Difficult to say were it is coming from. I see a few possible explanations:
1. SPX never had a committed $50mio line.
2. SPX cannot grow the origination
3. The deployment is constrained by maximum allocation to customers/sectors/etc... as you suggest.
4. The fund (Dinimus) never had the $50mio available for SPX
5. The fund is doing all it can to walk back on their commitment. 9.75% is far less compelling return than in August 2022...
Radio silence from AF is weird, so I think it points to some disagreements. So either of 1, 4 or 5.
Ann: Investor Presentation, page-137
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