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Financial Highlights

9 Months Ended

Sep. 30, 2011

11. Financial Highlights

Results of Operations for a Share Outstanding Throughout the Periods Ended September 30, 2011 and 2010:


	Three Month Period Ended September 30, 2011			Three Month Period Ended September 30, 2010			Nine Month Period Ended September 30, 2011			Nine Month Period Ended September 30, 2010
Beginning Shareholders' Equity Per Share (6/30/11, 6/30/10, 12/31/10 and 12/31/09, respectively)	$	23.31		$	24.56		$	24.47		$	25.04
Net Investment Income		0.67			0.36			2.04			1.54
Net Realized/Unrealized Gains (Losses)		(0.74	)		0.97			(1.52	)		0.74


Results of Operations (1)		(0.07	)		1.33			0.52			2.28
Dividends Paid (2)		(0.41	)		(0.15	)		(2.16	)		(1.70	)
Share-Based LTIP Awards/Share Repurchases		0.01			0.04			0.01			0.16

Ending Shareholders' Equity Per Share (9/30/11, 9/30/10, 9/30/11 and 9/30/10, respectively) (3)	$	22.84		$	25.78		$	22.84		$	25.78


Shares Outstanding, end of period		16,489,881			11,985,670			16,489,881			11,985,670

(1)	Calculated based on average common shares outstanding and can differ from the calculation for EPS (See Note 8).

(2)

Dividends paid include dividends paid on common shares and LTIP units. For the three month periods ending September 30, 2011 and 2010, dividends totaling $0.40 and $0.15, respectively, per common share and LTIP unit outstanding were declared and paid. For the nine month periods ending September 30, 2011 and 2010, three dividends totaling $2.11 and $1.65, respectively, per common share and LTIP unit outstanding were declared and paid. Dividends paid of $0.41 and $0.15 per share for the three month periods ending September 30, 2011 and 2010, respectively, and dividends paid of $2.16 and $1.70 per share for the nine month periods ending September 30, 2011 and 2010, respectively, above reflect the impact of dividing the total dividend payment, inclusive of LTIP units, by average common shares outstanding, exclusive of LTIP units.

(3)	If all LTIP units previously issued were vested and exchanged for common shares as of September 30, 2011 and 2010, shareholders' equity per share would be $22.32 and $24.99, respectively.

Total Return:

The Company calculates its total return two ways, one based on its reported net asset value and the other based on its publicly-traded share price. This latter return is considered a market based return, and is only computed for periods following the completion of the Company's October 2010 initial public offering, since the Company's shares were not publicly traded before such time. The following table illustrates the Company's total return for the periods presented based on net asset value:

Net Asset Based Total Return for a Shareholder: ⁽¹⁾


	Three Month Period Ended September 30, 2011⁽²⁾	Three Month Period Ended September 30, 2010	Nine Month Period Ended September 30, 2011⁽²⁾	Nine Month Period Ended September 30, 2010
Total Return before Incentive Fee	(0.31)%	6.44%	2.11%	11.02%
Incentive Fee	0.00%	(0.86)%	(0.17)%	(1.07)%


Total Return after Incentive Fee	(0.31)%	5.58%	1.94%	9.95%

(1)	Total return is calculated for all shareholders' equity accounts taken as a whole for each period. Total Return is calculated assuming reinvestment of all distributions at shareholders' equity per share during the period.

(2)	Total return includes the accretive effect of the share repurchases. Had this not been included, total return after incentive fee for the three and nine month periods ended September 30, 2011 would have been (0.33)% and 1.92%, respectively.

Supplemental Information—Net Asset Based Total Return for a Shareholder assuming conversion of all LTIP units: ⁽¹⁾


	Three Month Period Ended September 30, 2011	Nine Month Period Ended September 30, 2011

Total Return before Incentive Fee	(2.60)%	(0.24)%
Incentive Fee	0.00%	(0.16)%


Total Return after Incentive Fee	(2.60)%	(0.40)%

(1)

Total return is calculated assuming all LTIP units had been converted into common shares at September 30, 2011. Total return represents all shareholders' equity accounts outstanding for the entire period. LTIP units outstanding at September 30, 2011 totaled 388,750 and represent 2.30% of total shares and LTIP units outstanding as of that date.

Market Based Total Return for a Shareholder:

For the three and nine month periods ended September 30, 2011, the Company's market based total return was (16.54)% and (14.99)%, respectively, and assumes the reinvestment of dividends.

Net Investment Income Ratio to Average Shareholders' Equity: ⁽¹⁾


	Three Month Period Ended September 30, 2011	Three Month Period Ended September 30, 2010	Nine Month Period Ended September 30, 2011	Nine Month Period Ended September 30, 2010
Net Investment Income (2)	11.46%	8.20%	11.59%	8.56%

(1)	Average shareholders' equity is calculated using month end values.

(2)	Includes all items of income and expenses on an annualized basis except for incentive fee expense which is included on a non-annualized basis.

Expense Ratios to Average Shareholders' Equity: ⁽¹⁾⁽²⁾


	Three Month Period Ended September 30, 2011	Three Month Period Ended September 30, 2010	Nine Month Period Ended September 30, 2011	Nine Month Period Ended September 30, 2010
Operating expenses before incentive fee and interest expense	(3.12)%	(4.07)%	(3.10)%	(4.23)%
Incentive fee	0.00%	(0.84)%	(0.16)%	(1.00)%
Interest expense	(1.70)%	(1.22)%	(1.64)%	(1.16)%


Total Expenses	(4.82)%	(6.13)%	(4.90)%	(6.39)%

(1)	Average shareholders' equity is calculated using month end values.

(2)	Ratios are annualized except for the incentive fee which is not annualized.