McMillan Peter 4
4 · TCW STRATEGIC INCOME FUND INC · Filed Mar 30, 2026
Research Summary
AI-generated summary of this filing
TCW Strategic Income (TSI) Director Peter McMillan Acquires 193,761 Shares
What Happened
Peter McMillan, a director of TCW Strategic Income Fund, exercised transferable subscription rights and acquired 193,761 shares of the fund’s common stock at a final subscription price of $4.47 per share, for a total cash outlay of $866,112. The filing shows he exercised 307,915 rights (a derivative entry) to subscribe for 102,638 shares and also received 91,123 additional shares through the offer’s over‑subscription allocation, resulting in the 193,761 total shares acquired.
Key Details
- Transaction date: March 27, 2026; Form 4 filed March 30, 2026 (timely filing).
- Purchase details: 193,761 shares acquired at $4.47/share; total cost $866,112.
- Derivative line: 307,915 transferable rights were exercised (these rights were used to subscribe for shares).
- Shares owned after transaction: not specified in the provided filing excerpt.
- Footnotes: This was a record‑date transferable rights offering (record date Feb 19, 2026). Primary subscription was 1-for-3 rights; over‑subscription requests were prorated due to oversubscription, and final allocations were confirmed March 27, 2026.
Context
This was a cash purchase via a rights offering (not an open‑market buy or option cashless sale). Rights were surrendered/exercised to buy shares and additional shares came from an over‑subscription allocation — a routine way for existing shareholders to buy discounted stock. Purchases by directors can be viewed as more informative than sales, but filings are factual and do not state the director’s motive.
Insider Transaction Report
- Exercise of In-Money
Common Stock
2026-03-27$4.47/sh+193,761$866,112→ 493,761 total - Exercise of In-Money
Subscription Rights for Shares of Common Stock (right to buy
[F1][F2][F3][F4][F5]2026-03-27−307,915→ 0 totalFrom: 2026-02-19Exp: 2026-03-18→ Common Stock (102,638 underlying)
Footnotes (5)
- [F1]TCW Strategic Income Fund, Inc. (NYSE: TSI) (the "Fund") issued to the stockholders of record (the "Record Date Stockholders") at the close of business on February 19, 2026 (the "Record Date") transferable rights (each a "Right" and, collectively, the "Rights") entitling such Record Date Stockholders to subscribe for shares of common stock, par value $0.01 per share (the "Common Stock"), of the Fund (the "Offer") at a discount to the market price of the shares of Common Stock. The Fund distributed to Record Date Stockholders one Right for each share of Common Stock held on the Record Date.
- [F2](Continued from footnote 1) Record Date Stockholders were entitled to purchase one new share of Common Stock for every three Rights held (1-for-3); however, any Record Date Stockholder who owned fewer than three shares of Common Stock as of the Record Date was entitled to subscribe for one share of Common Stock. Fractional shares of Common Stock were not issued. The subscription period commenced on the Record Date and expired on March 18, 2026.
- [F3]The final subscription price of $4.47 per share of Common Stock was determined based upon the terms of the Offer. Record Date Stockholders who exercised all of their primary subscription Rights (other than those Rights to acquire less than one share of Common Stock that could not be exercised) were eligible for an over-subscription privilege entitling Record Date Stockholders to subscribe for additional shares of Common Stock not purchased pursuant to the primary subscription. The Offer was over-subscribed. The over-subscription requests exceeded the over-subscription shares of Common Stock available.
- [F4](Continued from footnote 3) Accordingly, the shares of Common Stock subscribed for pursuant to the over-subscription privilege of the Offer were allocated pro rata among those fully exercising record date shareholders who over-subscribed based on the number of shares of Common Stock they owned on Record Date. The number of share Common Stock acquired was confirmed to exercising Rights holders on March 27, 2026, following the pro-ration and allocation of shares of Common Stock pursuant to the over-subscription privilege.
- [F5]In connection with the Offer, the Reporting Person exercised 307,915 Rights to acquire 102,638 shares of Common Stock, and received an additional 91,123 shares of Common stock pursuant to the over-subscription privilege. In total, the Reporting Person acquired 193,761 shares of Common Stock in connection with the Offer.