Sorry about the two parts, but Yahoo won't let me put it in one message.

They value their investments from 1 to 7, with 1 being the best. Currently their investments are rated as:

1.......$.250M
2.......$23M
3.......$4M
4.......$80M
5.......$82M
6.......$15M
7.......$53M

with 7 being on non-accrual. Their weighted average is 4.3, which is down from 4.1 in June and 3.9 in December, 2008. The ratings of 5-7 are on their watch list, so it's more than half. However, being on the watch list doesn't mean it is not paying, and in fact, one investment which was on the watch list, kloco, paid all of the back interest and principle last month. They had been marked at 50% of cost in June, and they paid in full. The IRR was 21% and returned 1 1/2 times the original investment. They also exchanged the warrants for royalty interest in production.

The two non-accruals are marked down to 14% of the original investment.

As for their investments, 84% are at the top level of capitalization and no one is higher. the other 16% is junior.

They remarked that there used to be 24 companies that were in the mezzanine structure for energy companies, and now there are only 10 or so, and some of them are not active. Most of what they are seeing is restructuring and not M&A activity. They have 3 investments of potentially $65M which are in the final stages of making a decision. They expect the investments to yield in the high teens or low twenties. They believe that they have seen the worst of impact on the portfolio.

They have not been paying all of their NOI out as dividends. They have to decide in the next two weeks what they will do with it. They said they plan to return it all to the stockholders, but it is possible they'd return some as stock. They haven't said they would, but they haven't said they wouldn't either.

So right now, you are getting a minimum of a sustainable 8% return ($0.15) at the current price, and it would be unusual (in my opinion), if it wasn't increased in the following quarters. That's because of the extra $100M they have to invest and the possible improvement in their portfolio. There is also the possible special dividend.

You can listen to the conference call at the link below. it lasts about 40 minutes, 25 of presentation and 15 of questions.

http://ir.ngpcrc.com/eventdetail.cfm