11. Financial Highlights

Results of Operations for a Share Outstanding Throughout the Periods:


		Three Month			Three Month			Nine Month			Nine Month
		Period Ended			Period Ended			Period Ended			Period Ended
		September			September			September			September
		30, 2012			30, 2011			30, 2012			30, 2011
Beginning Shareholders' Equity Per Share
(6/30/2012, 6/30/2011, 12/31/2011 and 12/31/10, respectively)	$	24.03		$	23.31		$	22.55		$	24.47
Net Investment Income		0.04			0.67			1.21			2.04
Net Realized/Unrealized Gains (Losses)		1.59			(0.74	)		3.04			(1.52	)

Results of Operations ⁽¹⁾		1.63			(0.07	)		4.25			0.52
Dividends Paid		(0.70	)		(0.40	)		(1.80	)		(2.11	)
Weighted Average Share Impact on Dividends Paid ⁽²⁾		(0.08	)		(0.01	)		(0.12	)		(0.05	)
Accretive (Dilutive) Effect of Share Issuances (Net of Offering
Costs) and Share Repurchases		(0.54	)		0.01			(0.54	)		0.01
Ending Shareholders' Equity Per Share
(9/30/2012, 9/30/2011, 9/30/2012 and 9/30/2011, respectively) ⁽³⁾	$	24.34		$	22.84		$	24.34		$	22.84

Shares Outstanding, end of period		20,483,696			16,489,881			20,483,696			16,489,881

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

(2) Per share impact on dividends paid relating to share issuances/repurchases during the period as well as dividends paid to LTIP unit holders.

(3) If all LTIP units previously issued were vested and exchanged for common shares as of September 30, 2012 and 2011, shareholders' equity per share would be $23.88 and $22.32, 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		Three Month		Nine Month		Nine Month
	Period Ended		Period Ended		Period Ended		Period Ended
	September 30,		September 30,		September 30,		September 30,
	2012		2011		2012		2011

Total Return before Incentive Fee	6.24	%	(0.31	)%	19.06	%	2.11	%
Incentive Fee	(1.99	)%	0.00	%	(2.75	)%	(0.17	)%

Total Return after Incentive Fee	4.25	%	(0.31	)%	16.31	%	1.94	%

(1) Total return is calculated for all shareholders' equity accounts, excluding the Managers' 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.

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


	Three Month		Nine Month
	Period Ended		Period Ended
	September 30,		September 30,
	2012		2012

Total Return before Incentive Fee	4.22	%	16.81	%
Incentive Fee	(1.94	)%	(2.71	)%

Total Return after Incentive Fee	2.28	%	14.10	%

(1) Total return is calculated assuming all LTIP units had been converted into common shares at September 30, 2012. Total return represents all shareholders' equity accounts, excluding Manager shares, outstanding for the entire period. LTIP units outstanding at September 30, 2012 totaled 395,846 and represent 1.90% of total shares and LTIP units outstanding as of that date.

Market Based Total Return for a Shareholder:

For the three month periods ended September 30, 2012 and 2011, the Company's market based total return based on the closing price as reported by the New York Stock Exchange was 11.30% and (16.54)%, respectively. For the nine month periods ended September 30, 2012 and 2011, the Company's market based total return based on the closing price as reported by the New York Stock Exchange was 44.75% and (14.99)%, respectively. Calculation of market based total return assumes the reinvestment of dividends at the closing price as reported by the New York Stock Exchange as of the ex-date

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


	Three Month		Three Month		Nine Month		Nine Month
	Period Ended		Period Ended		Period Ended		Period Ended
	September 30,		September 30,		September 30,		September 30,
	2012		2011		2012		2011

Net Investment Income (2)	7.04	%	11.46	%	7.65	%	11.59	%

(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		Three Month		Nine Month		Nine Month
	Period Ended		Period Ended		Period Ended		Period Ended
	September 30,		September 30,		September 30,		September 30,
	2012		2011		2012		2011
Operating expenses before incentive
fee and interest expense	(2.93	)%	(3.12	)%	(2.97	)%	(3.10	)%
Incentive fee	(2.14	)%	0.00	%	(2.88	)%	(0.16	)%
Interest expense	(1.74	)%	(1.70	)%	(1.88	)%	(1.64	)%

Total Expenses	(6.81	)%	(4.82	)%	(7.73	)%	(4.90	)%

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

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