Yieldstreet Strengthens Structured Credit Capability of Prism Fund with Appointment of Prytania Asset Management as Sub-Adviser and Adds Two New Directors
NEW YORK, Oct. 30, 2023 — Yieldstreet, a leading private market investing platform, today announced the voting results for the Election of Directors and appointment of Prytania Asset Management as sub-adviser at its special meeting of Yieldstreet Prism Fund Inc. (the “Fund”). The meeting was held virtually with the Fund’s stockholders on October 19, 2023.
The Fund’s stockholders approved Yieldstreet’s recommendation to appoint Prytania Asset Management as an investment sub-adviser to the Fund, which will enable the Fund to invest in compelling structured credit opportunities including, collateralized loan obligations (CLOs). Yieldstreet believes the Fund’s increased exposure to structured credit offers it the potential to generate attractive risk-adjusted returns and diversification1 in the current market environment.
Prytania Asset Management is an independent structured credit specialist, managing $2.1 billion of assets as of September 30, 2023, and is focused on developed markets across the United States, United Kingdom and Europe. Founded in 2003, the Firm is led by Chief Executive Officer and Chief Investment Officer Mark Hale and offers investors structured credit opportunities with a range of risk/return profiles across both funds and separately managed accounts. The Firm is headquartered in London with a presence in the United States.
“Yieldstreet helps investors build portfolios of alternative investments, and the Fund allows stockholders to access a multi-asset, income-oriented portfolio through a single investment,” said Ted Yarbrough, Yieldstreet Chief Investment Officer and newly-elected Fund director. “We are delighted to work with Prytania to expand our structured credit offering, providing higher return and diversification1 potential to the Fund’s stockholders at a time when credit strategies are in high demand given their attractiveness relative to other asset classes.”
Both director nominees were elected to the Fund’s Board of Directors. Under the Fund’s Charters and Bylaws, a Director serves an indefinite term, until the director resigns or a successor is elected. Stockholders also approved changes to the allocation of legal resources, an administrative enhancement designed to improve the Fund’s operating efficiency.
About Yieldstreet Prism Fund
The Yieldstreet Prism Fund seeks to generate income by investing across multiple asset classes: real estate, private credit, legal finance, art, structured notes, and more. The Fund’s holdings are sourced from private market opportunities that were historically off-limits to individual investors. The Fund delivers a professionally-managed, multi-credit income portfolio in a single fund solution, with a low minimum and the simplicity of 1099 tax reporting.
Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund before investing. The prospectus for the Fund contains this and other information about the Fund and can be obtained by referring to www.yieldstreetalternativeincomefund.com. The prospectus should be read carefully before investing in the Fund.
Investments in the Fund are not bank deposits (and thus not insured by the FDIC or by any other federal governmental agency) and are not guaranteed by Yieldstreet or any other party.
The securities described in the prospectus are not offered for sale in the states of Nebraska or North Dakota or to persons resident or located in such states. No subscription for the sale of Fund shares will be accepted from any person resident or located in Nebraska or North Dakota.
An investment in the Fund is not suitable for investors that require short-term liquidity. The Fund’s shares have no history of public trading, are not publicly traded, and you should not expect to be able to sell your shares regardless of how the Fund performs. The Fund’s shares are currently not listed on any securities exchange and there is no expectation that a secondary market for the Fund’s shares will develop in the future. Pursuant to its Share Repurchase Program, the Fund intends to periodically repurchase shares from the Fund’s investors, subject to the discretion of the Fund’s Board of Directors, but only a limited number of shares will be eligible for repurchase by the Fund.
1 The YieldStreet Prism Fund is a non-diversified closed-end fund for purposes of the Investment Company Act of 1940, as amended (“40 Act”), and is therefore not a 40 Act “diversified” product.
About Yieldstreet
With more than 450,000 members, Yieldstreet is a leading private market investing platform, helping investors diversify their portfolios with alternative assets spanning real estate, private credit, legal finance, art, and more. The platform is differentiated by its ten asset classes, institutional due diligence standards, strong track record, and commitment to a seamless investor experience.
Media Contact
Clare Burrows / Kieren Weisert
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What's Yieldstreet?
Yieldstreet provides access to alternative investments previously reserved only for institutions and the ultra-wealthy. Our mission is to help millions of people generate $3 billion of income outside the traditional public markets by 2025. We are committed to making financial products more inclusive by creating a modern investment portfolio.
2 Represents an net annualized return, using an internal rate of return (IRR) methodology, with respect to the matured investments shown in your Portfolio experience, utilizing the effective dates and amounts of subscriptions and distributions to and from the investments, net of management fees and all other expenses charged to the investments.[read more]