DALLAS, May 8, 2023
/PRNewswire/ -- Vertical Capital Income Fund (NYSE: VCIF) today
announced a distribution of $0.0673
per share pursuant to the Fund's managed distribution plan (the
"Plan"), payable as follows:
Declaration –
5/8/2023
|
Ex-Date –
5/17/2023
|
Record Date –
5/18/2023
|
Payable –
5/31/2023
|
|
|
|
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Pursuant to the Plan, the Fund pays a minimum monthly
distribution to shareholders at a stated annual rate as a
percentage of the 3-month average net asset value ("NAV") of the
Fund's shares prior to the month of distribution. The distribution
is calculated as 8% of the previous three-month average NAV,
divided by 12. The primary purpose of the Plan is to provide
investors with consistent, but not guaranteed, periodic
distributions from the Fund, regardless of when or whether income
is earned or capital gains are realized. Distributions under the
Plan may consist of (i) net investment income, (ii) net realized
short-term capital gains, (iii) net realized long-term capital
gains and, to the extent necessary, (iv) return of capital (or
other capital sources). With each distribution that does not
consist solely of net investment income, the Fund will issue a
notice to shareholders and an accompanying press release that will
provide detailed information regarding the amount and composition
of the distribution, as well as certain other related information.
The Fund expects to issue any such notice and press release on or
about the distribution payment date.
The Fund had approximately $2.6
million in cash as of April 30,
2023. A new monthly net asset value per share of
$10.05 was produced on April 28, 2023. For information on the Fund's
current net asset value per share, please visit the Fund's website
at vcif.us.
The Plan will be subject to periodic review by the Board, and
the Board may amend the terms of the Plan including amending the
annual rate of payment or may terminate the Plan at any time
without prior notice to the Fund's shareholders. The Fund's
distribution rate may be affected by numerous factors, including
changes in realized and projected market returns, Fund performance,
and other factors. There can be no assurance that an unanticipated
change in market conditions or other unforeseen factors will not
result in a change in the Fund's distribution rate at a future
time. The amendment or termination of the Plan could have an
adverse effect on the market price of the Fund's shares. The public
health crises caused by the COVID-19 outbreak may exacerbate other
pre-existing political, social and economic risks to which the Fund
is exposed. The duration of the COVID-19 outbreak and its effects
cannot be determined with certainty. In order to comply with the
requirements of Section 19 of the Investment Company Act of 1940,
and an exemptive order received by the Fund from the Securities and
Exchange Commission, the Fund will provide its shareholders of
record on each distribution date with a 19(a) Notice and issue an
accompanying press release disclosing the sources of its
distribution payment when a distribution includes anything other
than net investment income. This information will be forthcoming
later this month.
The amounts and sources of distributions reported in 19(a)
Notices are only estimates and are not provided for tax reporting
purposes. The actual amounts and sources of the amounts for tax
reporting purposes will depend upon the Fund's investment
experience during its full fiscal year and may be subject to
changes based on tax regulations. The Fund will send shareholders a
Form 1099-DIV for the calendar year that will tell them how to
report these distributions for federal income tax purposes.
Information on the Fund's 19(a) Notices, if any, can be found at
www.vcif.us. The final determination of the source and
tax characteristics of all distributions in 2023 will be made after
the end of the year.
Shares of closed-end funds often trade at a discount from
their net asset value. The market price of Fund shares may vary
from net asset value based on factors affecting the supply and
demand for shares, such as Fund distribution rates relative to
similar investments, investors' expectations for future
distribution changes, the clarity of the Fund's investment strategy
and future return expectations, and investors' confidence in the
underlying markets in which the Fund invests. Fund shares are
subject to investment risk, including possible loss of principal
invested. No fund is a complete investment program and you may lose
money investing in the Fund. An investment in the Fund may not be
appropriate for all investors. Before investing, prospective
investors should consider carefully the Fund's investment
objective, risks, charges and expenses. For further details, please
visit Vertical Capital Income Fund's website at
vcif.us.
This release contains forward-looking statements relating to
the business and financial outlook of Vertical Capital Income Fund
that are based on the Fund's current expectations, estimates,
forecasts and projections and are not guarantees of future
performance. There is no assurance that the Fund will achieve its
investment objective. Actual results may differ materially from
those expressed in these forward-looking statements, and you should
not place undue reliance on any such statements. A number of
important factors could cause actual results to differ materially
from the forward-looking statements contained in this
release.
About Vertical Capital Income Fund
Vertical Capital Income Fund (VCIF) is an NYSE-listed closed-end
fund that seeks monthly income by investing primarily in performing
non-agency residential whole loans secured by real estate. As a
secondary strategy the Fund aims to provide total return by
acquiring performing residential loans at a discount to the unpaid
principal balance (UPB). VCIF realizes capital gains as loans are
paid off before maturity. For more information visit VCIF.us and
connect with the Fund on Twitter.
About Oakline Advisors, LLC
Oakline Advisors, LLC is the adviser to Vertical Capital Income
Fund. Founded in 2013, Oakline Advisors, LLC is an SEC-registered
investment adviser that specializes in the residential whole loan
market. It is a wholly owned subsidiary of Dallas, TX-based Behringer. Since its
inception in 1989, Behringer, together with its affiliates, has
raised equity of more than $6 billion
in assets through public and private fund structures. For more
information about Oakline and Behringer please visit their
respective websites at oaklineadvisors.com and
behringerinvestments.com.
Fund shares are identified by CUSIP 92535C104
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SOURCE Vertical Capital Income Fund