Destra Multi-Alternative Fund
DMA
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- Destra Multi-Alternative Fund (NYSE: DMA) is a closed-end fund that seeks returns from capital appreciation and income, with an emphasis on income generation, by investing primarily in income-producing securities of real estate investment trusts (REITs), alternative investment funds, common stocks, structured notes, notes, bonds, and asset-backed securities. The fund employs a diversified multi-strategy approach across alternative asset classes, including real estate, direct private equity, alternative credit, and hedge strategies such as the Validex Dynamic Alpha process, targeting non-correlated performance to broad stock and bond markets; it utilizes leverage and focuses on factors like high expected income, capital appreciation potential, and low volatility. Destra Capital Advisors LLC, based in Bozeman, Montana, serves as investment adviser and secondary market servicing agent, with Validex Global Investing (formerly Validus Growth Investors LLC) acting as sub-adviser. The fund, originally formed on June 3, 2011 as Multi-Strategy Growth & Income Fund, trades on the New York Stock Exchange and targets income-focused investors seeking high-yield alternatives, primarily in the United States markets. In recent developments, the fund's Board of Trustees approved significant distribution increases, including a 12.1% hike in October 2025 yielding approximately 10.80% annualized at NAV and 12.94% at market price, followed by further raises to $0.0825 per share for June through August 2025 and $0.1125 per share monthly from December 2025 through September 2026. In a major structural change effective immediately upon announcement, the fund transitioned from a perpetual term to a defined lifespan expiring March 31, 2027 under its Amended and Restated Agreement and Declaration of Trust filed October 6, 2023, with potential extensions for up to three-year terms if performance or trading targets are met, or a one-time 12-month extension at Board discretion. These adjustments reflect enhanced portfolio management, shifts toward hedged strategies, and a managed distribution policy based on realized earnings, amid ongoing monthly payouts and a dividend reinvestment plan.