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THL Credit Announces Fourth Quarter 2012 Financial Results

The increase in net investment income compared to the same period in the prior year is due to the growth of THL Credit's investment portfolio as well as an increase in prepayment premiums.

Net realized gains

Net realized gains totaled $0.4 million from the sale of $24.0 million of broadly syndicated first lien secured term loans in five companies held for short-term investment purposes for both the three months and year ended Dec. 31, 2012. This compares to net realized gains of $1.0 million from the monetization of THL Credit, Inc.'s equity holdings in Anytime Worldwide, LLC for both the three months and year ended Dec. 31, 2011.

Net change in unrealized appreciation on investments

For the three months ended Dec. 31, 2012 and 2011, THL Credit's investment portfolio had a net change in unrealized appreciation of $0.9 million and $0.1 million, respectively. As of Dec. 31, 2012 and 2011, net unrealized appreciation on investments was $2.6 million and $3.9 million, respectively.

For the years ended Dec. 31, 2012 and 2011, THL Credit's investment portfolio had a change in unrealized appreciation of ($1.2) million and $2.1 million, respectively. 

The net change in unrealized appreciation compared to the prior periods was driven primarily by the reversal of $1.5 million and $1.1 million for the three months ended Dec. 31, 2012 and 2011 and $2.9 million and $1.8 million for the years ended Dec. 31, 2012 and 2011, respectively, in unrealized appreciation on liquidated portfolio investments, changes in capital market conditions and in the financial performance of certain portfolio companies.

Provision for taxes on unrealized appreciation on investments

The provision for taxes on unrealized appreciation on investments was $0.5 million for both the three months and year ended Dec. 31, 2012. There was no provision for taxes on unrealized appreciation on investments for the three months or year ended Dec. 31, 2011.

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