09/16/2024 | Press release | Distributed by Public on 09/16/2024 14:03
PROSPECTUS SUPPLEMENT (To Prospectus dated May 29, 2024) |
September 16, 2024 |
SELECTED FINANCIAL HIGHLIGHTS | ||||
(in millions, except per share data) (unaudited) | ||||
As of July 31, 2024 | As of April 30, 2024 | |||
Investment portfolio, at fair value | $ | 161.1 | $ | 164.6 |
NAV per common share | 7.24 | 7.34 |
For the Fiscal Quarter Ended | ||||
(Per common share) | July 31, 2024 | April 30, 2024 | ||
Net investment income | $ | 0.24 | $ | 0.28 |
Net realized loss on investments | (0.37) | (0.12) | ||
Net unrealized appreciation (depreciation) on investments | 0.35 | (0.20) | ||
Net earnings (loss) | $ | 0.22 | $ | (0.04) |
Reconciliation of Core NII - Non-GAAP1
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||||
Net investment income | $ | 0.24 | $ | 0.28 |
CLO equity adjustments | 0.23 | 0.25 | ||
Core NII | $ | 0.47 | $ | 0.53 |
Portfolio Overview ($ in millions) | As of July 31, 2024 | As of April 30, 2024 | ||
Investment portfolio, at fair value
|
$ | 161.1 | $ | 164.6 |
Total number of issuers | 72 | 76 | ||
Weighted-average effective yield3
|
12.71 | % | 12.83 | % |
For the Fiscal Quarter Ended | ||||
Portfolio Purchase Activity ($ in millions) | July 31, 2024 | April 30, 2024 | ||
CLO equity investments | $ | 8.8 | $ | 11.2 |
CLO debt investments | - | - | ||
Other CLO equity-related investments | 0.2 | 0.4 | ||
Loan accumulation facility investments | 3.1 | 4.3 | ||
Total investments | $ | 12.1 | $ | 15.9 |
Weighted-average effective yield - period end | 20.03 | % | 17.83 | % |
As of July 31, 2024 | ||||
Portfolio Composition ($ in millions) | Amortized Cost | Fair Value | ||
CLO equity investments | $ | 170.1 | $ | 122.6 |
CLO debt investments | 32.8 | 34.7 | ||
Loan accumulation facility investments | 2.5 | 2.5 | ||
Other CLO equity-related investments | 1.1 | 1.3 | ||
Total investments | $ | 206.5 | $ | 161.1 |
As of July 31, 2024 | ||
Assets: | ||
Investments, at fair value (amortized cost of $206,533,305) | $ | 161,112,008 |
Cash and cash equivalents | 22,007,239 | |
Interest receivable | 192,698 | |
Other assets | 674,370 | |
Total assets | 183,986,315 | |
Liabilities: | ||
Preferred stock (net of deferred issuance costs of $911,593) | 60,088,407 | |
Payable to adviser and affiliates | 2,372,229 | |
Other liabilities | 517,000 | |
Total liabilities | 62,977,636 | |
Net assets | $ | 121,008,679 |
Net assets consist of: | ||
Common stock, par value of $0.001 per share; 90,000,000 shares authorized and 16,718,677 shares issued and outstanding | $ | 16,719 |
Paid-in capital in excess of par | 168,862,318 | |
Total accumulated losses | (47,870,358) | |
Total net assets | $ | 121,008,679 |
Net asset value per common share | $ | 7.24 |
Three Months Ended | Nine Months Ended | |||
July 31, 2024 | July 31, 2024 | |||
Investment income: | ||||
Interest income | $ | 7,451,266 | $ | 23,963,937 |
Operating expenses: | ||||
Interest expense | 963,162 | 2,906,172 | ||
Incentive fees | 964,744 | 3,238,103 | ||
Base management fees | 804,026 | 2,405,415 | ||
Administration fees | 400,316 | 1,016,634 | ||
Professional fees | 258,279 | 767,743 | ||
Excise tax provision | - | 35,000 | ||
Other expenses | 201,762 | 642,459 | ||
Total operating expenses | 3,592,289 | 11,011,526 | ||
Net investment income | 3,858,977 | 12,952,411 | ||
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||||
Net realized and unrealized gain (loss) on investments: | ||||
Net realized loss on investments | (5,938,328) | (9,686,876) | ||
Net change in unrealized appreciation on investments | 5,514,518 | 6,459,602 | ||
Net loss on investments | (423,810) | (3,227,274) | ||
Net increase in net assets resulting from operations | $ | 3,435,167 | $ | 9,725,137 |
Weighted-average common shares outstanding | 16,211,566 | 16,037,061 |
For the Fiscal Quarter Ended July 31, 2024 | For the Fiscal Quarter Ended April 30, 2024 | |||||||
Amount | Per Common Share Amount | Amount | Per Common Share Amount | |||||
Net investment income | $ | 3,858,977 | $ | 0.24 | $ | 4,503,076 | $ | 0.28 |
CLO equity adjustments | 3,711,202 | 0.23 | 3,914,723 | 0.25 | ||||
Core NII | $ | 7,570,179 | $ | 0.47 | $ | 8,417,799 | $ | 0.53 |
Company and
Investment(1)(2)
|
Interest Rate /Effective Yield(3)
|
Spread Above Index(4)
|
Initial Acquisition Date | Maturity |
Principal Amount |
Amortized Cost |
Fair Value(5)
|
Percent of Net Assets |
||||
CLO Debt Securities | ||||||||||||
Atlas Senior Loan Fund XX, Ltd. | ||||||||||||
Mezzanine Debt - Class E | 14.71% | (SOFR + 9.43%) | 10/13/2022 | 10/19/2035 | $ | 2,000,000 | $ | 1,887,917 | $ | 2,002,785 | 1.7 | % |
Atlas Senior Loan Fund XXI, Ltd. | ||||||||||||
Mezzanine Debt - Class E | 14.32% | (SOFR + 9.04%) | 7/20/2023 | 7/20/2035 | 1,450,000 | 1,352,250 | 1,475,394 | 1.2 | % | |||
Birch Grove CLO 5, Ltd. | ||||||||||||
Mezzanine Debt - Class E | 13.93% | (SOFR + 8.65%) | 4/28/2023 | 4/20/2035 | 3,000,000 | 2,933,979 | 3,006,834 | 2.5 | % | |||
Birch Grove CLO 6, Ltd. | ||||||||||||
Mezzanine Debt - Class E | 14.21% | (SOFR + 8.93%) | 7/7/2023 | 7/7/2035 | 2,500,000 | 2,438,299 | 2,539,705 | 2.1 | % | |||
Brightwood Capital MM CLO 2023-1, Ltd. | ||||||||||||
Mezzanine Debt - Class D | 11.76% | (SOFR + 6.46%) | 9/28/2023 | 10/15/2035 | 807,080 | 786,243 | 819,848 | 0.7 | % | |||
Mezzanine Debt - Class E | 15.66% | (SOFR + 10.36%) | 9/28/2023 | 10/15/2035 | 1,882,451 | 1,720,453 | 1,927,668 | 1.6 | % | |||
2,689,531 | 2,506,696 | 2,747,516 | 2.3 | % | ||||||||
Elevation CLO 2023-17, Ltd. | ||||||||||||
Mezzanine Debt - Class E | 13.44% | (SOFR + 8.16%) | 11/16/2023 | 10/20/2036 | 2,000,000 | 1,892,280 | 2,029,358 | 1.7 | % | |||
Empower CLO 2023-2, Ltd. | ||||||||||||
Mezzanine Debt - Class E | 13.55% | (SOFR + 8.25%) | 8/22/2023 | 7/15/2036 | 2,000,000 | 2,000,000 | 2,021,753 | 1.7 | % | |||
Fortress Credit BSL X Limited | ||||||||||||
Mezzanine Debt - Class E | 12.48% | (SOFR + 6.94%) | 8/1/2023 | 7/23/2032 | 2,500,000 | 2,309,128 | 2,500,465 | 2.1 | % |
Company and
Investment(1)(2)
|
Interest Rate /Effective Yield(3)
|
Spread Above Index(4)
|
Initial Acquisition Date | Maturity |
Principal Amount |
Amortized Cost |
Fair Value(5)
|
Percent of Net Assets |
||||
Fortress Credit Opportunities VII CLO Limited | ||||||||||||
Mezzanine Debt - Class E | 12.68% | (SOFR + 7.14%) | 8/1/2023 | 4/20/2033 | $ | 3,750,000 | $ | 3,421,039 | $ | 3,750,926 | 3.1 | % |
Gallatin CLO X 2023-1, Ltd. | ||||||||||||
Mezzanine Debt - Class E | 13.52% | (SOFR + 8.22%) | 9/7/2023 | 10/14/2035 | 4,000,000 | 3,806,972 | 4,030,204 | 3.3 | % | |||
Sound Point CLO 36, Ltd. | ||||||||||||
Mezzanine Debt - Class E | 14.09% | (SOFR + 8.81%) | 8/9/2023 | 7/26/2030 | 2,500,000 | 2,360,377 | 2,541,339 | 2.1 | % | |||
Trinitas CLO XX, Ltd. | ||||||||||||
Mezzanine Debt - Class E | 13.43% | (SOFR + 8.15%) | 8/3/2023 | 7/20/2035 | 6,000,000 | 5,862,336 | 6,045,355 | 5.0 | % | |||
Total CLO Debt Securities | $ | 34,389,531 | $ | 32,771,273 | $ | 34,691,634 | 28.8 | % | ||||
CLO Equity Securities(6)
|
||||||||||||
Allegro CLO 2021-2, Ltd. | ||||||||||||
Subordinated Notes | 17.11% | 8/23/2021 | 10/15/2034 | $ | 5,000,000 | $ | 3,739,188 | $ | 3,013,273 | 2.6 | % | |
Allegro CLO XV, Ltd. | ||||||||||||
Subordinated Notes | 19.84% | 6/10/2022 | 7/20/2035 | 4,640,000 | 3,232,051 | 3,043,958 | 2.6 | % | ||||
Allegro CLO XVI, Ltd. | ||||||||||||
Subordinated Notes | 20.13% | 4/11/2024 | 4/25/2037 | 6,490,084 | 5,016,624 | 5,016,625 | 4.2 | % | ||||
Anchorage Capital CLO 1-R Ltd. | ||||||||||||
Subordinated Notes(7)(10)
|
0.00% | 10/5/2018 | 4/13/2031 | 2,100,000 | 249,558 | 160,230 | 0.1 | % | ||||
Apex Credit CLO 2020 Ltd. | ||||||||||||
Subordinated Notes | 17.92% | 11/16/2020 | 10/20/2031 | 6,170,000 | 5,340,718 | 4,460,256 | 3.7 | % |
Company and
Investment(1)(2)
|
Interest Rate /Effective Yield(3)
|
Spread Above Index(4)
|
Initial Acquisition Date | Maturity |
Principal Amount |
Amortized Cost |
Fair Value(5)
|
Percent of Net Assets |
|||
Apex Credit CLO 2021 Ltd. | |||||||||||
Subordinated Notes | 20.93% | 5/28/2021 | 7/18/2034 | $ | 7,140,000 | $ | 5,234,682 | $ | 4,472,017 | 3.7 | % |
Apex Credit CLO 2022-1 Ltd. | |||||||||||
Subordinated Notes | 13.10% | 4/28/2022 | 4/22/2033 | 8,833,176 | 7,171,896 | 5,241,151 | 4.3 | % | |||
Apex Credit CLO 2024-1, Ltd. | |||||||||||
Subordinated Notes | 29.55% | 3/7/2024 | 4/20/2036 | 3,600,000 | 2,398,306 | 3,020,406 | 2.5 | % | |||
Atlas Senior Loan Fund X Ltd. | |||||||||||
Subordinated Notes(7)(8)
|
0.00% | 10/5/2018 | 1/15/2031 | 5,000,000 | 2,033,362 | 230,550 | 0.2 | % | |||
Atlas Senior Loan Fund XVII Ltd. | |||||||||||
Subordinated Notes | 19.10% | 9/20/2021 | 10/20/2034 | 6,000,000 | 4,412,725 | 3,162,105 | 2.6 | % | |||
Battalion CLO IX Ltd. | |||||||||||
Subordinated Notes - Income(7)
|
0.00% | 10/10/2018 | 7/15/2031 | 1,079,022 | 516,751 | 219,481 | 0.2 | % | |||
Subordinated Notes(7)
|
0.00% | 10/10/2018 | 7/15/2031 | 1,770,978 | 848,107 | 360,230 | 0.3 | % | |||
2,850,000 | 1,364,858 | 579,711 | 0.5 | % | |||||||
Battalion CLO XI Ltd. | |||||||||||
Subordinated Notes | 7.40% | 3/20/2019 | 10/24/2029 | 5,000,000 | 3,499,341 | 2,240,841 | 1.9 | % | |||
Battalion CLO XV Ltd. | |||||||||||
Subordinated Notes | 31.04% | 5/4/2023 | 1/17/2033 | 3,500,000 | 1,742,255 | 1,740,704 | 1.4 | % | |||
Subordinated Notes | 31.04% | 5/4/2023 | 1/17/2033 | 3,500,000 | 1,742,255 | 1,740,704 | 1.4 | % | |||
7,000,000 | 3,484,510 | 3,481,408 | 2.8 | % | |||||||
Battalion CLO XIX Ltd. | |||||||||||
Subordinated Notes | 16.63% | 3/16/2021 | 4/15/2034 | 5,000,000 | 2,779,454 | 2,206,313 | 1.8 | % | |||
Bridge Street CLO III Ltd. | |||||||||||
Subordinated Notes | 20.80% | 12/28/2022 | 10/20/2034 | 6,900,000 | 3,923,374 | 5,057,595 | 4.2 | % | |||
Company and
Investment(1)(2)
|
Interest Rate /Effective Yield(3)
|
Spread Above Index(4)
|
Initial Acquisition Date | Maturity |
Principal Amount |
Amortized Cost |
Fair Value(5)
|
Percent of Net Assets |
|||
Brightwood Capital MM CLO 2023-1, Ltd. | |||||||||||
Subordinated Notes | 13.26% | 9/28/2023 | 10/15/2035 | $ | 4,847,312 | $ | 4,274,619 | $ | 3,912,990 | 3.2 | % |
Crown Point CLO 4 Ltd. | |||||||||||
Subordinated Notes(7)
|
0.00% | 3/22/2019 | 4/20/2031 | 5,000,000 | 2,397,911 | 1,248,925 | 1.0 | % | |||
Dryden 38 Senior Loan Fund | |||||||||||
Subordinated Notes(7)
|
0.00% | 10/5/2018 | 7/15/2030 | 2,600,000 | 1,182,266 | 532,895 | 0.4 | % | |||
Dryden 76 CLO, Ltd. | |||||||||||
Subordinated Notes | 9.26% | 9/27/2019 | 10/20/2032 | 2,250,000 | 1,880,905 | 1,253,124 | 1.0 | % | |||
Dryden 87 CLO, Ltd. | |||||||||||
Subordinated Notes | 13.56% | 6/2/2021 | 5/20/2034 | 5,000,000 | 4,149,302 | 2,975,589 | 2.5 | % | |||
Dryden 95 CLO, Ltd. | |||||||||||
Subordinated Notes | 14.00% | 7/29/2021 | 8/20/2034 | 6,000,000 | 4,724,353 | 3,386,880 | 2.8 | % | |||
Dryden 98 CLO, Ltd. | |||||||||||
Subordinated Notes | 13.62% | 3/17/2022 | 4/20/2035 | 5,500,000 | 4,295,249 | 3,406,343 | 2.8 | % | |||
Elevation CLO 2017-8, Ltd. | |||||||||||
Subordinated Notes(7)(8)
|
0.00% | 10/5/2018 | 10/25/2030 | 2,000,000 | 635,841 | 58,673 | - | % | |||
Elevation CLO 2021-12, Ltd. | |||||||||||
Subordinated Notes | 9.09% | 5/26/2021 | 4/20/2032 | 4,810,737 | 2,873,584 | 1,887,289 | 1.6 | % | |||
Elevation CLO 2021-13, Ltd. | |||||||||||
Subordinated Notes | 3.92% | 6/9/2021 | 7/15/2034 | 6,026,765 | 4,300,223 | 2,418,179 | 2.0 | % | |||
Elevation CLO 2021-14, Ltd. | |||||||||||
Subordinated Notes | 5.26% | 10/29/2021 | 10/20/2034 | 7,237,500 | 5,547,725 | 3,201,792 | 2.6 | % |
Company and
Investment(1)(2)
|
Interest Rate /Effective Yield(3)
|
Spread Above Index(4)
|
Initial Acquisition Date | Maturity |
Principal Amount |
Amortized Cost |
Fair Value(5)
|
Percent of Net Assets |
|||
Elevation CLO 2021-15, Ltd. | |||||||||||
Subordinated Notes | 2.68% | 12/23/2021 | 1/5/2035 | $ | 9,000,000 | $ | 6,142,568 | $ | 3,087,235 | 2.6 | % |
Empower CLO 2023-3, Ltd. | |||||||||||
Subordinated Notes | 14.56% | 12/21/2023 | 1/20/2037 | 10,675,000 | 7,228,679 | 7,162,343 | 5.9 | % | |||
Empower CLO 2024-1, Ltd. | |||||||||||
Subordinated Notes | 15.07% | 3/20/2024 | 4/25/2037 | 5,024,000 | 4,115,189 | 4,115,189 | 3.4 | % | |||
Empower CLO 2024-2, Ltd | |||||||||||
Subordinated Notes | 15.16% | 6/26/2024 | 7/15/2037 | 1,350,000 | 1,141,812 | 1,141,812 | 0.9 | % | |||
Flatiron CLO 18 Ltd. | |||||||||||
Subordinated Notes | 5.62% | 10/5/2018 | 4/17/2031 | 4,500,000 | 2,680,309 | 2,084,079 | 1.7 | % | |||
Halcyon Loan Advisors Funding 2018-1 Ltd. | |||||||||||
Subordinated Notes | 5.99% | 3/20/2019 | 7/20/2031 | 3,000,000 | 1,532,562 | 731,236 | 0.6 | % | |||
HarbourView CLO VII-R, Ltd. | |||||||||||
Subordinated Notes(7)(8)
|
0.00% | 10/5/2018 | 11/18/2026 | 3,100,000 | 1,886,533 | - | - | % | |||
Invesco CLO 2021-2, Ltd. | |||||||||||
Subordinated Notes | 27.28% | 5/24/2024 | 7/15/2034 | 6,000,000 | 3,038,291 | 3,018,513 | 2.5 | % | |||
Invesco U.S. CLO 2023-1, Ltd. | |||||||||||
Subordinated Notes | 18.64% | 5/31/2024 | 4/22/2037 | 5,000,000 | 3,674,372 | 3,685,420 | 3.0 | % | |||
Jamestown CLO XVI, Ltd. | |||||||||||
Subordinated Notes | 14.87% | 7/29/2021 | 7/25/2034 | 3,500,000 | 2,526,461 | 2,014,733 | 1.7 | % | |||
LCM 31 Ltd. | |||||||||||
Subordinated Notes | 18.11% | 12/18/2020 | 1/20/2032 | 1,350,000 | 907,129 | 723,377 | 0.6 | % |
Company and
Investment(1)(2)
|
Interest Rate /Effective Yield(3)
|
Spread Above Index(4)
|
Initial Acquisition Date | Maturity |
Principal Amount |
Amortized Cost |
Fair Value(5)
|
Percent of Net Assets |
|||
Madison Park Funding XXIII, Ltd. | |||||||||||
Subordinated Notes | 11.33% | 10/5/2018 | 7/27/2047 | $ | 4,000,000 | $ | 1,962,939 | $ | 1,785,218 | 1.5 | % |
Madison Park Funding XXIX, Ltd. | |||||||||||
Subordinated Notes | 8.09% | 12/22/2020 | 10/18/2047 | 1,000,000 | 532,330 | 453,550 | 0.4 | % | |||
Marble Point CLO X Ltd. | |||||||||||
Subordinated Notes(7)
|
0.00% | 10/5/2018 | 10/15/2030 | 7,000,000 | 2,821,711 | 482,803 | 0.4 | % | |||
Marble Point CLO XX Ltd. | |||||||||||
Subordinated Notes | 12.64% | 4/9/2021 | 4/23/2051 | 5,125,000 | 3,694,510 | 2,581,297 | 2.1 | % | |||
Marble Point CLO XXI Ltd. | |||||||||||
Subordinated Notes | 12.93% | 8/24/2021 | 10/17/2051 | 5,250,000 | 3,836,108 | 2,778,044 | 2.3 | % | |||
Marble Point CLO XXIII Ltd. | |||||||||||
Subordinated Notes | 14.39% | 12/3/2021 | 1/22/2052 | 1,750,000 | 1,356,521 | 1,014,150 | 0.8 | % | |||
MidOcean Credit CLO VII Ltd. | |||||||||||
Subordinated Notes - Income(7)(8)
|
0.00% | 3/20/2019 | 7/15/2029 | 3,275,000 | 1,047,083 | - | - | % | |||
MidOcean Credit CLO VIII Ltd. | |||||||||||
Subordinated Notes - Income(7)
|
0.00% | 1/14/2019 | 2/20/2031 | 3,225,000 | 1,571,656 | 422,922 | 0.3 | % | |||
MidOcean Credit CLO IX Ltd. | |||||||||||
Subordinated Notes - Income(7)
|
0.00% | 11/21/2018 | 7/20/2031 | 3,000,000 | 1,471,083 | 253,784 | 0.2 | % | |||
Niagara Park CLO, Ltd. | |||||||||||
Subordinated Notes | 11.32% | 11/8/2019 | 7/17/2032 | 4,500,000 | 3,129,360 | 2,559,660 | 2.1 | % | |||
Octagon Investment Partners 39, Ltd. | |||||||||||
Subordinated Notes(7)
|
0.00% | 2/27/2020 | 10/20/2030 | 3,600,000 | 1,600,048 | 677,460 | 0.6 | % |
Company and
Investment(1)(2)
|
Interest Rate /Effective Yield(3)
|
Spread Above Index(4)
|
Initial Acquisition Date | Maturity |
Principal Amount |
Amortized Cost |
Fair Value(5)
|
Percent of Net Assets |
|||
Rockford Tower CLO 2019-1, Ltd. | |||||||||||
Subordinated Notes | 22.30% | 8/25/2023 | 4/20/2034 | $ | 4,500,000 | $ | 2,538,580 | $ | 2,168,264 | 1.8 | % |
Sound Point CLO IV-R, Ltd. | |||||||||||
Subordinated Notes(7)(8)
|
0.00% | 11/2/2018 | 4/18/2031 | 4,000,000 | 599,847 | - | - | % | |||
Steele Creek CLO 2022-1, Ltd. | |||||||||||
Subordinated Notes | 15.92% | 3/28/2022 | 4/15/2035 | 5,000,000 | 3,390,010 | 2,775,632 | 2.3 | % | |||
THL Credit Wind River 2014-3 CLO Ltd. | |||||||||||
Subordinated Notes(7)(8)
|
0.00% | 10/10/2018 | 10/22/2031 | 2,778,000 | 1,099,947 | 130,562 | 0.1 | % | |||
Trinitas CLO VIII, Ltd. | |||||||||||
Subordinated Notes(7)
|
0.00% | 4/28/2021 | 7/20/2117 | 2,800,000 | 1,333,265 | 460,955 | 0.4 | % | |||
Vibrant CLO X, Ltd. | |||||||||||
Subordinated Notes(7)(10)
|
0.00% | 5/23/2019 | 10/20/2031 | 8,000,000 | 2,720,176 | - | - | % | |||
Vibrant CLO XIII, Ltd. | |||||||||||
Subordinated Notes | 14.80% | 6/3/2021 | 7/15/2034 | 5,000,000 | 3,862,495 | 3,051,768 | 2.5 | % | |||
Vibrant CLO XV, Ltd. | |||||||||||
Subordinated Notes | 26.32% | 8/21/2023 | 1/20/2035 | 4,000,000 | 2,501,412 | 2,537,447 | 2.1 | % | |||
Voya CLO 2017-4, Ltd. | |||||||||||
Subordinated Notes(7)(10)
|
0.00% | 10/5/2018 | 10/15/2030 | 1,000,000 | 326,423 | 43,968 | - | % | |||
Wind River 2015-1 CLO, Ltd. | |||||||||||
Subordinated Notes(7)
|
0.00% | 4/28/2021 | 10/20/2030 | 2,600,000 | 963,671 | 289,363 | 0.2 | % | |||
Webster Park CLO, Ltd. | |||||||||||
Subordinated Notes(7)(10)
|
0.00% | 4/23/2021 | 1/20/2027 | 3,363,000 | 1,436,291 | 600,034 | 0.5 | % |
Company and
Investment(1)(2)
|
Interest Rate /Effective Yield(3)
|
Spread Above Index(4)
|
Initial Acquisition Date | Maturity |
Principal Amount |
Amortized Cost |
Fair Value(5)
|
Percent of Net Assets |
|||
Zais CLO 3, Limited | |||||||||||
Subordinated Notes - Income(7)(8)
|
0.00% | 10/10/2018 | 7/15/2031 | $ | 1,038,255 | $ | 491,947 | $ | 32,600 | - | % |
Subordinated Notes(7)(8)
|
0.00% | 10/10/2018 | 7/15/2031 | 1,761,745 | 834,659 | 55,316 | - | % | |||
2,800,000 | 1,326,606 | 87,916 | - | % | |||||||
Total CLO Equity Securities | $ | 273,060,574 | $ | 170,138,602 | $ | 122,587,852 | 101.1 | % | |||
Loan Accumulation Facilities(11)
|
|||||||||||
Allegro CLO XVII, Ltd. | |||||||||||
Loan Accumulation Facility | 17.50% | 5/15/2024 | 5/15/2025 | $ | 2,500,000 | $ | 2,500,000 | $ | 2,500,000 | 2.1 | % |
Total Loan Accumulation Facilities | $ | 2,500,000 | $ | 2,500,000 | $ | 2,500,000 | 2.1 | % | |||
Other CLO equity-related investments | |||||||||||
CLO other(9)
|
16.98% | $ | 1,123,430 | $ | 1,332,522 | 1.1 | % | ||||
Total Investments | $ | 309,950,105 | $ | 206,533,305 | $ | 161,112,008 | 133.1 | % |