EL SEGUNDO, Calif.--(BUSINESS WIRE)-- Griffin Capital Company, LLC announced on behalf of Griffin Institutional Access Credit Fund (the “Fund,” NASDAQ: CRDTX, CGCCX, CRDIX, CRDLX) the payment of the Fund’s first quarter distribution, which occurred on April 1, 2019. This most recent payment represented an annualized rate of 7.42 percent for Class A, 7.42 percent for Class C, 7.42 percent for Class I, 7.47 percent for Class L, and 7.40 percent for Class F.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190404005620/en/
Griffin Institutional Access® Credit Fund Announces First Quarter Distribution (Photo: Business Wire)
“The Fund’s alternative credit strategy allowed our partners at Bain Capital Credit the opportunity to take advantage of volatility within the credit markets during December,” said Randy I. Anderson, Ph.D., CRE, President of Griffin Capital Asset Management Company. “We purchased securities at attractive spreads, which ultimately drove an increase in the Fund’s distribution rate as well as strong returns for shareholders during the first quarter of 2019. The Fund started the year with its best quarter of performance since inception, delivering a 4.99 percent return for Class I shares.”
About Griffin Institutional Access Credit Fund
Griffin Institutional Access Credit Fund (the "Fund," tickers: CRDTX, CGCCX, CRDIX, CRDLX), a closed-end, interval fund registered under the Investment Company Act of 1940, 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 the Fund will make quarterly offers to repurchase between five 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 $24.75 for Class A, $24.76 for Class C, $24.76, for Class I, $24.75 for Class L, and $24.76 for Class F as of March 29, 2019. Class F shares are not available to the general public. The Fund’s investment adviser is Griffin Capital Credit Advisor, LLC (the “Adviser”), an SEC registered investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Adviser is a majority owned subsidiary of Griffin Capital Company, LLC. The Adviser has engaged BCSF Advisors, LP, an SEC registered investment adviser under the Advisers Act, to provide ongoing research, opinions and recommendations regarding the Fund’s investment portfolio. BCSF is an affiliate of Bain Capital Credit, LP.
About Griffin Capital Company, LLC
Griffin Capital Company, LLC ("Griffin Capital") is a leading alternative investment asset manager that, for more than two decades, has established a reputation for leadership, innovation, and consistent results in the alternative investments industry.
Griffin Capital’s alternative investment solutions include three groups of complementary products: non-listed real estate investment trusts (REITs), interval funds in the company’s Institutional Access fund family and Delaware Statutory Trusts (DSTs). The firm’s investment strategies include diversified core real estate and global corporate credit securities, as well as direct real estate ownership in sector-specific portfolios focused on net leased essential office and industrial assets, clinical healthcare properties, grocery-anchored shopping centers and multifamily real estate assets. These solutions include: Griffin-American Healthcare REIT IV, Griffin Capital Essential Asset REIT II, Griffin Institutional Access Credit Fund, Griffin Institutional Access Real Estate Fund, Griffin Institutional Property Exchange DSTs and Phillips Edison Grocery Center REIT III. Griffin Capital Securities, LLC, Member FINRA/SIPC, is the dealer manager for non-traded programs sponsored by Griffin Capital Company, LLC and the exclusive wholesale marketing agent for the Company’s interval funds distributed to investors through independent and insurance broker dealers, national wirehouses and registered investment advisors. Additional information is available at www.griffincapital.com.
This is neither an offer to sell nor a solicitation to purchase any security. Investors should carefully consider the investment objectives, risks, charges and expense of Griffin Institutional Access Credit Fund (the “Fund”). This and other important information about the Fund is contained in the prospectus, which can be obtained by contacting your financial advisor or visiting www.griffincapital.com. Please read the prospectus carefully before investing.
Griffin Institutional Access Credit Fund Risk Considerations
As of March 29, 2019, the Fund’s annualized return since inception for Class I shares was 5.18% and the Fund’s Class I shares had a one-year return of 5.46% (data source: Griffin Capital Credit Advisor, LLC). The Fund’s inception date was 4/3/17. As of 12/31/18 per the Fund’s annual report, the total gross expense ratio is 3.32% for Class A, 4.07% for Class C, 3.07% for Class I, 3.45% for Class L, and 3.03% for Class F. Performance data quoted represents past performance. Past performance is no guarantee of future results and investment returns and principal value of the Fund will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted. The maximum sales charge is 5.75% for Class A shares and 4.25% for Class L shares. Class C shareholders may be subject to a contingent deferred sales charge equal to 1.00% of the original purchase price of Class C shares redeemed during the first 365 days after their purchase. The Fund has contractually agreed to waive its fees to the extent that they exceed 2.60% for Class A, 3.35% for Class C, 2.35% for Class I, and 2.85% for Class L until April 30, 2019. Without the waiver the expenses would have been higher. Additionally, since the commencement of Fund operations, the Adviser has voluntarily absorbed all of the operating expenses of the Fund. The Adviser will continue to bear such expenses on a going forward basis in its discretion and is under no obligation to continue to do so for any specified period of time. Fund returns would have been lower had expenses, such as management fees, not been waived during the period. The Fund return does not reflect the deduction of all fees and if the Fund return reflected the deduction of such fees, the performance would be lower.
Performance data quoted represents past performance. Past performance is no guarantee of future results. Investing in the Fund involves risks. Investment returns and principal value of the Fund will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted. Visit www.griffincapital.com for current performance.
Distribution rates are not performance and reflect the current quarter’s cumulative distribution rate when annualized. The cumulative distribution rate for the quarter presented represents the sum of the daily dividend distribution rate as calculated by dividing the daily dividend per share by the daily net asset value (NAV) per share, for each respective class, for each day in the quarter for which a daily dividend is declared. Shareholders should not assume that the source of a distribution from the Fund is net profit or income. All or a portion of a distribution may consist of a return of capital (i.e. from your original investment) and should not be confused with yield or income.
The Fund’s distribution policy is to make quarterly distributions to shareholders. The Fund intends to declare and pay distributions from its net investment income, however, the amount of distributions that the Fund may pay, if any, is uncertain. Shareholders should not assume that the source of a distribution from the Fund is net profit. All or a portion of a distribution may consist of a return of capital (i.e. from your original investment) and not a return of net profit. Please refer to the Fund’s most recent Section 19(a) notice, if applicable, at www.griffincapital.com or the Fund’s semi-annual or annual reports filed with the U.S. Securities and Exchange Commission (the “SEC”) for the sources of distributions. The Fund’s distributions may be affected by numerous factors, including but not limited to changes in realized and projected market returns, fluctuations in market interest rates, Fund performance, and other factors. There can be no assurance that a change in market conditions or other factors will not result in a change in the Fund’s distribution rate or that the rate will be sustainable in the future. The Fund intends to distribute as of the last business day of each quarter. Distributions are not guaranteed. The Fund is a closed-end interval fund, the shares have no history of public trading, nor is it intended that the shares will be listed on a public exchange at this time. No secondary market is expected to develop for the Fund’s shares. Limited liquidity is provided to shareholders only through the Fund’s quarterly repurchase offers for no less than 5% and no more than 25% of the Fund’s shares outstanding at net asset value.
Griffin Institutional Access Credit Fund is distributed by ALPS Distributors, Inc. ALPS Distributors, Inc. is not affiliated with either Griffin Capital or any of its affiliates.
Source: Griffin Capital Company, LLC