JZ Capital Partners' net asset value per share fell to $9.93 at the end of Mary - down from $10.12 at the end of February.

JZCP said that in May it received shareholder approval for certain initiatives designed to maximise shareholder returns, including the discontinuation of the company's current dividend policy and inception of a new strategy to allow for the repurchase of shares.

And it said that in April, JZCP increased its loan facility with Guggenheim Partners from approximately $100 million to $150 million in order to provide additional liquidity to JZCP in order to bridge certain planned realisations.

It said the entire $150 million facility may be repaid, in whole or in part, with no penalty after June 2017.

JZCP founder and investment adviser David Zalaznick said: "Despite the challenging market environment, the strength of our balance sheet has again allowed us to put money to work across the US and European micro-cap and US real estate sectors.

"We continue to believe that the US market presents a number of potential realisation opportunities for the Company and we remain confident in the outlook for our diversified portfolio."