Griffin Institutional Access Credit Fund Increases Quarterly Distribution Rate
Griffin Institutional Access Credit Fund (NASDAQ: CRDTX, CGCCX, CRDIX, CRDLX), a closed-end, interval fund, has increased its quarterly distribution for the third quarter of 2018.
Griffin Institutional Access Credit Fund (NASDAQ: CRDTX, CGCCX, CRDIX, CRDLX), a closed-end interval fund, has increased its quarterly distribution for the third quarter of 2018. The payment occurred on October 1, 2018.
This most recent payment represented an annualized rate of 6.49 percent for Class A shares, 6.50 percent for Class C shares, 6.49 percent for Class I shares, 6.54 percent for Class L shares, and 6.46 percent for Class F shares.
Last quarter’s annualized distribution rate was 6.38 percent for Class A and Class C shares, 6.40 percent for Class I shares, and 6.37 percent for Class L shares.
“This marks the third consecutive increase in the fund’s quarterly distribution rate,” said Randy Anderson, president of Griffin Capital Asset Management Company. “We are pleased with the portfolio buildout and our performance to date and believe that the fund offers investors a compelling investment opportunity in the face of rising rates and increased volatility.”
Griffin also reported an increase in investor flows: “Our third quarter investor inflows increased 41 percent from the second quarter and 106 percent from the first quarter for Griffin Institutional Access Credit Fund,” said Mark Goldberg, CEO of Griffin Capital Securities. “We continue to observe a growing appetite for diversification in fixed income portfolios among investors.”
Through its subsidiaries, Griffin manages, sponsors or co-sponsors a number of alternative investment programs including two interval funds (Griffin Institutional Access Real Estate Fund and Griffin Institutional Access Credit Fund) and four non-traded real estate investment trusts (Griffin Capital Essential Asset REIT I and II, Griffin American Healthcare REIT IV, and Phillips Edison Grocery Center REIT III).
Griffin Institutional Access Credit Fund is an actively managed, diversified portfolio of credit instruments, which may include bank loans, high-yield bonds, structured credit, middle-market direct lending, and non-performing loans. The fund offers daily pricing and periodic liquidity at net asset value, and makes quarterly offers to repurchase between 5 percent and 25 percent of its outstanding shares at net asset value.
The fund began reporting on NASDAQ on April 3, 2017 with an initial share price of $25.00 and reported a share price of $25.04 for Class A, $25.04 for Class C, $25.04, for Class I, $25.04 for Class L, and $25.05 for Class F as of September 28, 2018. Class F shares are not available to the general public.
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