Bluerock High Income Institutional Credit Fund Announces Q3 2026 Distribution at an 8.1% Current Annualized Rate

Class I returned 5.19% over one year, distinct from the distribution’s 8.1% current annualized rate.

Rhea-AI Summary

Bluerock High Income Institutional Credit Fund (IIMAX, IIMCX, IIMWX) announced its seventeenth consecutive regular quarterly distribution at an 8.1% current annualized rate. Investors holding shares for the entire quarter will receive approximately $0.45 per share. The rate annualizes the Q3 2026 distribution using September 30 net asset value; it is not total investment return.

Class I total net returns through September 30, 2026 were 5.19% over one year and 8.17% annualized since inception on June 21, 2022. Net assets were approximately $168 million. The portfolio held 104 collateralized loan obligations, pools of business loans, representing approximately $48.7 billion in underlying loan value and exposure to over 1,350 senior secured loans. The Fund maintained increased allocations to debt positions within these structures. Contractual expense limits extend at least through January 31, 2027.

Positive

• Minor pointClass I total net returns were 5.19% over one year through September 30, 2026.
• Minor pointClass I total net returns were 8.17% annualized since inception on June 21, 2022.
• Minor pointContractual expense caps are 2.10% A, 2.85% C and 1.85% I at least until January 31, 2027.
• Minor pointThe adviser continues to voluntarily waive its incentive fee.

Negative

• Minor pointAnnual operating expenses before waivers or reimbursements are 3.81% A, 4.61% C and 3.66% I, effective February 1, 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Contractual fee reductions and absorbed expenses are subject to possible recoupment in future years.

News Explained

The fund estimates none of its latest distribution was return of capital under US GAAP, but says its final federal tax characterization will be determined after year-end, once it receives relevant tax information from underlying investments.

Key Figures

Current annualized distribution rate: 8.1% Consecutive regular quarterly distributions: 17

Current annualized distribution rate

8.1%

Q3 2026 distribution rate annualized and divided by NAV as of 9.30.2026

Consecutive regular quarterly distributions

17

Distribution announced by the Fund

Key Terms

collateralized loan obligations, net asset value, return of capital, us gaap

4 terms

collateralized loan obligations financial

"The Fund currently maintains positions in 104 collateralized loan obligations"

A collateralized loan obligation is a financial product that pools many corporate loans and repackages them into slices sold to investors, with some slices offering steady, lower returns and others offering higher returns but more risk. Like splitting a pizza into pieces for different tastes, CLOs let investors pick their preferred risk level and help banks fund lending, so changes in CLO performance influence credit availability and can move markets.

net asset value financial

"divided by NAV as of 9.30.2026"

Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.

View in glossary

return of capital financial

"none of its most recent distribution was attributable to return of capital"

Return of capital is when an investor receives money from their investment that is not considered profit or earnings but rather a portion of the original amount they invested. It’s similar to getting back part of your initial savings rather than gains from it. This matters because it can affect how much money an investor still has in the investment and may have tax implications.

us gaap financial

"The Fund estimates, in accordance with US GAAP"

U.S. GAAP is the set of official accounting rules and standards companies in the United States use to record and report their financial results. Like a common recipe book for financial statements, it makes company reports consistent and easier to compare, so investors can better judge profitability, risk and trends when deciding to buy, hold or sell shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, Oct. 15, 2026 /PRNewswire/ -- Bluerock High Income Institutional Credit Fund (the "Fund" or the "High Income Fund", tickers: IIMAX, IIMCX, IIMWX) today announced its seventeenth consecutive regular quarterly distribution, generating an 8.1% current annualized distribution rate¹. Shareholders invested for the entire quarter will receive a total distribution of approximately $0.45 per share. Since its inception on June 21, 2022, the Fund has paid approximately $10.67 in total distributions per share.

The Fund continues to strategically diversify its portfolio, maintaining increased allocations to debt positions within the CLO capital structure. We are also monitoring an evolving theme in credit markets that investors have begun to describe as "HALO" (heavy asset, low obsolescence), which favors credit within the real estate sector backed by tangible, long-lived physical assets whose value is durable across market cycles and resistant to technological disruption. We believe this represents an increasingly attractive area of the credit markets, and the Fund's mandate provides the flexibility to evaluate opportunities of this kind where they align with the Fund's income objective.

The Fund currently maintains positions in 104 collateralized loan obligations representing approximately $48.7 billion in aggregate underlying loan value with exposure to over 1,350 underlying senior secured loans across multiple diverse industries (underlying holdings as of 9.30.2026 and are subject to change at any time and should not be considered investment advice). Net assets under management for the High Income Fund are approximately $168 million as of September 30, 2026.

High Income Fund I-Share Net Performance

	Performance Through 9.30.2026
	One Year	Since Inception2
High Income Fund Class I	5.19 %	8.17 %

Returns presented are total net returns. Expressed in percentage terms, the calculation of total return is determined by taking the change in price, reinvesting any income and capital gains distributions during the period, and dividing by the starting price. Returns greater than one year are annualized.

The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. For performance information, please call toll-free 1-844-819-8287. Past performance is not a guarantee of future results. 

The total annual fund operating expense ratio excluding all fee waivers or expense reimbursements is 3.81% for Class A share, 4.61% for C share and 3.66% for the I share effective February 1, 2026. The Fund's investment adviser has contractually agreed to reduce its fees and/or absorb expenses of the fund, at least until January 31, 2027, to ensure that the net annual fund operating expenses will not exceed 2.10% for A share, 2.85% for C share and 1.85% for the I share, subject to possible recoupment from the Fund in future years. In addition to the contractual obligations under its expense limitation agreement, the Adviser, on a purely voluntary basis, covered all of the operating expenses of the Fund and waived its entire management fee from inception until December 31, 2024. The Adviser has continued to waive its incentive fee on a voluntary basis. Such operating expenses and management fees voluntarily paid or waived during this period are not subject to recoupment from the Fund in future years. Without such waiver of fees and payment of expenses by the Adviser, expenses of the Fund would have been higher and the Fund's returns would have been lower.

¹ Represents the Q3 2026 distribution rate annualized and divided by NAV as of 9.30.2026. The Fund's distribution policy is to make quarterly distributions to shareholders. The level of quarterly distributions is not fixed and will vary based on performance of the Fund's underlying holdings. This distribution policy is subject to change. The tax characterization of the Fund's distributions is dependent upon several factors, including the tax characterization of the distributions received by the Fund from its underlying investments, which is not known to the Fund at the time of its distribution. The Fund estimates, in accordance with US GAAP, that none of its most recent distribution was attributable to return of capital, however, the characterization of Fund distributions for federal income tax purposes is different from the characterization under US GAAP and the final determination of the source and tax characteristics of all distributions will be made after the end of the year after receipt of the relevant tax information from the Fund's underlying investments. Shareholders should note that any return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares. There is no assurance that the Fund will continue to declare distributions or that they will continue at these rates.
² The Fund's inception date is June 21, 2022.

Additional information on fund and/or investment performance and the calculations related thereto can be provided upon request.

About Bluerock High Income Institutional Credit Fund
The Bluerock High Income Institutional Credit Fund (the "Fund") is a public, closed-end interval fund that provides individual investors access to a rapidly growing institutional asset class. The Fund's primary investment objective is to generate high current income, while secondarily seeking attractive, long-term risk-adjusted returns, with low correlation to the broader markets. The Fund seeks to accomplish its objectives by investing, directly and indirectly, in private credit through actively managed pools of diversified Senior Secured Loans known as Collateralized Loan Obligations (CLOs). The Fund has partnered with Clearlake Capital Asset Management, LLC whose management team has overseen the issuance of $40 billion in CLOs since 2001, to serve as sub-advisor to the Fund. An investment in the Fund seeks to provide investors with the following potential benefits across various market cycles. The minimum investment in the Fund is $2,500 ($1,000 for retirement plans) for Class A and C shares. For copies of the Fund's public company filings, please visit the U.S. Securities and Exchange Commission's website at sec.gov or the Company's website at bluerockfunds.com.

Risk Disclosures

Not FDIC Insured | No Bank Guarantee | May Lose Value

Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment, and that you may lose part or all of your investment. This is neither an offer to sell nor a solicitation to purchase any security. 

Investors should carefully consider the investment objectives, risks, sales charges and expenses of the Bluerock High Income Institutional Credit Fund (the "Fund"). This and other important information about the Fund is contained in the prospectus, which can be obtained by visiting bluerock.com/hi-fund/documents. The prospectus should be read carefully before investing. 

Past performance is not a guarantee of future results. The ability of the Fund to achieve its investment objective depends, in part, on the ability of the Advisor and Sub-Advisor to allocate effectively the assets of the Fund among the various available investment opportunities. There can be no assurance that the actual allocations will be effective in achieving the Fund's investment objective or delivering positive returns. There is no guarantee that the Fund's investment strategies will work under all market conditions. Statements relating to the performance of the Fund contained herein are historical and the Fund's performance subsequent to the date as of which such statements were made may differ materially. Updated performance data for the Fund is available at bluerockfunds.com/hi-fund/performance.

Please note that the performance data relating to various indices included herein is for informational purposes only. You cannot invest directly in an index. Index performance does not represent actual fund or portfolio performance. Performance of a fund or portfolio may differ significantly from the performance of index holding the same securities. Index performance assumes reinvestment of dividends but does not reflect any management fees, transaction costs or other expenses that would be incurred by a fund or portfolio, or brokerage commissions on transactions in fund shares. Such fees, expenses, and commissions would likely reduce returns.

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% of the Fund's shares outstanding at net asset value. There is no guarantee that shareholders will be able to sell all of the shares they desire in a quarterly repurchase offer. Quarterly repurchases by the Fund of its shares typically will be funded from available cash or sales of portfolio securities. The sale of securities to fund repurchases could reduce the market price of those securities, which in turn would reduce the Fund's net asset value. The Fund is suitable only for investors who can bear the risks associated with the limited liquidity of the Fund and should be viewed as a long-term investment.

Investors in the Fund should understand that the net asset value ("NAV") of the Fund will fluctuate, which means the value of your shares at any point in time may be worth less than the value of your original investment, even after taking into account any reinvestment of dividends and distributions. An investment in shares represents an indirect investment in the securities owned by the Fund. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. The Fund is "non-diversified" under the Investment Company Act of 1940 and therefore may invest more than 5% of its total assets in the securities of one or more issuers. As such, changes in the financial condition or market value of a single issuer may cause a greater fluctuation in the Fund's net asset value than in a "diversified" fund. The Fund is not intended to be a complete investment program.

Because the Fund invests primarily in debt-anchored instruments and securities, the value of your investment in the Fund may fluctuate with changes in interest rates. The Fund may invest in senior secured debt and CLOs. Substantial increases in interest rates may cause an increase in loan defaults and the value of the Fund's assets may also be affected by other uncertainties such as economic developments affecting the market for senior secured term loans or uncertainties affecting borrowers generally. There is a risk that the borrowers under the Senior Secured Loans may not make scheduled interest and/or principal payments on their loans and/or debt securities, which may result in losses or reduced cash flow to the Fund, either or both of which may cause the NAV of, or the distributions by, the Fund to decrease. CLOs carry additional risks, including but not limited to (i) the possibility that the Fund's investments in CLOs are subordinate to other classes or tranches thereof; and (iv) the complex structure of the CLO investment may not be fully understood at the time of investment and may produce disputes with the issuer, holders of senior tranches or other unexpected investment results. In addition, the nature of the Fund's investment strategy also subjects it to various risks, including credit risk (the debtor may default), liquidity risk (the investment may not be able to be sold at an advantageous time or price) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). All potential investors should read the Risk Factors section of the prospectus for additional information related to the risks associated with an investment in the Fund.

The Bluerock High Income Institutional Credit Fund is distributed by ALPS Distributors, Inc (ALPS). Bluerock Credit Fund Advisor, LLC is not affiliated with ALPS, or Clearlake Capital Asset Management, LLC. This material is provided for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product or be relied upon for any other purpose. Certain information contained herein has been obtained from sources deemed to be reliable, but has not been independently verified. This material represents views as of its date and is subject to change without notice of any kind.

For more information, contact Bluerock Capital Markets at 877.826.BLUE (2583).

Collateralized Loan Obligations (CLOs): A form of securitization where payments from multiple business loans (most typically senior secured corporate loans) are pooled together and passed on to different classes of owners in various tranches.

Correlation: This indicates the strength and direction of a linear relationship between two random variables. The value will range between -1 and 1.

Senior Secured Loans (SSLs): Debt obligations issued by corporations that are typically backed ("secured") by a company's assets. SSLs sit at the top of the company's capital structure and have the highest priority claim on the borrower's assets.

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SOURCE Bluerock High Income Institutional Credit Fund

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much is Bluerock High Income Institutional Credit Fund’s Q3 2026 distribution?

Shareholders invested for the entire quarter will receive approximately $0.45 per share. This is the Fund’s seventeenth consecutive regular quarterly distribution. Since its June 21, 2022 inception, the Fund has paid approximately $10.67 per share in total distributions.

How is Bluerock High Income Institutional Credit Fund’s 8.1% distribution rate calculated?

The 8.1% rate is the Q3 2026 distribution annualized and divided by net asset value as of September 30, 2026. It measures the distribution relative to that asset value, rather than total investment return.

Does Bluerock High Income Institutional Credit Fund’s latest distribution include a return of capital?

The Fund estimates under US GAAP that none of its most recent distribution was attributable to return of capital. Federal income tax characterization differs from US GAAP treatment. The final source and tax characteristics will be determined after year-end, once tax information from underlying investments is received.