Business mix
- On October 26, 2018, the fund elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”).
- In addition, the Fund elected to be treated for U.S. federal income tax purposes, as a regulated investment company (“RIC”), as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).
- The fund also intends to continue to comply with the requirements prescribed by the Code in order to maintain tax treatment as a RIC.
- The fund’s investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation.
Current key questions
- Can asset growth, client flows, fee rates, credit quality, or spread income support durable earnings in asset management?
- How sensitive are margins and returns to interest rates, market levels, funding costs, and regulation?
- Do capital allocation, risk controls, and balance-sheet quality improve long-term per-share value?
