Lamington Road DAC – Financial Statements November 30 2020.pdf

Lamington Road DAC – Unaudited Financial Statements May 31 2021.pdf

On December 1, 2021, Lamington Road DAC notified U.S. Bank National Associations, as Trustee, that it will cash pay 100 percent of its Series A Note interest payable for the 6-month period ended December 31, 2021 and will PIK (in lieu of cash payment) 100 percent of its Series B Note interest payable for the 6-month period ended December 31, 2021.  As of December 31, 2001 the outstanding balances of the Series A and Series B notes are $54,828,153 and $69,254,438 respectively.

Lamington’s cash balance as of December 15, 2021 was $13,758,631.  At the October 2021 Lamington Board meeting, Lamington’s Board unanimously authorized the full repayment of the Class D Partnership Units (Mezzanine loan) by August 2022 and authorized an ultimate reduction in the minimum cash balance to $4 million (from $5 million) to facilitate the Class D repayment.