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QuotedData’s morning briefing 20 October 2022

In QuotedData’s morning briefing 20 October 2022:

  • Riverstone Credit Opportunities (RCOI) says that its NAV rose by 7% over the third quarter of 2022, hitting $1.10. The major driver was  Seawolf Water Resources but the fund also realised its investment in FS Crude LLC, crystallising a 14.8% gross IRR and a 1.23x gross MOIC; Circulus Holdings at a 16.6% IRR and 1.14x MOIC; Epic Propane – with nearly $1m of gains received (the loan was amended and extended to 30 September 2026 and converted to a sustainability linked loan).
  • Gabelli Merger Plus+ (GMP) says that it is no longer an investment trust. Following a share buyback, the board believes that it is now operating as a close company.
  • Baker Steel Resources Trust (BSRT) is asking shareholders for permission to increase its position in Futura Resources beyond a 35% of NAV limit. It wants to provide short term support to Futura, in which it is the largest shareholder, so as to give it the best opportunity to close its major financing efforts.
  • AEW UK REIT’s (AEWU) NAV fell 3.6% in the quarter to 30 September 2022 in one of the first sign of real estate valuations falling. The group’s portfolio valuation dropped 3.7% on a like-for-like basis to £214.25m. Its industrial assets fell 6.3% in value, while offices declined 1.0% and retail warehouses by 0.9%. EPRA earnings per share for the quarter was 1.08p (30 June 2022 quarter: 1.50p), reflecting its high cash position of £38.3m following asset sales. Once fully invested, the company says that it expects earnings to cover its 2p per quarter dividend. Loan to NAV ratio at the quarter end was 31.1% (30 June 2022: 29.9%). The cost of debt was fixed at 2.959% in May 2022 for the next five years.

We also have news of a new loan by BioPharma Credit

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