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Highland Income Fund (HFRO) Provides Update on MGM Investment

DALLAS – March 18, 2022 – The Highland Income Fund (NYSE: HFRO) (“HFRO” or the “Fund”) today provided an update on its investment in Metro Goldwyn Mayer, Inc. (“MGM”). On March 17, 2022, Inc. (“Amazon”) announced it had closed its previously announced acquisition of MGM. As a result of the deal closing, HFRO received $73,284,758 in cash, reflecting the Fund’s direct ownership of MGM shares. The Fund also has indirect investments in MGM through which it is expected to receive approximately $45 million. In total, HFRO is expected to receive more than $118 million in cash from the transaction. Only proceeds from the Fund’s direct investment have been received at this time.

“The MGM position has been a material contributor to value creation in HFRO over recent years,” said Joe Sowin, HFRO co-portfolio manager. “It was a pleasure to work with MGM management over the lifecycle of the investment and we wish them the best of luck as the newest division at Amazon.”

HFRO’s initial investment was in MGM’s debt, which converted to equity when the company emerged from bankruptcy in 2010. The Fund’s average cost was $24.59/share. The position generated a return of nearly 6x the original investment.

About the Highland Income Fund

The Highland Income Fund (NYSE:HFRO) is a closed-end fund managed by Highland Capital Management Fund Advisors, L.P. For more information visit

About Highland Capital Management Fund Advisors, L.P.

Highland Capital Management Fund Advisors, L.P. is an SEC-registered investment adviser. It is the adviser to a suite of registered funds, including open-end mutual funds, closed-end funds, and an exchange-traded fund. For more information visit


Investors should consider the investment objectives, risks, charges, and expenses of the Highland Income Fund carefully before investing. This and other information can be found in the Fund’s prospectus, which may be obtained by calling 1-800-357-9167 or visiting Please read the prospectus carefully before you invest.

No assurance can be given that the Fund will achieve its investment objectives.

This press release contains forward-looking statements. These statements reflect the current views of management with respect to future events and financial performance. Forward-looking statements can be identified by words such as “anticipate”, “expect”, “could,” “may”, “potential”, “will”, “ability,” “targets,” “believe,” “likely,” “assumes,” “ensuring,” “available,” “optionality,” “viability,” “maintain,” “consistent,” “pace,” “should,” “emerging,” “driving,” “looking to,” and similar statements of a future or forward-looking nature. Forward-looking statements address matters that involve risks and uncertainties. Past performance does not guarantee future results. Performance during time periods shown is limited and may not reflect the performance in difference economic and market cycles. There can be no assurance that similar performance will be experienced.


Investor Contacts
Shareholders: (800) 357-9167
Financial Professionals: (833) 697-7253

Media Contact
Lucy Bannon
(214) 550-4572