The registered closed-end fund co-sponsored by Behringer and Prospect Capital Management, Priority Senior Secured Income Fund (Priority), announced yesterday its portfolio holdings for the first quarter of 2014.
The company’s total assets for the first quarter were equity investments of 15 collateralized loan obligations with a total fair value of $4,151,474.
Priority, which intends to operate as a regulated investment company, seeks to create a portfolio of mainly senior secured loans or pools of senior secured loans known as collateralized loan obligations (CLOs). CLOs are special-purpose vehicles formed to manage a broad pool of senior secured loans.
“We believe the markets for senior secured loans and the funds that invest in them are well-supported by current economic conditions and solid corporate fundamentals,” commented Robert J. Klein, a managing director of Prospect Capital Management LLC.
He continued, “We are cautiously optimistic that these primarily favorable conditions will continue for the near term, enabling us to identify attractive opportunities to deploy our shareholders’ capital. As we continue to grow Priority’s capital base, we will be positioned to make additional profitable deployments.”
Priority is still open to new investors and has an offering size of $1.5 billion.