Bluerock High Income Institutional Credit Fund Announces Special Distribution

Bluerock High Income Institutional Credit Fund (Tickers: IIMAX, IIMCX, IIMWX), an income-focused interval fund with a portfolio comprised of pools of diversified collateralized loan obligations, paid its quarterly distribution for the fourth quarter of 2022, as well as a special distribution to shareholders of record as of Dec. 29, 2022.

The fourth quarter distribution represents a 2.02% regular quarterly distribution rate and a 0.61% special distribution rate based on the daily net asset value per share of $24.66 over the quarter.

Shareholders invested for the entire quarter received a distribution amount of $0.65 per share, or 2.63% for the quarter, of I-shares.

As The DI Wire previously reported in July 2022, the fund was launched by Bluerock in July 2022.

“We are very pleased with the total performance of the fund and its ability to generate substantial income to our shareholders while maintaining a stable NAV per share, particularly in light of the recent market disruption which has negatively impacted many other credit funds,” said Jeffrey Schwaber, chief executive officer of Bluerock Capital Markets. “The fund invests in collateralized loan obligations which are comprised of senior secured loans, which unlike bonds, are structured with floating rate loans allowing investors to participate in the higher residual cash flow being generated in today’s rising interest rate environment.”

Bluerock High Income Institutional Credit Fund’s net assets under management is approximately $85 million as of Dec. 30, 2022. The fund currently maintains positions in 12 collateralized loan obligations with exposure to 931 underlying senior secured loans with an underlying loan value in excess of $6 billion across multiple industries.

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