Every red-flag and yellow-flag finding from the trailing 365 days across every
monitored fund, watchlist and universe, red flags first, then by recency.
7 current.
Redemption requests ran at least twice the tender offer's capacity; only 27% of tendered shares were repurchased (offer expired 2026-02-03).
Why it matters
Redemption requests ran at least twice the offer capacity. At this level pro-ration is severe and shareholder liquidity is materially constrained right now, not hypothetically.
Redemptions prorated for the period ending 2026-02-03: only 27.0% of requests fulfilled. (2026-02-03)
Why it matters
Redemption requests exceeded the offer and were paid only in part, pro rata. Investors who wanted out are still holding; unmet demand usually rolls into the next offer, making repeat proration -- the defining liquidity-stress pattern for a semi-liquid fund -- worth watching for.
Redemption requests ran at least twice the tender offer's capacity; only 30% of tendered shares were repurchased (offer expired 2025-11-04).
Why it matters
Redemption requests ran at least twice the offer capacity. At this level pro-ration is severe and shareholder liquidity is materially constrained right now, not hypothetically.
Redemptions prorated for the period ending 2025-11-04: only 30.0% of requests fulfilled. (2025-11-04)
Why it matters
Redemption requests exceeded the offer and were paid only in part, pro rata. Investors who wanted out are still holding; unmet demand usually rolls into the next offer, making repeat proration -- the defining liquidity-stress pattern for a semi-liquid fund -- worth watching for.
Net investment income covered only 5% of distributions in the period ended 2026-03-31; the gap was funded from capital or gains.
Why it matters
Distributions exceed net investment income. The gap is funded from capital (the investor's own money back) or gains, and a stated yield propped up this way is fragile.
NAV per share ($24.74) is 2.3% below its trailing four-observation average ($25.32) as of 2025-12-17.
Why it matters
NAV has been running at least 2% below its own recent trailing average. Unlike a single sharp markdown, a sustained slide means the pressure on valuations is persistent rather than a one-period event.
Source: https://www.sec.gov/Archives/edgar/data/1597634/000139834425023021/fp0096738-1_n23c3a.htm | N-23c-3 informational NAV block