RANGER Direct Lending’s net asset value (NAV) return fell for the first time in two months as the investment trust was hit by write-offs and legal expenses.
The alternative finance-focused fund, which is in the process of being wound up, said in a stock market update that its October NAV was down 0.26 per cent.
Most of the decline came from write-offs from a Canadian small business lending platform but Ranger also took a hit from its ongoing legal dispute with Princeton, currency headwinds and hedging costs, and director fees.
It said it is in “continuing discussions” with its portfolio holdings about selling or refinancing its investments.
Ranger announced in June that it would be closing down, amid concerns over its performance and management changes. Two of the fund’s largest shareholders, Oaktree Capital Management and LIM Advisors, had been calling for the fund to be wound down for several months.