1) stellar management
> yes, management is very good, but they can't make silk out of a sow's ear, falling oil prices reduce income
2) lower fees than the other BDC's
>yes
3) lower risk profile
> lower than what, mezzanine loans to small oil and gas companies is pretty risk
4) $100+ million in cash or US Treasuries earning nothing that when invested will increase dividend and thus the stock price
> nice thought, management used this money to pay back their lines of credit - they are going to lay low until the price of oil starts back up
5) 50% discount to a March 31, 2009 NAV. What have junk bonds done since march 31? Gone ballistic to the upside. Same with oil prices. So you would have to think that the June 30 NAV will be higher than the March 31 NAV. Rating :
> no, sorry, NAV continues to decline, remember there is a lag between falling oil prices and falling royalty receipts, good news is that with the slight increase in price of oil, investment income should stabilize at about current level and hopefully none of their target investments go bad

NGPC is great play on the price of oil, if you think oil price is going higher, buy, if not, sell