ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 47-2009064 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
330 Madison Avenue, New York, New York | 10017 | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
None | N/A | N/A |
Large accelerated filer | ¨ | Accelerated filer | ¨ | |||||||||||
Non-accelerated filer | ý | Smaller reporting company | ¨ | |||||||||||
Emerging growth company | ¨ |
PAGE | ||||||||
PART I. FINANCIAL INFORMATION | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II. OTHER INFORMATION | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Investment in Guggenheim Credit Income Fund ("GCIF") (5,046,351 shares purchased at a cost of $42,193,139 and 5,290,937 shares purchased at a cost of $44,095,997, respectively) | $ | 39,592,955 | $ | 40,020,396 | |||||||
Cash | 1,239,965 | 771,815 | |||||||||
Receivable from related parties | 52,944 | 149,039 | |||||||||
Deferred offering cost | 1,850 | 108,769 | |||||||||
Total assets | 40,887,714 | 41,050,019 | |||||||||
Liabilities | |||||||||||
Payable to related parties | 33,410 | 39,718 | |||||||||
Accrued professional services fees | 58,749 | 35,197 | |||||||||
Accounts payable, accrued expenses and other liabilities | 44,865 | 19,426 | |||||||||
Total liabilities | 137,024 | 94,341 | |||||||||
Commitments and contingencies (Note 4. Related Party Agreements and Transactions) | |||||||||||
Net Assets | $ | 40,750,690 | $ | 40,955,678 | |||||||
Components of Net Assets: | |||||||||||
Common Shares, $0.001 par value, 348,000,000 Common Shares authorized, 1,736,284 and 1,806,983 Common Shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | $ | 1,737 | $ | 1,807 | |||||||
Paid-in-capital in excess of par value | 43,441,154 | 45,089,795 | |||||||||
Accumulated loss, net of distributions | (2,692,201) | (4,135,924) | |||||||||
Total net assets | $ | 40,750,690 | $ | 40,955,678 | |||||||
Net asset value per Common Share | $ | 23.47 | $ | 22.67 |
March 31, 2020 | December 31, 2019 | ||||||
Assets | |||||||
Investment in Guggenheim Credit Income Fund ("GCIF") (5,339,790 shares purchased at a cost of $44,484,898 and 4,700,238 shares purchased at a cost of $39,484,898, respectively) | $ | 34,872,959 | $ | 36,552,474 | |||
Cash | 721,703 | 896,824 | |||||
Receivable from related parties | 359,922 | 186,774 | |||||
Dividends receivable | 53,398 | — | |||||
Deferred offering cost | 71,363 | 24,240 | |||||
Total assets | 36,079,345 | 37,660,312 | |||||
Liabilities | |||||||
Payable to related parties | 103,426 | 54,983 | |||||
Accrued professional services fees | 67,245 | 57,267 | |||||
Distributions payable | 322,221 | — | |||||
Accounts payable, accrued expenses and other liabilities | 92,998 | 18,992 | |||||
Total liabilities | 585,890 | 131,242 | |||||
Commitments and contingencies (Note 4. Related Party Agreements and Transactions) | |||||||
Net Assets | $ | 35,493,455 | $ | 37,529,070 | |||
Components of Net Assets: | |||||||
Common Shares, $0.001 par value, 348,000,000 Common Shares authorized, 1,804,972 and 1,606,201 Common Shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively | $ | 1,805 | $ | 1,606 | |||
Paid-in-capital in excess of par value | 45,199,452 | 40,531,966 | |||||
Accumulated loss, net of distributions | (9,707,802 | ) | (3,004,502 | ) | |||
Total net assets | $ | 35,493,455 | $ | 37,529,070 | |||
Net asset value per Common Share | $ | 19.66 | $ | 23.37 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||
Investment Income | Investment Income | |||||||||||||||||
Dividends from investment in GCIF | $ | 757,302 | $ | 559,104 | Dividends from investment in GCIF | $ | 519,623 | $ | 757,302 | |||||||||
Total investment income | 757,302 | 559,104 | Total investment income | 519,623 | 757,302 | |||||||||||||
Operating Expenses (1) | Operating Expenses (1) | |||||||||||||||||
Administrative services | 3,669 | 3,629 | Administrative services | 3,629 | 3,669 | |||||||||||||
Related party reimbursements | 53,363 | 54,385 | Related party reimbursements | 38,330 | 53,363 | |||||||||||||
Trustees fees | 748 | 740 | Trustees fees | 740 | 748 | |||||||||||||
Professional services fees | 18,923 | 32,548 | Professional services fees | 27,268 | 18,923 | |||||||||||||
Offering costs | 25,417 | 563 | Offering costs | 6,223 | 25,417 | |||||||||||||
Transfer agent fees | Transfer agent fees | 26,324 | 22,649 | |||||||||||||||
Other expenses | 27,156 | 19,444 | Other expenses | 7,163 | 4,507 | |||||||||||||
Total operating expenses | 129,276 | 111,309 | Total operating expenses | 109,677 | 129,276 | |||||||||||||
Reimbursement of expense support | — | 9,067 | ||||||||||||||||
Less: Expense support from related parties (See Note 4. Related Party Agreements and Transactions) | (173,147 | ) | — | Less: Expense support from related parties (See Note 4. Related Party Agreements and Transactions) | (93,663) | (173,147) | ||||||||||||
Net expenses | (43,871 | ) | 120,376 | |||||||||||||||
Net expenses (reimbursement) | Net expenses (reimbursement) | 16,014 | (43,871) | |||||||||||||||
Net investment income | 801,173 | 438,728 | Net investment income | 503,609 | 801,173 | |||||||||||||
Realized and unrealized gains (losses): | Realized and unrealized gains (losses): | |||||||||||||||||
Net realized gain from redemption of investment in GCIF | — | 6,374 | ||||||||||||||||
Long term gain distributions from investment in GCIF | — | 216,290 | ||||||||||||||||
Short term realized gain from redemption of investment in GCIF | Short term realized gain from redemption of investment in GCIF | 7,032 | — | |||||||||||||||
Long term realized gain from redemption of investment in GCIF | Long term realized gain from redemption of investment in GCIF | (7,012) | — | |||||||||||||||
Net realized gains from investment in GCIF | — | 222,664 | Net realized gains from investment in GCIF | 20 | — | |||||||||||||
Net change in unrealized depreciation from investment in GCIF | (6,679,515 | ) | (109,536 | ) | ||||||||||||||
Net change in unrealized appreciation (depreciation) from investment in GCIF | Net change in unrealized appreciation (depreciation) from investment in GCIF | 1,475,417 | (6,679,515) | |||||||||||||||
Net realized and unrealized gains (losses) | (6,679,515 | ) | 113,128 | Net realized and unrealized gains (losses) | 1,475,437 | (6,679,515) | ||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (5,878,342 | ) | $ | 551,856 | Net increase (decrease) in net assets resulting from operations | $ | 1,979,046 | $ | (5,878,342) | ||||||||
Per Common Share information: | Per Common Share information: | |||||||||||||||||
Net investment income per Common Share outstanding - basic and diluted | $ | 0.45 | $ | 0.27 | Net investment income per Common Share outstanding - basic and diluted | $ | 0.28 | $ | 0.45 | |||||||||
Earnings (losses) per Common Share - basic and diluted | $ | (3.29 | ) | $ | 0.34 | Earnings (losses) per Common Share - basic and diluted | $ | 1.10 | $ | (3.29) | ||||||||
Weighted average Common Shares outstanding - basic and diluted | 1,786,187 | 1,620,043 | Weighted average Common Shares outstanding - basic and diluted | 1,799,494 | 1,786,187 | |||||||||||||
Distributions per Common Share | $ | 0.46 | $ | 0.43 | Distributions per Common Share | $ | 0.30 | $ | 0.46 |
Common Shares | Paid-in-Capital in Excess of Par Value | Accumulated Earnings (Loss), net of Distributions | |||||||||||||||||||||||||||
Shares | Amount | Total | |||||||||||||||||||||||||||
Balance at December 31, 2020 | 1,806,983 | $ | 1,807 | $ | 45,089,795 | $ | (4,135,924) | $ | 40,955,678 | ||||||||||||||||||||
Operations: | |||||||||||||||||||||||||||||
Net investment income | — | — | — | 503,609 | 503,609 | ||||||||||||||||||||||||
Net realized gains from investment in GCIF | — | — | — | 20 | 20 | ||||||||||||||||||||||||
Net change in unrealized appreciation from investment in GCIF | — | — | — | 1,475,417 | 1,475,417 | ||||||||||||||||||||||||
Net increase in net assets resulting from operations | — | — | — | 1,979,046 | 1,979,046 | ||||||||||||||||||||||||
Shareholder distributions: | |||||||||||||||||||||||||||||
Distributions from earnings | — | — | — | (535,323) | (535,323) | ||||||||||||||||||||||||
Net decrease in net assets resulting from shareholder distributions | — | — | — | (535,323) | (535,323) | ||||||||||||||||||||||||
Capital share transactions: | |||||||||||||||||||||||||||||
Shares issued in connection with the dividend reinvestment plan | 11,005 | 11 | 254,146 | — | 254,157 | ||||||||||||||||||||||||
Repurchase of Common Shares | (81,704) | (81) | (1,902,787) | — | (1,902,868) | ||||||||||||||||||||||||
Net decrease in net assets resulting from capital share transactions | (70,699) | (70) | (1,648,641) | — | (1,648,711) | ||||||||||||||||||||||||
Net increase (decrease) for the period | (70,699) | (70) | (1,648,641) | 1,443,723 | (204,988) | ||||||||||||||||||||||||
Balance at March 31, 2021 | 1,736,284 | $ | 1,737 | $ | 43,441,154 | $ | (2,692,201) | $ | 40,750,690 |
Common Shares | Paid-in-Capital in Excess of Par Value | Accumulated Earnings (Loss), net of Distributions | Common Shares | Paid-in-Capital in Excess of Par Value | Accumulated Earnings (Loss), net of Distributions | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Total | Shares | Amount | Total | ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 1,606,201 | $ | 1,606 | $ | 40,531,966 | $ | (3,004,502 | ) | $ | 37,529,070 | Balance at December 31, 2019 | 1,606,201 | $ | 1,606 | $ | 40,531,966 | $ | (3,004,502) | $ | 37,529,070 | |||||||||||||||||||||||||||
Operations: | Operations: | ||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | — | — | — | 801,173 | 801,173 | Net investment income | — | — | — | 801,173 | 801,173 | ||||||||||||||||||||||||||||||||||||
Net change in unrealized depreciation from investment in GCIF | — | — | — | (6,679,515 | ) | (6,679,515 | ) | Net change in unrealized depreciation from investment in GCIF | — | — | — | (6,679,515) | (6,679,515) | ||||||||||||||||||||||||||||||||||
Net decrease in net assets resulting from operations | — | — | — | (5,878,342 | ) | (5,878,342 | ) | Net decrease in net assets resulting from operations | — | — | — | (5,878,342) | (5,878,342) | ||||||||||||||||||||||||||||||||||
Shareholder distributions: | Shareholder distributions: | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions from earnings | — | — | — | (824,958 | ) | (824,958 | ) | Distributions from earnings | — | — | — | (824,958) | (824,958) | ||||||||||||||||||||||||||||||||||
Net decrease in net assets resulting from shareholder distributions | — | — | — | (824,958 | ) | (824,958 | ) | Net decrease in net assets resulting from shareholder distributions | — | — | — | (824,958) | (824,958) | ||||||||||||||||||||||||||||||||||
Capital share transactions: | Capital share transactions: | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Shares | 211,044 | 211 | 4,955,639 | — | 4,955,850 | Issuance of Common Shares | 211,044 | 211 | 4,955,639 | — | 4,955,850 | ||||||||||||||||||||||||||||||||||||
Shares issued in connection with the dividend reinvestment plan | 10,777 | 11 | 253,027 | — | 253,038 | Shares issued in connection with the dividend reinvestment plan | 10,777 | 11 | 253,027 | — | 253,038 | ||||||||||||||||||||||||||||||||||||
Repurchase of Common Shares | (23,050 | ) | (23 | ) | (541,180 | ) | — | (541,203 | ) | Repurchase of Common Shares | (23,050) | (23) | (541,180) | — | (541,203) | ||||||||||||||||||||||||||||||||
Net increase in net assets resulting from capital share transactions | 198,771 | 199 | 4,667,486 | — | 4,667,685 | Net increase in net assets resulting from capital share transactions | 198,771 | 199 | 4,667,486 | — | 4,667,685 | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) for the period | 198,771 | 199 | 4,667,486 | (6,703,300 | ) | (2,035,615 | ) | Net increase (decrease) for the period | 198,771 | 199 | 4,667,486 | (6,703,300) | (2,035,615) | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 1,804,972 | $ | 1,805 | $ | 45,199,452 | $ | (9,707,802 | ) | $ | 35,493,455 | Balance at March 31, 2020 | 1,804,972 | $ | 1,805 | $ | 45,199,452 | $ | (9,707,802) | $ | 35,493,455 |
Common Shares | Paid-in-Capital in Excess of Par Value | Accumulated Earnings (Loss), net of Distributions | ||||||||||||||||
Shares | Amount | Total | ||||||||||||||||
Balance at December 31, 2018 | 1,611,147 | $ | 1,611 | $ | 40,689,858 | $ | (1,120,878 | ) | $ | 39,570,591 | ||||||||
Operations: | ||||||||||||||||||
Net investment income | — | — | — | 438,728 | 438,728 | |||||||||||||
Net realized gains from investment in GCIF | — | — | — | 222,664 | 222,664 | |||||||||||||
Net change in unrealized depreciation from investment in GCIF | — | — | — | (109,536 | ) | (109,536 | ) | |||||||||||
Net increase in net assets resulting from operations | — | — | — | 551,856 | 551,856 | |||||||||||||
Shareholder distributions: | ||||||||||||||||||
Distributions from earnings | — | — | — | (688,794 | ) | (688,794 | ) | |||||||||||
Net decrease in net assets resulting from shareholder distributions | — | — | — | (688,794 | ) | (688,794 | ) | |||||||||||
Capital share transactions: | ||||||||||||||||||
Issuance of Common Shares | 26,677 | 27 | 652,573 | — | 652,600 | |||||||||||||
Shares issued in connection with the dividend reinvestment plan | 18,411 | 18 | 451,054 | — | 451,072 | |||||||||||||
Repurchase of Common Shares | (72,783 | ) | (73 | ) | (1,787,475 | ) | — | (1,787,548 | ) | |||||||||
Net decrease in net assets resulting from capital share transactions | (27,695 | ) | (28 | ) | (683,848 | ) | — | (683,876 | ) | |||||||||
Net decrease for the period | (27,695 | ) | (28 | ) | (683,848 | ) | (136,938 | ) | (820,814 | ) | ||||||||
Balance at March 31, 2019 | 1,583,452 | $ | 1,583 | $ | 40,006,010 | $ | (1,257,816 | ) | $ | 38,749,777 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||
Operating activities | Operating activities | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (5,878,342 | ) | $ | 551,856 | Net increase (decrease) in net assets resulting from operations | $ | 1,979,046 | $ | (5,878,342) | ||||||||||||||
Adjustments to reconcile net increase in net assets from operations to net cash provided by (used in) operating activities: | ||||||||||||||||||||||||
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities: | Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities: | |||||||||||||||||||||||
Purchase of Master Fund shares | (5,000,000 | ) | — | Purchase of Master Fund shares | — | (5,000,000) | ||||||||||||||||||
Redemption of Master Fund shares | — | 307,420 | Redemption of Master Fund shares | 1,902,878 | — | |||||||||||||||||||
Net realized gain from investment in GCIF | — | (6,374 | ) | |||||||||||||||||||||
Net change in unrealized depreciation from investment in GCIF | 6,679,515 | 109,536 | ||||||||||||||||||||||
Net realized loss from investment in GCIF | Net realized loss from investment in GCIF | (20) | — | |||||||||||||||||||||
Net change in unrealized (appreciation) depreciation from investment in GCIF | Net change in unrealized (appreciation) depreciation from investment in GCIF | (1,475,417) | 6,679,515 | |||||||||||||||||||||
(Increase) decrease in operating assets: | (Increase) decrease in operating assets: | |||||||||||||||||||||||
Receivable from related parties | (173,148 | ) | — | Receivable from related parties | 96,095 | (173,148) | ||||||||||||||||||
Dividends receivable | (53,398 | ) | 558,295 | Dividends receivable | — | (53,398) | ||||||||||||||||||
Deferred offering cost | (47,123 | ) | — | Deferred offering cost | 106,919 | (47,123) | ||||||||||||||||||
Prepaid expenses and other assets | — | (9,225 | ) | |||||||||||||||||||||
Increase in operating liabilities: | ||||||||||||||||||||||||
Increase (decrease) in operating liabilities: | Increase (decrease) in operating liabilities: | |||||||||||||||||||||||
Payable to related parties | 48,443 | 1,178 | Payable to related parties | (6,308) | 48,443 | |||||||||||||||||||
Accrued professional services fees | 9,978 | 18,047 | Accrued professional services fees | 23,552 | 9,978 | |||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 74,006 | 9,953 | Accounts payable, accrued expenses and other liabilities | 25,439 | 74,006 | |||||||||||||||||||
Net cash provided by (used in) operating activities | (4,340,069 | ) | 1,540,686 | Net cash provided by (used in) operating activities | 2,652,184 | (4,340,069) | ||||||||||||||||||
Financing activities | Financing activities | |||||||||||||||||||||||
Issuance of Common Shares | 4,955,850 | 652,600 | Issuance of Common Shares | — | 4,955,850 | |||||||||||||||||||
Repurchase of Common Shares | (541,203 | ) | (1,787,548 | ) | Repurchase of Common Shares | (1,902,868) | (541,203) | |||||||||||||||||
Distributions paid | (249,699 | ) | (419,830 | ) | Distributions paid | (281,166) | (249,699) | |||||||||||||||||
Net cash provided by (used in) financing activities | 4,164,948 | (1,554,778 | ) | Net cash provided by (used in) financing activities | (2,184,034) | 4,164,948 | ||||||||||||||||||
Net decrease in cash | (175,121 | ) | (14,092 | ) | ||||||||||||||||||||
Net increase (decrease) in cash | Net increase (decrease) in cash | 468,150 | (175,121) | |||||||||||||||||||||
Cash, beginning of period | 896,824 | 494,255 | Cash, beginning of period | 771,815 | 896,824 | |||||||||||||||||||
Cash, end of period | $ | 721,703 | $ | 480,163 | Cash, end of period | $ | 1,239,965 | $ | 721,703 | |||||||||||||||
Supplemental information and non-cash financing: | Supplemental information and non-cash financing: | |||||||||||||||||||||||
Distributions reinvested | $ | 253,038 | $ | 451,072 | Distributions reinvested | $ | 254,157 | $ | 253,038 |
End of Period | Weighted Average Shares Owned | % of Net | ||||||||||||||||||
Period Ended | No. of Shares | Quarter to Date | Year to Date | Cost | Fair Value | Assets | ||||||||||||||
March 31, 2020 | 5,339,790 | 5,153,005 | 5,153,005 | $ | 44,484,898 | $ | 34,872,959 | 98.3 | % | |||||||||||
December 31, 2019 | 4,700,238 | 4,703,145 | 4,742,673 | $ | 39,484,898 | $ | 36,552,474 | 97.4 | % |
End of Period | Weighted Average Shares Owned | % of Net | ||||||||||||||||||||||||||||||||||||
Period Ended | No. of Shares | Quarter to Date | Year to Date | Cost | Fair Value | Assets | ||||||||||||||||||||||||||||||||
March 31, 2021 | 5,046,351 | 5,244,737 | 5,244,737 | $ | 42,193,139 | $ | 39,592,955 | 97.2 | % | |||||||||||||||||||||||||||||
December 31, 2020 | 5,290,937 | 5,420,003 | 5,340,757 | $ | 44,095,997 | $ | 40,020,396 | 97.7 | % |
Month Ended | Expense Support from CCA and Guggenheim | CCA Waiver of Expense Support Reimbursement | Expense Support Reimbursement to Guggenheim | Expired Expense Support | Unreimbursed Expense Support | Minimum of 1.75% and Annualized Fiscal Year to Date Other Operating Expense Ratio (1) | Annualized Regular Cash Distribution Rate/Share, Declared (2) | Eligible for Reimbursement through | ||||||||||||
January 2016 | $ | 28,808 | $ | (14,404 | ) | $ | — | $ | (14,404 | ) | $ | — | 1.75% | $ | 1.92161 | 1/31/2019 | ||||
February 2016 | 27,107 | (13,554 | ) | — | (13,553 | ) | — | 1.75% | 1.92161 | 3/1/2019 | ||||||||||
February 2017 | 85,881 | (42,940 | ) | (30,482 | ) | — | 12,459 | 1.23% | 1.81792 | 2/29/2020 | ||||||||||
March 2017 | 104,321 | (52,161 | ) | — | — | 52,160 | 1.23% | 1.81792 | 3/31/2020 | |||||||||||
April 2017 | 61,691 | (30,846 | ) | — | — | 30,845 | 1.23% | 1.81792 | 4/30/2020 | |||||||||||
May 2017 | 91,468 | (45,734 | ) | — | — | 45,734 | 1.23% | 1.81792 | 5/31/2020 | |||||||||||
June 2017 | 107,422 | (53,711 | ) | — | — | 53,711 | 1.23% | 1.81792 | 6/30/2020 | |||||||||||
August 2017 | 58,735 | (29,367 | ) | — | — | 29,368 | 1.23% | 1.81792 | 8/31/2020 | |||||||||||
November 2017 | 18,264 | — | — | — | 18,264 | 1.23% | 1.84440 | 11/30/2020 | ||||||||||||
January 2018 | 6,978 | — | — | — | 6,978 | 1.17% | 1.84440 | 1/31/2021 | ||||||||||||
February 2018 | 4,097 | — | — | — | 4,097 | 1.17% | 1.84440 | 2/28/2021 | ||||||||||||
March 2018 | 1,167 | — | — | — | 1,167 | 1.17% | 1.84440 | 3/31/2021 | ||||||||||||
April 2018 | 55,424 | — | — | — | 55,424 | 1.17% | 1.84440 | 4/30/2021 | ||||||||||||
September 2018 | 10,785 | — | — | — | 10,785 | 1.17% | 1.84440 | 9/30/2021 | ||||||||||||
October 2018 | 4,359 | — | — | — | 4,359 | 1.17% | 1.84440 | 10/31/2021 | ||||||||||||
November 2018 | 8,458 | — | — | — | 8,458 | 1.17% | 1.84440 | 11/30/2021 | ||||||||||||
October 2019 | 24,376 | — | — | — | 24,376 | 1.18% | 1.84440 | 10/31/2022 | ||||||||||||
November 2019 | 62,392 | — | — | — | 62,392 | 1.18% | 1.84440 | 11/30/2022 | ||||||||||||
December 2019 | 100,005 | — | — | — | 100,005 | 1.18% | 1.84440 | 12/31/2022 | ||||||||||||
January 2020 | 23,059 | — | — | — | 23,059 | 1.05% | 1.84440 | 1/31/2023 | ||||||||||||
February 2020 | 61,047 | — | — | — | 61,047 | 1.05% | 1.84440 | 2/28/2023 | ||||||||||||
March 2020 | 89,041 | — | — | — | 89,041 | 1.05% | 1.84440 | 3/31/2023 | ||||||||||||
Total | $ | 693,729 |
Three Months Ended March 31, | ||||||||||
Related Party | Source Agreement & Description | 2020 | 2019 | |||||||
Related Party Expense: | ||||||||||
Guggenheim | Administrative Services Agreement - expense reimbursement | $ | 53,363 | $ | 54,385 | |||||
Guggenheim | Expense Support Agreement - expense support reimbursement to related parties | — | 9,067 | |||||||
Dealer Manager (Guggenheim) | Dealer Manager Agreement - sales commissions and dealer manager fees | 14,150 | — | |||||||
Related Party Income: | ||||||||||
Guggenheim | Expense Support Agreement - expense support from related parties | 173,147 | — |
Three Months Ended March 31, | ||||||||||||||||||||
Related Party | Source Agreement & Description | 2021 | 2020 | |||||||||||||||||
Related Party Expense: | ||||||||||||||||||||
Guggenheim | Administrative Services Agreement - expense reimbursement | $ | 38,330 | $ | 53,363 | |||||||||||||||
Dealer Manager (Guggenheim) | Dealer Manager Agreement - sales commissions and dealer manager fees | — | 14,150 | |||||||||||||||||
Related Party Income: | ||||||||||||||||||||
Guggenheim | Expense Support Agreement - expense support from related parties | 93,663 | 173,147 |
Three Months Ended March 31, 2020 | Inception through March 31, 2020 | Three Months Ended March 31, 2021 | Inception through March 31, 2021 | |||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
Gross proceeds from Public Offerings | 211,044 | $ | 4,970,000 | 1,916,662 | $ | 49,249,390 | Gross proceeds from Public Offerings | — | $ | — | 1,959,348 | $ | 50,158,691 | |||||||||||||||||||||||
Dealer Manager fees and commissions | — | (14,150 | ) | — | (887,422 | ) | Dealer Manager fees and commissions | — | — | — | (890,172) | |||||||||||||||||||||||||
Net proceeds to the Company from Public Offerings | 211,044 | 4,955,850 | 1,916,662 | 48,361,968 | Net proceeds to the Company from Public Offerings | — | — | 1,959,348 | 49,268,519 | |||||||||||||||||||||||||||
Reinvestment of shareholders' distributions | 10,777 | 253,038 | 215,899 | 5,411,502 | Reinvestment of shareholders' distributions | 11,005 | 254,157 | 278,752 | 6,762,060 | |||||||||||||||||||||||||||
Net proceeds from all issuance of Common Shares | 221,821 | $ | 5,208,888 | 2,132,561 | $ | 53,773,470 | Net proceeds from all issuance of Common Shares | 11,005 | $ | 254,157 | 2,238,100 | $ | 56,030,579 | |||||||||||||||||||||||
Average net proceeds per Common Share | $23.48 | $25.22 | Average net proceeds per Common Share | $23.09 | $25.03 |
Tender Offer Termination Date | Total Number of Shares Offered to Repurchase | Total Number of Shares Repurchased | Total Consideration | Price Paid per Share | No. of Shares Repurchased / Total Offer | No. of Shares Repurchased / Weighted Average Shares (1) | ||||||||||||||
2020: | ||||||||||||||||||||
March 23, 2020 | 40,039 | 23,050 | $ | 541,203 | $ | 23.48 | 57.6 | % | 1.44 | % | ||||||||||
Total | 40,039 | 23,050 | $ | 541,203 | 57.6 | % | ||||||||||||||
2019: | ||||||||||||||||||||
March 25, 2019 (2) | 40,560 | 72,783 | $ | 1,787,548 | $ | 24.56 | 179.4 | % | 4.49 | % | ||||||||||
June 5, 2019 (3) | 40,654 | 45,377 | 1,109,017 | 24.44 | 111.6 | % | 2.80 | % | ||||||||||||
October 11, 2019 (4) | 40,486 | 58,785 | 1,391,452 | 23.67 | 145.2 | % | 3.63 | % | ||||||||||||
December 6, 2019 | 40,241 | 15,230 | 358,206 | 23.52 | 37.8 | % | 0.95 | % | ||||||||||||
Total | 161,941 | 192,175 | $ | 4,646,223 | 118.7 | % | ||||||||||||||
2018: | ||||||||||||||||||||
June 6, 2018 | 38,454 | 2,504 | $ | 64,569 | $ | 25.79 | 6.5 | % | 0.16 | % | ||||||||||
September 5, 2018 | 40,202 | 6,817 | 175,058 | 25.68 | 17.0 | % | 0.42 | % | ||||||||||||
December 6, 2018 | 40,298 | 40,298 | 1,027,203 | 25.49 | 100.0 | % | 2.50 | % | ||||||||||||
Total | 118,954 | 49,619 | $ | 1,266,830 | 41.7 | % |
Tender Offer Termination Date | Total Number of Shares Offered to Repurchase | Total Number of Shares Repurchased | Total Consideration | Price Paid per Share | No. of Shares Repurchased / Total Offer | No. of Shares Repurchased / Weighted Average Shares (1) | ||||||||||||||||||||||||||||||||
2021: | ||||||||||||||||||||||||||||||||||||||
March 8, 2021 (2) | 45,564 | 81,704 | $ | 1,902,868 | $ | 23.29 | 179.3 | % | 4.48 | % | ||||||||||||||||||||||||||||
Total | 45,564 | 81,704 | $ | 1,902,868 | 179.3 | % | ||||||||||||||||||||||||||||||||
2020: | ||||||||||||||||||||||||||||||||||||||
March 9, 2020 | 40,039 | 23,050 | $ | 541,203 | $ | 23.48 | 57.6 | % | 1.44 | % | ||||||||||||||||||||||||||||
June 8, 2020 (3) | 19,862 | 23,051 | 476,466 | 20.67 | 116.1 | % | 1.40 | % | ||||||||||||||||||||||||||||||
September 8, 2020 | 17,325 | 17,324 | 376,287 | 21.72 | 100.0 | % | 1.02 | % | ||||||||||||||||||||||||||||||
December 8, 2020 (4) | 15,390 | 52,148 | 1,179,578 | 22.62 | 338.8 | % | 2.96 | % | ||||||||||||||||||||||||||||||
Total | 92,616 | 115,573 | $ | 2,573,534 | 124.8 | % | ||||||||||||||||||||||||||||||||
2019: | ||||||||||||||||||||||||||||||||||||||
June 5, 2019 (5) | 40,654 | 45,377 | $ | 1,109,017 | $ | 24.44 | 111.6 | % | 2.80 | % | ||||||||||||||||||||||||||||
October 11, 2019 (6) | 40,486 | 58,785 | 1,391,452 | 23.67 | 145.2 | % | 3.63 | % | ||||||||||||||||||||||||||||||
December 6, 2019 | 40,241 | 15,230 | 358,206 | 23.52 | 37.8 | % | 0.95 | % | ||||||||||||||||||||||||||||||
Total | 121,381 | 119,392 | $ | 2,858,675 | 98.4 | % | ||||||||||||||||||||||||||||||||
Record Date | Payment Date | Distribution per Share at Record Date | Distribution per Share at Payment Date | Distribution Amount | ||||||||||||||||||||||
For Fiscal Year 2021 | ||||||||||||||||||||||||||
January 11 | January 13 | $ | 0.09855 | $ | 0.09855 | $ | 178,078 | |||||||||||||||||||
February 9 | February 11 | 0.09855 | 0.09855 | 178,443 | ||||||||||||||||||||||
March 8 | March 9 | 0.09855 | 0.09855 | 178,802 | ||||||||||||||||||||||
$ | 0.29565 | $ | 535,323 | |||||||||||||||||||||||
For Fiscal Year 2020 | ||||||||||||||||||||||||||
January 6, 13, 20, 27 | January 29 | $ | 0.03547 | $ | 0.14188 | $ | 247,731 | |||||||||||||||||||
February 3, 10, 17, 24 | February 26 | 0.03547 | 0.14188 | 255,006 | ||||||||||||||||||||||
March 2, 9, 16, 23, 30 | April 1 | 0.03547 | 0.17735 | 322,221 | ||||||||||||||||||||||
$ | 0.46111 | $ | 824,958 |
Record Date | Payment Date | Distribution per Share at Record Date | Distribution per Share at Payment Date | Distribution Amount | ||||||||||
For the Fiscal Year 2020 | ||||||||||||||
January 6, 13, 20, 27 | January 29 | $ | 0.03547 | $ | 0.14188 | $ | 247,731 | |||||||
February 3, 10, 17, 24 | February 26 | 0.03547 | 0.14188 | 255,006 | ||||||||||
March 2, 9, 16, 23, 30 | April 1 | 0.03547 | 0.17735 | 322,221 | ||||||||||
$ | 0.46111 | $ | 824,958 | |||||||||||
For the Fiscal Year 2019 | ||||||||||||||
January 7, 14, 21, 28 | January 30 | $ | 0.03547 | $ | 0.14188 | $ | 228,590 | |||||||
February 4, 11, 18, 25 | February 27 | 0.03547 | 0.14188 | 229,815 | ||||||||||
March 4, 11, 18, 25 | March 27 | 0.03547 | 0.14188 | 230,389 | ||||||||||
$ | 0.42564 | $ | 688,794 |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||
PER COMMON SHARE OPERATING PERFORMANCE | PER COMMON SHARE OPERATING PERFORMANCE | |||||||||||||||||
Net asset value, beginning of period | $ | 23.37 | $ | 24.56 | Net asset value, beginning of period | $ | 22.67 | $ | 23.37 | |||||||||
Net investment income (1) | 0.45 | 0.27 | Net investment income (1) | 0.28 | 0.45 | |||||||||||||
Net realized gains from investment in GCIF (1) | — | 0.14 | ||||||||||||||||
Net unrealized depreciation from investment in GCIF (2) | (3.70 | ) | (0.07 | ) | ||||||||||||||
Net unrealized appreciation (depreciation) from investment in GCIF (2) | Net unrealized appreciation (depreciation) from investment in GCIF (2) | 0.82 | (3.70) | |||||||||||||||
Net increase (decrease) resulting from operations | (3.25 | ) | 0.34 | Net increase (decrease) resulting from operations | 1.10 | (3.25) | ||||||||||||
Distributions to common shareholders (3) | Distributions to common shareholders (3) | |||||||||||||||||
Distributions from net investment income (3) | (0.46 | ) | (0.27 | ) | Distributions from net investment income (3) | (0.28) | (0.46) | |||||||||||
Distributions from realized gains on investment (3) | — | (0.16 | ) | |||||||||||||||
Distributions in excess of net investment income (3) | Distributions in excess of net investment income (3) | (0.02) | — | |||||||||||||||
Net decrease resulting from distributions | (0.46 | ) | (0.43 | ) | Net decrease resulting from distributions | (0.30) | (0.46) | |||||||||||
Net asset value, end of period | $ | 19.66 | $ | 24.47 | Net asset value, end of period | $ | 23.47 | $ | 19.66 | |||||||||
INVESTMENT RETURNS | INVESTMENT RETURNS | |||||||||||||||||
Total investment return-net asset value (4) | (14.05 | )% | 1.38 | % | ||||||||||||||
Total investment return-net asset value (5) | Total investment return-net asset value (5) | 4.87 | % | (14.05) | % | |||||||||||||
RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | |||||||||||||||||
Net assets, end of period | $ | 35,493,455 | $ | 38,749,777 | Net assets, end of period | $ | 40,750,690 | $ | 35,493,455 | |||||||||
Average net assets (5) | $ | 39,457,187 | $ | 39,471,849 | ||||||||||||||
Average net assets (6) | Average net assets (6) | $ | 41,500,264 | $ | 39,457,187 | |||||||||||||
Common Shares outstanding, end of period | 1,804,972 | 1,583,452 | Common Shares outstanding, end of period | 1,736,284 | 1,804,972 | |||||||||||||
Weighted average Common Shares outstanding | 1,786,187 | 1,620,043 | Weighted average Common Shares outstanding | 1,799,494 | 1,786,187 | |||||||||||||
Ratios-to-average net assets: (5) (6) | ||||||||||||||||||
Ratios-to-average net assets: (6) (7) | Ratios-to-average net assets: (6) (7) | |||||||||||||||||
Total operating expenses | 0.33 | % | 0.28 | % | Total operating expenses | 0.26 | % | 0.33 | % | |||||||||
Effect of expense support reimbursement to (received from) the Advisor | (0.44 | )% | 0.02 | % | ||||||||||||||
Net expenses | (0.11 | )% | 0.30 | % | ||||||||||||||
Effect of expense support received from reimbursement to (received from) the Advisors | Effect of expense support received from reimbursement to (received from) the Advisors | (0.23) | % | (0.44) | % | |||||||||||||
Net expenses (reimbursement) | Net expenses (reimbursement) | 0.03 | % | (0.11) | % | |||||||||||||
Net investment income | 2.03 | % | 1.11 | % | Net investment income | 1.21 | % | 2.03 | % |
Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||
Total investment income | $ | 757,302 | $ | 559,104 | Total investment income | $ | 519,623 | $ | 757,302 | |||||||||
Net expenses | (43,871 | ) | 120,376 | |||||||||||||||
Net expenses (reimbursement) | Net expenses (reimbursement) | 16,014 | (43,871) | |||||||||||||||
Net investment income | 801,173 | 438,728 | Net investment income | 503,609 | 801,173 | |||||||||||||
Net realized gain from redemption of investment in GCIF | — | 6,374 | Net realized gain from redemption of investment in GCIF | 20 | — | |||||||||||||
Long term gain distributions from investment in GCIF | — | 216,290 | ||||||||||||||||
Net change in unrealized depreciation from investment in GCIF | (6,679,515 | ) | (109,536 | ) | ||||||||||||||
Net change in unrealized appreciation (depreciation) from investment in GCIF | Net change in unrealized appreciation (depreciation) from investment in GCIF | 1,475,417 | (6,679,515) | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (5,878,342 | ) | $ | 551,856 | Net increase (decrease) in net assets resulting from operations | $ | 1,979,046 | $ | (5,878,342) |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Administrative services | $ | 3,669 | $ | 3,629 | |||
Related party reimbursements | 53,363 | 54,385 | |||||
Trustees fees | 748 | 740 | |||||
Professional services fees | 18,923 | 32,548 | |||||
Offering costs | 25,417 | 563 | |||||
Other expenses | 27,156 | 19,444 | |||||
Total operating expenses | 129,276 | 111,309 | |||||
Reimbursement of expense support | — | 9,067 | |||||
Less: Expense support from related parties | (173,147 | ) | — | ||||
Net expenses | $ | (43,871 | ) | $ | 120,376 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Administrative services | $ | 3,629 | $ | 3,669 | |||||||
Related party reimbursements | 38,330 | 53,363 | |||||||||
Trustees fees | 740 | 748 | |||||||||
Professional services fees | 27,268 | 18,923 | |||||||||
Offering costs | 6,223 | 25,417 | |||||||||
Transfer agent fees | 26,324 | 22,649 | |||||||||
Other expenses | 7,163 | 4,507 | |||||||||
Total operating expenses | 109,677 | 129,276 | |||||||||
Less: Expense support from related parties | (93,663) | (173,147) | |||||||||
Net expenses (reimbursement) | $ | 16,014 | $ | (43,871) |
2020 Record Dates | 2020 Payment Dates | Distribution per Share at Record Date | Distribution per Share at Payment Date | |||||||
April 6, 13, 20, 27 | April 29 | $ | 0.03015 | $ | 0.1206 | |||||
May 4, 11, 18, 25, June 1, 8 | June 9 | 0.03015 | 0.1809 |
Basis Points (bps) Increase (Decrease) | Net Increase (Decrease) per Share | |||
-50 bps | $ | (0.03 | ) | |
+50 bps | 0.08 | |||
+100 bps | 0.19 | |||
+150 bps | 0.29 | |||
+200 bps | 0.39 |
Basis Points (bps) Increase (Decrease) | Net Increase (Decrease) per Share | |||||||
-50 bps | $ | 0.02 | ||||||
+50 bps | (0.02) | |||||||
+100 bps | — | |||||||
+150 bps | 0.08 | |||||||
+200 bps | 0.16 |
Period | Total Number of Shares Purchased | Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||
January 1, 2020 to January 31, 2020 | — | — | — | — | ||||||||
February 1, 2020 to February 29, 2020 | — | — | — | — | ||||||||
March 1, 2020 to March 31, 2020 (1) | 23,050 | 23.48 | 23,050 | — | ||||||||
Total | 23,050 | 23,050 | — |
Period | Total Number of Shares Purchased | Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
January 1, 2021 to January 31, 2021 | — | — | — | — | ||||||||||||||||||||||
February 1, 2021 to February, 2021 | — | — | — | — | ||||||||||||||||||||||
March 1, 2021 to March 31, 2021 (1) | 81,704 | 23.29 | 81,704 | — | ||||||||||||||||||||||
Total | 81,704 | 81,704 | — |
GUGGENHEIM CREDIT INCOME FUND 2019 | |||||||||||
Date: | May | By: | /s/ Matthew S. Bloom | ||||||||
MATTHEW S. BLOOM | |||||||||||
Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
Date: | May | By: | /s/ Cielo M. Ordonez | ||||||||
CIELO M. ORDONEZ | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial Officer) |