Bluerock High Income Institutional Credit Fund Announces Q4 2025 Distribution at a 9.0% Current Annualized Rate

Rhea-AI Summary

Bluerock High Income Institutional Credit Fund (IIMAX) announced a fourteenth consecutive quarterly distribution, producing a 9.0% current annualized distribution rate and a total payout of approximately $0.52 per share for shareholders invested the full quarter. Since inception on June 21, 2022, the Fund has paid about $9.27 in total distributions per share. Net assets were approximately $187 million as of December 31, 2025. The Fund holds positions in 120 CLOs (approximately $52.2 billion underlying loan value) with exposure to over 1,325 senior secured loans (holdings as of 9.30.2025). Expense caps for I shares are 1.85% through January 31, 2026, subject to recoupment.

Positive

• Distribution rate annualized at 9.0%
• $0.52 per share distribution for Q4 2025
• 120 CLO positions; ~$52.2B underlying loan value

Negative

• Net assets relatively small at $187 million
• Expense cap expires January 31, 2026; higher fees possible thereafter

Key Figures

Q4 2025 distribution rate: 9.0% Q4 2025 distribution: $0.52 per share Cumulative distributions: $9.27 per share +5 more

8 metrics

Q4 2025 distribution rate 9.0% Current annualized distribution rate for Q4 2025

Q4 2025 distribution $0.52 per share Total distribution for shareholders invested all quarter

Cumulative distributions $9.27 per share Total distributions since inception on June 21, 2022

Underlying loan value $52.2 billion Aggregate underlying loan value across 120 CLOs as of 09-30-2025

Underlying loans Over 1,325 loans Number of underlying senior secured loans across industries

Net assets under management $187 million High Income Fund net assets as of December 31, 2025

One-year net performance 5.90% High Income Fund Class I total net return through 12-31-2025

Since inception performance 8.88% High Income Fund Class I annualized net return since June 21, 2022

Market Reality Check

normal vol

Market Pulse Summary

This announcement emphasizes the Fund’s income profile, with a 9.0% current annualized distribution ...

Analysis

This announcement emphasizes the Fund’s income profile, with a 9.0% current annualized distribution rate and cumulative distributions of $9.27 per share since inception, supported by diversified CLO exposure and $52.2 billion in underlying loan value. Investors may focus on net performance of 5.90% over one year, relatively high expense ratios, and the adviser’s fee waivers when assessing the balance between yield, costs, and credit risk.

Key Terms

collateralized loan obligations, senior secured loans, net assets under management, total net return, +4 more

8 terms

collateralized loan obligations financial

"The Fund currently maintains positions in 120 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.

senior secured loans financial

"with exposure to over 1,325 underlying senior secured loans across multiple..."

Senior secured loans are debt agreements where lenders have first claim on specific assets as collateral and are paid back before other creditors if a borrower defaults. For investors, that priority and collateral generally make these loans less risky than unsecured or junior debt while still offering higher income than cash, like holding a first mortgage on a property rather than an unsecured IOU, and they often carry floating interest that helps protect against rising rates.

net assets under management financial

"Net assets under management for the High Income Fund are approximately $187 million..."

Net assets under management is the total market value of the investments a fund or manager oversees after subtracting any debts or obligations tied to those holdings, essentially the size of the pool of client money they control. Investors use it as a simple gauge of scale and health—bigger net AUM can mean more fee revenue, greater market influence and perceived trust, while sharp changes can signal inflows, outflows or performance issues.

total net return financial

"Returns presented are total net return: Expressed in percentage terms..."

Total net return measures how much an investment actually earns for an investor, combining changes in the investment’s price plus any income it pays (like dividends or interest), after subtracting fees and other fund costs and assuming that income is reinvested. Think of it as the money you keep in your pocket after the bill is paid: it shows the real, all-in performance that matters when comparing investments.

net annual fund operating expenses financial

"to ensure that the net annual fund operating expenses will not exceed 2.10% for A share..."

The net annual fund operating expenses are the total yearly costs to run an investment fund—management, administration and other fees—expressed as a percentage of the fund’s assets after any fee waivers or reimbursements. Think of it like the household bills you must pay each year that come out of the fund’s returns: higher expenses reduce the money investors keep, so this number helps compare how much a fund will drag on your returns over time.

expense ratio financial

"The total annual fund operating expense ratio excludes all fee waivers or expense reimbursements..."

The expense ratio is the annual fee a mutual fund or exchange-traded fund charges to cover its operating costs, shown as a percentage of the fund’s assets. Think of it like a yearly maintenance or subscription fee that quietly reduces your investment’s returns; even small differences matter over time because the fee compounds against your gains. Investors compare expense ratios to judge how much of their returns will be eaten by fund costs.

return of capital financial

"Shareholders should note that any return of capital will reduce the tax basis of their shares..."

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 regulatory

"The Fund estimates, in accordance with US GAAP, that none of its most recent distribution..."

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. Not financial advice.

NEW YORK, Jan. 14, 2026 /PRNewswire/ -- Bluerock High Income Institutional Credit Fund (the "Fund" or the "High Income Fund" tickers: IIMAX, IIMCX, IIMWX) today announced its fourteenth consecutive regular quarterly distribution, generating a 9.0% current annualized distribution rate.¹ Shareholders invested for the entire quarter will receive a total distribution of approximately $0.52 per share. Since its inception on June 21, 2022, the Fund has paid approximately $9.27 in total distributions per share.

The Fund continues to strategically diversify its portfolio, maintaining increased allocations to debt positions within the CLO capital structure. This positioning reinforces the Fund's focus on reducing potential risk while delivering attractive yield generation, contributing to the Fund's strong risk-adjusted return profile and income consistency across market environments.

The Fund currently maintains positions in 120 collateralized loan obligations representing approximately $52.2 billion in aggregate underlying loan value with exposure to over 1,325 underlying senior secured loans across multiple diverse industries (underlying holdings as of 9.30.2025 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 $187 million as of December 31, 2025.

High Income Fund I-Share Net Performance

	Performance Through 12.31.2025
	One Year	Since Inception*
High Income Fund Class I	5.90 %	8.88 %

Returns presented are total net return: Expressed in percentage terms, the calculation of total return is determined by taking the change in price, reinvesting, if applicable, all income and capital gains distributions during the period, and dividing by the starting price. Returns greater than one year are annualized.
* Inception date of the Fund is June 21, 2022.

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 no guarantee of future results.

The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted. Past performance is not a guarantee of future results. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. The total annual fund operating expense ratio excludes 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 January 1, 2025. The Fund's investment adviser has contractually agreed to reduce its fees and/or absorb expenses of the fund, at least until January 31, 2026, 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 Q4 2025 distribution rate annualized and divided by NAV as of 12-31-2025. 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. The distribution rate represents cumulative distributions paid since inception divided by the NAV/share during that time, annualized.

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 https://bluerock.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

What distribution did IIMAX declare for Q4 2025 and its annualized rate?

IIMAX declared approximately $0.52 per share for Q4 2025, representing a 9.0% annualized distribution rate.

How much has IIMAX paid in total distributions since inception (IIMAX)?

Since inception on June 21, 2022, IIMAX has paid about $9.27 per share in total distributions.

What are IIMAX's assets under management and portfolio exposure as of year-end 2025?

Net assets were approximately $187 million as of December 31, 2025; the Fund holds positions in 120 CLOs with roughly $52.2 billion underlying loan value (holdings as of 9.30.2025).

What is the I share expense cap for IIMAX and when does it end?

The adviser contractually capped net annual operating expenses for I shares at 1.85% through January 31, 2026, subject to possible recoupment.

Does IIMAX guarantee future distributions at the 9.0% rate?

No; the Fund stated there is no assurance distributions will continue or remain at current rates and the level may vary.