Exhibit 99.1
RLJ Western Asset Public/Private
Collector Fund, L.P.
(a Delaware limited partnership)
Financial Statements for the Six Months
Ended June 30, 2011
(UNAUDITED)
RLJ WESTERN ASSET PUBLIC/PRIVATE COLLECTOR FUND, L.P.
(a Delaware limited partnership)
(UNAUDITED)
TABLE OF CONTENTS
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Statement of Assets, Liabilities and Partners’ Capital | | | 1 | |
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Statement of Operations | | | 2 | |
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Statement of Changes in Partners’ Capital | | | 3 | |
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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, 2011
(in U.S. Dollars)
(UNAUDITED)
| | | | |
ASSETS | | | | |
Investment in RLJ Western Asset Public/Private Master Fund, L.P. at fair value (the “Master Fund”) | | $ | 655,617,920 | |
Cash and cash equivalents | | | 95,022 | |
Due from General Partner | | | 3,545,795 | |
| | | | |
| |
Total assets | | $ | 659,258,737 | |
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| |
LIABILITIES AND PARTNERS’ CAPITAL | | | | |
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LIABILITIES | | | | |
Due to Limited Partners | | $ | 3,545,795 | |
Management fees payable | | | 203,045 | |
Professional fees payable | | | 79,363 | |
Administration fees payable | | | 74,028 | |
Other accrued expenses | | | 6,273 | |
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| |
Total liabilities | | | 3,908,504 | |
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PARTNERS’ CAPITAL | | | | |
General Partner | | | 18,367,468 | |
Limited Partners | | | 636,982,765 | |
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| |
Total partners’ capital | | | 655,350,233 | |
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TOTAL LIABILITIES AND PARTNERS’ CAPITAL | | $ | 659,258,737 | |
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1
RLJ WESTERN ASSET PUBLIC/PRIVATE COLLECTOR FUND, L.P.
(a Delaware limited partnership)
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2011
(in U.S. Dollars)
(UNAUDITED)
| | | | |
NET INVESTMENT INCOME ALLOCATED FROM THE MASTER FUND | | | | |
Interest income | | $ | 59,945,541 | |
Interest expense | | | (3,963,004 | ) |
Administrative fees | | | (114,548 | ) |
Professional fees | | | (34,404 | ) |
Other expenses | | | (92,649 | ) |
| | | | |
| |
Net investment income allocated from the Master Fund | | | 55,740,936 | |
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COLLECTOR FUND EXPENSES | | | | |
Management fees | | | 1,225,040 | |
Administration fees | | | 83,782 | |
Professional fees | | | 22,328 | |
Other expenses | | | 3,997 | |
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| |
Total Collector Fund expenses | | | 1,335,147 | |
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Net investment income | | | 54,405,789 | |
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NET REALIZED AND CHANGE IN UNREALIZED LOSS ALLOCATED FROM THE MASTER FUND | | | | |
Net realized gain | | | 4,013,409 | |
Net change in unrealized loss | | | (42,766,510 | ) |
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| |
Total net realized and change in unrealized loss allocated from the Master Fund | | | (38,753,101 | ) |
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NET INCREASE IN PARTNERS’ CAPITAL RESULTING FROM OPERATIONS | | $ | 15,652,688 | |
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2
RLJ WESTERN ASSET PUBLIC/PRIVATE COLLECTOR FUND, L.P.
(a Delaware limited partnership)
STATEMENT OF CHANGES IN PARTNERS’ CAPITAL
FOR THE SIX MONTHS ENDED JUNE 30, 2011
(in U.S. Dollars)
(UNAUDITED)
| | | | | | | | | | | | | | | | | | | | |
| | | General Partner | | | RLJ Western
Asset Public
Private Fund,
L.P. | | | RLJ Western
Asset Public
Private Cayman
Fund, L.P | | | Other
Affiliated
Limited
Partners | | | Total | |
| | | | | |
PARTNERS’ CAPITAL, BEGINNING OF PERIOD | | $ | 19,890,475 | | | $ | 173,312,708 | | | $ | 383,964,945 | | | $ | 82,610,873 | | | $ | 659,779,001 | |
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Distributions | | | (3,561,783 | ) | | | (4,461,007 | ) | | | (9,883,099 | ) | | | (2,175,567 | ) | | | (20,081,456 | ) |
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Net increase in Partners’ Capital resulting from operations: | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | 47,624 | | | | 14,757,824 | | | | 32,683,362 | | | | 6,916,979 | | | | 54,405,789 | |
Net realized and change in unrealized loss allocated from the Master Fund | | | (33,176 | ) | | | (10,535,486 | ) | | | (23,332,398 | ) | | | (4,852,041 | ) | | | (38,753,101 | ) |
Carried interest | | | 2,024,328 | | | | (626,022 | ) | | | (1,398,306 | ) | | | — | | | | — | |
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PARTNERS’ CAPITAL, END OF PERIOD | | $ | 18,367,468 | | | $ | 172,448,017 | | | $ | 382,034,504 | | | $ | 82,500,244 | | | $ | 655,350,233 | |
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Remaining uncalled capital commitments, end of period | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
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3
RLJ WESTERN ASSET PUBLIC/PRIVATE COLLECTOR FUND, L.P.
(a Delaware limited partnership)
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2011
(in U.S. Dollars)
(UNAUDITED)
| | | | |
CASH FLOWS FROM OPERATING ACTIVITIES: | | | | |
Net increase in Partners’ Capital resulting from operations | | $ | 15,652,688 | |
| |
Adjustments to reconcile net increase in Partners’ Capital resulting from operations to net cash provided by operating activities: | | | | |
Proceeds from investment in the Master Fund | | | 21,448,634 | |
Net investment income allocated from the Master Fund | | | (55,740,936 | ) |
Net realized gain allocated from the Master Fund | | | (4,013,409 | ) |
Net change in unrealized loss allocated from the Master Fund | | | 42,766,510 | |
(Increase) in due from General Partner | | | (3,545,795 | ) |
Increase in due to Limited Partners | | | 3,545,795 | |
Decrease in management fee payable | | | (6,768 | ) |
Decrease in professional fees payable | | | (16,674 | ) |
Decrease in administration fees payable | | | (16,049 | ) |
Increase in other accrued expenses | | | 2,460 | |
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| |
Net cash provided by operating activities | | | 20,076,456 | |
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CASH FLOWS FROM FINANCING ACTIVITIES: | | | | |
Distributions | | | (20,081,456 | ) |
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| |
Net cash used in financing activities | | | (20,081,456 | ) |
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Net change in cash and cash equivalents | | | (5,000 | ) |
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CASH AND CASH EQUIVALENTS: | | | | |
Beginning of period | | | 100,022 | |
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End of period | | $ | 95,022 | |
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4
