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Valuation
We value substantially all of our investments at fair value
as determined in good faith by our Board of Directors in accordance
with our valuation policy and the provisions of the Investment
Company Act of 1940 and FASB Statement No. 157, Fair
Value Measurements. We determine fair value to be the price that
would be received for an investment in a current sale, which
assumes an orderly transaction between market participants
on the measurement date. Our valuation policy is intended to
provide a consistent basis for determining the fair value of
the portfolio.
We work with third party consultants to obtain assistance
in determining fair value for a substantial portion of the
private finance portfolio each quarter. For more information
on valuation please see our most recent quarterly SEC filings.
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