Inside the Vault

January 15, 2018

Which three new Interval Funds were declared effective by the SEC in Q4 2017?

Answer: FS Credit Income Fund, Angel Oak Strategic Credit Fund, and Pathway Capital Opportunity Fund which restructured from a closed end fund.

January 10, 2018

How many Interval Funds reported Net Assets in excess of $50 million in their most recent filings with the SEC?

Answer: No fewer than 27 Interval Funds reported Net Assets in excess of $50 million according to the most recent filings with the SEC.

January 9, 2018

Which Interval Fund had the highest total assets among all Interval Funds as of the most recent SEC filings?

Answer: Stone Ridge Trust II (Stone Ridge Reinsurance Risk Premium Interval Fund ) had total assets of $5.36 billion as of October 31, 2017.

January 5, 2018

Among the eight largest Interval Funds ranked by Net Assets as of the latest SEC filings, which three focus on commercial real estate fund investments?

Answer: Griffin Institutional Access Real Estate Fund, Versus Capital Multi-Manager Real Estate Income Fund, and Total Income+ Real Estate Fund.

January 4, 2018

What percentage of the total Net Assets reported by Interval Funds in their most recent filings with the SEC were held by the top six Interval Funds?

Answer: The top six Interval Funds reported Net Assets in their most recent filings with the SEC that comprised 77% of the total Net Assets reported by all Interval Funds.

January 4, 2018

Which founder of a leading sponsor of alternative investment programs including a large interval fund with over $800 million in assets as of September 30, 2017, also founded a chain of bagel shops?

Answer: Ramin Kamfar, CEO of Bluerock, also founded Einstein Noah Restaurant Group, Inc.

January 3, 2018

Which nontraded REIT recently completed the sale of its last remaining property and plans to pay a final liquidating distribution to shareholders in January?

Answer: Behringer Harvard Opportunity REIT I sold Frisco Square in Frisco, Texas, on December 28, 2017, for $53.2 million, the last remaining property in its portfolio.

January 1, 2018

Which interval fund began in 1994 as Van Kampen Merritt Prime Rate Income Trust?

Answer: Invesco Senior Loan Fund, which reported $789 million in net assets as of August 31, 2017, and total assets of $1.05 billion.

December 21, 2017

How many NTRs had average total returns to early investors in excess of 7.00% from the 45 full-cycle events as of October 31, 2015?

Answer: 26 NTRs had average returns to early investors that exceeded 7.00%, with a median return for all 45 NTRs of 7.35% without distribution reinvestment. The median return with distributions reinvested was 8.13%.