FSFL offers a prospective yield of 6.4% and forecast dividend cover (on conservative assumptions) of 1.14x. The Q1 NAV could be interesting. A new (possibly lower) power curve will enter the equation at a similar time to long-term debt and possibly, by implication, an effective change to the fund’s valuation model. Short term the fund’s key announcement will be the refinancing of existing debt facilities into long-term amortizing debt (as long as 19 years) and a smaller revolver;
