They did report the %. 32M of leverage versus 271M of assets. That is 8X leverage coverage. So small not worthy of a number in the world of closed ends. But being in the space for about 25 years, you would know that.
You can question the merits of the investments all you want, but you can't question the asset coverage issue. It is negligible. Period.
I was in on a local Lutheran home municipal deal years ago. Small and unrated. 8% tax free. Great bonds......
As for these senior living bonds, they are a tiny pimple on the ass of the fund, I will give them rope on this one considering their expertise and the risk to the portfolio. We can chat in 3 months and see if I am right.