|For the Quarter Ended||9/30/2010||6/30/2010||3/31/2010||12/31/2009||9/30/2009|
|Net assets per share||$3.55||$4.28||$5.66||$5.74||$7.41|
- 1848 Capital Partners, LLC (“1848”). The Fund wrote down the fair value of its loan to 1848 from $1.3 million to $0.3 million due to uncertainty concerning the recoverability of the loan and the value reflects the estimated net liquidation value of certain of 1848’s assets and holdings.
- Big Apple Entertainment Partners, LLC (“Big Apple”). The Fund wrote down the fair value of its loan to Big Apple from $3.2 million to $2.3 million due to a decrease in operating results and a default in the loan which matured in October 2010.
- ConGlobal Industries Holding, Inc. (“ConGlobal”). The Fund wrote down the fair value of its holding in ConGlobal from $7.3 million to $6.0 million due to a decrease in trailing 12 month operating results.
- Equus Media Development Company, LLC (“EMDC”). The Fund wrote down the fair value of its holding in EMDC from $1.7 million to $1.2 million. The value of individual properties held by EMDC, a wholly-owned subsidiary of the Fund, has been discounted to reflect the current status and holding period of these properties which, in some cases, exceeds three years.
- Riptide Entertainment, LLC (“Riptide”). The Fund wrote down the fair value of its holdings in Riptide from $0.2 million to $0 due to the underperformance and non-performance of Riptide’s holdings in various entertainment properties, including its equity holding in Big Apple.
- Spectrum Management, LLC (“Spectrum”). The Fund wrote down the fair value of its investment in Spectrum from $4.6 million to $2.3 million due to a decrease in trailing 12 month operating results.
- Collection of Funds from London Bridge Entertainment Partners, LLC (“London Bridge”). On July 1, 2010, the Fund made a short-term loan of $0.6 million to London Bridge which was repaid in full, together with all interest as accrued, on October 1, 2010.
- Approval of Rights Offering. On November 1, 2010, the Fund announced that its Board of Directors had approved the terms of a non-transferable rights offering to the Fund’s shareholders to purchase shares of its common stock. The Fund intends to issue 1,772,329 new shares of its common stock pursuant to the exercise of rights, such that each record date holder shall be entitled to purchase one share of common stock for every five shares held on such date. The Fund has filed a registration statement with the Securities and Exchange Commission in connection with the offering, which also includes a prospectus describing the offering and containing additional information about the Fund. A copy of the registration statement can be obtained on the Fund’s website at www.equuscap.com.