Lowell - comment

Collections held up (did not deteriorate further - in contrast to Intrum) and the company underspent on new portfolios (even relative to our model), sweating its book slightly, which was to be expected. Wolf III got underway with twice the size we had forecasted, which puts Lowell back on our original time plan to reach below 3x Cash EBITDA leverage by April. Management will be meeting investors in London on Feb 29th to bang their drum. The last days have hurt as we remain invested in a bet on sufficient demand for nice Cash EBITDA stats, despite remaining fundamentally negative - hence the limited size of the position.