, 2012 and 2011 were $6.8 million and $4.9 million, respectively. Base management fees for the same periods were $1.5 million and $1.0 million; incentive fees totaled $2.3 million and $1.8 million; administrator and other expenses totaled $1.8 million and $1.5 million; fees and expenses related to THL Credit's credit facility totaled $1.2 million and $0.6 million; and excise and income taxes totaled $0.6 million and $0.02 million, respectively.
Expenses for the years ended Dec. 31, 2012 and 2011 were $22.9 million and $16.4 million, respectively. Base management fees for the same periods were $4.9 million and $4.0 million; incentive fees totaled $7.0 million and $4.8 million; administrator and other expenses totaled $6.3 million and $5.9 million; fees related to THL Credit's credit facility totaled $4.1 million and $1.7 million, and excise and income taxes totaled $0.6 million and $0.02 million, respectively.The increase in base management fees and incentive fee expense is due to the growth in both the investment portfolio and net investment income. The increase in expenses and fees related to the credit facility is due to the level of borrowings and the increased commitment size of the revolving loan portion of the credit facility. Net investment income Net investment income totaled $9.0 million and $6.0 million, or $0.34 and $0.30 per share based upon weighted average common shares outstanding, for the three months ended Dec. 31, 2012 and 2011, respectively. Net investment income totaled $30.2 million and $21.0 million, or $1.38 and $1.04 per share based upon weighted average common shares outstanding, for the years ended Dec. 31, 2012 and 2011, respectively.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV