On December 15, 2023, Lamington Road DAC (the “Company”) notified U.S. Bank Trust Company, as Trustee (the “Trustee”) under the Indenture with respect to the Company’s outstanding Series A Notes, Series B Notes and PPNs, that it will cash pay $1,603,306 of the Series A Note interest payable for the 6-month period ending December 31, 2023 and PIK pay $1,638,477.

With respect to the Series B Note interest, the Company notified the Trustee that it will pay PIK Interest (in lieu of cash payment) on 100 percent of the Series B Notes outstanding for the 6-month period ending December 31, 2023.  The Company anticipates the PIK interest portion of the Series B Note payment will equal $2,839,556.
 
After the December 31, 2023 interest payment date, the outstanding principal amount of the Series A Notes and Series B Notes is anticipated to be $57,933,622 and $73,828,454, respectively.

Minimum Cash Balance
As of December 15, 2023, the cash balance of the Company was $4,877,410.  As approved by the Board, the Company’s Minimum Cash Balance was $3,000,000.
  
Please refer to the risk factors section of our website.

On October 2, 2023, the beneficial owners of a majority of the outstanding principal amount of the Series A Notes appointed Matthew Houk to the Company’s Board of Directors as a Series A Director. Mr. Houk replaces Matthew Epstein who resigned as a Series A Director on September 21, 2022.