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. 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, for an aggregate purchase price of $13,185,666.67.
• Following the transaction, Corebridge Financial, Inc. indirectly holds $33,000,000 in these notes through subsidiaries.
• American General Life Insurance Company and The Variable Annuity Life Insurance Company, indirect wholly owned subsidiaries of Corebridge Financial, Inc. (CRBG), directly hold $15,000,000 and $18,000,000 principal amount of the reported securities, respectively.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing, so the sentiment is neutral.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders and major shareholders, providing transparency to the market.

Comparison to Industry Standards

• Form 4 filings are a standard regulatory requirement for individuals and entities deemed insiders by the SEC.
• Comparable companies in the financial services sector, such as BlackRock or State Street, also routinely file Form 4s to report similar transactions.
• The reporting of beneficial ownership and transactions aligns with SEC guidelines and industry best practices for transparency.

Stakeholder Impact

• The transaction may have a minor impact on shareholders of DNP Select Income Fund, as it reflects a change in ownership by a major holder.
• The sale could affect the market price of the notes, although the amount is relatively small.

Key Dates