Ranger Direct Lending has published its first set of figures covering the period from its launch on 25 March 2015 to the end of June. After initial launch costs of 1.63% of NAV, the Company had a NAV of $15.14 per share upon listing, with the NAV per share growing to $15.16 on 30th June 2015. Additionally, on 30th June 2015 the share price of the Company traded at 1060p, a 6% premium over issue price.
At the end of June approximately 19% of the capital had been allocated across eight different direct lending platforms and in the period subsequent to the half-year end further progress has been made and it is anticipated that the Company will be predominantly fully invested by the end of 2015. To date substantially all of Ranger’s investments have been in the US. All current investments are in the form of debt instruments, and while these will always comprise the vast majority of Ranger’s holdings, it was envisaged that strategic equity investments would be added over time and the investment team will be considering these in the second half of the year.
As of the end of June, 83% of the portfolio was invested in secured debt instruments (including without limitation loans, cash advances, and receivables financing) to SME borrowers and 17% of the portfolio consisted of unsecured consumer loans. The Investment Manager is currently in negotiations with eight new direct lending platforms, all with the potential to meet or exceed the Company’s investment objectives. Three of these new platforms are international platforms intended to further increase investment diversity.
The existing relationships are with FreedomPlus (3%), IFG (0%), Blue Bridge (1%), Biz2Credit (3% ), Sharestates (7%), Peerform (1%), AmeriMerchant (0% ) and a debt instrument that they have provided to Princeton (5%).
RDL : Ranger Direct Lending was 19% invested at end June