Bluerock (IIMWX) Trustee Jafarnia Kamal Receives 54.089 Shares

What Happened
Jafarnia Kamal, an independent trustee of Bluerock High Income Institutional Credit Fund (IIMWX), received 54.089 Class I shares on 2025-09-30 at an effective price of $23.11 per share, a total value of $1,250. The transaction is reported as an "other acquisition" (code J) and reflects shares granted as trustee compensation, not an open-market purchase.

Key Details

• Transaction date: 2025-09-30; Form 4 filed: 2026-01-21 (filed several months after the transaction).
• Price per share: $23.11; Shares acquired: 54.089; Total value: $1,250.
• Footnote: Shares granted under the trustees' compensation plan — each independent trustee may receive $5,000 of Class I shares per quarter (or $20,000 annually).
• Filing prepared/submitted by attorney-in-fact pursuant to a Limited Power of Attorney dated 7-19-22.
• Shares owned after the transaction: not reported on the supplied data.

Context
This was a routine compensation grant to an independent trustee rather than a market purchase or sale by an executive. Such awards are common and reflect compensation policy rather than a direct signal of sentiment about the fund's outlook. The delayed filing may be noteworthy for timeliness, but the underlying transaction is administrative compensation.