·	First quarter distribution of $0.25 per share paid March 03, 2008

·	Net assets at quarter end of $117.7 million or $13.28 per share

·	Distributable cash flow for the quarter of $2.2 million

·	Renewed and increased credit facility by $10.0 million after quarter end

 

 

Tortoise Capital Resources Corporation
STATEMENTS OF ASSETS & LIABILITIES
		February 29, 2008				November 30, 2007
		(Unaudited)
Assets
Investments at fair value, control (cost $22,319,937 and $20,521,816, respectively)		$	26,351,525			$	23,292,904
Investments at fair value, affiliated (cost $94,373,029 and $95,507,198, respectively)			96,722,889				98,007,275
Investments at fair value, non-affiliated (cost $31,097,155 and $31,716,576, respectively)			32,158,746				37,336,154
Total investments (cost $147,790,121 and $147,745,590, respectively)			155,233,160				158,636,333
Income tax receivable			218,935				218,935
Receivable for Adviser reimbursement			91,647				94,181
Interest receivable from control investments			131,443				68,686
Dividends and distributions receivable			70,884				1,419
Prepaid expenses and other assets			204,460				154,766
Total assets			155,950,529				159,174,320
Liabilities
Base management fees payable to Adviser			585,253				565,086
Accrued capital gain incentive fees payable to Adviser			27,946				307,611
Distribution payable on common stock			2,214,587				-
Payable for investments purchased			-				1,235,994
Accrued expenses and other liabilities			442,898				419,744
Short-term borrowings			32,100,000				30,550,000
Deferred tax liability			2,927,341				4,182,919
Total liabilities			38,298,025				37,261,354
Net assets applicable to common stockholders		$	117,652,504			$	121,912,966
Net Assets Applicable to Common Stockholders Consist of:
Warrants, no par value; 945,594 issued and outstanding
at February 29, 2008 and 945,774 issued and outstanding at
November 30, 2007 (5,000,000 authorized)		$	1,370,700			$	1,370,957
Capital stock, $0.001 par value; 8,858,348 shares issued and
outstanding at February 29, 2008 and 8,858,168 issued and outstanding
at November 30, 2007 (100,000,000 shares authorized)			8,858				8,858
Additional paid-in capital			112,974,782				115,186,412
Accumulated net investment loss, net of deferred tax benefit			(1,476,771	)			(1,565,774	)
Accumulated realized gain, net of deferred tax expense			160,474				160,474
Net unrealized appreciation of investments, net of deferred tax expense			4,614,461				6,752,039
Net assets applicable to common stockholders		$	117,652,504			$	121,912,966
Net Asset Value per common share outstanding (net assets applicable
to common stock, divided by common shares outstanding)		$	13.28			$	13.76

Distributable Cash Flow		For the three months
		ended February 29, 2008
Total Distributions Received from Investments
Distributions from investments		$	2,620,715
Distributions paid in stock			453,520
Interest income from investments			313,409
Dividends from money market mutual funds			2,310
Other income			28,987
Total from Investments			3,418,941
Operating Expenses Before Leverage Costs and Current Taxes
Advisory fees (net of expense reimbursement by Adviser)			493,606
Other operating expenses (excluding capital gain incentive fees)			250,281
Total Operating Expenses			743,887
Distributable cash flow before leverage costs and current taxes			2,675,054
Leverage Costs			497,904
Distributable Cash Flow		$	2,177,150
DCF/GAAP Reconciliation
Distributable Cash Flow		$	2,177,150
Adjustments to reconcile to Net Investment Income, before Income Taxes
Distributions paid in stock			(453,520	)
Return of capital on distributions received from equity investments			(1,859,741	)
Capital gain incentive fees			279,665
Net Investment Income, before Income Taxes		$	143,554

Tortoise Capital Resources Corporation
STATEMENTS OF OPERATIONS (Unaudited)
		For the three months ended February 29, 2008				For the three months ended February 28, 2007
Investment Income
Distributions from investments
Non-affiliated investments		$	687,923			$	348,430
Affiliated investments			1,649,888				255,257
Control investments			282,904				-
Total distributions from investments			2,620,715				603,687
Less return of capital on distributions			(1,859,741	)			(480,057	)
Net distributions from investments			760,974				123,630
Interest income from control investments			313,409				128,472
Dividends from money market mutual funds			2,310				139,533
Other income			28,987				-
Total Investment Income			1,105,680				391,635
Operating Expenses
Base management fees			585,253				380,067
Capital gain incentive fees			(279,665	)			487,627
Professional fees			151,751				57,381
Administrator fees			27,150				10,673
Directors' fees			22,663				23,168
Reports to stockholders			12,915				4,458
Fund accounting fees			8,488				5,849
Registration fees			7,376				1,668
Custodian fees and expenses			4,685				2,600
Stock transfer agent fees			3,366				3,600
Other expenses			11,887				6,538
Total Operating Expenses			555,869				983,629
Interest expense			497,904				123,481
Preferred stock distributions			-				228,750
Loss on redemption of preferred stock			-				765,059
Total Interest Expense, Preferred Stock Distributions
and Loss on Redemption of Preferred Stock			497,904				1,117,290
Total Expenses			1,053,773				2,100,919
Less expense reimbursement by Adviser			(91,647	)			-
Net Expenses			962,126				2,100,919
Net Investment Income (Loss), before Income Taxes			143,554				(1,709,284	)
Deferred tax benefit (expense)			(54,551	)			314,440
Net Investment Income (Loss)			89,003				(1,394,844	)
Unrealized Gain (Loss) on Investments
Net unrealized appreciation of control investments			1,260,500				133,519
Net unrealized appreciation (depreciation) of affiliated investments			(306,374	)			459,968
Net unrealized appreciation (depreciation) of non-affiliated investments			(4,401,833	)			2,328,503
Net unrealized appreciation (depreciation), before deferred taxes			(3,447,707	)			2,921,990
Deferred tax benefit (expense)			1,310,129				(1,110,356	)
Net Unrealized Gain (Loss) on Investments			(2,137,578	)			1,811,634
Net Increase (Decrease) in Net Assets Applicable to Common Stockholders
Resulting from Operations		$	(2,048,575	)		$	416,790
Net Increase (Decrease) in Net Assets Applicable to Common Stockholders:
Resulting from Operations Per Common Share
Basic and diluted		$	(0.23	)		$	0.09
Weighted Average Shares of Common Stock Outstanding:
Basic and diluted			8,858,212				4,491,707