Compass Diversified Declares Third Quarter 2022 Distributions on Common and Series A, B and C Preferred Shares
04 Oktober 2022 - 10:15PM
Compass Diversified (NYSE: CODI) (“CODI” or the “Company”), an
owner of leading middle market businesses, announced today that its
Board of Directors (the “Board”) has declared a quarterly cash
distribution of $0.25 per share on the Company’s common shares (the
“Common Shares”). The distribution for the three months ended
September 30, 2022 is payable on October 27, 2022 to all holders of
record of Common Shares as of October 20, 2022.
The Board also declared a quarterly cash
distribution of $0.453125 per share on the Company’s 7.250% Series
A Preferred Shares (the “Series A Preferred Shares”). The
distribution on the Series A Preferred Shares covers the period
from, and including, July 30, 2022, up to, but excluding, October
30, 2022. The distribution for such period is payable on October
30, 2022 to all holders of record of Series A Preferred Shares as
of October 15, 2022. The payment will occur on October 31, 2022,
the next business day following the payment date.
The Board also declared a quarterly cash
distribution of $0.4921875 per share on the Company’s 7.875% Series
B Preferred Shares (the “Series B Preferred Shares”). The
distribution on the Series B Preferred Shares covers the period
from, and including, July 30, 2022, up to, but excluding, October
30, 2022. The distribution for such period is payable on October
30, 2022 to all holders of record of Series B Preferred Shares as
of October 15, 2022. The payment will occur on October 31, 2022,
the next business day following the payment date.
The Board also declared a quarterly cash
distribution of $0.4921875 per share on the Company’s 7.875% Series
C Preferred Shares (the “Series C Preferred Shares”). The
distribution on the Series C Preferred Shares covers the period
from, and including, July 30, 2022, up to, but excluding, October
30, 2022. The distribution for such period is payable on October
30, 2022 to all holders of record of Series C Preferred Shares as
of October 15, 2022. The payment will occur on October 31, 2022,
the next business day following the payment date.
CODI’s common and preferred cash distributions
should generally constitute “qualified dividends” for U.S. federal
income tax purposes to the extent paid from “earnings and profits”
(as determined under U.S. federal income tax principles), provided
that the requisite holding period is met. To the extent that the
amount of the cash distributions exceeds earnings and profits, such
distribution will first be treated as a non-taxable return of
capital to the extent of the holder’s adjusted tax basis in the
shares, and thereafter be treated as capital gain from the sale or
exchange of such shares. In addition, shareholders subject to tax
rules regarding “unrelated business taxable income” (or “UBTI”)
will no longer be allocated UBTI from CODI allowing ownership by
certain retirement accounts that previously created tax
implications.
About Compass Diversified
(“CODI”)
Since its founding in 1998, CODI has
consistently executed on its strategy of owning and managing a
diverse set of highly defensible, middle-market businesses across
the niche industrial and branded consumer sectors. The Company
leverages its permanent capital base, long-term disciplined
approach, and actionable expertise to maintain controlling
ownership interests in each of its subsidiaries, maximizing its
ability to impact long-term cash flow generation and value
creation. The Company provides both debt and equity capital for its
subsidiaries, contributing to their financial and operating
flexibility. CODI utilizes the cash flows generated by its
subsidiaries to invest in the long-term growth of the Company and
has consistently generated strong returns through its culture of
transparency, alignment and accountability. For more information,
please visit compassdiversified.com.
Forward Looking StatementsThis
press release may contain certain forward-looking statements,
including statements with regard to the future performance of CODI
and its subsidiaries. Words such as "believes," "expects," and
"future" or similar expressions, are intended to identify
forward-looking statements. These forward-looking statements are
subject to the inherent uncertainties in predicting future results
and conditions. Certain factors could cause actual results to
differ materially from those projected in these forward-looking
statements, and some of these factors are enumerated in the risk
factor discussion in the Form 10-K filed by CODI with the SEC for
the year ended December 31, 2021 and in other filings with the SEC.
Except as required by law, CODI undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
Investor RelationsCompass
Diversifiedirinquiry@compassdiversified.com
Gateway GroupCody Slach949.574.3860CODI@gatewayir.com
Media RelationsThe IGB GroupLeon
Berman212.477.8438lberman@igbir.com
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