# Audit ready NAV

NAV = (Total Assets - Total Liabilities) / Outstanding Shares

### <mark style="color:purple;">MUNICIPAL MONEY MARKET FUND</mark>

| **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

[https://muni-nav.netlify.app
](<https://muni-nav.netlify.app&#xD;&#xA;>)

### <mark style="color:purple;">CLO CLOSED END FUND</mark>

| **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

### <mark style="color:purple;">BUSINESS DEVELOPMENT COMPANY (BDC)</mark>

| **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

<mark style="color:purple;">RESOURCES</mark>

<https://cef-nav.netlify.app/>

<https://etf-nav.netlify.app/>


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