Attached files
Exhibit 99.2
RLJ Western Asset Public/Private
Master Fund, L.P.
(a Delaware limited partnership)
Financial Statements for the Three Months and
Six Months Ended June 30, 2010
(UNAUDITED)
RLJ WESTERN ASSET PUBLIC/ PRIVATE MASTER FUND, L.P.
(a Delaware limited partnership)
(UNAUDITED)
TABLE OF CONTENTS
| Page | ||
| Statement of Assets, Liabilities and Partners’ Capital |
1 | |
| Statements of Operations |
2 | |
| Statements of Changes in Partners’ Capital |
3 | |
| Statements of Cash Flows |
4 | |
RLJ WESTERN ASSET PUBLIC/ PRIVATE MASTER FUND, L.P.
(a Delaware limited partnership)
STATEMENT OF ASSETS, LIABILITIES AND PARTNERS’ CAPITAL
JUNE 30, 2010
(in U.S. Dollars)
(UNAUDITED)
| ASSETS |
|||
| Investments, at fair value (amortized cost $2,312,694,065) |
$ | 2,329,386,532 | |
| Cash and cash equivalents |
112,800,677 | ||
| Interest receivable |
8,360,598 | ||
| Debt issuance costs (net of amortization of $838,665) |
6,028,253 | ||
| Total assets |
$ | 2,456,576,060 | |
| LIABILITIES AND PARTNERS’ CAPITAL |
|||
| LIABILITIES |
|||
| Loan payable |
$ | 1,154,000,000 | |
| Payable for investments purchased |
68,155,615 | ||
| UST Warrant payable, at fair value |
6,866,918 | ||
| Interest payable |
739,957 | ||
| Management fees payable |
307,487 | ||
| Administration fees payable |
84,732 | ||
| Professional fees payable |
83,689 | ||
| Contributions received in advanced |
70,000 | ||
| Distributions payable |
112 | ||
| Other accrued expenses |
96,562 | ||
| Total liabilities |
1,230,405,072 | ||
| PARTNERS’ CAPITAL |
|||
| General Partner |
6,135 | ||
| Limited Partners |
1,226,164,853 | ||
| Total partners’ capital |
1,226,170,988 | ||
| TOTAL LIABILITIES AND PARTNERS’ CAPITAL |
$ | 2,456,576,060 | |
1
RLJ WESTERN ASSET PUBLIC/ PRIVATE MASTER FUND, L.P.
(a Delaware limited partnership)
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2010
(in U.S. Dollars)
(UNAUDITED)
| For the three months ended June 30, 2010 |
For the six months ended June 30, 2010 | |||||
| INVESTMENT INCOME: |
||||||
| Interest income |
$ | 55,909,476 | $ | 80,975,207 | ||
| EXPENSES: |
||||||
| Interest expense (including amortization of debt issuance costs $333,681 and $638,498 respectively) |
3,459,927 | 5,130,985 | ||||
| Management fees |
307,487 | 573,431 | ||||
| Administration fees |
102,909 | 191,470 | ||||
| Professional fees |
44,472 | 86,136 | ||||
| Other expenses |
86,472 | 148,580 | ||||
| Total expenses |
4,001,267 | 6,130,602 | ||||
| Net investment income |
51,908,209 | 74,844,605 | ||||
| NET REALIZED AND CHANGE IN UNREALIZED GAIN ON INVESTMENTS: |
||||||
| Net realized gain on investments |
1,588,880 | 1,588,880 | ||||
| Net change in unrealized gain on investments |
9,974,625 | 12,644,474 | ||||
| Total net realized and change in unrealized gain on investments |
11,563,505 | 14,233,354 | ||||
| NET INCREASE IN PARTNERS’ CAPITAL RESULTING FROM OPERATIONS |
$ | 63,471,714 | $ | 89,077,959 | ||
2
RLJ WESTERN ASSET PUBLIC/ PRIVATE MASTER FUND, L.P.
(a Delaware limited partnership)
STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL
FOR THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2010
(in U.S. Dollars)
(UNAUDITED)
| Limited Partners | ||||||||||||||||||||
| General Partner |
US Department of the Treasury |
RLJ Western Asset Public/ Private Collector Fund, L.P |
RLJ Western Asset Public/ Private Affiliates |
Total | ||||||||||||||||
| PARTNERS’ CAPITAL, APRIL 1, 2010 |
$ | 4,675 | $ | 467,186,106 | $ | 467,104,854 | $ | — | $ | 934,295,635 | ||||||||||
| Contributions |
1,230 | 122,954,086 | 116,756,936 | 6,197,151 | 245,909,403 | |||||||||||||||
| Transfer |
(73,880,746 | ) | 73,880,746 | — | ||||||||||||||||
| Distributions: |
||||||||||||||||||||
| Return of capital - recallable |
(90 | ) | (8,559,669 | ) | (8,075,203 | ) | (870,802 | ) | (17,505,764 | ) | ||||||||||
| Allocation of net increase in Partners’ Capital resulting from operations: |
||||||||||||||||||||
| Net investment income |
262 | 25,985,769 | 23,674,558 | 2,247,620 | 51,908,209 | |||||||||||||||
| Net realized and change in unrealized gain on investments |
58 | 5,781,723 | 10,746,238 | (4,964,514 | ) | 11,563,505 | ||||||||||||||
| PARTNERS’ CAPITAL, JUNE 30, 2010 |
$ | 6,135 | $ | 613,348,015 | $ | 536,326,637 | $ | 76,490,201 | $ | 1,226,170,988 | ||||||||||
| Limited Partners | ||||||||||||||||||||
| General Partner |
US Department of the Treasury |
RLJ Western Asset Public/ Private Collector Fund, L.P |
RLJ Western Asset Public/ Private Affiliates |
Total | ||||||||||||||||
| PARTNERS’ CAPITAL, JANUARY 1, 2010 |
$ | 783 | $ | 78,212,573 | $ | 78,170,193 | $ | — | $ | 156,383,549 | ||||||||||
| Contributions |
5,014 | 501,357,879 | 495,160,729 | 6,197,151 | 1,002,720,773 | |||||||||||||||
| Transfer |
(73,880,746 | ) | 73,880,746 | — | ||||||||||||||||
| Distributions: |
||||||||||||||||||||
| Return of capital - recallable |
(113 | ) | (10,812,422 | ) | (10,327,956 | ) | (870,802 | ) | (22,011,293 | ) | ||||||||||
| Allocation of net increase in Partners’ Capital resulting from operations: |
||||||||||||||||||||
| Net investment income |
380 | 37,473,344 | 35,123,261 | 2,247,620 | 74,844,605 | |||||||||||||||
| Net realized and change in unrealized gain on investments |
71 | 7,116,641 | 12,081,156 | (4,964,514 | ) | 14,233,354 | ||||||||||||||
| PARTNERS’ CAPITAL, JUNE 30, 2010 |
$ | 6,135 | $ | 613,348,015 | $ | 536,326,637 | $ | 76,490,201 | $ | 1,226,170,988 | ||||||||||
| Remaining uncalled capital commitments, end of period |
$ | 434 | $ | 43,440,478 | $ | 38,017,971 | $ | 5,422,507 | $ | 86,881,390 | ||||||||||
3
RLJ WESTERN ASSET PUBLIC/ PRIVATE MASTER FUND, L.P.
(a Delaware limited partnership)
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2010
(in U.S. Dollars)
(UNAUDITED)
| For the three months ended June 30, 2010 |
For the six months ended June 30, 2010 |
|||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: |
||||||||
| Net increase in Partners’ Capital resulting from operations |
$ | 63,471,714 | $ | 89,077,959 | ||||
| Adjustments to reconcile net increase in Partners’ Capital resulting from operations to net cash used in operating activities: |
||||||||
| Purchase of investments |
(849,319,611 | ) | (2,200,261,646 | ) | ||||
| Proceeds from disposition of investments |
143,726,399 | 179,837,330 | ||||||
| Net realized gain on investments |
(1,588,880 | ) | (1,588,880 | ) | ||||
| Net change in unrealized gain on investments |
|
(9,974,625 |
) |
(12,644,474 | ) | |||
| Amortization of premium (discount), net |
(30,760,532 | ) | (44,840,758 | ) | ||||
| Amortization of debt issuance costs |
333,680 | 638,497 | ||||||
| Increase in interest receivable |
|
(2,615,685 |
) |
(7,051,925 | ) | |||
| (Decrease) increase in payable for investments purchased |
(8,766,302 | ) | 59,041,163 | |||||
| Increase in interest payable |
275,511 | 703,916 | ||||||
| (Decrease) increase in management fees payable |
(116,246 | ) | 149,699 | |||||
| Increase in administration fees payable |
13,671 | 5,565 | ||||||
| Increase in professional fees payable |
5,742 | 10,139 | ||||||
| Increase in distributions payable |
89 | 112 | ||||||
| Increase in other accrued expenses |
48,897 | 64,544 | ||||||
| Net cash used in operating activities |
(695,266,178 | ) | (1,936,858,759 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: |
||||||||
| Proceeds from loan |
549,000,000 | 1,004,000,000 | ||||||
| Contributions received in advanced |
70,000 | 70,000 | ||||||
| Contributions |
245,909,403 | 1,002,720,773 | ||||||
| Distributions |
(17,505,764 | ) | (22,011,293 | ) | ||||
| Net cash provided by financing activities |
777,473,639 | 1,984,779,480 | ||||||
| Net change in cash and cash equivalents |
82,207,461 | 47,920,721 | ||||||
| CASH AND CASH EQUIVALENTS: |
||||||||
| Beginning of period |
30,593,216 | 64,879,956 | ||||||
| End of period |
$ | 112,800,677 | $ | 112,800,677 | ||||
| SUPPLEMENTAL DISCLOSURE OF CASHFLOW INFORMATION: |
||||||||
| Cash paid during the period for interest |
$ | 2,850,735 | $ | 3,788,571 | ||||
4