NAV and Distribution Coverage Increase
Net Asset Value (NAV) rose to $14.21 per share from $14.08, and the distribution was covered by net interest income and recurring cash flows.
Successful Investment Deployment
The company deployed $60 million into new investments with a weighted average effective yield of 16.6%.
Share Repurchase Program Expansion
The board increased the common share repurchase authorization to $60 million, resulting in NAV accretion of 7¢ per share.
CLO Market Performance
S&P UBS Leveraged Loan Index returned 1.6% for the quarter. CLO new issuance volume was $53 billion, indicating an active market.