The Funds announced today that the Board of Trustees has renewed the Funds’ share repurchase plans.
The Board of Trustees approved the renewal of the share repurchase plans as part of its ongoing evaluation of options to enhance shareholder value and potentially decrease the discount between the market price and the net asset value per share (“NAV”) of the Funds’ common shares. Under the share repurchase plans, each Fund may purchase, in the open market, between January 1, 2025, and December 31, 2025, up to an additional 10% of its outstanding common shares (based on common shares outstanding as of December 31, 2024). The Board of Trustees will review the plan periodically and may authorize adjustment of its terms and size.
The share repurchase plans allow the repurchase of common shares in the open market at a discount to NAV. The plans could allow the Funds to realize incremental accretion to their NAV to the benefit of existing shareholders. They could also have the benefit of providing additional liquidity in the trading of common shares.