tag:blogger.com,1999:blog-2080506270244832638.post3844052107132816430..comments2024-03-28T07:17:13.573-05:00Comments on Clark Street Value: Vertical Capital Income: Carlyle Deal, Transitioning to CLO Equity FundMDChttp://www.blogger.com/profile/10679835609782815537noreply@blogger.comBlogger36125tag:blogger.com,1999:blog-2080506270244832638.post-20610652851711024692024-02-24T11:23:15.128-06:002024-02-24T11:23:15.128-06:00the $0.96 distribution that isthe $0.96 distribution that isAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-67992020517702081192024-02-24T11:19:20.372-06:002024-02-24T11:19:20.372-06:00Are you using IB? Looks like they categorized thi...Are you using IB? Looks like they categorized this as income. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-36997821421374148762023-08-23T14:26:39.098-05:002023-08-23T14:26:39.098-05:00I still am. I would chalk up the recent run to ju...I still am. I would chalk up the recent run to just a lack of liquidity, most people have probably already tendered their shares.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-29831826863700020922023-08-23T13:08:03.565-05:002023-08-23T13:08:03.565-05:00ignoring this morning's price action (wtf btw?...ignoring this morning's price action (wtf btw?) - I get the feeling tendering shares for $8.3 isn't worth it anymore?vko007https://www.blogger.com/profile/15858463956616053271noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-51080047188788582152023-07-11T22:30:22.207-05:002023-07-11T22:30:22.207-05:00https://clarkstreetvalue.blogspot.com/2023/07/vert...https://clarkstreetvalue.blogspot.com/2023/07/vertical-capital-income-nav-slashed.html<br /><br />Just posted my math and consolidated current thoughts.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-41100897382819602752023-07-11T21:59:09.808-05:002023-07-11T21:59:09.808-05:00My post transition estimate is now $4.98 but at $8...My post transition estimate is now $4.98 but at $8.42-.96-2.41= $5.05 Unsure if it is at an attractive price at the momentAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-57813474604191512412023-07-11T12:38:46.039-05:002023-07-11T12:38:46.039-05:00Any chance you could share your updated numbers? Any chance you could share your updated numbers? Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-17281321095552665392023-07-11T11:51:42.831-05:002023-07-11T11:51:42.831-05:00Bulldog, Saba, Relative Value and SIT are sharehol...Bulldog, Saba, Relative Value and SIT are shareholders so I would expect a lawsuit.GSnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-79835865265409254452023-07-11T11:02:43.710-05:002023-07-11T11:02:43.710-05:00Certainly possible.Certainly possible.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-49971533890895584082023-07-11T10:51:58.225-05:002023-07-11T10:51:58.225-05:00Possible shareholder lawsuit IMOPossible shareholder lawsuit IMOAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-78750507111704460152023-07-11T10:41:22.547-05:002023-07-11T10:41:22.547-05:00seems like backdealings/highway robberyseems like backdealings/highway robberyvko007https://www.blogger.com/profile/15858463956616053271noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-34935831896979981712023-07-11T10:25:19.877-05:002023-07-11T10:25:19.877-05:00https://seekingalpha.com/pr/19393880-vertical-capi...https://seekingalpha.com/pr/19393880-vertical-capital-income-fund-announces-sale-of-majority-of-investment-portfolio-in-advance-of<br /><br />Disappointing result to selling their assets, taking a 17% haircut to NAV. You'd think that would have been known ahead of the sale and should have been marked down prior to the proxy/shareholder vote? Strange outcome, rates have moved up in recent weeks, but shouldn't have caused that much of a discount.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-56550583485200738672023-07-04T22:42:10.919-05:002023-07-04T22:42:10.919-05:00Will the Carlyle's payment of 10m subject to w...Will the Carlyle's payment of 10m subject to withholding tax for foreign resident?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-49247772172607442112023-06-19T11:01:49.128-05:002023-06-19T11:01:49.128-05:00Is there record date?Is there record date?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-49269562940434446682023-05-23T08:25:36.655-05:002023-05-23T08:25:36.655-05:00https://www.sec.gov/Archives/edgar/data/1517767/00...https://www.sec.gov/Archives/edgar/data/1517767/000158064223002832/vertical_def14a.htm<br /><br />Proxy was posted, vote in June. Seems to be relatively on schedule.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-16090010248387464942023-05-17T14:33:01.194-05:002023-05-17T14:33:01.194-05:00Obviously changes daily but as of today with a pur...Obviously changes daily but as of today with a purchase price of $9.76 I get to a ~22% IRR. Assuming there will be another June distribution of ~$.06Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-63259402784816740912023-05-16T08:06:48.062-05:002023-05-16T08:06:48.062-05:00Am I missing something or does the IRR at current ...Am I missing something or does the IRR at current prices not seem like anything ? <br /><br />Assuming a 15% NAV discount, the June dividend being equal to that of May, 24% proration, and that you receive all your cash by 06/30/2023 I get an IRR of 8.4%.<br /><br />Given the cash position is still so low that date might be in question. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-50483910594007632882023-05-08T16:47:37.838-05:002023-05-08T16:47:37.838-05:00I haven't heard or seen anything, but I still ...I haven't heard or seen anything, but I still like this idea.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-31884608250963157842023-05-08T13:06:35.982-05:002023-05-08T13:06:35.982-05:00any update on the timing of this conversion by cha...any update on the timing of this conversion by chance? If still on track although the spread has narrowed, IRR may be more attractive.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-48201382629622220642023-02-11T19:35:13.002-06:002023-02-11T19:35:13.002-06:00I agree. It won't dilute the tender, not sure...I agree. It won't dilute the tender, not sure where you're getting that in my NAV calc. I'm keeping the NAV constant. I'm just assuming that after the deal closes that the fund will trade at a 15% discount to NAV. That could prove conservative.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-34346301960118184642023-02-11T19:34:02.534-06:002023-02-11T19:34:02.534-06:00Could you point me to that in the '40 Act? Be...Could you point me to that in the '40 Act? Because I've seen many managers invest in their own funds inside '40 Act closed end funds. NexPoint did this plenty as the manager of NHF and HRFO. I know that most CLO managers have CLO equity funds to invest in their own equity, those might not be '40 Act funds, but didn't realize there's prohibition on it.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-47348678216428668222023-02-11T15:52:28.090-06:002023-02-11T15:52:28.090-06:00Great article. One clarification, Carlyle will not...Great article. One clarification, Carlyle will not be able to invest in their own CLOs, there are major conflicts under the ‘40 act as a closed end fund which prohibit this. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-87224983878117207362023-02-11T15:49:58.712-06:002023-02-11T15:49:58.712-06:00I don’t understand your pro-forms NAV calc. Carlyl...I don’t understand your pro-forms NAV calc. Carlyle us purchasing the shares in the tender. The tender will not dilute NAV. NAV should remain constant. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-69145499696555553822023-02-03T14:47:58.934-06:002023-02-03T14:47:58.934-06:00https://www.prnewswire.com/news-releases/vertical-...https://www.prnewswire.com/news-releases/vertical-capital-income-fund-vcif-declares-february-2023-distribution-301738631.html<br /><br />Keeping the dividend thus far. NAV up slightly to $10.30, they haven't liquidated the portfolio yet, only $2.7MM of cash.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-44606040462854354832023-02-01T08:36:26.675-06:002023-02-01T08:36:26.675-06:00I would assume it is taxable income, it is coming ...I would assume it is taxable income, it is coming from Carlyle and not a return of capital from the fund. But I'm not an accountant and I'm not in the highest tax brackets.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.com