Bulldog Investors Digs Its Teeth Into Yet Another Closed-End Fund

Full Circle primarily invests in asset-based senior secured loans, but also has allocated capital to mezzanine loans. The target companies are usually small and lower middle-market firms, and investments typically range from $3 million to $10 million. In its financial results for its fiscal third quarter of 2015, which ended on March 31, Full Circle Capital Corp (NASDAQ:FULL) reported net interest income of $0.17, which beat estimates by $0.02. However, total investment income of $4.3 million missed expectations by $0.32 million. The company completed a rights offering during the quarter, which provided it with about $38 million in net proceeds that is to be used by Full Circle Capital Corp (NASDAQ:FULL) to provide its shareholders with better and more stable returns. Following the offering, Full Circle’s investment capacity stands at $70 million, of which $13.7 million has already been deployed in new investments.

Among the hedge funds that we track, the interest in Full Circle Capital Corp (NASDAQ:FULL), though relatively low, increased over the quarter in terms of overall ownership as five firms reported a total investment of $1.17 million in the company at the end of March, compared to just three firms with positions at he end of 2014, though their aggregate investment totaled $2.0 million at that time. John Fichthorn‘s Dialectic Capital Management and Israel Englander‘s Millennium Management are two prominent stockholders of Full Circle Capital Corp (NASDAQ:FULL), with respective holdings of 127,300 shares and 28,000 shares.

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