The cash for share buybacks is already reserved, and there is a cap on how many shares they can buy back annually, so this is a constrained capital management strategy. Give that there is nothing else the fund can do with the spare cash, and the fund is being wound down, they should pay it out as either a distribution or a return of capital (or a combination).
Ann: Monthly NAV Update, page-4
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Mkt cap ! $247.0M | |||
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