Phil Huber

BDC's Wind‑down Follows Its Disclosed Liquidity Plan

To be clear, the fund being referenced is *not* an interval fund, it is a BDC. This may seem like splitting hairs because they are both lumped together as evergreen/semi-liquid fund structures, but there are important distinctions - much in the same way there are meaningful differences between mutual funds and ETFs. Critically: - Interval fund liquidity: contractual and irrevocable - Non-Traded BDC liquidity: discretionary and revocable It's also worth noting that this particular BDC was never intended to be perpetually offered - the initial registration statement outlined the three potential paths to liquidity as 1) Listing/IPO 2) Merger with another BDC 3) An orderly liquidation of assets The wind-down is consistent with the stated objectives of the fund’s offering documents, and it would be hard to label a private credit trade of this scale executed at NAV anything but orderly...