|
x QUARTERLY
REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
|
o TRANSITION
REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
|
For
the transition period
from to
|
MARYLAND
|
|
20-3431375
|
(State
or other jurisdiction of incorporation or organization)
|
|
(I.R.S.
Employer Identification No.)
|
|
|
|
PART
I.
|
|
FINANCIAL
INFORMATION
|
|
|
|
Item
1.
|
|
Financial
Statements
|
|
|
|
|
|
Statements
of Assets and Liabilities as of August 31, 2007 (unaudited)
and
November
30, 2006
|
|
|
Schedules
of Investments as of August 31, 2007 (unaudited) and November 30,
2006
|
|
|
Statements
of Operations for the three and nine months ended August 31, 2007
(unaudited),
the
three months ended August 31, 2006 (unaudited) and the period
from
December
8, 2005 (Commencement of Operations) through
August
31, 2006 (unaudited)
|
|
|
Statements
of Changes in Net Assets for the nine months ended August 31, 2007
(unaudited),
the
period from December 8, 2005 (Commencement of Operations)
through
August
31, 2006 (unaudited) and the period from December 8, 2005
(Commencement of Operations) through November 30, 2006
|
|
|
Statements
of Cash Flows for the nine months ended August 31, 2007
(unaudited)
and
the period from December 8, 2005 (Commencement of Operations)
through
August
31, 2006 (unaudited)
|
|
|
Financial
Highlights for the nine months ended August 31, 2007
(unaudited),
the
period from December 8, 2005 (Commencement of Operations)
through
August
31, 2006 (unaudited) and the period from December 8, 2005
(Commencement of Operations) through November 30, 2006
|
|
|
Notes
to Financial Statements (unaudited)
|
|
|
|
Item
2.
|
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
|
|
|
Item
3.
|
|
Quantitative
and Qualitative Disclosure About Market Risk
|
|
|
|
Item
4.
|
|
Controls
and Procedures
|
|
|
|
PART
II.
|
|
OTHER
INFORMATION
|
|
|
|
Item
1.
|
|
Legal
Proceedings
|
|
|
|
Item
1A.
|
|
Risk
Factors
|
|
|
|
Item
2.
|
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
|
|
|
Item
3.
|
|
Defaults
Upon Senior Securities
|
|
|
|
Item
4.
|
|
Submission
of Matters to a Vote of Security Holders
|
|
|
|
Item
5.
|
|
Other
Information
|
|
|
|
Item
6.
|
|
Exhibits
|
|
|
|
SIGNATURES
|
||
|
|
|
Tortoise
Capital Resources Corporation
|
||||||||
STATEMENTS
OF ASSETS & LIABILITIES
|
||||||||
August
31, 2007
|
November
30, 2006
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Investments
at value, non-affiliated (cost $33,145,714 and $21,867,831,
respectively)
|
$ |
39,179,233
|
$ |
22,196,689
|
||||
Investments
at value, affiliated (cost $91,633,045 and $14,828,825,
respectively)
|
93,648,840
|
14,828,825
|
||||||
Investments
at value, control (cost $20,713,593 and $5,550,000,
respectively)
|
21,503,255
|
5,550,000
|
||||||
Total
investments (cost $145,492,352 and $42,246,656,
respectively)
|
154,331,328
|
42,575,514
|
||||||
Distribution
receivable from affiliated investment
|
66,667
|
-
|
||||||
Interest
receivable from control investments
|
143,277
|
43,983
|
||||||
Other
receivable from affiliate
|
-
|
44,487
|
||||||
Dividends
receivable
|
1,849
|
24,262
|
||||||
Prepaid
expenses and other assets
|
138,297
|
244,766
|
||||||
Total
assets
|
154,681,418
|
42,933,012
|
||||||
Liabilities
|
||||||||
Management
fees payable to Adviser
|
517,455
|
112,765
|
||||||
Accrued
capital gain incentive fees payable to Adviser (Note 4)
|
1,325,846
|
-
|
||||||
Payable
for investments purchased
|
3,836,237
|
-
|
||||||
Dividend
payable on common shares
|
1,591,484
|
-
|
||||||
Short-term
borrowings
|
22,500,000
|
-
|
||||||
Accrued
expenses and other liabilities
|
378,947
|
155,303
|
||||||
Current
tax liability
|
-
|
86,386
|
||||||
Deferred
tax liability
|
2,747,064
|
250,156
|
||||||
Total
liabilities
|
32,897,033
|
604,610
|
||||||
Net
assets applicable to common stockholders
|
$ |
121,784,385
|
$ |
42,328,402
|
||||
Net
Assets Applicable to Common Stockholders Consist
of
|
||||||||
Warrants, no par value; 945,774 issued and outstanding
|
||||||||
at
August 31, 2007 and 772,124 issued and outstanding at
|
||||||||
November
30, 2006 (5,000,000 authorized)
|
$ |
1,370,957
|
$ |
1,104,137
|
||||
Capital stock, $0.001 par value; 8,842,330 shares issued
and
|
||||||||
outstanding
at August 31, 2007 and 3,088,596 issued and outstanding
|
||||||||
at
November 30, 2006 (100,000,000 shares authorized)
|
8,842
|
3,089
|
||||||
Additional
paid-in capital
|
117,043,347
|
41,018,413
|
||||||
Accumulated
net investment loss, net of deferred tax benefit
|
(2,126,300 | ) |
-
|
|||||
Accumulated
realized gain (loss), net of deferred tax expense
|
7,595
|
(906 | ) | |||||
Net
unrealized appreciation of investments, net of deferred tax
expense
|
5,479,944
|
203,669
|
||||||
Net
assets applicable to common stockholders
|
$ |
121,784,385
|
$ |
42,328,402
|
||||
Net
Asset Value per common share outstanding (net assets
applicable
|
||||||||
to
common shares, divided by common shares outstanding)
|
$ |
13.77
|
$ |
13.70
|
||||
See Accompanying Notes to the Financial Statements | ||||||||
Tortoise
Capital Resources Corporation
|
||||||||||
SCHEDULES
OF INVESTMENTS
|
||||||||||
August
31, 2007
|
||||||||||
(Unaudited)
|
||||||||||
Company
|
Energy
Infrastructure Segment
|
Type
of Investment
|
Cost
|
Value
|
||||||
Control
Investments (1)
|
||||||||||
Mowood,
LLC
|
Downstream
|
Equity
Interest (100%) (2)
|
$ |
1,500,000
|
$ |
1,590,786
|
||||
Subordinated
Debt (12% Due 7/1/2016) (2)
|
7,050,000
|
7,050,000
|
||||||||
VantaCore
Partners LP
|
Aggregate
|
Common
Units (425,000) (2)
|
8,413,593
|
9,112,469
|
||||||
Subordinated
Debt (10.90% Due 5/21/2014) (2)
(3)
|
3,750,000
|
3,750,000
|
||||||||
Incentive
Distribution Rights (789 units) (2)
(6)
|
-
|
-
|
||||||||
Total
Control Investments - 17.7% (4)
|
20,713,593
|
21,503,255
|
||||||||
Affiliated
Investments (5)
|
||||||||||
High
Sierra Energy, LP
|
Midstream
|
Common
Units (999,614) (2)
|
24,054,618
|
27,279,466
|
||||||
International
Resource Partners LP
|
Coal
|
Common
Units (500,000) (2)
|
9,960,000
|
10,000,000
|
||||||
LONESTAR
Midstream Partners, LP
|
Midstream
|
Common
Units (1,169,776) (2)
(6)
|
23,395,520
|
23,395,520
|
||||||
LSMP
GP, LP
|
Midstream
|
Incentive
Distribution Rights (180 units) (2)
(7)
|
549,142
|
549,142
|
||||||
Quest
Midstream Partners, L.P.
|
Midstream
|
Common
Units (945,946) (2)
|
16,857,315
|
15,836,890
|
||||||
Millennium
Midstream Partners, LP
|
Midstream
|
Class
A Common Units (875,000) (2)
|
16,797,880
|
16,587,822
|
||||||
Incentive
Distribution Rights (78 units) (2)
(7)
|
18,570
|
-
|
||||||||
Total
Affiliated Investments -76.9% (4)
|
91,633,045
|
93,648,840
|
||||||||
Non-affiliated
Investments
|
||||||||||
Abraxas
Energy Partners, L.P.
|
Upstream
|
Common
Units (450,181) (2)
|
7,438,430
|
7,500,015
|
||||||
Eagle
Rock Energy Partners, L.P.
|
Midstream
|
Common
Units (659,071)
|
11,125,106
|
14,453,427
|
||||||
EV
Energy Partners, L.P.
|
Upstream
|
Common
Units (217,391) (2)
|
7,456,512
|
7,499,555
|
||||||
Legacy
Reserves LP
|
Upstream
|
Limited
Partner Units (264,705)
|
3,973,539
|
6,143,803
|
||||||
High
Sierra Energy GP, LLC
|
Midstream
|
Equity
Interest (2.37%) (2)
|
2,416,814
|
2,847,120
|
||||||
First
American Government Obligations Fund
|
Short-term
investment
|
Class
Y
|
735,313
|
735,313
|
||||||
Total
Non-affiliated Investments - 32.1% (4)
|
33,145,714
|
39,179,233
|
||||||||
Total
Investments - 126.7%(4)
|
$ |
145,492,352
|
$ |
154,331,328
|
||||||
(1)
Control investments are generally defined under the Investment
Company Act
of 1940 as companies in which
|
||||||||||
at
least 25% of the voting securities are owned; see Note 7 to the
financial
statements for further disclosure.
|
||||||||||
(2)
Fair valued securities have a total value of $132,998,785, which
represents 109.2% of net assets applicable to common
|
||||||||||
stockholders.
These securities are deemed to be restricted; see Note 6 to the
financial
statements for further disclosure.
|
||||||||||
(3) Security
is a variable rate instrument. Interest rate is as of August
31, 2007.
|
||||||||||
(4)
Calculated as a percentage of net assets applicable to common
stockholders.
|
||||||||||
(5)
Affiliated investments are generally defined under the Investment
Company
Act of 1940 as companies in which
|
||||||||||
at
least 5% of the voting securities are owned. Affiliated investments
in which at least 25% of the voting securities are
|
||||||||||
owned
are generally defined as control investments as described in footnote
1;
see Note 7 to the financial statements for further
disclosure.
|
||||||||||
(6)
Distributions are paid in kind.
|
||||||||||
(7)
Currently non-income producing.
|
||||||||||
See Accompanying Notes to the Financial Statements |
Tortoise
Capital Resources Corporation
|
||||||||||
SCHEDULES
OF INVESTMENTS
|
||||||||||
November
30, 2006
|
||||||||||
Company
|
Energy
Infrastructure Segment
|
Type
of Investment
|
Cost
|
Value
|
||||||
Control
Investments (1)
|
||||||||||
Mowood,
LLC
|
Downstream
|
Equity
Interest (100%) (2)
|
$ |
1,000,000
|
$ |
1,000,000
|
||||
Subordinated
Debt (12% Due 7/1/2016) (2)
|
4,550,000
|
4,550,000
|
||||||||
Total
Control Investments - 13.2% (3)
|
5,550,000
|
5,550,000
|
||||||||
Affiliated
Investments (4)
|
||||||||||
High
Sierra Energy, LP
|
Midstream
|
Common
Units (633,179) (2)
|
14,828,825
|
14,828,825
|
||||||
Total
Affiliated Investments - 35.0% (3)
|
14,828,825
|
14,828,825
|
||||||||
Non-affiliated
Investments
|
||||||||||
Eagle
Rock Energy Partners, L.P.
|
Midstream
|
Common
Units (474,071) (2)
|
8,449,785
|
8,533,278
|
||||||
Eagle
Rock Energy Partners, L.P.
|
Midstream
|
Common
Units (185,000)
|
3,515,000
|
3,494,650
|
||||||
Legacy
Reserves LP
|
Upstream
|
Limited
Partner Units (264,705) (2)
|
4,300,446
|
4,566,161
|
||||||
High
Sierra Energy GP, L.L.C.
|
Midstream
|
Options
(3%) (2)
(5)
|
171,186
|
171,186
|
||||||
First
American Prime Obligations Money Market Fund
|
Short-term
investment
|
Class
Y
|
5,431,414
|
5,431,414
|
||||||
Total
Non-affiliated Investments - 52.4% (3)
|
21,867,831
|
22,196,689
|
||||||||
Total
Investments - 100.6%
(3)
|
$ |
42,246,656
|
$ |
42,575,514
|
||||||
(1)
Control investments are generally defined under the Investment
Company Act
of 1940 as companies in which
|
||||||||||
at
least 25% of the voting securities are owned; see Note 7 to the
financial
statements for further disclosure.
|
||||||||||
(2)
Fair valued securities have a total value of $33,649,450, which
represents
79.5% of net assets applicable to common
|
||||||||||
stockholders.
These securities are deemed to be restricted; see Note 6 to the
financial
statements for further disclosure.
|
||||||||||
(3)
Calculated as a percentage of net assets applicable to common
stockholders.
|
||||||||||
(4)
Affiliated investments are generally defined under the Investment
Company
Act of 1940 as companies in which
|
||||||||||
at
least 5% of the voting securities are owned. Affiliated investments
in which at least 25% of the voting securities are
|
||||||||||
owned
are generally defined as control investments as described in footnote
1;
see Note 7 to the financial statements for further
disclosure.
|
||||||||||
(5)
The Company has an option to purchase a 3% Membership Interest
(fully
diluted) in High Sierra Energy GP, LLC at an
|
||||||||||
exercise
price of $2,250,000. The option may be exercised any time prior
to May 2,
2007.
|
||||||||||
See Accompanying Notes to the Financial Statements |
Tortoise
Capital Resources Corporation
|
||||||||||||||||
STATEMENTS
OF OPERATIONS (Unaudited)
|
||||||||||||||||
For
the three months ended
|
For
the three months ended
|
For
the nine months ended
|
Period
from
December
8, 2005 (1)
through
|
|||||||||||||
August
31, 2007
|
August
31, 2006
|
August
31, 2007
|
August
31, 2006
|
|||||||||||||
Investment
Income
|
||||||||||||||||
Distributions
received from investments
|
||||||||||||||||
Non-affiliated
investments
|
$ |
532,992
|
$ |
350,993
|
$ |
1,228,864
|
$ |
350,993
|
||||||||
Affiliated
investments
|
1,328,533
|
-
|
2,661,815
|
-
|
||||||||||||
Control
investments
|
148,080
|
-
|
148,080
|
-
|
||||||||||||
Total
distributions received from investments
|
2,009,605
|
350,993
|
4,038,759
|
350,993
|
||||||||||||
Less
return of capital on distributions
|
||||||||||||||||
Non-affiliated
investments
|
(400,584 | ) | (297,054 | ) | (1,289,732 | ) | (297,054 | ) | ||||||||
Affiliated
investments
|
(1,065,404 | ) |
-
|
(2,140,454 | ) |
-
|
||||||||||
Control
investments
|
(86,407 | ) |
-
|
(86,407 | ) |
-
|
||||||||||
Net
distributions from investments
|
457,210
|
53,939
|
522,166
|
53,939
|
||||||||||||
Dividends
from money market mutual funds
|
38,726
|
263,085
|
620,385
|
1,014,086
|
||||||||||||
Interest
income from control investments
|
306,738
|
131,100
|
597,614
|
131,100
|
||||||||||||
Total
Investment Income
|
802,674
|
448,124
|
1,740,165
|
1,199,125
|
||||||||||||
Expenses
|
||||||||||||||||
Base
management fees
|
512,894
|
163,364
|
1,360,973
|
469,527
|
||||||||||||
Capital
gain incentive fees (Note 4)
|
(170,648 | ) |
-
|
1,325,846
|
-
|
|||||||||||
Professional
fees
|
187,014
|
61,701
|
401,862
|
145,298
|
||||||||||||
Directors'
fees
|
25,205
|
12,929
|
73,578
|
56,672
|
||||||||||||
Administrator
fees
|
24,193
|
-
|
54,929
|
-
|
||||||||||||
Reports
to stockholders
|
10,083
|
-
|
26,388
|
15,810
|
||||||||||||
Fund
accounting fees
|
9,294
|
6,599
|
23,571
|
19,008
|
||||||||||||
Stock
transfer agent fees
|
3,180
|
3,680
|
10,460
|
13,689
|
||||||||||||
Custodian
fees and expenses
|
3,044
|
1,615
|
8,189
|
5,053
|
||||||||||||
Registration
fees
|
14,686
|
-
|
22,749
|
-
|
||||||||||||
Other
expenses
|
16,944
|
486
|
34,936
|
11,335
|
||||||||||||
Total
Expenses before Interest Expense,
|
||||||||||||||||
Preferred
Stock Dividends and Loss on Redemption of Preferred
Stock
|
635,889
|
250,374
|
3,343,481
|
736,392
|
||||||||||||
Interest
expense
|
229,692
|
-
|
347,402
|
-
|
||||||||||||
Preferred
stock dividends
|
-
|
-
|
228,750
|
-
|
||||||||||||
Loss
on redemption of preferred stock
|
-
|
-
|
731,713
|
-
|
||||||||||||
Total
Interest Expense, Preferred Stock Dividends
|
||||||||||||||||
and
Loss on Redemption of Preferred Stock
|
229,692
|
-
|
1,307,865
|
-
|
||||||||||||
Total
Expenses
|
865,581
|
250,374
|
4,651,346
|
736,392
|
||||||||||||
Net
Investment Income (Loss), before Income Taxes
|
(62,907 | ) |
197,750
|
(2,911,181 | ) |
462,733
|
||||||||||
Current
tax benefit (expense)
|
42,732
|
(59,732 | ) |
42,732
|
(155,687 | ) | ||||||||||
Deferred
tax benefit (expense)
|
(5,109 | ) |
11,904
|
742,149
|
11,904
|
|||||||||||
Total
tax benefit (expense)
|
37,623
|
(47,828 | ) |
784,881
|
(143,783 | ) | ||||||||||
Net
Investment Income (Loss)
|
(25,284 | ) |
149,922
|
(2,126,300 | ) |
318,950
|
||||||||||
Realized
and Unrealized Gain (Loss) on Investments
|
||||||||||||||||
Net
realized gain on investments, before deferred tax expense
|
-
|
-
|
13,712
|
-
|
||||||||||||
Deferred
tax expense
|
-
|
-
|
(5,211 | ) |
-
|
|||||||||||
Net
Realized Gain on Investments
|
-
|
-
|
8,501
|
-
|
||||||||||||
Net
unrealized appreciation (depreciation) of non-affiliated
investments
|
(1,821,769 | ) |
297,054
|
5,686,094
|
297,054
|
|||||||||||
Net
unrealized appreciation of affiliated investments
|
68,414
|
-
|
2,034,365
|
-
|
||||||||||||
Net
unrealized appreciation of control investments
|
615,708
|
-
|
789,662
|
-
|
||||||||||||
Net
unrealized appreciation (depreciation), before deferred
taxes
|
(1,137,647 | ) |
297,054
|
8,510,121
|
297,054
|
|||||||||||
Deferred
tax benefit (expense)
|
432,306
|
(115,851 | ) | (3,233,846 | ) | (115,851 | ) | |||||||||
Net
unrealized appreciation (depreciation) of investments
|
(705,341 | ) |
181,203
|
5,276,275
|
181,203
|
|||||||||||
Net
Realized and Unrealized Gain (Loss) on
Investments
|
(705,341 | ) |
181,203
|
5,284,776
|
181,203
|
|||||||||||
Net
Increase (Decrease) in Net Assets Applicable to Common
Stockholders
|
||||||||||||||||
Resulting
from Operations
|
$ | (730,625 | ) | $ |
331,125
|
$ |
3,158,476
|
$ |
500,153
|
|||||||
Net
Increase (Decrease) in Net Assets Applicable to Common
Stockholders
|
||||||||||||||||
Resulting
from Operations Per Common Share
|
||||||||||||||||
Basic
and diluted
|
$ | (0.08 | ) | $ |
0.11
|
$ |
0.43
|
$ |
0.16
|
|||||||
Weighted
Average Shares of Common Stock Outstanding:
|
||||||||||||||||
Basic
and diluted
|
8,840,487
|
3,088,596
|
7,387,780
|
3,088,596
|
||||||||||||
(1)
Commencement of Operations.
|
||||||||||||||||
See Accompanying Notes to the Financial Statements |
Tortoise
Capital Resources Corporation
|
||||||||||||
STATEMENTS
OF CHANGES IN NET ASSETS
|
||||||||||||
For
the nine months ended
|
Period
from
December
8, 2005 (1)
through
|
Period
from
December
8, 2005 (1)
through
|
||||||||||
August
31, 2007
|
August
31, 2006
|
November
30, 2006
|
||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||
Operations
|
||||||||||||
Net
investment income (loss)
|
$ | (2,126,300 | ) | $ |
318,950
|
$ |
733,276
|
|||||
Net
realized gain (loss) on investments
|
8,501
|
-
|
(906 | ) | ||||||||
Net
unrealized appreciation on investments
|
5,276,275
|
181,203
|
203,669
|
|||||||||
Net
increase in net assets applicable to common stockholders resulting
from
operations
|
3,158,476
|
500,153
|
936,039
|
|||||||||
Dividends
and Distributions to Common Stockholders
|
||||||||||||
Net
investment income
|
-
|
(224,893 | ) | (639,220 | ) | |||||||
Return
of capital
|
(3,314,379 | ) | (207,511 | ) | (410,903 | ) | ||||||
Total
dividends and distributions to common stockholders
|
(3,314,379 | ) | (432,404 | ) | (1,050,123 | ) | ||||||
Capital
Share Transactions
|
||||||||||||
Proceeds
from private offerings of 3,066,667 common shares
|
-
|
44,895,868
|
44,895,868
|
|||||||||
Proceeds
from issuances of 772,124 warrants
|
-
|
1,104,137
|
1,104,137
|
|||||||||
Proceeds
from initial public offering of 5,740,000 common shares
|
86,100,000
|
-
|
-
|
|||||||||
Proceeds
from issuance of 185,000 warrants
|
283,050
|
-
|
-
|
|||||||||
Proceeds
from exercise of 11,350 warrants
|
170,250
|
-
|
-
|
|||||||||
Underwriting discounts and offering expenses associated with the
issuance
of
|
||||||||||||
common
shares
|
(6,983,951 | ) | (3,769,372 | ) | (3,769,373 | ) | ||||||
Issuance
of 2,384 common shares from reinvestment of dividend distributions
to
stockholders
|
42,537
|
-
|
-
|
|||||||||
Net
increase in net assets, applicable to common stockholders, from
capital
share transactions
|
79,611,886
|
42,230,633
|
42,230,632
|
|||||||||
Total
increase in net assets applicable to common stockholders
|
79,455,983
|
42,298,382
|
42,116,548
|
|||||||||
Net
Assets
|
||||||||||||
Beginning
of period
|
42,328,402
|
211,854
|
211,854
|
|||||||||
End
of period
|
$ |
121,784,385
|
$ |
42,510,236
|
$ |
42,328,402
|
||||||
Accumulated
net investment income (loss) net of deferred tax expense (benefit),
at end
of period
|
$ | (2,126,300 | ) | $ |
-
|
$ |
-
|
|||||
(1)
Commencement of Operations.
|
||||||||||||
See Accompanying Notes to the Financial Statements |
Tortoise
Capital Resources Corporation
|
||||||||
STATEMENT
OF CASH FLOWS (Unaudited)
|
||||||||
For
the nine
months
ended
August
31, 2007
|
Period
from
December
8, 2005 (1)
through
August
31, 2006
|
|||||||
Cash
Flows From Operating Activities
|
||||||||
Distributions
received from investments
|
$ |
3,972,092
|
$ |
350,993
|
||||
Interest
and dividend income received
|
1,141,118
|
1,009,772
|
||||||
Purchases
of long-term investments
|
(107,608,442 | ) | (23,549,991 | ) | ||||
Proceeds
from sales of long-term investments
|
-
|
1,000,000
|
||||||
Proceeds
(purchases) of short-term investments, net
|
4,696,101
|
(20,649,152 | ) | |||||
Interest
expense paid
|
(193,127 | ) |
-
|
|||||
Preferred
stock dividends
|
(228,750 | ) |
-
|
|||||
Current
tax expense paid
|
(19,362 | ) |
-
|
|||||
Operating
expenses paid
|
(1,634,910 | ) | (698,165 | ) | ||||
Net
cash used in operating activities
|
(99,875,280 | ) | (42,536,543 | ) | ||||
Cash
Flows from Financing Activities
|
||||||||
Issuance
of common stock (including warrant exercises)
|
86,270,250
|
46,000,005
|
||||||
Common
stock issuance costs
|
(6,765,958 | ) | (3,769,372 | ) | ||||
Issuance
of preferred stock
|
18,216,950
|
-
|
||||||
Redemption
of preferred stock
|
(18,870,000 | ) |
-
|
|||||
Preferred
stock issuance costs
|
(78,654 | ) |
-
|
|||||
Issuance
of warrants
|
283,050
|
-
|
||||||
Advances
from revolving line of credit
|
36,500,000
|
-
|
||||||
Repayments
on revolving line of credit
|
(14,000,000 | ) |
-
|
|||||
Dividends
paid to common stockholders
|
(1,680,358 | ) |
-
|
|||||
Net
cash provided by financing activities
|
99,875,280
|
42,230,633
|
||||||
Net
decrease in cash
|
-
|
(305,910 | ) | |||||
Cash--beginning
of period
|
-
|
305,910
|
||||||
Cash--end
of period
|
$ |
-
|
$ |
-
|
||||
Reconciliation
of net increase in net assets applicable to common
stockholders
|
||||||||
resulting
from operations to net cash used in operating
activities
|
||||||||
Net
increase in net assets applicable to common stockholders resulting
from
operations
|
$ |
3,158,476
|
$ |
500,153
|
||||
Adjustments to reconcile net increase in net assets applicable
to common
stockholders
|
||||||||
resulting from operations to net cash used in operating
activities
|
||||||||
Purchases of long-term investments
|
(111,444,679 | ) | (23,549,991 | ) | ||||
Return of capital on distributions received
|
3,516,593
|
297,054
|
||||||
Proceeds from sales of long-term
investments
|
1,000,000
|
|||||||
Proceeds (purchases) of short-term investments,
net
|
4,696,101
|
(20,649,152 | ) | |||||
Accrued capital gain incentive fees payable to
Adviser
|
1,325,846
|
-
|
||||||
Deferred income tax expense
|
2,496,908
|
103,947
|
||||||
Realized gains on investments
|
(13,712 | ) |
-
|
|||||
Amortization of issuance costs
|
2,110
|
-
|
||||||
Loss on redemption of preferred stock
|
731,713
|
-
|
||||||
Net
unrealized appreciation of investments
|
(8,510,121 | ) | (297,054 | ) | ||||
Changes
in operating assets and liabilities
|
||||||||
Increase
in interest, dividend and distribution receivable
|
(143,548 | ) | (135,414 | ) | ||||
Increase
in prepaid expenses and other assets
|
(22,997 | ) | (98,156 | ) | ||||
Increase
(decrease) in current tax liability
|
(86,386 | ) |
155,687
|
|||||
Increase
in management fees payable to Adviser
|
404,690
|
108,987
|
||||||
Increase
in payable for investments purchased
|
3,836,237
|
-
|
||||||
Increase
in accrued expenses and other liabilities
|
177,489
|
27,396
|
||||||
Total
adjustments
|
(103,033,756 | ) | (43,036,696 | ) | ||||
Net
cash used in operating activities
|
$ | (99,875,280 | ) | $ | (42,536,543 | ) | ||
Non-Cash
Financing Activities
|
||||||||
Reinvestment
of distributions by common stockholders in additional common
shares
|
$ |
42,537
|
$ |
-
|
||||
(1)
Commencement of Operations.
|
||||||||
See Accompanying Notes to the Financial Statements |
Tortoise
Capital Resources Corporation
|
||||||||||||
FINANCIAL
HIGHLIGHTS
|
||||||||||||
For
the nine months ended
|
Period
from December 8, 2005 (1)
through
|
Period
from December 8, 2005 (1)
through
|
||||||||||
August
31, 2007
|
August
31, 2006
|
November
30, 2006
|
||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||
Per
Common Share Data (2)
|
||||||||||||
Net
Asset Value, beginning of period
|
$ |
13.70
|
$ |
-
|
$ |
-
|
||||||
Initial
offering price
|
-
|
15.00
|
15.00
|
|||||||||
Premium less underwriting discounts and offering costs on initial
public
|
||||||||||||
offering of common shares (3)
|
0.01
|
-
|
-
|
|||||||||
Underwriting discounts and offering costs on issuance of common
shares
|
-
|
(1.22 | ) | (1.22 | ) | |||||||
Income
from Investment Operations:
|
||||||||||||
Net investment income (loss) (4)
|
(0.24 | ) |
0.07
|
0.21
|
||||||||
Net realized and unrealized gain on investments (4)
|
0.74
|
0.05
|
0.05
|
|||||||||
Total increase from investment operations
|
0.50
|
0.12
|
0.26
|
|||||||||
Less
Dividends and Distributions to Common Stockholders:
|
||||||||||||
Net investment income
|
-
|
(0.07 | ) | (0.21 | ) | |||||||
Return
of capital
|
(0.44 | ) | (0.07 | ) | (0.13 | ) | ||||||
Total
dividends and distributions to common stockholders
|
(0.44 | ) | (0.14 | ) | (0.34 | ) | ||||||
Net
Asset Value, end of period
|
$ |
13.77
|
$ |
13.76
|
$ |
13.70
|
||||||
Per
common share market value, end of period (5)
|
$ |
14.45
|
N/A
|
N/A
|
||||||||
Total
Investment Return, including capital gain incentive fees, based
on net
asset value (6)
|
3.38 | % | (7.33 | )% | (6.39 | )% | ||||||
Total
Investment Return, excluding capital gain incentive fees, based
on net
asset value (6)
|
4.51 | % | (7.33 | )% | (6.39 | )% | ||||||
Total
Investment Return, based on market value (7)
|
(1.62 | )% |
N/A
|
N/A
|
||||||||
Supplemental
Data and Ratios
|
||||||||||||
Net
assets applicable to common stockholders, end of period
(000's)
|
$ |
121,784
|
$ |
42,510
|
$ |
42,328
|
||||||
Ratio
of expenses (including current and deferred income tax
expense
|
||||||||||||
and
capital gain incentive fees) to average net assets: (8) (9)
(10)
|
9.16 | % | 3.24 | % | 3.64 | % | ||||||
Ratio
of expenses (excluding current and deferred income tax
expense)
|
||||||||||||
to
average net assets: (8)
(11)
|
6.00 | % | 2.39 | % | 2.40 | % | ||||||
Ratio
of expenses (excluding current and deferred income tax
expense
|
||||||||||||
and
capital gain incentive fees) to average net assets: (8) (11)
(12)
|
4.29 | % | 2.39 | % | 2.40 | % | ||||||
Ratio
of net investment income (loss) to average net assets before
current
|
||||||||||||
and
deferred income tax expense and capital gain incentive fees: (8) (11)
(12)
|
(2.04 | )% | 1.50 | % | 2.71 | % | ||||||
Ratio
of net investment income (loss) to average net assets before
current
|
||||||||||||
and
deferred income tax expense : (8) (10)
(11)
|
(3.75 | )% | 1.50 | % | 2.71 | % | ||||||
Ratio
of net investment income (loss) to average net assets after
current
|
||||||||||||
and
deferred income tax expense and capital gain incentive fees: (8) (9)
(10)
|
(6.91 | )% | 6.50 | % | 1.47 | % | ||||||
Portfolio
turnover rate (8)
(13)
|
0.00 | % | 6.38 | % | 9.51 | % | ||||||
(1)
Commencement of Operations.
|
||||||||||||
(2)
Information
presented relates to a share of common stock outstanding for the
entire
period.
|
||||||||||||
(3)
Represents
the premium on the initial public offering of $1.17 per share,
less the
underwriting discounts and offering costs of $1.16 per
share.
|
||||||||||||
(4)
The per
common share data for the period from December 8, 2005 through
August 31,
2006 and the period from December 8, 2005 through November 30,
2006
|
||||||||||||
do
not reflect the change in estimate of investment income and return
of
capital for the respective period. See Note 2D to the financial
statements
for further disclosure.
|
||||||||||||
(5)
Per common
share market value for the period from December 8, 2005 through
August 31,
2006 and the period from December 8, 2005 through November 30,
2006
|
||||||||||||
not
applicable as shares were not publicly traded.
|
||||||||||||
(6)
Not
annualized for periods less than a year. Total investment return
is
calculated assuming a purchase of common stock at the initial offering
price,
|
||||||||||||
reinvestment
of dividends at actual prices pursuant to the Company's dividend
reinvestment plan or net asset value, as applicable, and a sale
at net
asset value, end of period.
|
||||||||||||
Total
investment return does not reflect brokerage
commissions.
|
||||||||||||
(7)
Not
annualized for periods less than a year. Total investment return
is
calculated assuming a purchase of common stock at the initial public
offering price,
|
||||||||||||
reinvestment
of dividends at actual prices pursuant to the Company's dividend
reinvestment plan or market value, as applicable, and a sale at
the
current market price
|
||||||||||||
on
the last day of the period reported (excluding brokerage commissions).
Total investment return on a market value basis is shown for the
period
from February 7, 2007
|
||||||||||||
(the
Company's initial public offering) through August 31, 2007. Total
investment return does not reflect brokerage
commissions.
|
||||||||||||
(8)
Annualized
for periods less than one full year.
|
||||||||||||
(9)
For the
nine months ended August 31, 2007, the Company accrued $42,732
in current
income tax benefit and $2,496,908 in deferred income tax
expense.
|
||||||||||||
For
the period from December 8, 2005 through August 31, 2006, the Company
accrued $155,687 in current income tax expense, and $103,947 in
net
deferred income tax expense.
|
||||||||||||
For
the period from December 8, 2005 through November 30, 2006, the
Company
accrued $265,899 in current income tax expense, and $250,156 in
net
deferred income tax expense.
|
||||||||||||
(10)
For the
nine months ended August 31, 2007, the Company accrued $1,325,846
in
capital gain incentive fees. There were no capital gain incentive
fees accrued for the period from
|
||||||||||||
December
8, 2005 through August 31, 2006 or the period from December 8,
2005
through November 30, 2006.
|
||||||||||||
(11)
The ratio
excludes the impact of current and deferred income
taxes.
|
||||||||||||
(12) The
ratio excludes the impact of capital gain incentive
fees.
|
||||||||||||
(13) There
were no sales during the nine months ended August 31, 2007. The
recognition of realized gains was related to a reclassification
of the
amount of
|
||||||||||||
investment
income and return of capital recognized based on the 2006 tax
reporting information received from portfolio
companies.
|
||||||||||||
See
Note 2D to the financial statements for further
disclosure.
|
||||||||||||
See Accompanying Notes to the Financial Statements |
1.
|
Organization
|
2.
|
Significant
Accounting Policies
|
3.
|
Concentration
of Risk
|
4.
|
Agreements
|
5.
|
Income
Taxes
|
|
August
31, 2007
|
November
30, 2006
|
||||||
Deferred
tax assets:
|
||||||||
Organization
costs
|
$ |
29,843
|
$ |
31,532
|
||||
Capital
gain incentive fees
|
503,822
|
-
|
||||||
Net
operating loss carryforwards
|
1,043,747
|
-
|
||||||
1,577,412
|
31,532
|
|||||||
Deferred
tax liabilities:
|
||||||||
Net
unrealized gains on investment securities
|
3,358,813
|
124,967
|
||||||
Basis
reduction of investment in MLPs
|
965,663
|
156,721
|
||||||
4,324,476
|
281,688
|
|||||||
Total
net deferred tax liability
|
$ |
2,747,064
|
$ |
250,156
|
For
the three
|
For
the three
|
|||||||
months
ended
|
months
ended
|
|||||||
August
31, 2007
|
August
31, 2006
|
|||||||
Application
of statutory income tax rate
|
$ | (453,224 | ) | $ |
146,891
|
|||
State
income taxes, net of federal taxes
|
(46,594 | ) |
16,788
|
|||||
Other,
net
|
29,889
|
-
|
||||||
Total
tax expense (benefit)
|
$ | (469,929 | ) | $ |
163,679
|
For
the nine
|
For
the period
|
|||||||
months
ended
|
December
8, 2006 to
|
|||||||
August
31, 2007
|
August
31, 2006
|
|||||||
Application
of statutory income tax rate
|
$ |
1,863,266
|
$ |
265,926
|
||||
State
income taxes, net of federal taxes
|
225,934
|
30,391
|
||||||
Preferred
dividends
|
86,925
|
-
|
||||||
Loss
on redemption of preferred stock
|
278,051
|
-
|
||||||
Change
in deferred tax valuation allowance
|
-
|
(36,683 | ) | |||||
Total
tax expense
|
$ |
2,454,176
|
$ |
259,634
|
6.
|
Restricted
Securities
|
August
31, 2007
Investment
Security
|
Equity
Interest, Units or Principal Amount
|
Acquisition
Dates
|
Acquisition
Cost
|
Value
Per Unit
|
Percent
of Net Assets
|
|
Abraxas
Energy Partners, L.P.
|
Common
Units
|
450,181
|
5/25/07
|
$7,500,015
|
$16.66
|
6.2%
|
EV
Energy Partners, L.P.
|
Common
Units
|
217,391
|
6/1/07
|
7,499,990
|
34.50
|
6.2
|
High
Sierra Energy, LP
|
Common
Units
|
999,614
|
11/2/06,
6/15/07
|
24,828,836
|
27.29
|
22.3
|
High
Sierra Energy GP, LLC
|
Equity
Interest
|
2.37%
|
11/2/06,
5/1/07
|
2,421,186
|
N/A
|
2.3
|
International
Resource Partners LP
|
Class
A Common Units
|
500,000
|
6/12/07
|
10,000,000
|
20.00
|
8.2
|
LONESTAR
Midstream Partners, LP
|
Class
A Common Units
|
1,169,776
|
7/27/07
|
23,395,520
|
20.00
|
19.2
|
LSMP
GP, LP
|
GP
LP Units
|
180
|
7/27/07
|
549,142
|
3,050.79
|
0.5
|
Millennium
Midstream Partners, LP
|
Class
A Common Units
|
875,000
|
12/28/06
|
17,481,430
|
18.96
|
13.6
|
Millennium
Midstream Partners, LP
|
Incentive
Distribution Rights
|
78
|
12/28/06
|
18,570
|
-
|
-
|
Mowood,
LLC
|
Equity
Interest
|
100%
|
6/5/06,
5/4/07
|
1,500,000
|
N/A
|
1.3
|
Mowood,
LLC
|
Subordinated
Debt
|
$7,050,000
|
6/5/06,
5/4/07,
6/29/07
|
7,050,000
|
N/A
|
5.8
|
Quest
Midstream Partners, L.P.
|
Common
Units
|
945,946
|
12/22/06
|
17,500,001
|
16.74
|
13.0
|
VantaCore
Partners LP
|
Common
Units
|
425,000
|
5/21/07
|
8,500,000
|
21.44
|
7.5
|
VantaCore
Partners LP
|
Incentive
Distribution Rights
|
789
|
5/21/07
|
-
|
-
|
-
|
VantaCore
Partners LP
|
Subordinated
Debt
|
$3,750,000
|
5/21/07
|
3,750,000
|
N/A
|
3.1
|
$131,994,690
|
109.2%
|
November
30, 2006
Investment
Security
|
Equity
Interest, Units or Principal Amount
|
Acquisition
Date
|
Acquisition
Cost
|
Value
Per Unit
|
Percent
of Net Assets
|
|
Eagle
Rock Energy Partners, L.P.
|
Common
Units
|
474,071
|
3/27/06
|
$12,058,401
|
$18.00
|
20.1%
|
High
Sierra Energy, LP
|
Common
Units
|
633,179
|
11/2/06
|
14,828,825
|
23.42
|
35.0
|
High
Sierra Energy GP, LLC
|
Option
to Purchase Equity Interest
|
3%
|
11/2/06
|
171,186
|
N/A
|
0.4
|
Legacy
Reserves LP
|
Limited
Partner Units
|
264,705
|
3/14/06
|
4,499,985
|
17.25
|
10.8
|
Mowood,
LLC
|
Equity
Interest
|
100%
|
6/5/06
|
1,000,000
|
N/A
|
2.4
|
Mowood,
LLC
|
Subordinated
Debt
|
$4,550,000
|
6/5/06
|
4,550,000
|
N/A
|
10.8
|
$37,108,397
|
79.5%
|
7.
|
Investments
in Affiliates and Control
Entities
|
Units/
Equity Interest/ Principal Balance 11/30/06
|
Gross
Additions
|
Gross
Reductions
|
Gross
Distributions
|
August
31, 2007
|
||
Units/
Equity
Interest/
Principal
Balance
|
Value
|
|||||
High
Sierra Energy, LP
|
633,179
|
$10,000,011
|
-
|
$1,032,291
|
999,614
|
$27,279,466
|
International
Resource Partners LP
|
-
|
10,000,000
|
-
|
66,667
|
500,000
|
10,000,000
|
LONESTAR
Midstream Partners, LP
|
-
|
23,395,520
|
-
|
-
|
1,169,776
|
23,395,520
|
LSMP
GP, LP
|
-
|
549,142
|
-
|
-
|
180
|
549,142
|
Millennium
Midstream Partners, LP
Class
A Common Units
|
-
|
17,481,430
|
-
|
759,500
|
875,000
|
16,587,822
|
Millennium
Midstream Partners, LP
Incentive
Distribution Rights
|
-
|
18,570
|
-
|
-
|
78
|
-
|
Mowood,
LLC Subordinated Debt
|
$4,550,000
|
2,500,000
|
-
|
-
|
$7,050,000
|
7,050,000
|
Mowood,
LLC
Equity
Interest
|
100%
|
500,000
|
-
|
57,125
|
100%
|
1,590,786
|
Quest
Midstream Partners, L.P.
|
-
|
17,500,001
|
-
|
803,357
|
945,946
|
15,836,890
|
VantaCore
Partners LP Subordinated Debt
|
-
|
3,750,000
|
-
|
-
|
$3,750,000
|
3,750,000
|
VantaCore
Partners LP Common Units
|
-
|
8,500,000
|
-
|
90,955
|
425,000
|
9,112,469
|
VantaCore
Partners LP Incentive Distribution Rights
|
-
|
-
|
-
|
-
|
789
|
-
|
$94,194,674
|
-
|
$2,809,895
|
$115,152,095
|
8.
|
Investment
Transactions
|
9.
|
Credit
Facilities
|
10.
|
Preferred
Stock
|
11.
|
Common
Stock
|
Shares
at November 30, 2006
|
3,088,596
|
|||
Shares
sold through initial public offering
|
5,740,000
|
|||
Shares
issued through reinvestment of dividends
|
2,384
|
|||
Shares
issued upon exercise of warrants
|
11,350
|
|||
Shares
at August 31, 2007
|
8,842,330
|
12.
|
Warrants
|
Warrants
at November 30, 2006
|
772,124
|
|||
Warrants
issued in December 2006
|
185,000
|
|||
Warrants
exercised
|
(11,350 | ) | ||
Warrants
at August 31, 2007
|
945,774
|
13.
|
Earnings
Per Share
|
For
the three months ended
August
31, 2007
|
For
the three months ended
August
31, 2006
|
For
the nine months ended
August
31, 2007
|
Period
from
December
8, 2005 (Commencement of Operations) through August 31,
2006
|
|||||||||||||
Net
increase (decrease) in net assets applicable to common stockholders
resulting from operations
|
$ | (730,625 | ) | $ |
331,125
|
$ |
3,158,476
|
$ |
500,153
|
|||||||
Basic
weighted average shares
|
8,840,487
|
3,088,596
|
7,387,780
|
3,088,596
|
||||||||||||
Average
warrants outstanding
|
-
|
-
|
-
|
-
|
||||||||||||
Diluted
weighted average shares
|
8,840,487
|
3,088,596
|
7,387,780
|
3,088,596
|
||||||||||||
Basic
and diluted net increase (decrease) in net assets applicable to common
stockholders resulting from
operations
per common share
|
$ | (0.08 | ) | $ |
0.11
|
$ |
0.43
|
$ |
0.16
|
14.
|
Subsequent
Events
|
Midstream
|
66%
|
Upstream
|
14%
|
Coal/Aggregate
|
14%
|
Downstream
|
6%
|
Total
|
100%
|
Distributable
Cash Flow (unaudited)
|
||||||||
For
the three months ended
|
For
the nine months ended
|
|||||||
August
31, 2007
|
August
31, 2007
|
|||||||
Total
Distributions Received from Investments
|
||||||||
Distributions
received from equity investments
|
$ |
2,009,605
|
$ |
4,038,759
|
||||
Interest
income from debt investments
|
306,738
|
597,614
|
||||||
Dividend
and interest income on short-term investments
|
38,726
|
620,385
|
||||||
Total
from Investments
|
2,355,069
|
5,256,758
|
||||||
Operating
Expenses Before Leverage Costs and Current Taxes
|
||||||||
Advisory fees | ||||||||
Other
operating expenses (excluding capital gain incentive fees)
|
293,643
|
656,662
|
||||||
806,537
|
2,017,635
|
|||||||
Distributable
cash flow before leverage costs and current taxes
|
1,548,532
|
3,239,123
|
||||||
Leverage
Costs
|
229,692
|
576,152
|
||||||
Distributable
Cash Flow
|
$ |
1,318,840
|
$ |
2,662,971
|
||||
DCF/GAAP
Reconciliation
|
||||||||
Adjustments
to reconcile to Net Investment Income (Loss), before Income
Taxes
|
||||||||
Return
of capital on distributions received from equity
investments
|
(1,552,395 | ) | (3,516,593 | ) | ||||
Capital
gain incentive fees
|
170,648
|
(1,325,846 | ) | |||||
Loss
on redemption of preferred stock
|
-
|
(731,713 | ) | |||||
Net
Investment Income (Loss), before Income Taxes
|
$ | (62,907 | ) | $ | (2,911,181 | ) |
Record
Date
|
Payment
Date
|
Amount
|
August
21, 2007
|
September
4, 2007
|
$0.18
|
May
22, 2007
|
June
1, 2007
|
$0.16
|
January
31, 2007
|
February
7, 2007
|
$0.10
|
Total
|
Fiscal
2007
|
Fiscal
2008
|
Fiscal
2009
|
Fiscal
2010
|
Fiscal
2011
|
After
2011
|
|
(in
millions)
|
|||||||
Secured
revolving credit facility (1)
|
$22.5
|
$22.5
|
-
|
|
|||
Purchase
commitment (2)
|
$ 3.8
|
$ 2.6
|
$ 1.2
|
||||
$26.3
|
$25.1
|
$1.2
|
(1)
|
At
August 31, 2007, the outstanding balance under the credit facility
was
$22,500,000. The credit facility expires on March 21,
2008.
|
(2)
|
We
have agreed to purchase, subject to the satisfaction of certain
conditions, $2,560,620 of additional Class A common units of LONESTAR
Midstream
Partners, LP and $39,623 GP LP units from LSMP GP LP in September
2007 and $1,217,160 of additional Class A common units
of
LONESTAR Midstream Partners, LP and $18,834 GP LP units of LSMP
GP LP in December 2007.
|
|
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK.
|
|
ITEM
4. CONTROLS AND
PROCEDURES.
|
|
ITEM
1. LEGAL
PROCEEDINGS.
|
|
ITEM
1A. RISK FACTORS.
|
|
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF
PROCEEDS.
|
|
ITEM
3. DEFAULTS UPON SENIOR
SECURITIES.
|
|
ITEM
4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY
HOLDERS.
|
|
ITEM
5. OTHER
INFORMATION.
|
Exhibit
|
|
Description
|
|
|
|
4.1
|
Dividend
Reinvestment Plan (as amended effective June 1, 2007), is filed
herewith
|
|
10.1
|
|
First
Amendment to Credit Agreement, dated as of July 18, 2007, by and
among the
Company and U.S. Bank, N.A. as a lender, agent and lead arranger,
and Bank
of Oklahoma, N.A., which is attached as Exhibit 10.1 to the Form
8-K filed
on July 20, 2007, is hereby incorporated by reference as Exhibit
10.1
|
31.1
|
Certification
by Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a),
as
adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002,
is
filed herewith
|
|
31.2
|
Cer
|
Certification
by Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a),
as
adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002,
is
filed herewith
|
32.1
|
Certification
by Chief Executive Officer and Chief Financial Officer pursuant to
18
U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, is furnished
herewith
|
TORTOISE CAPITAL RESOURCES CORPORATION | |||
Date:
October 12, 2007
|
By:
|
/s/ Terry C. Matlack | |
Terry C. Matlack | |||
Chief Financial Officer | |||