Welcome to our dedicated page for VCIF news (Ticker: VCIF), a resource for investors and traders seeking the latest updates and insights on VCIF stock.
Vertical Capital Income Fund (NYSE: VCIF) is a closed-end fund dedicated to generating monthly income through strategic investments. The Fund primarily invests in performing non-agency residential whole loans secured by real estate. Its secondary strategy aims at total return by acquiring performing residential loans at a discount to the unpaid principal balance, realizing capital gains as these loans are paid off before maturity.
Recently, the Fund has engaged in a significant transaction with an affiliate of global investment firm Carlyle (NASDAQ: CG). This transaction involves the sale of a major portion of its investment portfolio to satisfy conditions for closing a shareholder-approved deal. Consequently, the Fund's net asset value per share has adjusted from $9.96 to $8.27. Additionally, the Fund has terminated its Managed Distribution Plan and suspended regular distributions, anticipating new dividends post-transaction closure.
Upon successful closing of the transaction, Carlyle Global Credit Investment Management L.L.C. (CGCIM) will become the Fund’s new investment adviser. The Fund’s focus will shift to investing in equity and debt tranches of collateralized loan obligations (CLOs) to enhance shareholder value.
As part of the transaction agreement, CGCIM will make a special one-time payment to the Fund’s shareholders, amounting to approximately $0.96 per share, upon closing. Additionally, they will make a $40 million equity investment in the Fund through multiple transactions. Carlyle is expected to own around 35% of the Fund upon completion of these transactions.
The transition is backed by Carlyle’s extensive experience in the credit markets, where it currently manages over $150 billion in credit assets. Carlyle is also the world's second largest CLO manager, which underscores its capability to steer VCIF towards potentially high returns.
The Fund’s existing investment adviser, Oakline Advisors, LLC, will step down upon the transaction's closure, with Ladenburg Thalmann & Co. Inc. and Thompson Hine LLP serving as financial and legal advisors respectively. Investors are encouraged to stay updated with ongoing filings and announcements available on the SEC’s website and the Fund's official portals.
For more information on Vertical Capital Income Fund’s initiatives and updates, visit www.VCIF.us and follow them on Twitter.
Vertical Capital Income Fund (NYSE: VCIF) held its Annual Meeting of Shareholders on September 28, 2022, where Robert J. Boulware was re-elected as trustee. The Fund also addressed the impact of Hurricane Ian, which affected properties securing 29 loans in 11 Florida counties, leading to an initial 35% valuation reduction of impacted loans and an estimated 2.23% decrease in net asset value. The Fund distributed $0.0710 per share to shareholders on September 20, 2022, reflecting its managed distribution plan. Investors should consider potential future impacts on property values due to the hurricane.
Vertical Capital Income Fund (VCIF) has scheduled its Annual Meeting of Shareholders for September 28, 2022, at 10:00 a.m. ET in Columbus, Ohio. Shareholders on record as of August 31, 2022, are entitled to vote. A notice will be sent to shareholders around September 12, 2022. The meeting will involve the re-election of a Trustee and other business matters. VCIF, a closed-end fund listed on NYSE, focuses on generating monthly income through investments in non-agency residential loans. Investors should consider risks associated with fund investments.
FAQ
What is the market cap of VCIF (VCIF)?
What is Vertical Capital Income Fund's primary investment strategy?
What recent transaction did Vertical Capital Income Fund announce?
How will the transaction with Carlyle affect the Fund's net asset value?
What changes will take place in the Fund's advisory management?
What is the expected benefit for shareholders from the Carlyle transaction?
Will there be a change in the Fund's dividend policy?
What is Carlyle’s role in the investment markets?
Will the Fund's investment focus remain the same?
What is the nature of the special one-time payment to shareholders?
Where can investors find more information about the tender offer?
