At December 31, 2012, we had $9.1 million in cash and cash equivalents, $203.1 million available under our senior secured, multi-currency credit facility, and $0.4 million payable for investments purchased. Our leverage stood at 0.50 times at year end. As we continue to prudently evaluate potential new investments, we view our modestly leveraged balance sheet as a positive.
Results of Operations
Results comparisons are for the three months and years ended December 31, 2012 and 2011.
Investment IncomeOur portfolio generated investment income of $37.9 million and $147.3 million, respectively, for the three months and year ended December 31, 2012, compared to $36.0 million and $131.5 million for the three months and year ended December 31, 2011. Of these totals, fee income for the three months and year ended December 31, 2012 was $4.4 million and $20.7 million, respectively, versus $5.5 million and $21.9 million for the three months and year ended December 31, 2011. Although our net portfolio was slightly smaller than a year ago, the average balance of our total investments at amortized cost was $1,099.3 million for the current year, compared to $1,021.3 million for the prior year. The higher average earning asset base as well as the slightly higher weighted average yields on the comparative portfolios are contributors to the increase in investment income over the prior year. Our current portfolio provides us with a stable base of net investment income regardless of new investment activity and associated fee income. Fee income also tends to be relatively consistent for our business, as illustrated in the annual amounts above. Expenses Total expenses for the three months and year ended December 31, 2012 were $29.6 million and $73.6 million, respectively, versus $24.7 million and $58.6 million for the three months and year ended December 31, 2011. Of these totals, for the three months and year ended December 31, 2012, $5.6 million and $22.5 million, respectively, were base management fees, versus $5.3 million and $19.8 million for the three months and year ended December 31, 2011. The increases in the current periods reflect the appreciation in value of our portfolio, as total unrealized appreciation/(depreciation) in our portfolio moved from ($52.0) million at the 2011 year end to $20.8 million at the 2012 year end.
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