VCIF - VCIF: Mortgage-Backed CEF Offering Diversification Attractive 9+% Distribution Yield

• The Vertical Capital Income Fund (VCIF) is a niche closed-end fund that invests nearly all of its assets in first lien whole loans secured by residential real estate.
• VCIF fund has a current managed distribution yield of 9.6% and currently trades at a 11.30% discount to its last reported net asset value.
• I spoke with the fund management recently on a 30 minute conference call and they described the main drivers of fund performance, how the fund correlates to other investments and.
• Activists targeted VCIF fund in 2019 and attempted to force its liquidation. But the fund survived by introducing a large managed distribution. But recently there have been new SEC 13D filings that suggest the possibility of future activist activity.

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