The co-investment by MAF into the Priority Income Fund is now up to $120M - "Investors in the Fund continue to benefit from MA Financial Group’s 10% junior co-investment, which now exceeds $120m".

Market cap of $732M - certainly confident in their DD on the underlying investments.

One of MAFs key private debt funds has a unique structure where there are two classes of units. Class B represents 10% of the Fund and is fully loss absorbing before Class A where investors enter are impacted.

Exerpt from Bondadviser research report:

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Pretty material risk to the equity holders if things did go bad.