SLC Management and its affiliated investment managers will offer their alternative investment strategies to the U.S. high net worth market.
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Unlimited access to our bond offerings and dedicated, personal support
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Partnering with select institutional managers
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An emphasis on solid investment disciplines and specific asset classes
February 23, 2026
February 09, 2026
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Coupon interest accumulated on a bond (or portfolio of bonds) since the last interest payment or, for a new issue, from the dated date to the date of delivery but prior to the periodic payment by the bond issuer.
The sum of each security’s coupon rate multiplied by its total par value. This estimate is not guaranteed and can change due to outside factors and market conditions. Amounts due not take into consideration long or short first coupons, maturing bonds, workout dates or issuers defaulting on payments. Amounts due not include principal received upon maturity of the bonds in the portfolio. Values listed may not be representative of actual income received by a bondholder in any given year.
Shows scheduled interest payments and principal payments (i.e. payments due at maturity) of the portfolio of bonds by year. Amounts due not take into consideration long or short first coupons, workout dates, early or partial redemption provisions, early calls, or issuers defaulting on payments. There is no guarantee that the issuers will make interest and principal payments when due and no assurance that a bondholder will receive these amounts and/or receive them in the stated years.
An amount equal to the Total Portfolio Market Value under "Proposed" minus Total Portfolio Market Value under "Current."
The weighted average (based on market value of each bond’s) duration. The maturity date for a bond is the date on which the principal amount of a security becomes due and payable, if not subject to prior call or redemption. Duration is a measurement of how long it will take a bond holder to be repaid their initial investment by a bond’s total cash flows. The lower the duration, the less impact a change in interest rates is expected to have on the market value of a bond. For example, if interest rates rise 1.00%, a bond with a 5-year duration is expected to lose about 5.00% of its value. For a bond with known cash flows, duration is computed using all cash flows until the bond's maturity.
The actual price a bond is worth at any given time, which can fluctuate with the ups and downs of the market. “Total Portfolio Market Value” in the Portfolio Scenario Report refers to the sum of the portfolio’s market value and does not include accrued interest.
Shows scheduled principal payments (i.e. payments due at maturity) of the portfolio of bonds by year. Amounts due not take into consideration workout dates, early or partial redemption provisions, early calls, or issuers defaulting on payments. There is no guarantee that the issuers will make principal payments when due and no assurance that a bondholder will receive these amounts and/or receive them in the stated years.
The total face value of the bonds in the portfolio. It is the amount of money the bondholder expects to receive when the bonds mature assuming all principal amounts are paid when due by issuers and there are no defaults.
Fixed income quality is shown by bond ratings issued by Standard & Poor’s, Fitch Investors Service Inc. and Moody’s Investors Services. Standard & Poor’s and Fitch Investors Service Inc. use the same categories, starting with their highest rating of AAA, AA, A, BBB, BB, B, CCC, CC, C, and D for default. Moody’s Investors Services uses Aaa, Aa, A, Baa, Ba, B, Caa, Ca, C, and D. Each of the services use + or - or +1 to indicate half steps in between. The top four grades are considered Investment Grade Ratings.
Classification
Standard & Poor’s/Fitch
Moody’s
INVESTMENT GRADE
AAA
Aaa
AA
Aa
A
BBB
Baa
HIGH YIELD (SPECULATIVE OR JUNK BONDS)
BB
Ba
B
CCC
CC
C
D
"N/R" indicates an issue which is not rated by one of the ratings agencies.
Investors and their financial professionals should do their own investigations into the ratings and credit quality associated with a particular investment prior to making any investment decision.
Third-party descriptions are available:
These are links to third party website. The content of those websites and these ratings do not represent the opinions of the party that generated this report and have not been verified.
Estimate of the amount of income an investor would have to obtain on a portfolio consisting exclusively of taxable bonds to match the after-tax equivalent income of a portfolio that includes municipal bonds that pay tax-exempt interest income based on a combined tax rate of 35% and does not assume tax bracket changes or alternative minimum tax (AMT). This amount is calculated by adding (1) the Est. Total Annualized Income for the non-tax-exempt bonds to an amount equal to (2) the Est. Total Annualized Income for the tax-exempt bonds divided by 1-0.35. This amount does not reflect the actual tax equivalent annualized income of any particular investor as it does not take into account the actual tax bracket of any individual investor, additional tax considerations for any investor, actual calculation of tax liability with respect to income on a tax-exempt bond (e.g. state taxes or unique federal income tax circumstances).
Calculation of weighted average YTM as a percentage as described above under “Weighted Average YTM” but using the tax equivalent yield calculation for each bond that provides tax exempt interest as described above under “Est. Tax Equivalent Annualized Income.” There is no assurance an investor will realize this rate of return.
Calculation of weighted average YTW as a percentage as described above under “Weighted Average YTW” but using the tax equivalent yield calculation for each bond that provides tax exempt interest as described above under “Est. Tax Equivalent Annualized Income.” There is no assurance an investor will realize this rate of return.
The weighted average (based on par value) of each bond's percentage coupon rate.
The weighted average maturity in years of each bond based on market value. The maturity date for a bond is the date on which the principal amount of a security becomes due and payable, if not subject to prior call or redemption.
The weighted average duration of each bond based on market value. The maturity date for a bond is the date on which the principal amount of a security becomes due and payable, if not subject to prior call or redemption. Duration is a measurement of how long it will take a bond holder to be repaid their initial investment by a bond’s total cash flows. The lower the duration, the less impact a change in interest rates is expected to have on the market value of a bond. For example, if interest rates rise 1.00%, a bond with a 5-year duration is expected to lose about 5.00% of its value. For a bond with known cash flows, duration is computed using all cash flows until the bond's maturity.
The weighted average (based on market value of each bond’s yield to maturity as a percentage. Yield to maturity for a bond is the percentage rate of return an investor would receive if a bond were held to the maturity date and there are no defaults on interest or principal payments when due. There is no assurance an investor will realize this rate of return.
The weighted average (based on market value of each bond’s yield to worst as a percentage. Yield to worst is intended to be the lowest potential yield that can be received on a bond without the issuer actually defaulting. This amount is calculated by making worst-case scenario assumptions on the issue by calculating the returns that would be received if any in-whole mandatory redemptive provisions are exercised by the issuer. Partial redemptive provisions (such as sinking funds) are not included in yield to worst calculations. There is no assurance an investor will realize this rate of return.
The bond’s coupon rate multiplied by its par value multiplied by its quantity. This amount not guaranteed and can change due to outside factors and market conditions. Amounts due not take into consideration long or short first coupons, maturing bonds, workout dates or issuers defaulting on payments. Amounts due not include principal received upon maturity of the bond. Values listed may not be representative of actual income received by a bondholder in any given year.
Note that percentages shown are based on the market value of bonds in the stated category as a percentage of the Total Portfolio Market Value unless otherwise indicated. For Portfolio Analysis of Municipal holdings only, percentages shown are based on the market value of bonds in the stated category as a percentage of the total market value of all bonds categorized as “Municipal.”
The stated annual interest rate to paid on a bond, expressed as a percentage of the par value and paid from issue date until maturity.
Is the unique identification number assigned to the bond comprising nine letters and numbers derived from the Committee on Uniform Security Identification Procedures.
The weighted average (based on market value of each bond’s) duration. The maturity date for a bond is the date on which the principal amount of a security becomes due and payable, if not subject to prior call or redemption. Duration is a measurement of how long it will take a bond holder to be repaid their initial investment by a bond’s total cash flows. The lower the duration, the less impact a change in interest rates is expected to have on the market value of a bond. For example, if interest rates rise 1.00%, a bond with a 5-year duration is expected to lose about 5.00% of its value. For a bond with known cash flows, duration is computed using all cash flows until the bond's maturity. .
Selected bond details. Information is incomplete and has not been verified by the party that generated this report. Consult the offering materials for the applicable issuance for details.
Bond’s price multiplied by the quantity shown. Market value is the actual price a bond is worth at any given time, which can fluctuate with the ups and downs of the market. “Total Portfolio Market Value” in the Portfolio Scenario Report refers to the sum of the portfolio’s market value and does not include accrued interest.
The date when the principal amount of the bond becomes due and repayable to the investor. Where a “C” appears next to the maturity date, it indicates that the bond is subject to redemption at the option of the issuer prior to its stated maturity.
Bonds falling within each "Maturity" range have maturity dates within the number of years shown from the date of the report.
State where municipal debt obligation was issued.
Bloomberg’s classification scheme utilizes the following main sector types for tax-exempt municipal bonds:
Each of these Municipal sectors can be further classified into class types as provided by Bloomberg. Please visit www.bloomberg.com for more information.
Municipal Underlying Ratings are shown by bond ratings issued by Standard & Poor’s, Fitch Investors Service Inc. and Moody’s Investors Services as described under Ratings (Fixed Income Quality) below.
Percentage of the total portfolio or sub-category of the portfolio by market value.
Current market value of the bond. Does not include accrued interest.
Number of bonds.
Fixed income quality is shown by bond ratings issued by Standard & Poor’s, Fitch Investors Service Inc. and Moody’s Investors Services. Standard & Poor’s and Fitch Investors Service Inc. use the same categories, starting with their highest rating of AAA, AA, A, BBB, BB, B, CCC, CC, C, and D for default. Moody’s Investors Services uses Aaa, Aa, A, Baa, Ba, B, Caa, Ca, C, and D . Each of the services use + or - or +1 to indicate half steps in between. The top four grades are considered Investment Grade Ratings. “N/R” indicates an issue which is not rated by one of the ratings agencies.
Utilize the Bloomberg Industry Classification System (BICS) for Fixed Income (FI), which is a hierarchical system that classifies companies by tracking their primary business as measured first by source of revenue and second by operating income, assets and market perception. "Sector" is the broadest classification and represents general business activities. Each Sector is further broken down into "Industry” groups, which are classified by more narrowly defined business activities. For additional information on BICS FI methodology, as well as a breakdown for Sectors and Industry Groups, please visit www.bloomberg.com or click here for a direct link (current as of 4/16/2024).
For purposes of this report as security type categories are defined as follows:
Shows the state where municipal debt obligation was issued.
Sum of the market value and accrued interest.
Yield to maturity for a bond is the percentage rate of return an investor would receive if a bond were held to the maturity date and there are no defaults on interest or principal payments when due. There is no assurance an investor will realize this rate of return.
Yield to worst is intended to be the lowest potential yield that can be received on a bond without the issuer actually defaulting. This amount is calculated by making worst-case scenario assumptions on the issue by calculating the returns that would be received if any in-whole mandatory redemptive provisions are exercised by the issuer. Partial redemptive provisions (such as sinking funds) are not included in yield to worst calculations. There is no assurance an investor will realize this rate of return.