Audit ready NAV
NAV = (Total Assets - Total Liabilities) / Outstanding Shares
MUNICIPAL MONEY MARKET FUND
ASSETS
Municipal bonds
$100M
Cash
$5M
Total Assets
$105M
LIABILITIES
Fees payable
$2M
Total Liabilities
$2M
CALCULATION
Net Assets
$103M
Shares Outstanding
103M
NAV per Share
$1.00
Key Points: Target $1.00 per share, short-term securities, daily pricing
CLO CLOSED END FUND
ASSETS
Corporate loans
$700M
CLO tranches
$80M
Cash
$10M
Total Assets
$790M
LIABILITIES
Bank borrowings
$300M
Fees payable
$20M
Other liabilities
$10M
Total Liabilities
$330M
CALCULATION
Net Assets
$460M
Shares Outstanding
40M
NAV per Share
$11.50
Key Points: Uses leverage, floating-rate loans, NAV fluctuates with credit spreads
BUSINESS DEVELOPMENT COMPANY (BDC)
ASSETS
Portfolio company loans
$800M
Portfolio company equity
$150M
Cash
$50M
Total Assets
$1,000M
LIABILITIES
Credit facility borrowings
$400M
Accrued interest/fees
$10M
Total Liabilities
$410M
CALCULATION
Net Assets
$590M
Shares Outstanding
50M
NAV per Share
$11.80
Key Points: Private middle-market investments, 2:1 leverage limit, quarterly fair value pricing, 90%+ income distribution requirement
RESOURCES
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