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acamus
Participant ○○

New IPOs

I know it's not a CEF but I bet it's of interest. Preliminary prospectus here.

===

PRELIMINARY PROSPECTUS

50,000,000 Shares

PIMCO Mortgage Income Trust Inc.

Common Stock

 

 

PIMCO Mortgage Income Trust Inc. is a newly organized real estate finance company that intends to acquire, manage and finance, directly or through its subsidiaries, Agency RMBS, MSRs, Non-Agency RMBS, residential mortgage loans and other real estate-related assets. We are externally managed and advised by Pacific Investment Management Company LLC, or PIMCO, a Delaware limited liability company.

This is our initial public offering and no public market currently exists for our common stock. We are offering shares of our common stock as described in this prospectus. We expect the initial public offering price of our common stock to be $20.00 per share. We intend to apply to have our common stock listed on the New York Stock Exchange, or the NYSE, under the symbol “PMTG.”

We intend to elect and qualify to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes, commencing with our taxable year ending December 31, 2019. To assist us in qualifying as a REIT, among other purposes, our charter contains certain restrictions relating to the ownership and transfer of our common stock, including, subject to certain exceptions, a 9.8% limit, in value or by number of shares, whichever is more restrictive, on the ownership of outstanding shares of our common stock, and a 9.8% limit, by value, on the ownership of shares of our outstanding stock. See “Description of Stock—Restrictions on Ownership and Transfer.”

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41 Replies
aubergine
Participant ○○

Re: New IPOs

I wonder why they are launching one now.  Generally they have some history of picking bottoms in markets when they kick off a new permanent capital vehicle.  

Doubleline discussed a few years ago why they would NOT launch an mREIT.  Perhaps the facts have changed for these asset managers.

 

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Beliavsky
Participant ○

Re: New IPOs

I wonder what investments and hedging strategies PMTG can pursue that PIMCO CEFs cannot.  For some investors in taxable accounts I believe there would be a tax advantage in holding a mortgage REIT such as PMTG because of the 20% Qualified Business Income Deduction for REIT dividends.

PIMCO will have the infrastructure to compute the book value of PMTG daily, just as it computes NAVs daily for its funds. I hope it publishes the book value of PMTG more often than quarterly, which is what most mortgage REITs do. I have wondered why the risk-adjusted returns of MREITs have been lower than taxable bond CEFs and hope PMTG will be an exception.

 

aubergine
Participant ○○

Re: New IPOs

They can probably 

  • a) get far more leverage in the mREIT structure
  • b) charge fees based on equity capital or gross assets, i.e. get paid on borrowing
  • c) more easily issue if they can get a premium to NAV
  • d) avoid daily valuations if they want to

There doesn't seem to be a shortage of every kind of mREIT under the sun, currently.

I remember the old days when Annaly was pretty much the only one!

So not sure what PIMCO is bringing to the table here, beyond their brand.

 

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Walky22
Follower ○○○

Re: New IPOs

its going to pay the dividend quarterly so the nav / book price would likely match that. Looks like they plan to IPO next week and first dividend will be around June 30th.  

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aubergine
Participant ○○

Re: New IPOs

Maybe those mortgage servicing rights are not easily plopped into CEFs.

I knew there were a bunch/some mREITs which specialized in those (Cherry Hill is one example)

But I have not looked at them in a long time.

So perhaps mREIT is only way to get their attributes.

 

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Walky22
Follower ○○○

Re: New IPOs

The PMTG IPO was delayed due to unfavorable market conditions. Maybe it will come back in a few weeks.

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acamus
Participant ○○

Re: New IPOs

This is an exchange listing rather than an IPO. It launched as an unlisted interval fund in 2016 so performance and other data are available. Here's the latest annual report.

===

RiverNorth Marketplace Lending Corporation Provides Updates Ahead of Listing on New York Stock Exchange

Final Day to Purchase Unlisted Fund (NASDAQ: RMPLX) is June 7, 2019

May 28, 2019 02:26 PM Eastern Daylight Time

CHICAGO--(BUSINESS WIRE)--RiverNorth Marketplace Lending Corporation (the “Fund”) announced pertinent updates related to the listing of the Fund’s shares on the New York Stock Exchange (the “NYSE”). The NYSE listing date has been tentatively set for June 12, 2019. The Fund’s shares will be listed under the ticker symbol RSF, and the NAV tracker is XRSFX. In addition, the Fund’s Board of Directors (the “Board”) approved several actions, specifically: a third quarter interval repurchase offer of up to 15% of the Fund’s outstanding common shares, a $35 million common stock buyback plan, and a 10% level distribution plan.

“From our perspective, the interval repurchase offer coupled with the common stock buyback plan provides enhanced liquidity for shareholders while allowing the Fund to opportunistically repurchase shares in the secondary market,” said Patrick Galley, Chief Investment Officer of RiverNorth Capital Management, LLC. “We also believe the 10% level distribution plan represents a compelling yield profile for investors. Given our deep, long-tenured knowledge and understanding of the closed-end fund landscape, it is our view that these are powerful tools which secondary-market closed-end fund buyers may find attractive.”

More information follows below:

Third Quarter Interval Repurchase Offer

The Board has approved a third quarter interval repurchase offer of up to 15% of the Fund’s outstanding common shares. The offer period will begin on June 13, 2019 and end on July 10, 2019.

Common Stock Buyback Plan

The Board has approved a $35 million common stock buyback plan whereby the Fund can buy its shares in the secondary market at levels it deems attractive. The common stock buyback plan will be in place for the next 12 months and established as an open-market purchase program. While other conditions and restrictions will apply, the Fund will not buy back its shares during the interval redemption notice period.

Level Distribution Plan

The Board has approved the implementation of a level distribution plan (LDP) and a change in distribution frequency from quarterly to monthly, effective July 2019. The Fund intends to make monthly distributions to shareholders at an annual rate equal to 10% of the Fund’s common shares’ NAV as of the last business day of its fiscal year, which is June 30. Since the distribution amount is tied to the Fund’s NAV and will be adjusted each fiscal year, the LDP should better allow the Fund to maintain stable, consistent, and predictable rates of distribution that are more sustainable over the long-term. The distribution amount will not always reflect the Fund’s investment income or capital gains, and could be a combination of income, capital gains and return of capital.

The Board expects that any declaration of distributions to common stockholders, including final amounts and dates applicable to each, will be made and announced quarterly. Common stockholders have the option of reinvesting these distributions in additional common shares through the Fund’s automatic dividend reinvestment plan. In the event the Fund’s common shares are trading at a discount to the Fund’s NAV, dividends will be acquired through open-market purchases. In the event the Fund’s common shares are trading at a premium to the Fund’s NAV, newly issued common shares will be delivered based on the net asset value per common share. If electing to receive cash, stockholders should contact DST Systems, Inc. (the “Plan Administrator”).

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acamus
Participant ○○

Re: New IPOs

Here's another exchange listing of an existing unlisted CEF.

===

Vertical Capital Income Fund (VCIF) Announces Timing of Expected NYSE Listing

DALLAS, May 23, 2019 /PRNewswire/ -- Oakline Advisors, LLC ("Oakline") announced today that shares of Vertical Capital Income Fund ("VCIF") are expected to begin trading on the New York Stock Exchange (NYSE: VCIF) on Wednesday, May 29, 2019.  VCIF, a closed-end fund that seeks income by investing in residential whole mortgage loans, plans to commence trading under CUSIP 92535C104. As a result of the expected listing, VCIF's dividend cycle has been adjusted to an end of the month declaration date and mid-month payment date. The next dividend will follow this schedule.

"We are pleased to provide our existing investors with improved liquidity while introducing new investors to the benefits this established whole loan portfolio provides for those seeking an income-generating diversifier for their portfolio," said David Aisner, Executive Vice President and Co-Portfolio Manager of Oakline.  "We are grateful for the strong support of investors and their financial advisors that made efforts to usher in a new phase of VCIF's life cycle possible," added Michael Cohen, Chief Executive Officer of Oakline.

As of March 31, 2019, VCIF owns a portfolio consisting of 786 whole residential loans totaling approximately $134,600,000 of Unpaid Principal Balance ("UPB").  Those loans have a weighted average contractual loan-to-value ratio ("LTV") of approximately 72% and were acquired at a weighted average discount to UPB of approximately 19%. Over 93% of the portfolio loans are current as of the same date, with a weighted average coupon and effective yield to VCIF of 4.7% and 5.9%, respectively. Portfolio holdings are subject to change at any time.

Launched in 2011, VCIF has generated total net annual returns to shareholders of 6.73%, 6.39% and 7.93% over the trailing 1-year, 3-year and 5-year periods, respectively, as of March 31, 2019 (1.94%, 4.78%, 6.94%, respectively with 5.75% maximum sales load). The net annual return since inception on December 30, 2011, as of the same date is 8.15% (7.47% with maximum sales load).

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acamus
Participant ○○

Re: New IPOs

Angel Oak Financial Strategies Income Term Trust (FINS) listed on the NYSE today. I haven't found a final prospectus but here's a preliminary one.

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JRinNY
Explorer ○○○

Re: New IPOs

Blackrock is coming up with a small/mid cap emerging tech fund: with an allocation private to public:  BlackRock Science and Technology Trust II (BSTZ).  Note that they had launched a large cap sibling BST several years ago.  preliminary prospectus

they will be selling some single name covered calls to generate about 6% annual yield starting a few months from now.  the fund is offered at $20 NAV (concession is paid by Blackrock) and is expected to list sometime in June.  they provided for periodic tenders and a 12 year term to make it more attractive.

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aubergine
Participant ○○

Re: New IPOs


@acamus wrote:

Here's another exchange listing of an existing unlisted CEF.

===

Vertical Capital Income Fund (VCIF) Announces Timing of Expected NYSE Listing

DALLAS, May 23, 2019 /PRNewswire/ -- Oakline Advisors, LLC ("Oakline") announced today that shares of Vertical Capital Income Fund ("VCIF") are expected to begin trading on the New York Stock Exchange (NYSE: VCIF) on Wednesday, May 29, 2019.  VCIF, a closed-end fund that seeks income by investing in residential whole mortgage loans, plans to commence trading under CUSIP 92535C104. As a result of the expected listing, VCIF's dividend cycle has been adjusted to an end of the month declaration date and mid-month payment date. The next dividend will follow this schedule.

"We are pleased to provide our existing investors with improved liquidity while introducing new investors to the benefits this established whole loan portfolio provides for those seeking an income-generating diversifier for their portfolio," said David Aisner, Executive Vice President and Co-Portfolio Manager of Oakline.  "We are grateful for the strong support of investors and their financial advisors that made efforts to usher in a new phase of VCIF's life cycle possible," added Michael Cohen, Chief Executive Officer of Oakline.

As of March 31, 2019, VCIF owns a portfolio consisting of 786 whole residential loans totaling approximately $134,600,000 of Unpaid Principal Balance ("UPB").  Those loans have a weighted average contractual loan-to-value ratio ("LTV") of approximately 72% and were acquired at a weighted average discount to UPB of approximately 19%. Over 93% of the portfolio loans are current as of the same date, with a weighted average coupon and effective yield to VCIF of 4.7% and 5.9%, respectively. Portfolio holdings are subject to change at any time.

Launched in 2011, VCIF has generated total net annual returns to shareholders of 6.73%, 6.39% and 7.93% over the trailing 1-year, 3-year and 5-year periods, respectively, as of March 31, 2019 (1.94%, 4.78%, 6.94%, respectively with 5.75% maximum sales load). The net annual return since inception on December 30, 2011, as of the same date is 8.15% (7.47% with maximum sales load).



@acamus wrote:

Here's another exchange listing of an existing unlisted CEF.

===

Vertical Capital Income Fund (VCIF) Announces Timing of Expected NYSE Listing

DALLAS, May 23, 2019 /PRNewswire/ -- Oakline Advisors, LLC ("Oakline") announced today that shares of Vertical Capital Income Fund ("VCIF") are expected to begin trading on the New York Stock Exchange (NYSE: VCIF) on Wednesday, May 29, 2019.  VCIF, a closed-end fund that seeks income by investing in residential whole mortgage loans, plans to commence trading under CUSIP 92535C104. As a result of the expected listing, VCIF's dividend cycle has been adjusted to an end of the month declaration date and mid-month payment date. The next dividend will follow this schedule.

"We are pleased to provide our existing investors with improved liquidity while introducing new investors to the benefits this established whole loan portfolio provides for those seeking an income-generating diversifier for their portfolio," said David Aisner, Executive Vice President and Co-Portfolio Manager of Oakline.  "We are grateful for the strong support of investors and their financial advisors that made efforts to usher in a new phase of VCIF's life cycle possible," added Michael Cohen, Chief Executive Officer of Oakline.

As of March 31, 2019, VCIF owns a portfolio consisting of 786 whole residential loans totaling approximately $134,600,000 of Unpaid Principal Balance ("UPB").  Those loans have a weighted average contractual loan-to-value ratio ("LTV") of approximately 72% and were acquired at a weighted average discount to UPB of approximately 19%. Over 93% of the portfolio loans are current as of the same date, with a weighted average coupon and effective yield to VCIF of 4.7% and 5.9%, respectively. Portfolio holdings are subject to change at any time.

Launched in 2011, VCIF has generated total net annual returns to shareholders of 6.73%, 6.39% and 7.93% over the trailing 1-year, 3-year and 5-year periods, respectively, as of March 31, 2019 (1.94%, 4.78%, 6.94%, respectively with 5.75% maximum sales load). The net annual return since inception on December 30, 2011, as of the same date is 8.15% (7.47% with maximum sales load).


This will be something to keep an eye on, presumably the listing means that all other efforts to find liquidity failed, and that this will be dumped for the next year or so.  Note that a listing in this case is not an underwritten offer.  

It sounds like these were not fresh origination's (given that they stated they were purchased at discounts) and 93% currently paying is not very cheery.  

I'd think with yields like that the homeowners ought to be prepaying too, but we'll see.  Stuff like this can get discounted hard.  Look at CLNC, which has a similar conceptual genesis - formerly private vehicle listed without an underwriting.  NAV is murky but its (likely unearned) 'yield' is clocking in at 11%.

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aubergine
Participant ○○

Re: New IPOs

Shifting the liquidity from the fund's assets to the 'market' has been pretty impactful....

image.png

Also I can't make any sense of their announced div....2c?  

Annualizing that on their NAV is like a 2% yield?  

There's going to be unhappy brokers and clients.

Not a shining moment for the 'interval' fund concept....

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acamus
Participant ○○

Re: New IPOs


@aubergine wrote:

Shifting the liquidity from the fund's assets to the 'market' has been pretty impactful....

image.png

Also I can't make any sense of their announced div....2c?  

Annualizing that on their NAV is like a 2% yield?  

There's going to be unhappy brokers and clients.

Not a shining moment for the 'interval' fund concept....


I think Bloomberg must have bad data for VCIF. Am I write in interpreting that chart that they have NAV at about $60 prior to listing? The semi-annual report says NAV was $12.47 per class A share on 3/31/19. Assuming listing wasn't combined with a stock split (and I don't believe it was) and assuming NAV hasn't changed much since then, $8.81 market price would be about a -30%.

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aubergine
Participant ○○

Re: New IPOs

That's not a price chart but a cumulative total return chart that is stictched together from NAV TR in the early stages (when redeemers rec'd stated NAV, or at least the lucky 5% each quarter, out of the 40% tenderers) and then turned into MKT TR in the end.

I think it captures the diaster this will have ended up being for the bag holders.  

Maybe if this hits a 10% yield, which I think is what its really warranted given the opportunity set of competing vehicles, and the incredibly bad governance / set up, this could get interesting.  I'm hard pressed to think of a fund whose expenses on NAV are greater than their NII on NAV.

Mgmt of course is going to take the 6mm they coulda/woulda/shoulda used for redeemers to buy *new* mortgages vs. simply retiring shares in the open market at the incredibly accretive levels presented.  

Folks: don't buy private funds, interval funds, unlisted stuff etc.  The odds are so incredibly stacked against the retail investor.  Even on the inst. side its a headache, with all the resources / lawyers / moral stature etc.  Advisors are still generally hard wired to create heads they win, tails client lose structures.  

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Anitya
Explorer ○○

Re: New IPOs

With the switch to the new M* community, it is taking me longer to get to interesting threads.  

At the bottom of this thread mentioned an mREIT from PIMCO.  Their recent IPO of NRGX has not shown a good market or NAV performance.  The NAV activity is more like an MLP equity fund and not an MLP debt / hybrid fund.  The last time PIMCO IPOed funds PCI, it took PCI 3 yr and a change of its mandate before it got its bearing.  With all these new IPOs, I am thinking may be we are at a market top, just like when PCI was issued.

A

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Bond100
Explorer ○

Re: New IPOs

Angel Oak Capital Advisors Launches Closed-End Fund 

Financial Strategies Income Term Trust (NYSE: FINS)

https://www.businesswire.com/news/home/20190530005434/en/Angel-Oak-Capital-Advisors-Launches-Closed-...

 

 

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acamus
Participant ○○

Re: New IPOs

Link to preliminary prospectus.

===

 

AllianzGI Artificial Intelligence Opportunities Fund

Common Shares

$         per Share

Investment Objective. AllianzGI Artificial Intelligence Opportunities Fund (the “Fund”) is a newly organized, diversified, limited term closed-end management investment company with no operating history. The Fund’s investment objective is to provide total return through a combination of current income, current gains and long-term capital appreciation. No assurance can be given that the Fund will achieve its investment objective, and you could lose all of your investment in the Fund.

No Prior History. Because the Fund is newly organized, its common shares of beneficial interest (“Common Shares”) have no history of public trading. Shares of closed-end funds frequently trade at a significant discount from their net asset value (“NAV”), which creates a risk of loss for investors. This risk is greater for investors who expect to sell their shares in a relatively short period after completion of the initial public offering. The Fund anticipates that its Common Shares will be listed on the New York Stock Exchange (the “NYSE”), subject to notice of issuance, under the trading or “ticker” symbol “[    ].”

Investment in the Fund’s Common Shares involves substantial risks arising from, among other strategies, the Fund’s ability to invest in debt instruments and convertible securities that are, at the time of investment, rated below investment grade or unrated but determined by the Fund’s investment manager, Allianz Global Investors U.S. LLC (“AllianzGI U.S.” or the “Investment Manager”), to be of comparable quality and the Fund’s anticipated use of leverage. Instruments of below investment grade quality are regarded as having predominantly speculative characteristics with respect to capacity to pay interest and to repay principal and are commonly referred to as “high yield securities” or “junk bonds.” An investment in the Fund should be considered speculative. Before buying any of the Fund’s Common Shares, you should read the discussion of the principal risks of investing in the Fund in “Principal Risks of the Fund” beginning on page 50 of this prospectus.

You should read this prospectus, which concisely sets forth information about the Fund, before deciding whether to invest in the Common Shares and retain it for future reference. The Fund has filed with the Securities and Exchange Commission (the “SEC”) a Statement of Additional Information (the “SAI”) dated [                ], 2019 containing additional information about the Fund. The SAI is incorporated by reference in its entirety into this prospectus. The Fund will also produce both annual and semi-annual reports that will contain important information about the Fund. Copies of the SAI and the Fund’s annual and semi-annual reports, when available, may be obtained upon request, without charge, by calling toll-free [(800) 254-5197] or by writing to the Fund at 1633 Broadway, New York, New York 10019. You may also call this toll-free telephone number to request other information about the Fund or to make shareholder inquiries. The SAI is (for a period of 60 days after completion of the initial public offering of the Fund’s Common Shares), and the annual report and the semi-annual report will be, made available free of charge on the Fund’s website at https://us.allianzgi.com. Information on, or accessible through, the Fund’s website is not a part of, and is not incorporated into, this prospectus. The SEC maintains an internet website (www.sec.gov) that contains other information regarding the Fund. The table of contents for the SAI appears on page 100 of this prospectus.

The Securities and Exchange Commission and state securities regulators have not approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

 

 

         
   Per Share  Total(3) 

Public offering price

   $[    ]   $[    ] 

Sales load(1)

   $[    ]   $[    ] 

Estimated offering expenses

   $[    ]   $[    ] 

Proceeds, after expenses, to the Fund(2)

   $[    ]   $[    ] 
         
  [Underwriters]      
(1) [AllianzGI U.S. (and not the Fund) has agreed to pay from its own assets compensation of $[    ] per Common Share to the underwriters in connection with the offering and, separately, upfront structuring fees to [    ], [    ] and [    ]. These fees and compensation are not reflected under “Sales Load” or “Estimated Offering Expenses” in the table above. See “Underwriters.”]
(2) [AllianzGI U.S. has agreed to pay all organizational expenses of the Fund and all offering costs associated with the offering. The Fund is not obligated to repay any such organizational expenses or offering costs paid by AllianzGI U.S. See “Summary of Fund Expenses.”]
(3) The Fund has granted the underwriters an option to purchase up to [    ] additional Common Shares at the public offering price within 45 days of the date of this prospectus solely to cover over-allotments, if any.

 

Investment Strategy. Under normal market conditions, the Fund will seek to achieve its investment objective by investing across the capital structure in companies positioned to benefit from the evolution of artificial intelligence. The Fund considers artificial intelligence to mean the use of systems or other technologies able to perform tasks that normally involve human intelligence, such as visual perception, speech recognition, translation and decision-making. Under normal market conditions, the Fund will seek to achieve its investment objective by investing in a combination of convertible securities, equity securities, and debt and other income-producing instruments. Through a combination of these asset classes and strategies, the Fund attempts to simultaneously capture equity market exposure and current income utilizing a disciplined, fundamental, bottom-up research process combined with traditional credit analysis. The Fund attempts to reduce the risk of capital loss through, among other things, independent credit analysis focused on downgrade and default risks and the implementation of a clearly defined sell discipline strategy. It is expected that substantially all of the Fund’s debt instruments and a substantial portion of its convertible securities will consist of securities rated below investment grade or unrated but determined by AllianzGI U.S. to be of comparable quality (sometimes referred to as “high yield securities” or “junk bonds”).

Leverage. The Fund may, but is not required to, add leverage to its portfolio by issuing preferred shares, borrowing money, issuing debt securities or entering into reverse repurchase agreements. The Fund currently anticipates that it will initially obtain leverage using one or a combination of these methods in an aggregate principal amount equal to approximately 28% of the Fund’s managed assets (including the assets obtained through such borrowings) immediately after issuance of such borrowings. The Fund intends to utilize leverage opportunistically and may choose to increase or decrease, or eliminate entirely, its use of leverage over time and from time to time depending on a variety of factors, including the Investment Manager’s outlook for the market and the costs that the Fund would incur as a result of such leverage. The ultimate composition of the Fund’s leverage facilities is expected to depend on market conditions and other factors.

Limited Term. In accordance with the Fund’s Amended and Restated Agreement and Declaration of Trust (the “Declaration of Trust”), the Fund intends to terminate as of the first business day following the twelfth anniversary of the effective date of the Fund’s initial registration statement, which the Fund currently expects to occur on or about [                ], 2031 (the “Dissolution Date”); provided that the Fund’s Board of Trustees (the “Board”) may, by a vote of a majority of the Board and seventy-five percent (75%) of the Continuing Trustees, as defined below (a “Board Action Vote”), without shareholder approval, extend the Dissolution Date (i) once for up to one year, and (ii) once for up to an additional six months, to a date up to and including eighteen months after the initial Dissolution Date, which date shall then become the Dissolution Date. Each holder of common shares of beneficial interest (“Common Shareholder”) would be paid a pro rata portion of the Fund’s net assets upon termination of the Fund. The Board may, by a Board Action Vote, cause the Fund to conduct a tender offer, as of a date within twelve months preceding the Dissolution Date (as may be extended as described above), to all Common Shareholders to purchase 100% of the then outstanding Common Shares of the Fund at a price equal to the NAV per Common Share on the expiration date of the tender offer (an “Eligible Tender Offer”). The Board has established that the Fund must have at least $200 million of net assets immediately following the completion of an Eligible Tender Offer to ensure the continued viability of the Fund (the “Dissolution Threshold”). In an Eligible Tender Offer, the Fund will offer to purchase all Common Shares held by each Common Shareholder; provided that if the number of properly tendered Common Shares would result in the Fund having aggregate net assets below the Dissolution Threshold, the Eligible Tender Offer will be canceled, no Common Shares will be repurchased pursuant to the Eligible Tender Offer, and the Fund will terminate as scheduled. If an Eligible Tender Offer is conducted and the number of properly tendered Common Shares would result in the Fund having aggregate net assets greater than or equal to the Dissolution Threshold, all Common Shares properly tendered and not withdrawn will be purchased by the Fund pursuant to the terms of the Eligible Tender Offer. Following the completion of an Eligible Tender Offer, the Board may, by a Board Action Vote, eliminate the Dissolution Date without shareholder approval. The Fund is not a so called “target date” or “life cycle” fund whose asset allocation becomes more conservative over time as its target date, often associated with retirement, approaches. In addition, the Fund is not a “target term” fund and thus does not seek to return the Fund’s initial public offering price per Common Share upon termination of the Fund or in an Eligible Tender Offer. The final distribution of net assets per Common Share upon termination or the price per Common Share in an Eligible Tender Offer may be more than, equal to or less than the initial public offering price per Common Share. The Board may, to the extent it deems appropriate and without shareholder approval, adopt a plan of liquidation at any time preceding the anticipated Dissolution Date, which plan of liquidation may set forth the terms and conditions for implementing the termination of the existence of the Fund, including the commencement of the winding down of its investment operations and the making of one or more liquidating distributions to Common Shareholders prior to the Dissolution Date.

acamus
Participant ○○

Re: New IPOs

Preliminary prospectus. Another CLO fund. This one focuses on junior debt tranches with only 20% in CLO equity. It launched already but hasn't listed yet.

===

Eagle Point Income Company Inc. Common Stock
$     per Share

We are an externally managed, non-diversified closed-end management investment company that has registered as an investment company under the Investment Company Act of 1940, as amended. Our primary investment objective is to generate high current income, with a secondary objective to generate capital appreciation. We seek to achieve our investment objectives by investing primarily in junior debt tranches of collateralized loan obligations, or “CLOs,” that are collateralized by a portfolio consisting primarily of below investment grade U.S. senior secured loans with a large number of distinct underlying borrowers across various industry sectors. We focus on CLO debt tranches rated “BB” (or its equivalent) by Moody’s Investors Service, Inc., Standard & Poor’s, Fitch Ratings, Inc. and/or other applicable nationally recognized statistical rating organizations. We may also invest in other junior debt tranches of CLOs, senior debt tranches of CLOs and other related securities and instruments. In addition, we may invest up to 20% of our total assets (at the time of investment) in CLO equity securities (primarily via minority ownership positions) and related securities and instruments. We may also invest in other securities and instruments that Eagle Point Income Management LLC believes are consistent with our investment objectives. The CLO securities in which we primarily seek to invest are rated below investment grade or, in the case of CLO equity, are unrated and are considered speculative with respect to timely payment of interest and repayment of principal. Below investment grade and unrated securities are also sometimes referred to as “junk” securities.

We were organized as EP Income Company LLC, a Delaware limited liability company, on September 28, 2018, and converted into a Delaware corporation on October 16, 2018. Eagle Point Income Management LLC, or the “Adviser,” is our investment adviser and manages our investments subject to the supervision of our board of directors. Eagle Point Administration LLC, an affiliate of the Adviser, or the “Administrator,” serves as our administrator.

We intend to make regular monthly cash distributions of all or a portion of our investment company taxable income to holders of our common stock. We anticipate declaring a distribution of $     per share of common stock in the aggregate for the partial month of      2019 and a full month of      2019 payable to holders of our common stock, including investors in this offering. In the event of a distribution, we anticipate a portion of such distributions, if made, to be paid from income primarily generated by interest income earned on our investment portfolio, we also anticipate a portion of such distributions will comprise a return of capital. No assurance can be given that we will be able to declare such initial distributions or distributions in future periods, and our ability to declare and pay distributions will be subject to a number of factors, including our results of operations. See “Distribution Policy.”

This is our initial public offering and our common stock has no history of public trading. We are offering      shares of common stock. Assuming an initial public offering price of $     per share of common stock, purchasers in this offering will experience immediate dilution in net asset value, or “NAV,” of approximately $     per share on a pro forma basis. See “Capitalization — Pro Forma Dilution.”

We intend to apply for listing on the New York Stock Exchange, or “NYSE,” under the ticker symbol “EIC”.

acamus
Participant ○○

Re: New IPOs

2nd one today. Preliminary prospectus.

===

% Series H Cumulative Preferred Shares

(Liquidation Preference $25.00 per share)

The Gabelli Dividend & Income Trust (the “Fund”) is offering shares of                 % Series H Cumulative Preferred Shares, par value $0.001 per share (the “Series H Preferred Shares”). Investors in Series H Preferred Shares will be entitled to receive, when, as and if declared by, or under authority granted by, the Fund’s Board of Trustees, out of funds legally available therefor, cumulative cash dividends and distributions at the rate of             % per annum of the $25.00 per share liquidation preference on the Series H Preferred Shares. Dividends and distributions on Series H Preferred Shares will be payable quarterly on March 26, June 26, September 26 and December 26 in each year commencing on September 26, 2019. The Series H Preferred Shares will rank on parity with our current preferred and any future preferred shares and senior to our common shares with respect to dividend and distribution rights and rights upon our liquidation.

The Series H Preferred Shares are redeemable at our option on or after June             , 2024 and are subject to mandatory redemption by us in certain circumstances. See “Special Characteristics and Risks of the Series H Preferred Shares — Redemption.”

The Fund is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s investment objective is to provide a high level of total return on its assets with an emphasis on dividends and income. The Fund will attempt to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets in dividend paying securities (such as common stock and preferred stock) or other income producing securities (such as fixed-income securities and securities that are convertible into common stock). In addition, under normal market conditions, at least 50% of the Fund’s total assets will consist of dividend paying equity securities. Gabelli Funds, LLC (the “Investment Adviser”) serves as investment adviser to the Fund.

Our common shares are listed on the New York Stock Exchange (the “NYSE”) under the symbol “GDV” and our Series A Preferred Shares, Series D Preferred Shares and Series G Preferred Shares are listed on the NYSE under the symbols “GDV Pr A,” “GDV Pr D” and “GDV PrG,” respectively. On June 3, 2019, the last reported sale price of our common shares was $20.25. The net asset value of the Fund’s common shares at the close of business on June 3, 2019 was $22.02 per share. As of the date hereof, the Fund has outstanding 82,432,426 common shares.

Application has been made to list the Series H Preferred Shares on the NYSE. If the application is approved, the Series H Preferred Shares are expected to commence trading on the NYSE under the symbol “GDV Pr H” within thirty days of the date of issuance.

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