How to Invest in a Credit Market Rally

This is a credit pickers market. You're going to go through mini cycles, whether they be industry specific or potentially large scale issues like the pandemic. And that non-market or term financing allows the manager to invest in discounted loans because CLLS are constantly paying off refinancing and the manager is constantly reinvesting. That capital appreciation opportunity from investing in the portfolio of loans at a discount has presented itself as an additional benefit to investing in CLLS.