Attached files
Exhibit 99.1
RLJ Western Asset Public/Private
Collector Fund, L.P.
(a Delaware limited partnership)
Financial Statements for the Period January 1, 2010
through June 30, 2010
(UNAUDITED)
RLJ WESTERN ASSET PUBLIC/PRIVATE COLLECTOR FUND, L.P.
(a Delaware limited partnership)
(UNAUDITED)
TABLE OF CONTENTS
| Page | ||
| Statement of Assets, Liabilities and Partners’ Capital |
1 | |
| Statement of Operations |
2 | |
| Statement of Changes in Partners’ Capital |
3 | |
| Statement of Cash Flows |
4 | |
RLJ WESTERN ASSET PUBLIC/PRIVATE COLLECTOR FUND, L.P.
(a Delaware limited partnership)
STATEMENT OF ASSETS, LIABILITIES AND PARTNERS’ CAPITAL
JUNE 30, 2010
(in U.S. Dollars)
(UNAUDITED)
| ASSETS |
|||
| Investment in RLJ Western Asset Public/Private Master Fund, L.P. (the “Master Fund”) at fair value |
$ | 536,326,637 | |
| Cash and cash equivalents |
97,923 | ||
| Due from affiliates |
12,000 | ||
| Total assets |
$ | 536,436,560 | |
| LIABILITIES AND PARTNERS’ CAPITAL |
|||
| LIABILITIES |
|||
| Management fees payable |
$ | 211,304 | |
| Professional fees payable |
87,326 | ||
| Administration fees payable |
63,578 | ||
| Other accrued expenses |
3,150 | ||
| Total liabilities |
365,358 | ||
| PARTNERS’ CAPITAL |
|||
| General Partner |
5,399,924 | ||
| Limited Partners |
530,671,278 | ||
| Total partners’ capital |
536,071,202 | ||
| TOTAL LIABILITIES AND PARTNERS’ CAPITAL |
$ | 536,436,560 | |
1
RLJ WESTERN ASSET PUBLIC/PRIVATE COLLECTOR FUND, L.P.
(a Delaware limited partnership)
STATEMENT OF OPERATIONS
FOR THE PERIOD JANUARY 1, 2010 THROUGH JUNE 30, 2010
(in U.S. Dollars)
(UNAUDITED)
| NET INVESTMENT INCOME ALLOCATED FROM THE MASTER FUND |
||||
| Interest income |
$ | 38,035,680 | ||
| Interest expense |
(2,725,779 | ) | ||
| Other expenses |
(186,640 | ) | ||
| Net investment income allocated from the Master Fund |
35,123,261 | |||
| COLLECTOR FUND EXPENSES |
||||
| Management fees |
1,277,220 | |||
| Organization expenses |
235,000 | |||
| Professional fees |
120,388 | |||
| Administration fees |
65,608 | |||
| Other expenses |
1,184 | |||
| Total Collector Fund expenses |
1,699,400 | |||
| Net investment income |
33,423,861 | |||
| NET REALIZED AND CHANGE IN UNREALIZED GAIN ALLOCATED FROM THE MASTER FUND |
||||
| Net realized gain |
701,647 | |||
| Net change in unrealized gain |
11,379,509 | |||
| Total net realized and change in unrealized gain allocated from the Master Fund |
12,081,156 | |||
| NET INCREASE IN PARTNERS’ CAPITAL RESULTING FROM OPERATIONS |
$ | 45,505,017 | ||
2
RLJ WESTERN ASSET PUBLIC/PRIVATE COLLECTOR FUND, L.P.
(a Delaware limited partnership)
STATEMENT OF CHANGES IN PARTNERS’ CAPITAL
FOR THE PERIOD JANUARY 1, 2010 THROUGH JUNE 30, 2010
(in U.S. Dollars)
(UNAUDITED)
| General Partner | RLJ Western Asset Public Private Fund, L.P. |
RLJ Western Asset Public Private Cayman Fund, L.P |
Western
Asset Mortgage Defined Opportunity Fund Inc. |
Total | ||||||||||||||||
| PARTNERS’ CAPITAL, BEGINNING OF PERIOD |
$ | 70,817 | $ | 32,143,232 | $ | 44,400,011 | $ | — | $ | 76,614,060 | ||||||||||
| Contributions |
362,660 | 171,402,328 | 260,155,741 | 63,240,000 | 495,160,729 | |||||||||||||||
| Distributions |
(7,650 | ) | (2,179,667 | ) | (3,997,168 | ) | (1,014,600 | ) | (7,199,085 | ) | ||||||||||
| Transfer |
(73,866,584 | ) | (73,866,584 | ) | ||||||||||||||||
| Withdrawals |
— | (47,793 | ) | (95,142 | ) | — | (142,935 | ) | ||||||||||||
| Net increase in Partners’ Capital resulting from operations: |
||||||||||||||||||||
| Net investment income |
27,850 | 10,809,565 | 18,691,957 | 3,894,489 | 33,423,861 | |||||||||||||||
| Net realized and change in unrealized gain allocated from the Master Fund |
4,985 | 7,432,065 | 3,642,520 | 1,001,586 | 12,081,156 | |||||||||||||||
| Carried interest |
4,941,262 | (1,538,194 | ) | (3,403,068 | ) | — | — | |||||||||||||
| PARTNERS’ CAPITAL, END OF PERIOD |
$ | 5,399,924 | $ | 144,154,952 | $ | 319,394,851 | $ | 67,121,475 | $ | 536,071,202 | ||||||||||
| Remaining uncalled capital commitments, end of period |
$ | 32,546 | $ | 10,335,632 | $ | 22,889,792 | $ | 4,760,000 | $ | 38,017,971 | ||||||||||
3
RLJ WESTERN ASSET PUBLIC/PRIVATE COLLECTOR FUND, L.P.
(a Delaware limited partnership)
STATEMENT OF CASH FLOWS
FOR THE PERIOD JANUARY 1, 2010 THROUGH JUNE 30, 2010
(in U.S. Dollars)
(UNAUDITED)
| CASH FLOWS FROM OPERATING ACTIVITIES: |
||||
| Net increase in Partners’ Capital resulting from operations |
$ | 45,505,017 | ||
| Adjustments to reconcile net increase in Partners’ Capital resulting from operations to net cash used in operating activities: |
||||
| Investment made in the Master Fund |
(495,160,729 | ) | ||
| Proceeds from disposition of investment in the Master Fund |
10,342,118 | |||
| Net investment income allocated from the Master Fund |
(35,123,261 | ) | ||
| Net realized gain allocated from the Master Fund |
(701,647 | ) | ||
| Net change in unrealized gain allocated from the Master Fund |
(11,379,509 | ) | ||
| Increase in due from affiliates |
(12,000 | ) | ||
| Decrease in organizational cost payable |
(1,148,312 | ) | ||
| Decrease in management fees payable |
(122,302 | ) | ||
| Increase in administration fees payable |
23,995 | |||
| Increase in professional fees payable |
55,326 | |||
| (Decrease) increase in other accrued expenses |
518 | |||
| Net cash used in operating activities |
(487,720,786 | ) | ||
| CASH FLOWS FROM FINANCING ACTIVITIES: |
||||
| Contributions |
495,160,729 | |||
| Contributions paid in advanced |
(31,569,658 | ) | ||
| Distributions |
(7,199,085 | ) | ||
| Withdrawals |
(142,935 | ) | ||
| Net cash provided by financing activities |
456,249,051 | |||
| Net change in cash and cash equivalents |
(31,471,735 | ) | ||
| CASH AND CASH EQUIVALENTS: |
||||
| Beginning of period |
31,569,658 | |||
| End of period |
$ | 97,923 | ||
4