11. Financial Highlights

Results of Operations for a Share Outstanding Throughout the Periods:


	Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009
Beginning Shareholders' Equity Per Share
(12/31/10, 12/31/09 and 12/31/08, respectively)	$	24.47		$	25.04		$	19.27
Net Investment Income		2.71			1.91			1.52
Net Realized/Unrealized Gains (Losses)		(2.08	)		1.22			6.24

Results of Operations ⁽¹⁾		0.63			3.13			7.76
Dividends Paid ⁽²⁾		(2.57	)		(2.62	)		(2.56	)
Dilutive Effect of Share Issuance		—			(0.95	)		—
Offering Costs		—			(0.28	)		—
Share-Based LTIP Awards/Share Repurchases		0.02			0.15			0.72
Manager Special Distribution ⁽³⁾		—			—			(0.15	)

Ending Shareholders' Equity Per Share
(12/31/11, 12/31/10 and 12/31/09, respectively) ⁽⁴⁾	$	22.55		$	24.47		$	25.04

Shares Outstanding, end of period		16,447,651			16,498,342			11,972,113

⁽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 years ending December 31, 2011, 2010 and 2009, dividends totaling $2.51, $2.45 and $2.50, respectively, per common share and LTIP unit outstanding were declared and paid. Dividends paid of $2.57, $2.62 and $2.56 per share for the years ending December 31, 2011, 2010 and 2009, 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⁾	Prior to July 1, 2009, the Amended and Restated Operating Agreement provided for a special distribution to be paid to the Manager.

⁽⁴⁾	If all LTIP units previously issued were vested and exchanged for common shares as of December 31, 2011, 2010 and 2009, shareholders' equity per share would be $22.03, $23.91 and $24.27, respectively.

Total Return:

The Company calculates its total return in 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⁾


	Year Ended December 31, 2011⁽²⁾			Year Ended December 31, 2010			Year Ended December 31, 2009⁽²⁾
Total Return before Incentive Fee		2.60	%		8.98	%		51.95	%
Incentive Fee		(0.17	)%		(1.19	)%		(8.69	)%

Total Return after Incentive Fee		2.43	%		7.79	%		43.26	%

⁽¹⁾	Total return is calculated for all shareholders' equity accounts, excluding the Manager's shareholder equity, 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 repurchase. Had this not been included, total return after incentive fee for the years ended December 31, 2011 and 2009 would have been 2.34% and 40.33%, respectively.

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


	Year Ended December 31, 2011
Total Return before Incentive Fee		0.22	%
Incentive Fee		(0.16	)%

Total Return after Incentive Fee		0.06	%

⁽¹⁾

Total return is calculated assuming all LTIP units had been converted into common shares at December 31, 2011. Total return represents all shareholders' equity accounts, excluding Manager shares, outstanding for the entire period. LTIP units outstanding at December 31, 2011 totaled 390,500 and represent 2.32% of total shares and LTIP units outstanding as of December 31, 2011.

Market Based Total Return for a Shareholder:

For the year ended December 31, 2011, the Company's market based total return was (13.03)%. For the period October 8, 2010, the first public trading date of the Company's shares, through December 31, 2010, market based total return (using the first trade price of $21.50 on October 8, 2010 as the beginning point) on an annualized basis was 7.16%. Calculation of market based total return assumes the reinvestment of dividends.

Net Investment Income Ratio to Average Shareholders' Equity: ⁽¹⁾⁽²⁾


	Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009
Net Investment Income		11.58	%		7.66	%		5.91	%

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

⁽²⁾

For periods prior to July 1, 2009, ratios are calculated for all shareholders' equity accounts taken as a whole outstanding for the entire period excluding the Manager's shareholders' equity. The total base management fee and incentive fee are allocated to the non-manager shareholders for the purposes of these calculations

Expense Ratios to Average Shareholders' Equity, excluding the Manager shares: ⁽¹⁾⁽²⁾


	Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009
Operating expenses before incentive fee and interest expense		(3.00	)%		(3.89	)%		(4.41	)%
Incentive fee		(0.16	)%		(1.37	)%		(7.26	)%
Interest expense		(1.72	)%		(1.18	)%		(0.88	)%

Total Expenses		(4.88	)%		(6.44	)%		(12.55	)%

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

⁽²⁾