We recognized net realized capital losses of $0.2 million, or $0.01 per share, during the three months ended March 31, 2013 compared to $30,000 of net realized capital losses in the first quarter of 2012. The realized losses in 2012 resulted from a $1.6 million loss from our sale of 228,853 shares of GMX common stock at an average price of $3.28, partially offset by the $1.3 million gain from the sale of $10.0 million face amount of EP Energy Senior Unsecured Notes.
During the three months ended March 31, 2013, we recorded $9.7 million, or $0.46 per share, of net unrealized depreciation on portfolio investments, primarily due to decreases in the estimated fair value of our investments in GMX 2018 Notes of $7.4 million and Spirit preferred units of $2.8 million and the reversal of unrealized appreciation, due to realization of the gain, on our EP Energy Senior Unsecured Notes of $1.3 million, partially offset by net increases in the fair value of our remaining investments of $1.8 million. During the three months ended March 31, 2012, we recorded net unrealized appreciation on portfolio investments totaling $1.3 million, primarily as a result of a $1.0 million mark-to-market increase in the fair value of our GMX Senior Convertible Notes due 2013, with other net increases in fair value of $0.3 million.
Overall, we had a net decrease in net assets resulting from operations of $7.6 million, or $0.36 per share, for the three months ended March 31, 2013 and, after declaring dividends during the period of $0.16 per common share, our net asset value decreased from $9.57 per common share as of December 31, 2012 to $9.05 per common share as of March 31, 2013.
Liquidity and Capital ResourcesAt March 31, 2013, we had cash and cash equivalents totaling $30.3 million. The amount outstanding under our Investment Facility at March 31, 2013 was $72.0 million and there was no additional amount available for borrowing. We repaid $23.5 million of this balance in April 2013.
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 Plus 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