DALLAS, January 8, 2021 / PRNewswire / – Vertical Capital Income Fund (NYSE: VCIF, the âFundâ) and Oakline Advisors, LLC (âOaklineâ), adviser to the Fund, today announced that the Chairman of the Board, the Treasurer and Portfolio Manager, Robert J. Chapman announced his retirement effective today. In an effort to reduce expenses that would likely be associated with the appointment of a new trustee, the Fund’s trustees voted in favor of eliminating Mr. Chapman’s post on the board of directors and raising the post. existing independent trustee. Robert J. Boulware to serve as president effective today as well. While Mr. Chapman will consult Oakline until March 31, 2021 for a smooth transition, Oakline Senior Vice President Katherine hawkins will assume the role of Portfolio Manager and Vice President / Senior Controller of Oakline Destiny Poninski will immediately become treasurer. The directors of the Fund serve subject to annual renewal. Ms. Hawkins will lead the Fund’s portfolio, assisted by the leadership of Michael D. Cohen, Chairman of the Fund and Oakline.
âThis transition should be smooth and further confirm the value of our succession planning, as our continued management team has helped lead the management of the Fund for many years,â noted Mr. Cohen. “We continue to be pleased with the performance of the Fund and expect the recently announced managed distribution plan to add to its track record of success.”
Focused on assisting the VCIF portfolio and its acquisition and disposal strategies since Oakline was appointed Fund Advisor, Ms. Hawkins, Senior Vice President / Portfolio Manager works at Oakline Advisors, LLC (and her predecessor ) for about six years. and with Behringer, Oakline’s parent company, for eight years. An accomplished buy and sell investment professional with 15 years of experience in the residential mortgage market, Ms. Hawkins is skilled in identifying and building relationships, analyzing and pricing loans as well as growth of pipeline of investment opportunities. In addition, she provided due diligence and procurement execution assistance for the Fund. Prior to working for Oakline, Ms. Hawkins was responsible for a platform’s product analysis / representation of multiple alternative investment strategies. She started her career with a Dallas investment bank developing an RMBS and whole loan trading desk that bought more than $ 5 billion produced during his tenure. She obtained a Bachelor of Science in Political Science from Texas Women’s University.
Although already involved through Oakline in providing assistance for the Fund’s treasury activities, the Oakline Vice President / Senior Controller Destiny Poninski has been part of the accounting and financial reporting oversight since Oakline was appointed Advisor to the Fund. Ms. Poninski joined Oakline Advisors in 2015 as a Senior Fund Accountant and has worked at Behringer, Oakline’s parent company, since 2014. Prior to joining Oakline Advisors and Behringer, Ms. Poninski worked in the Real Estate Investment Accounting division at Goldman Sachs. Ms. Poninski obtained a bachelor’s degree in accounting from Lindenwood University and has over 10 years of accounting experience.
Closed-end fund stocks often trade at a discount to their net asset value. The market price of the shares of the Fund may vary from the net asset value depending on factors affecting the supply and demand of shares, such as the distribution rates of the Fund compared to similar investments, investors’ expectations regarding future distribution changes, the clarity of the Fund’s investment strategy and the return expectations and investor confidence in the underlying markets in which the Fund invests. Shares of the Fund are subject to investment risk, including the possible loss of invested capital. No Fund is a complete investment program and you can lose money by investing in a Fund. An investment in the Fund may not be suitable for all investors. Before investing, potential investors should carefully consider the investment objective, risks, charges and expenses of the Fund. For more details, please visit the Vertical Capital Income Fund website at vertical- Incomefund.com.
This press release contains forward-looking statements relating to the business and financial prospects of Vertical Capital Income Fund which are based on current expectations, estimates, forecasts and projections of the Fund and are not guarantees of future performance. There can be no assurance that the Fund will achieve its investment objective. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on such statements. A number of important factors could cause actual results to differ materially from the forward-looking statements contained in this press release.
About the Vertical Capital Income Fund
Vertical Capital Income Fund is a NYSE-listed closed-end fund that invests primarily in whole residential mortgages and whole residential loans secured by trust deeds. The investment objective of the Fund is to seek income.
About Oakline Advisors, LLC
Oakline Advisors, LLC is the advisor to Vertical Capital Income Fund. Founded in 2013, Oakline Advisors, LLC is an SEC registered investment advisor that specializes in the entire residential loan market. It is a wholly owned subsidiary of Dallas, Texas-based on Behringer. Since its inception in 1989, Behringer and its subsidiaries have raised equity capital of over $ 6 billion in assets through public and private fund structures. For more information on Oakline and Behringer, please visit their respective websites at oaklineadvisors.com and behringerinvestments.com.
SOURCE Vertical Capital Income Fund