Form 4: Corebridge Financial Subsidiaries Sell $14 Million in DNP Select Income Fund Notes

Corebridge Financial, Inc. reports the sale of $14 million principal amount of DNP Select Income Fund notes by its subsidiaries for $13,185,666.67.

Summary

• Corebridge Financial, Inc. has filed a Form 4 detailing changes in beneficial ownership of DNP Select Income Fund Inc. securities.
• On July 29, 2024, certain controlled subsidiaries of American International Group, Inc. (AIG) sold $14,000,000 principal amount of 3.00% Series B Senior Secured Notes due July 22, 2026.
• The aggregate purchase price for the notes was $13,185,666.67.
• Following the transaction, Corebridge's subsidiaries directly hold $33,000,000 in principal amount of the reported securities.
• American General Life Insurance Company and The Variable Annuity Life Insurance Company, each an indirect wholly owned subsidiary of CRBG, directly hold $15,000,000.00 principal amount and $18,000,000.00 principal amount of the reported securities, respectively.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing detailing a transaction. It doesn't inherently convey positive or negative sentiment, reflecting standard portfolio management activity.

Industry Context

This filing reflects portfolio adjustments within Corebridge Financial's investment holdings, which is a common activity for large financial institutions managing diverse asset portfolios. It indicates a tactical decision regarding their exposure to DNP Select Income Fund's specific debt securities.

Comparison to Industry Standards

• Similar transactions are common among large insurance companies and asset managers like Prudential, MetLife, and BlackRock, who routinely adjust their fixed income portfolios based on market conditions and investment strategies.
• The sale of these notes is not unusual in the context of broader fixed income portfolio management practices.
• Comparable transactions often involve similar amounts and types of securities, reflecting ongoing efforts to optimize risk-adjusted returns.

Stakeholder Impact

• The transaction is unlikely to have a significant impact on DNP Select Income Fund shareholders, as it represents a relatively small portion of their overall holdings.
• The sale may slightly alter Corebridge Financial's investment portfolio composition, but is not expected to materially affect its financial performance.

Key Dates