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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) has announced a year-end distribution of $0.1819 per share, exceeding the minimum distribution required by its managed distribution plan. Of this amount, $0.1788 represents long-term capital gains. Key dates include the declaration on Dec 10, 2021, ex-date on Dec 17, 2021, record date on Dec 20, 2021, and payment on Dec 31, 2021. The Fund held approximately $5.8 million in cash as of Nov 30, 2021, with $8.4 million in loan commitments pending. A new NAV per share of $11.53 was established on the same date.
On November 17, 2021, Vertical Capital Income Fund (NYSE: VCIF) announced the resignation of Secretary Stanton Eigenbrodt. Jason Mattox, the Chief Operating Officer of Oakline Advisors, LLC, will take over the Secretary role following a trustee vote on November 12. Mattox has over 25 years of experience with Behringer entities and will continue coordinating investor inquiries. VCIF focuses on generating monthly income through non-agency residential whole loans and aims for total returns by acquiring loans at a discount. Investors are encouraged to evaluate the Fund's investment objectives and risks.
FAQ
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