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Investment Portfolio Profile

($000, As of Dec. 31, 2009)

Investme No. of Average Averag


nts at Fair Value Companie Size Fair e Size
Symbol Cost Portfolio s Value Cost Cost-FV
ACAS 9,158,055 5,575,000 185 30,135 49,503 3,583,055
AINV 3,360,700 2,822,175 70 40,317 48,010 538,525
ALD 3,609,900 2,075,311 100 20,753 36,099 1,534,589
ARCC 2,376,425 2,171,814 95 22,861 25,015 204,611
BKCC 1,054,842 846,742 57 14,855 18,506 208,100
GLAD 347,484 306,638 46 6,666 7,554 40,846
MCGC 1,154,930 986,346 70 14,091 16,499 168,584
PSEC 633,655 648,135 55 11,784 11,521 (14,480)

Table 3
ALD’s portfolio declined the most on a fair value basis, contracting 27% and 39% in
2008
and 2009, respectively. ALD fell out of compliance with asset coverage in the fourth
quarter of 2008 and aggressively liquidated positions to repay debt and reduce
leverage.
ALD experienced significant fair value reductions in its largest portfolio
investment at
cost, Ciena Capital LLC, which filed for bankruptcy in September 2008. The
investment,
valued at $100.1m, is now being carried at 18.3% of its cost basis. ALD has
also
experienced material writedowns on its relatively large portfolio of collateralized debt
obligation (CDO)/CLO investments, which amounted to $159.1m at year end and are
carried at 42.6% of cost.
Contraction
?? Cost - FV
%Chg
-39.12%
-16.02%
-42.51%
-8.61%
-19.73%
-11.75%
-14.60%
2.29%

% and 39% in

e in the fourth
d reduce

portfolio

er 2008. The

asis. ALD has

lateralized debt
ar end and are
Investment Portfolio Annual Growth
(%, Fiscal Years Ended Dec. 31)

At Fair Value 2003 2004 2005 2006 2007 2008 2009


ACAS 45% 158% 58% 58% 35% -32% -25%
AINV N.A. N.A. 86% 51% 38% -24% 11%
ALD 4% 17% 20% 25% 6% -27% -39%
ARCC N.A. N.A. 221% 111% 44% 11% 10%
BKCC N.A. N.A. N.A. 201% 46% -16% -9%
GLAD 37% 34% 37% 8% 61% 17% -21%
MCGC 1% 27% 25% 15% 24% -22% -18%
PSEC N.A. N.A. 43% 145% 52% 10% 17%
Average 22% 59% 70% 77% 38% -10% -9%
Average
42%
32%
1%
79%
56%
25%
7%
53%
35%