0001145549-22-054692.txt : 20220829 0001145549-22-054692.hdr.sgml : 20220829 20220829150253 ACCESSION NUMBER: 0001145549-22-054692 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220630 FILED AS OF DATE: 20220829 DATE AS OF CHANGE: 20220829 PERIOD START: 20230331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Hatteras Master Fund, L.P. CENTRAL INDEX KEY: 0001307689 IRS NUMBER: 201820123 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-21666 FILM NUMBER: 221210727 BUSINESS ADDRESS: STREET 1: 8510 COLONNADE CENTER DRIVE STREET 2: SUITE 150 CITY: RALEIGH STATE: NC ZIP: 27615 BUSINESS PHONE: (919) 846-2324 MAIL ADDRESS: STREET 1: 8510 COLONNADE CENTER DRIVE STREET 2: SUITE 150 CITY: RALEIGH STATE: NC ZIP: 27615 NPORT-P 1 primary_doc.xml NPORT-P false 0001307689 XXXXXXXX Hatteras Master Fund, L.P. 811-21666 0001307689 549300DPUW2OGXYMY560 8510 Colonnade Center Drive Suite 150 Raleigh 27615 919-846-2324 Hatteras Master Fund, L.P. 549300DPUW2OGXYMY560 2023-03-31 2022-06-30 N 320435062.700000000000 1433721.520000000000 319001341.200000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 N US BANK MMDA - USBFS 2 N/A US BANK MMDA - USBFS 2 N/A 1126131.000000000000 NS USD 1126131.070000000000 0.3530176600 Long STIV RF US N 1 N N N The Beneficient Company Group, L.P. Preferred Series B 2 Unit Accounts N/A The Beneficient Company Group, L.P. Preferred Series B 2 Unit Accounts N/A 310438254.000000000000 OU Private Investment USD 319308543.670000000000 100.0963013098 Long EP PF US Y 3 N N N 2022-08-25 Hatteras Master Fund, L.P. /s/ Brittney Chick-Reny Brittney Chick-Reny Secretary XXXX NPORT-EX 2 master.htm SCHEDULE OF INVESTMENTS AND NOTES

Hatteras Master Fund LP
Schedule of Investments
     
June 30, 2022 (Unaudited)
             
Investments in Private Preferred Equity — (100.10%)
  
Shares
Cost
Fair Value
   
The Beneficient Company Group, L.P. - Preferred Series B-2 Unit Accounts (a)
      310,438,254
      319,308,544
   
Total Investments in Private Preferred Equity
    
310,438,254
319,308,544
             
   
Total Investments — (100.10%)
    
310,438,254
319,308,544
   
Liabilities in Excess of Other Assets — (-0.10%)
      
            (307,203)
   
Partners’ Capital — (100.00%)
      
319,001,341
             
   
(a) Private Preferred Equity security has limited resale or redemptions terms.
    


Valuation of Investments

The Hatteras Master Fund, L.P. (the “Fund”) classifies its assets and liabilities that are reported at fair value, not valued using net asset value (“NAV”) as the practical expedient into three levels based on the lowest level of input that is significant to the fair value measurement. Estimated values may differ from the values that would have been used if a ready market existed or if the investments were liquidated at the valuation date.
 
The three-tier hierarchy distinguishes between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs may be used in determining the value of the Master Fund’s investments. The inputs are summarized in the three broad levels listed below:
 
Level 1 — quoted prices (unadjusted) in active markets for identical assets and liabilities.
 
Level 2 — Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets and inputs that are observable for the asset or liability, either directly or indirectly.
 
Level 3 — Inputs to the valuation methodology are unobservable and significant to the fair value measurement. This includes situations where there is little, if any, market activity for the asset or liability.

Investments at Value
  
Level 1
    
Level 2
    
Level 3
    
Investments
Valued at NAV
    
Total
  
Investment Type
                              
Private Preferred Equity
  
$
-
    
$
-
    
$
-
    
$
319,308,544
    
$
319,308,544
  
     Total Investments
  
$
-
    
$
-
    
$
-
    
$
319,308,544
    
$
319,308,544
  

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value on recurring basis:

Level 3 Investments
  
Balances as of
March 31, 2022
    
Transfers
into/(out of)
    
Net Realized Gain/(Loss)
    
Change in
Unrealized Appreciation/
Depreciation
    
Distributions
    
Gross Purchases
    
Gross Sales
    
Balance as of
June 30, 2022
  
Private Preferred Equity
  
$
316,217,121
    
$
-
    
$
-
    
$
3,091,423
    
$
-
          
$
-
    
$
319,308,544
  
Total Level 3 Investments
  
$
316,217,121
    
$
-
    
$
-
    
$
3,091,423
    
$
-
    
$
-
    
$
-
    
$
319,308,544
  

For the period ended June 30, 2022, there were no transfers into or out of Level 1, Level 2 or Level 3.
 
Should a transfer between Levels occur, it is the Fund’s policy to recognize transfers in and out of all Levels at the beginning of reporting period.

The change in unrealized appreciation/(depreciation) during the period from Level 3 investments held at June 30, 2022 is $3,091,423.

Type of Level 3 Investment
  
Fair Value as of
June 30, 2022
  
Unobservable Input
  
Range
    
Weighted Average of Unobservable Inputs
  
   Private Preferred Equity
  
$
319,308,544
  
 Transaction Price, plus accrued interest
    
N/A
      
N/A
  
Total Level 3 Investments
  
$
319,308,544