Refugio Research beta
Finding firmer ground in alternative investments.
Every Urgent and Notify finding from the trailing 365 days across every monitored fund, watchlist and universe, ranked by severity then recency. Showing 11 of 179 — Urgent.
NAV per share fell 6.7% from $63.41 to $59.18 (2026-04-30).
A 5%+ single-month NAV decline is a severe markdown for a private-markets vehicle and usually coincides with a portfolio-level credit or valuation problem being recognized.
Source: https://www.sec.gov/Archives/edgar/data/1581005/000113322826010229/srtll-efp25316_ncsrs.htm | financial-highlights end-of-period NAV (fallback)
The fund is at or near its allowed leverage limit (99% of permitted leverage in use as of 2026-03-31) (GAAP-equity approximation of a cost-basis charter test; the fund's own NASAA calculation may show compliance).
The fund is essentially at or beyond its permitted leverage. This can force asset sales at bad prices or halt distributions/repurchases; for a BDC it is a statutory line, not a preference.
Source: derived: (ceiling 300.0% of net assets - leverage 296.2%, denominator = charter net assets (total assets - total liabilities) 4,064,215,000) / ceiling * 100
NAV per share fell 32.6% from $8.27 to $5.57 (2026-03-31).
A 5%+ single-month NAV decline is a severe markdown for a private-markets vehicle and usually coincides with a portfolio-level credit or valuation problem being recognized.
Source: us-gaap:NetAssetValuePerShare | accession 0001655887-26-000013 | 10-Q filed 2026-05-08
Sterling Entertainment Enterprises LLC newly flagged defaulted in the 2026-03-31 NPORT-P (0.00% of portfolio value, $0); the 2025-12-31 report carried no such flag. (2026-03-31)
Source: nport-diff:2026-03-31:flag:sterling entertainment enterprises llc
Redemptions prorated for the period ending 2026-03-31: only 3.0% of requests fulfilled. (2026-03-31)
Source: https://www.sec.gov/Archives/edgar/data/1711929/000119312526216496/ck0001711929-20260331.htm | redemption proration (2026-03-31)
Redemptions prorated for the period ending 2026-02-28: only 3.0% of requests fulfilled. (2026-02-28)
Source: https://www.sec.gov/Archives/edgar/data/1711929/000119312526216496/ck0001711929-20260331.htm | redemption proration (2026-02-28)
Redemptions prorated for the period ending 2026-01-31: only 3.0% of requests fulfilled. (2026-01-31)
Source: https://www.sec.gov/Archives/edgar/data/1711929/000119312526216496/ck0001711929-20260331.htm | redemption proration (2026-01-31)
The fund is at or near its allowed leverage limit (101% of permitted leverage in use as of 2025-12-31) (GAAP-equity approximation of a cost-basis charter test; the fund's own NASAA calculation may show compliance).
The fund is essentially at or beyond its permitted leverage. This can force asset sales at bad prices or halt distributions/repurchases; for a BDC it is a statutory line, not a preference.
Source: derived: (ceiling 300.0% of net assets - leverage 275.2%, denominator = charter net assets (total assets - total liabilities) 4,367,591,000) / ceiling * 100
Redemptions prorated for the period ending 2025-09-30: only 4.0% of requests fulfilled. (2025-09-30)
Source: https://www.sec.gov/Archives/edgar/data/1711929/000119312525277275/ck0001711929-20250930.htm | redemption proration (2025-09-30)
Redemptions prorated for the period ending 2025-08-31: only 4.0% of requests fulfilled. (2025-08-31)
Source: https://www.sec.gov/Archives/edgar/data/1711929/000119312525277275/ck0001711929-20250930.htm | redemption proration (2025-08-31)
Redemptions prorated for the period ending 2025-07-31: only 4.0% of requests fulfilled. (2025-07-31)
Source: https://www.sec.gov/Archives/edgar/data/1711929/000119312525277275/ck0001711929-20250930.htm | redemption proration (2025-07-31)