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. | ||||||||
June 30, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Investment in Guggenheim Credit Income Fund ("GCIF") (5,046,351 shares purchased at a cost of $37,884,945 and 5,290,937 shares purchased at a cost of $44,095,997, respectively) | $ | 36,416,891 | $ | 40,020,396 | |||||||
Cash | 1,068,597 | 771,815 | |||||||||
Receivable from related parties | — | 149,039 | |||||||||
Deferred offering cost | — | 108,769 | |||||||||
Total assets | 37,485,488 | 41,050,019 | |||||||||
Liabilities | |||||||||||
Payable to related parties | 22,477 | 39,718 | |||||||||
Accrued professional services fees | 64,693 | 35,197 | |||||||||
Accounts payable, accrued expenses and other liabilities | 25,880 | 19,426 | |||||||||
Total liabilities | 113,050 | 94,341 | |||||||||
Commitments and contingencies (Note 4. Related Party Agreements and Transactions) | |||||||||||
Net Assets | $ | 37,372,438 | $ | 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 June 30, 2021 and December 31, 2020, respectively | $ | 1,737 | $ | 1,807 | |||||||
Paid-in-capital in excess of par value | 38,932,073 | 45,089,795 | |||||||||
Accumulated loss, net of distributions | (1,561,372) | (4,135,924) | |||||||||
Total net assets | $ | 37,372,438 | $ | 40,955,678 | |||||||
Net asset value per Common Share | $ | 21.52 | $ | 22.67 |
June 30, 2020 | December 31, 2019 | ||||||
Assets | |||||||
Investment in Guggenheim Credit Income Fund ("GCIF") (5,280,117 shares purchased at a cost of $44,018,852 and 4,700,238 shares purchased at a cost of $39,484,898, respectively) | $ | 37,167,606 | $ | 36,552,474 | |||
Cash | 1,173,003 | 896,824 | |||||
Receivable from related parties | 132,323 | 186,774 | |||||
Dividends receivable | 233,483 | — | |||||
Deferred offering cost | 48,603 | 24,240 | |||||
Total assets | 38,755,018 | 37,660,312 | |||||
Liabilities | |||||||
Payable to related parties | 43,202 | 54,983 | |||||
Accrued professional services fees | 67,115 | 57,267 | |||||
Distributions payable | 165,576 | — | |||||
Accounts payable, accrued expenses and other liabilities | 105,590 | 18,992 | |||||
Total liabilities | 381,483 | 131,242 | |||||
Commitments and contingencies (Note 4. Related Party Agreements and Transactions) | |||||||
Net Assets | $ | 38,373,535 | $ | 37,529,070 | |||
Components of Net Assets: | |||||||
Common Shares, $0.001 par value, 348,000,000 Common Shares authorized, 1,815,208 and 1,606,201 Common Shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively | $ | 1,815 | $ | 1,606 | |||
Paid-in-capital in excess of par value | 45,400,237 | 40,531,966 | |||||
Accumulated loss, net of distributions | (7,028,517 | ) | (3,004,502 | ) | |||
Total net assets | $ | 38,373,535 | $ | 37,529,070 | |||
Net asset value per Common Share | $ | 21.14 | $ | 23.37 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||
Investment Income | Investment Income | |||||||||||||||||||||||||||||||||||||
Dividends from investment in GCIF | $ | 714,064 | $ | 832,494 | $ | 1,471,366 | $ | 1,391,598 | Dividends from investment in GCIF | $ | 637,230 | $ | 714,064 | $ | 1,156,853 | $ | 1,471,366 | |||||||||||||||||||||
Total investment income | 714,064 | 832,494 | 1,471,366 | 1,391,598 | Total investment income | 637,230 | 714,064 | 1,156,853 | 1,471,366 | |||||||||||||||||||||||||||||
Operating Expenses (1) | Operating Expenses (1) | |||||||||||||||||||||||||||||||||||||
Administrative services | 3,669 | 3,871 | 7,338 | 7,500 | Administrative services | 3,669 | 3,669 | 7,298 | 7,338 | |||||||||||||||||||||||||||||
Related party reimbursements | 48,122 | 45,844 | 101,485 | 100,229 | Related party reimbursements | 27,397 | 48,122 | 65,727 | 101,485 | |||||||||||||||||||||||||||||
Trustees fees | 748 | 748 | 1,496 | 1,488 | Trustees fees | 748 | 748 | 1,488 | 1,496 | |||||||||||||||||||||||||||||
Professional services fees | 44,853 | 43,261 | 63,776 | 75,809 | Professional services fees | 27,399 | 44,853 | 54,667 | 63,776 | |||||||||||||||||||||||||||||
Offering costs | 26,584 | 2,825 | 52,001 | 3,388 | Offering costs | 3,044 | 26,584 | 9,267 | 52,001 | |||||||||||||||||||||||||||||
Transfer agent fees | 24,092 | 22,469 | 46,741 | 54,255 | Transfer agent fees | 23,675 | 24,092 | 49,999 | 46,741 | |||||||||||||||||||||||||||||
Other (income) expenses | 10,452 | (3,854 | ) | 14,959 | (16,196 | ) | ||||||||||||||||||||||||||||||||
Other expenses | Other expenses | 9,092 | 10,452 | 16,255 | 14,959 | |||||||||||||||||||||||||||||||||
Total operating expenses | 158,520 | 115,164 | 287,796 | 226,473 | Total operating expenses | 95,024 | 158,520 | 204,701 | 287,796 | |||||||||||||||||||||||||||||
Reimbursement of expense support | — | 7,254 | — | 16,321 | ||||||||||||||||||||||||||||||||||
Less: Expense support from related parties (See Note 4. Related Party Agreements and Transactions) | (132,324 | ) | — | (305,471 | ) | — | Less: Expense support from related parties (See Note 4. Related Party Agreements and Transactions) | — | (132,324) | (93,663) | (305,471) | |||||||||||||||||||||||||||
Net expenses | 26,196 | 122,418 | (17,675 | ) | 242,794 | |||||||||||||||||||||||||||||||||
Net expenses (reimbursement) | Net expenses (reimbursement) | 95,024 | 26,196 | 111,038 | (17,675) | |||||||||||||||||||||||||||||||||
Net investment income | 687,868 | 710,076 | 1,489,041 | 1,148,804 | Net investment income | 542,206 | 687,868 | 1,045,815 | 1,489,041 | |||||||||||||||||||||||||||||
Realized and unrealized gains (losses): | Realized and unrealized gains (losses): | |||||||||||||||||||||||||||||||||||||
Net realized gain (loss) from redemption of investment in GCIF | (55,496 | ) | 6,284 | (55,496 | ) | 12,658 | ||||||||||||||||||||||||||||||||
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 loss from redemption of investment in GCIF | Long term realized loss from redemption of investment in GCIF | — | (55,496) | (7,012) | (55,496) | |||||||||||||||||||||||||||||||||
Net realized gains (losses) from investment in GCIF | (55,496 | ) | 6,284 | (55,496 | ) | 228,948 | Net realized gains (losses) from investment in GCIF | — | (55,496) | 20 | (55,496) | |||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) from investment in GCIF | 2,760,693 | (151,732 | ) | (3,918,822 | ) | (261,268 | ) | Net change in unrealized appreciation (depreciation) from investment in GCIF | 1,132,130 | 2,760,693 | 2,607,547 | (3,918,822) | ||||||||||||||||||||||||||
Net realized and unrealized gains (losses) | 2,705,197 | (145,448 | ) | (3,974,318 | ) | (32,320 | ) | Net realized and unrealized gains (losses) | 1,132,130 | 2,705,197 | 2,607,567 | (3,974,318) | ||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 3,393,065 | $ | 564,628 | $ | (2,485,277 | ) | $ | 1,116,484 | Net increase (decrease) in net assets resulting from operations | $ | 1,674,336 | $ | 3,393,065 | $ | 3,653,382 | $ | (2,485,277) | ||||||||||||||||||||
Per Common Share information: | Per Common Share information: | |||||||||||||||||||||||||||||||||||||
Net investment income per Common Share outstanding - basic and diluted | $ | 0.38 | $ | 0.45 | $ | 0.83 | $ | 0.72 | Net investment income per Common Share outstanding - basic and diluted | $ | 0.31 | $ | 0.38 | $ | 0.59 | $ | 0.83 | |||||||||||||||||||||
Earnings (losses) per Common Share - basic and diluted | $ | 1.86 | $ | 0.36 | $ | (1.38 | ) | $ | 0.70 | Earnings (losses) per Common Share - basic and diluted | $ | 0.96 | $ | 1.86 | $ | 2.07 | $ | (1.38) | ||||||||||||||||||||
Weighted average Common Shares outstanding - basic and diluted | 1,821,028 | 1,590,177 | 1,803,607 | 1,605,028 | Weighted average Common Shares outstanding - basic and diluted | 1,736,284 | 1,821,028 | 1,767,714 | 1,803,607 | |||||||||||||||||||||||||||||
Distributions per Common Share | $ | 0.39 | $ | 0.46 | $ | 0.85 | $ | 0.89 | Distributions per Common Share | $ | 2.91 | $ | 0.39 | $ | 3.21 | $ | 0.85 |
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 | ||||||||||||||||||||
Operations: | |||||||||||||||||||||||||||||
Net investment income | — | — | — | 542,206 | 542,206 | ||||||||||||||||||||||||
Net change in unrealized appreciation from investment in GCIF | — | — | — | 1,132,130 | 1,132,130 | ||||||||||||||||||||||||
Net increase in net assets resulting from operations | — | — | — | 1,674,336 | 1,674,336 | ||||||||||||||||||||||||
Shareholder distributions: | |||||||||||||||||||||||||||||
Distributions from earnings | — | — | — | (543,507) | (543,507) | ||||||||||||||||||||||||
Distributions representing a return of capital | — | — | (4,509,081) | — | (4,509,081) | ||||||||||||||||||||||||
Net decrease in net assets resulting from shareholder distributions | — | — | (4,509,081) | (543,507) | (5,052,588) | ||||||||||||||||||||||||
Net increase (decrease) for the period | — | — | (4,509,081) | 1,130,829 | (3,378,252) | ||||||||||||||||||||||||
Balance at June 30, 2021 | 1,736,284 | $ | 1,737 | $ | 38,932,073 | $ | (1,561,372) | $ | 37,372,438 |
Common Shares | Paid-in-Capital in Excess of Par Value | Accumulated Earnings (Loss), net of Distributions | ||||||||||||||||
Shares | Amount | Total | ||||||||||||||||
Balance at December 31, 2019 | 1,606,201 | $ | 1,606 | $ | 40,531,966 | $ | (3,004,502 | ) | $ | 37,529,070 | ||||||||
Operations: | ||||||||||||||||||
Net investment income | — | — | — | 801,173 | 801,173 | |||||||||||||
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 | ) | |||||||||||
Shareholder distributions: | ||||||||||||||||||
Distributions from earnings | — | — | — | (824,958 | ) | (824,958 | ) | |||||||||||
Net decrease in net assets resulting from shareholder distributions | — | — | — | (824,958 | ) | (824,958 | ) | |||||||||||
Capital share transactions: | ||||||||||||||||||
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 | |||||||||||||
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 (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 | ||||||||
Operations: | ||||||||||||||||||
Net investment income | — | — | — | 687,868 | 687,868 | |||||||||||||
Net realized losses from investment in GCIF | — | — | — | (55,496 | ) | (55,496 | ) | |||||||||||
Net change in unrealized appreciation from investment in GCIF | — | — | — | 2,760,693 | 2,760,693 | |||||||||||||
Net increase in net assets resulting from operations | — | — | — | 3,393,065 | 3,393,065 | |||||||||||||
Shareholder distributions: | ||||||||||||||||||
Distributions from earnings | — | — | — | (713,780 | ) | (713,780 | ) | |||||||||||
Net decrease in net assets resulting from shareholder distributions | — | — | — | (713,780 | ) | (713,780 | ) | |||||||||||
Capital share transactions: | ||||||||||||||||||
Issuance of Common Shares | 12,269 | 12 | 252,238 | — | 252,250 | |||||||||||||
Shares issued in connection with the dividend reinvestment plan | 21,018 | 21 | 424,990 | — | 425,011 | |||||||||||||
Repurchase of Common Shares | (23,051 | ) | (23 | ) | (476,443 | ) | — | (476,466 | ) | |||||||||
Net increase in net assets resulting from capital share transactions | 10,236 | 10 | 200,785 | — | 200,795 | |||||||||||||
Net increase for the period | 10,236 | 10 | 200,785 | 2,679,285 | 2,880,080 | |||||||||||||
Balance at June 30, 2020 | 1,815,208 | $ | 1,815 | $ | 45,400,237 | $ | (7,028,517 | ) | $ | 38,373,535 |
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, 2018 | 1,611,147 | $ | 1,611 | $ | 40,689,858 | $ | (1,120,878 | ) | $ | 39,570,591 | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | Balance at December 31, 2019 | 1,606,201 | $ | 1,606 | $ | 40,531,966 | $ | (3,004,502) | $ | 37,529,070 | |||||||||||||||||||||||||||||||||||||
Operations: | Operations: | ||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | — | — | — | 438,728 | 438,728 | Net investment income | — | — | — | 801,173 | 801,173 | ||||||||||||||||||||||||||||||||||||
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 change in unrealized depreciation from investment in GCIF | — | — | — | (6,679,515) | (6,679,515) | ||||||||||||||||||||||||||||||||||
Net increase in net assets resulting from operations | — | — | — | 551,856 | 551,856 | ||||||||||||||||||||||||||||||||||||||||||
Net decrease in net assets resulting from operations | Net decrease in net assets resulting from operations | — | — | — | (5,878,342) | (5,878,342) | |||||||||||||||||||||||||||||||||||||||||
Shareholder distributions: | Shareholder distributions: | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions from earnings | — | — | — | (688,794 | ) | (688,794 | ) | Distributions from earnings | — | — | — | (824,958) | (824,958) | ||||||||||||||||||||||||||||||||||
Net decrease in net assets resulting from shareholder distributions | — | — | — | (688,794 | ) | (688,794 | ) | Net decrease in net assets resulting from shareholder distributions | — | — | — | (824,958) | (824,958) | ||||||||||||||||||||||||||||||||||
Capital share transactions: | Capital share transactions: | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Shares | 26,677 | 27 | 652,573 | — | 652,600 | Issuance of Common Shares | 211,044 | 211 | 4,955,639 | — | 4,955,850 | ||||||||||||||||||||||||||||||||||||
Shares issued in connection with the dividend reinvestment plan | 18,411 | 18 | 451,054 | — | 451,072 | Shares issued in connection with the dividend reinvestment plan | 10,777 | 11 | 253,027 | — | 253,038 | ||||||||||||||||||||||||||||||||||||
Repurchase of Common Shares | (72,783 | ) | (73 | ) | (1,787,475 | ) | — | (1,787,548 | ) | Repurchase of Common Shares | (23,050) | (23) | (541,180) | — | (541,203) | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||
Net increase in net assets resulting from capital share transactions | 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 | Net increase (decrease) for the period | 198,771 | 199 | 4,667,486 | (6,703,300) | (2,035,615) | |||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | Balance at March 31, 2020 | 1,804,972 | $ | 1,805 | $ | 45,199,452 | $ | (9,707,802) | $ | 35,493,455 | |||||||||||||||||||||||||||||||||||||
Operations: | Operations: | ||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | — | — | — | 710,076 | 710,076 | Net investment income | — | — | — | 687,868 | 687,868 | ||||||||||||||||||||||||||||||||||||
Net realized gain from investment in GCIF | — | — | — | 6,284 | 6,284 | ||||||||||||||||||||||||||||||||||||||||||
Net change in unrealized depreciation from investment in GCIF | — | — | — | (151,732 | ) | (151,732 | ) | ||||||||||||||||||||||||||||||||||||||||
Net realized losses from investment in GCIF | Net realized losses from investment in GCIF | — | — | — | (55,496) | (55,496) | |||||||||||||||||||||||||||||||||||||||||
Net change in unrealized appreciation from investment in GCIF | Net change in unrealized appreciation from investment in GCIF | — | — | — | 2,760,693 | 2,760,693 | |||||||||||||||||||||||||||||||||||||||||
Net increase in net assets resulting from operations | — | — | — | 564,628 | 564,628 | Net increase in net assets resulting from operations | — | — | — | 3,393,065 | 3,393,065 | ||||||||||||||||||||||||||||||||||||
Shareholder distributions: | Shareholder distributions: | ||||||||||||||||||||||||||||||||||||||||||||||
Distributions from earnings | — | — | — | (733,405 | ) | (733,405 | ) | Distributions from earnings | — | — | — | (713,780) | (713,780) | ||||||||||||||||||||||||||||||||||
Net decrease in net assets resulting from shareholder distributions | — | — | — | (733,405 | ) | (733,405 | ) | Net decrease in net assets resulting from shareholder distributions | — | — | — | (713,780) | (713,780) | ||||||||||||||||||||||||||||||||||
Capital share transactions: | Capital share transactions: | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Shares | 16,738 | 17 | 409,583 | — | 409,600 | Issuance of Common Shares | 12,269 | 12 | 252,238 | — | 252,250 | ||||||||||||||||||||||||||||||||||||
Shares issued in connection with the dividend reinvestment plan | 16,020 | 16 | 392,240 | — | 392,256 | Shares issued in connection with the dividend reinvestment plan | 21,018 | 21 | 424,990 | — | 425,011 | ||||||||||||||||||||||||||||||||||||
Repurchase of Common Shares | (45,377 | ) | (45 | ) | (1,108,972 | ) | — | (1,109,017 | ) | Repurchase of Common Shares | (23,051) | (23) | (476,443) | — | (476,466) | ||||||||||||||||||||||||||||||||
Net decrease in net assets resulting from capital share transactions | (12,619 | ) | (12 | ) | (307,149 | ) | — | (307,161 | ) | ||||||||||||||||||||||||||||||||||||||
Net decrease for the period | (12,619 | ) | (12 | ) | (307,149 | ) | (168,777 | ) | (475,938 | ) | |||||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | 1,570,833 | $ | 1,571 | $ | 39,698,861 | $ | (1,426,593 | ) | $ | 38,273,839 | |||||||||||||||||||||||||||||||||||||
Net increase in net assets resulting from capital share transactions | Net increase in net assets resulting from capital share transactions | 10,236 | 10 | 200,785 | — | 200,795 | |||||||||||||||||||||||||||||||||||||||||
Net increase for the period | Net increase for the period | 10,236 | 10 | 200,785 | 2,679,285 | 2,880,080 | |||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | Balance at June 30, 2020 | 1,815,208 | $ | 1,815 | $ | 45,400,237 | $ | (7,028,517) | $ | 38,373,535 |
Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||
Operating activities | Operating activities | |||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (2,485,277 | ) | $ | 1,116,484 | Net increase (decrease) in net assets resulting from operations | $ | 3,653,382 | $ | (2,485,277) | ||||||||||||||
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 | 410,550 | 732,461 | Redemption of Master Fund shares | 6,211,072 | 410,550 | |||||||||||||||||||
Net realized (gain) loss from investment in GCIF | 55,496 | (12,658 | ) | Net realized (gain) loss from investment in GCIF | (20) | 55,496 | ||||||||||||||||||
Net change in unrealized depreciation from investment in GCIF | 3,918,822 | 261,268 | ||||||||||||||||||||||
Net change in unrealized (appreciation) depreciation from investment in GCIF | Net change in unrealized (appreciation) depreciation from investment in GCIF | (2,607,547) | 3,918,822 | |||||||||||||||||||||
(Increase) decrease in operating assets: | (Increase) decrease in operating assets: | |||||||||||||||||||||||
Receivable from related parties | 54,451 | — | Receivable from related parties | 149,039 | 54,451 | |||||||||||||||||||
Dividends receivable | (233,483 | ) | 558,295 | Dividends receivable | — | (233,483) | ||||||||||||||||||
Deferred offering cost | (24,363 | ) | — | Deferred offering cost | 108,769 | (24,363) | ||||||||||||||||||
Prepaid expenses and other assets | — | (12,545 | ) | |||||||||||||||||||||
Increase (decrease) in operating liabilities: | Increase (decrease) in operating liabilities: | |||||||||||||||||||||||
Payable to related parties | (11,781 | ) | (4,136 | ) | Payable to related parties | (17,241) | (11,781) | |||||||||||||||||
Accrued professional services fees | 9,848 | 11,546 | Accrued professional services fees | 29,496 | 9,848 | |||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | 86,598 | (23,757 | ) | Accounts payable, accrued expenses and other liabilities | 6,454 | 86,598 | ||||||||||||||||||
Net cash provided by (used in) operating activities | (3,219,139 | ) | 2,626,958 | Net cash provided by (used in) operating activities | 7,533,404 | (3,219,139) | ||||||||||||||||||
Financing activities | Financing activities | |||||||||||||||||||||||
Issuance of Common Shares | 5,208,100 | 1,062,200 | Issuance of Common Shares | — | 5,208,100 | |||||||||||||||||||
Repurchase of Common Shares | (1,017,669 | ) | (2,896,565 | ) | Repurchase of Common Shares | (1,902,868) | (1,017,669) | |||||||||||||||||
Distributions paid | (695,113 | ) | (760,979 | ) | Distributions paid | (5,333,754) | (695,113) | |||||||||||||||||
Net cash provided by (used in) financing activities | 3,495,318 | (2,595,344 | ) | Net cash provided by (used in) financing activities | (7,236,622) | 3,495,318 | ||||||||||||||||||
Net increase in cash | 276,179 | 31,614 | Net increase in cash | 296,782 | 276,179 | |||||||||||||||||||
Cash, beginning of period | 896,824 | 494,255 | Cash, beginning of period | 771,815 | 896,824 | |||||||||||||||||||
Cash, end of period | $ | 1,173,003 | $ | 525,869 | Cash, end of period | $ | 1,068,597 | $ | 1,173,003 | |||||||||||||||
Supplemental information and non-cash financing: | Supplemental information and non-cash financing: | |||||||||||||||||||||||
Distributions reinvested | $ | 678,049 | $ | 843,328 | Distributions reinvested | $ | 254,157 | $ | 678,049 |
End of Period | Weighted Average Shares Owned | % of Net | ||||||||||||||||||
Period Ended | No. of Shares | Quarter to Date | Year to Date | Cost | Fair Value | Assets | ||||||||||||||
June 30, 2020 | 5,280,117 | 5,331,265 | 5,242,135 | $ | 44,018,852 | $ | 37,167,606 | 96.9 | % | |||||||||||
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 | ||||||||||||||||||||||||||||||||
June 30, 2021 | 5,046,351 | 5,046,351 | 5,144,996 | $ | 37,884,945 | $ | 36,416,891 | 97.4 | % | |||||||||||||||||||||||||||||
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 Reimburse-ment | Expense Support Reimburse-ment 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 Reimburse-ment through | |||||||
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 | 1.17% | 1.84440 | 1/31/2023 | |||||||
February 2020 | 61,047 | — | — | — | 61,047 | 1.03% | 1.84440 | 2/28/2023 | |||||||
March 2020 | 89,041 | — | — | — | 89,041 | 1.05% | 1.84440 | 3/31/2023 | |||||||
April 2020 | 60,258 | — | — | — | 60,258 | 1.23% | 1.56780 | 4/30/2023 | |||||||
May 2020 | 47,733 | — | — | — | 47,733 | 1.24% | 1.56780 | 5/31/2023 | |||||||
June 2020 | 24,333 | — | — | — | 24,333 | 1.22% | 1.56780 | 6/30/2023 | |||||||
Total | $ | 631,144 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
Related Party | Source Agreement & Description | 2020 | 2019 | 2020 | 2019 | Related Party | Source Agreement & Description | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||
Related Party Expense: | Related Party Expense: | |||||||||||||||||||||||||||||||||||||||||||||||||
Guggenheim | Administrative Services Agreement - expense reimbursement | $ | 48,122 | $ | 45,844 | $ | 101,485 | $ | 100,229 | Guggenheim | Administrative Services Agreement - expense reimbursement | $ | 27,397 | $ | 48,122 | $ | 65,727 | $ | 101,485 | |||||||||||||||||||||||||||||||
Guggenheim | Expense Support Agreement - expense support reimbursement to related parties | — | 7,254 | — | 16,321 | |||||||||||||||||||||||||||||||||||||||||||||
Dealer Manager (Guggenheim) | Dealer Manager Agreement - sales commissions and dealer manager fees | 2,750 | — | 16,900 | — | Dealer Manager (Guggenheim) | Dealer Manager Agreement - sales commissions and dealer manager fees | — | 2,750 | — | 16,900 | |||||||||||||||||||||||||||||||||||||||
Related Party Income: | Related Party Income: | |||||||||||||||||||||||||||||||||||||||||||||||||
Guggenheim | Expense Support Agreement - expense support from related parties | (132,324 | ) | — | (305,471 | ) | — | Guggenheim | Expense Support Agreement - expense support from related parties | — | 132,324 | 93,663 | 305,471 |
Six Months Ended June 30, 2020 | Inception through June 30, 2020 | Six Months Ended June 30, 2021 | Inception through June 30, 2021 | |||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||
Gross proceeds from Public Offerings | 223,313 | $ | 5,225,000 | 1,928,931 | $ | 49,504,390 | Gross proceeds from Public Offerings | — | $ | — | 1,959,348 | $ | 50,158,691 | |||||||||||||||||||||||
Dealer Manager fees and commissions | — | (16,900 | ) | — | (890,172 | ) | Dealer Manager fees and commissions | — | — | — | (890,172) | |||||||||||||||||||||||||
Net proceeds to the Company from Public Offerings | 223,313 | 5,208,100 | 1,928,931 | 48,614,218 | Net proceeds to the Company from Public Offerings | — | — | 1,959,348 | 49,268,519 | |||||||||||||||||||||||||||
Reinvestment of shareholders' distributions | 31,795 | 678,049 | 236,917 | 5,836,513 | Reinvestment of shareholders' distributions | 11,005 | 254,157 | 278,752 | 6,762,060 | |||||||||||||||||||||||||||
Net proceeds from all issuance of Common Shares | 255,108 | $ | 5,886,149 | 2,165,848 | $ | 54,450,731 | Net proceeds from all issuance of Common Shares | 11,005 | $ | 254,157 | 2,238,100 | $ | 56,030,579 | |||||||||||||||||||||||
Average net proceeds per Common Share | $23.07 | $25.14 | 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) | 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: | 2021: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 8, 2021 (2) | March 8, 2021 (2) | 45,564 | 81,704 | $ | 1,902,868 | $ | 23.29 | 179.3 | % | 4.48 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 45,564 | 81,704 | $ | 1,902,868 | 179.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
2020: | 2020: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 9, 2020 | 40,039 | 23,050 | $ | 541,203 | $ | 23.48 | 57.6 | % | 1.44 | % | March 9, 2020 | 40,039 | 23,050 | $ | 541,203 | $ | 23.48 | 57.6 | % | 1.44 | % | |||||||||||||||||||||||||||||||||||||
June 8, 2020 (2) | 19,862 | 23,051 | 476,466 | 20.67 | 116.1 | % | 1.40 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
June 8, 2020 (3) | June 8, 2020 (3) | 19,862 | 23,051 | 476,466 | 20.67 | 116.1 | % | 1.40 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
September 8, 2020 | September 8, 2020 | 17,325 | 17,324 | 376,287 | 21.72 | 100.0 | % | 1.02 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
December 8, 2020 (4) | December 8, 2020 (4) | 15,390 | 52,148 | 1,179,578 | 22.62 | 338.8 | % | 2.96 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | 59,901 | 46,101 | $ | 1,017,669 | 77.0 | % | Total | 92,616 | 115,573 | $ | 2,573,534 | 124.8 | % | |||||||||||||||||||||||||||||||||||||||||||||
2019: | 2019: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 25, 2019 (3) | 40,560 | 72,783 | $ | 1,787,548 | $ | 24.56 | 179.4 | % | 4.49 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
June 5, 2019 (4) | 40,654 | 45,377 | 1,109,017 | 24.44 | 111.6 | % | 2.80 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
October 11, 2019 (5) | 40,486 | 58,785 | 1,391,452 | 23.67 | 145.2 | % | 3.63 | % | October 11, 2019 (5) | 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 | % | 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 | % | Total | 80,727 | 74,015 | $ | 1,749,658 | 91.7 | % | |||||||||||||||||||||||||||||||||||||||||||||
2018: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 80,500 | 47,115 | $ | 1,202,261 | 58.5 | % |
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 | ||||||||||||||||||||||
June 3 | June 7 | 2.91000 | 2.91000 | 5,052,588 | ||||||||||||||||||||||
$ | 3.20565 | $ | 5,587,911 | |||||||||||||||||||||||
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 | ||||||||||||||||||||||
April 6, 13, 20, 27 | April 29 | 0.03015 | 0.12060 | 218,642 | ||||||||||||||||||||||
May 4, 11, 18, 25, June 1, 8 | June 9 | 0.03015 | 0.18090 | 329,563 | ||||||||||||||||||||||
June 15, 22, 29 | July 9 | 0.03015 | 0.09045 | 165,575 | ||||||||||||||||||||||
$ | 0.85306 | $ | 1,538,738 |
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 | ||||||||||
April 6, 13, 20, 27 | April 29 | 0.03015 | 0.12060 | 218,642 | ||||||||||
May 4, 11, 18, 25, June 1, 8 | June 9 | 0.03015 | 0.18090 | 329,563 | ||||||||||
June 15, 22, 29 | July 9 | 0.03015 | 0.09045 | 165,575 | ||||||||||
$ | 0.85306 | $ | 1,538,738 | |||||||||||
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 | ||||||||||
April 1, 8, 15, 22, 29 | May 1 | 0.03547 | 0.17735 | 280,979 | ||||||||||
May 6, 13, 20, 27 | May 29 | 0.03547 | 0.14188 | 226,054 | ||||||||||
June 3, 10, 17, 24 | June 26 | 0.03547 | 0.14188 | 226,372 | ||||||||||
$ | 0.88675 | $ | 1,422,199 |
Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||
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) | 0.83 | 0.72 | Net investment income (1) | 0.59 | 0.83 | |||||||||||||
Net realized gains (losses) from investment in GCIF (1) | (0.03 | ) | 0.14 | |||||||||||||||
Net unrealized depreciation from investment in GCIF (2) | (2.18 | ) | (0.16 | ) | ||||||||||||||
Net realized loss from investment in GCIF (1) | Net realized loss from investment in GCIF (1) | — | (0.03) | |||||||||||||||
Net unrealized appreciation (depreciation) from investment in GCIF (2) | Net unrealized appreciation (depreciation) from investment in GCIF (2) | 1.47 | (2.18) | |||||||||||||||
Net increase (decrease) resulting from operations | (1.38 | ) | 0.70 | Net increase (decrease) resulting from operations | 2.06 | (1.38) | ||||||||||||
Distributions to common shareholders (3) | Distributions to common shareholders (3) | |||||||||||||||||
Distributions from net investment income (3) | (0.83 | ) | (0.72 | ) | Distributions from net investment income (3) | (0.59) | (0.83) | |||||||||||
Distributions from realized losses on investment (3) | — | (0.17 | ) | |||||||||||||||
Distributions from realized gains on investment (3) | Distributions from realized gains on investment (3) | — | — | |||||||||||||||
Distributions in excess of net investment income (3) | (0.02 | ) | — | Distributions in excess of net investment income (3) | (0.02) | (0.02) | ||||||||||||
Distributions representing return of capital (3) | Distributions representing return of capital (3) | (2.60) | — | |||||||||||||||
Net decrease resulting from distributions | (0.85 | ) | (0.89 | ) | Net decrease resulting from distributions | (3.21) | (0.85) | |||||||||||
Net asset value, end of period | $ | 21.14 | $ | 24.37 | Net asset value, end of period | $ | 21.52 | $ | 21.14 | |||||||||
INVESTMENT RETURNS | INVESTMENT RETURNS | |||||||||||||||||
Total investment return-net asset value (4) | (5.85 | )% | 2.85 | % | ||||||||||||||
Total investment return-net asset value (5) | Total investment return-net asset value (5) | 9.18 | % | (5.85) | % | |||||||||||||
RATIOS/SUPPLEMENTAL DATA | RATIOS/SUPPLEMENTAL DATA | |||||||||||||||||
Net assets, end of period | $ | 38,373,535 | $ | 38,273,839 | Net assets, end of period | $ | 37,372,438 | $ | 38,373,535 | |||||||||
Average net assets (5) | $ | 38,639,979 | $ | 39,192,023 | ||||||||||||||
Average net assets (6) | Average net assets (6) | $ | 40,894,529 | $ | 38,639,979 | |||||||||||||
Common Shares outstanding, end of period | 1,815,208 | 1,570,833 | Common Shares outstanding, end of period | 1,736,284 | 1,815,208 | |||||||||||||
Weighted average Common Shares outstanding | 1,803,607 | 1,605,028 | Weighted average Common Shares outstanding | 1,767,714 | 1,803,607 | |||||||||||||
Ratios-to-average net assets: (5) (6) | ||||||||||||||||||
Ratios-to-average net assets: (6) (7) | Ratios-to-average net assets: (6) (7) | |||||||||||||||||
Total operating expenses | 0.74 | % | 0.58 | % | Total operating expenses | 0.50 | % | 0.74 | % | |||||||||
Effect of expense support reimbursement to (received from) the Advisor | (0.79 | )% | 0.04 | % | ||||||||||||||
Net expenses | (0.05 | )% | 0.62 | % | ||||||||||||||
Effect of expense support received from the Advisors | Effect of expense support received from the Advisors | (0.23) | % | (0.79) | % | |||||||||||||
Net expenses (reimbursement) | Net expenses (reimbursement) | 0.27 | % | (0.05) | % | |||||||||||||
Net investment income | 3.85 | % | 2.93 | % | Net investment income | 2.56 | % | 3.85 | % |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||
Total investment income | $ | 714,064 | $ | 832,494 | $ | 1,471,366 | $ | 1,391,598 | Total investment income | $ | 637,230 | $ | 714,064 | $ | 1,156,853 | $ | 1,471,366 | |||||||||||||||||||||
Net expenses | 26,196 | 122,418 | (17,675 | ) | 242,794 | |||||||||||||||||||||||||||||||||
Net expenses (reimbursement) | Net expenses (reimbursement) | 95,024 | 26,196 | 111,038 | (17,675) | |||||||||||||||||||||||||||||||||
Net investment income | 687,868 | 710,076 | 1,489,041 | 1,148,804 | Net investment income | 542,206 | 687,868 | 1,045,815 | 1,489,041 | |||||||||||||||||||||||||||||
Net realized gain (loss) from redemption of investment in GCIF | (55,496 | ) | 6,284 | (55,496 | ) | 12,658 | ||||||||||||||||||||||||||||||||
Long term gain distributions from investment in GCIF | — | — | — | 216,290 | ||||||||||||||||||||||||||||||||||
Net realized gains (losses) from redemption of investment in GCIF | Net realized gains (losses) from redemption of investment in GCIF | — | (55,496) | 20 | (55,496) | |||||||||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) from investment in GCIF | 2,760,693 | (151,732 | ) | (3,918,822 | ) | (261,268 | ) | Net change in unrealized appreciation (depreciation) from investment in GCIF | 1,132,130 | 2,760,693 | 2,607,547 | (3,918,822) | ||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 3,393,065 | $ | 564,628 | $ | (2,485,277 | ) | $ | 1,116,484 | Net increase (decrease) in net assets resulting from operations | $ | 1,674,336 | $ | 3,393,065 | $ | 3,653,382 | $ | (2,485,277) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Administrative services | $ | 3,669 | $ | 3,871 | $ | 7,338 | $ | 7,500 | |||||||
Related party reimbursements | 48,122 | 45,844 | 101,485 | 100,229 | |||||||||||
Trustees fees | 748 | 748 | 1,496 | 1,488 | |||||||||||
Professional services fees | 44,853 | 43,261 | 63,776 | 75,809 | |||||||||||
Offering costs | 26,584 | 2,825 | 52,001 | 3,388 | |||||||||||
Transfer agent fees | 24,092 | 22,469 | 46,741 | 54,255 | |||||||||||
Other (income) expenses | 10,452 | (3,854 | ) | 14,959 | (16,196 | ) | |||||||||
Total operating expenses | 158,520 | 115,164 | 287,796 | 226,473 | |||||||||||
Reimbursement of expense support | — | 7,254 | — | 16,321 | |||||||||||
Less: Expense support from related parties | (132,324 | ) | — | (305,471 | ) | — | |||||||||
Net expenses | $ | 26,196 | $ | 122,418 | $ | (17,675 | ) | $ | 242,794 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Administrative services | $ | 3,669 | $ | 3,669 | $ | 7,298 | $ | 7,338 | |||||||||||||||
Related party reimbursements | 27,397 | 48,122 | 65,727 | 101,485 | |||||||||||||||||||
Trustees fees | 748 | 748 | 1,488 | 1,496 | |||||||||||||||||||
Professional services fees | 27,399 | 44,853 | 54,667 | 63,776 | |||||||||||||||||||
Offering costs | 3,044 | 26,584 | 9,267 | 52,001 | |||||||||||||||||||
Transfer agent fees | 23,675 | 24,092 | 49,999 | 46,741 | |||||||||||||||||||
Other expenses | 9,092 | 10,452 | 16,255 | 14,959 | |||||||||||||||||||
Total operating expenses | 95,024 | 158,520 | 204,701 | 287,796 | |||||||||||||||||||
Less: Expense support from related parties | — | (132,324) | (93,663) | (305,471) | |||||||||||||||||||
Net expenses (reimbursement) | $ | 95,024 | $ | 26,196 | $ | 111,038 | $ | (17,675) |
2020 Record Dates | 2020 Payment Dates | Distribution per Share at Record Date | Distribution per Share at Payment Date | |||
July 13, 20, 27 & Aug. 3, 10, 2020 | Aug. 11, 2020 | 0.03015 | 0.15075 | |||
Aug. 17, 24, 31 & Sep. 7, 2020 | Sep. 9, 2020 | 0.03015 | 0.12060 |
Basis Points (bps) Increase (Decrease) | Net Increase (Decrease) per Share | |||
-50 bps | $ | 0.04 | ||
+50 bps | (0.04 | ) | ||
+100 bps | — | |||
+150 bps | 0.09 | |||
+200 bps | 0.19 |
Basis Points (bps) Increase (Decrease) | Net Increase (Decrease) per Share | |||||||
+50 bps | — | |||||||
+100 bps | — | |||||||
+150 bps | 0.08 | |||||||
+200 bps | 0.15 |
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 | ||||||||
April 1, 2020 to April 30, 2020 | — | — | — | — | ||||||||
May 1, 2020 to May 31, 2020 | — | — | — | — | ||||||||
June 1, 2020 to June 30, 2020 (1) | 23,051 | 20.67 | 23,051 | — | ||||||||
Total | 23,051 | 23,051 | — |
GUGGENHEIM CREDIT INCOME FUND 2019 | |||||||||||
Date: | August | By: | /s/ Matthew S. Bloom | ||||||||
MATTHEW S. BLOOM | |||||||||||
Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
Date: | August | By: | /s/ Cielo M. Ordonez | ||||||||
CIELO M. ORDONEZ | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial Officer) |