INVESTORS
Forms & Information
Issuers of corporate securities are required to complete Internal Revenue Service Form 8937 to report organizational actions, including nontaxable distributions that affect the basis of the securities involved in the organizational action. Form 8937 is supplemental information solely for the use of the intended recipient(s) and should not be relied upon as legal, tax, accounting, or similar advice. The recipient is urged to consult its own legal and tax advisors for any such matters as the Company does not provide any such advice.
Please note that Form 8937 was not filed for 2019 as all distributions were considered taxable dividends for U.S. tax reporting purposes.
CORPORATE GOVERNANCE
BOARD OF TRUSTEES
Thomas P. Majewski
Chairman, Interested Trustee
James R. Matthews
Interested Trustee
Scott W. Appleby
Independent Trustee
Kevin F. McDonald
Independent Trustee
Paul E. Tramontano
Independent Trustee
Jeffrey L. Weiss
Independent Trustee
OFFICERS
Thomas P. Majewski
Chief Executive Officer and Principal Executive Officer
Kenneth P. Onorio
Chief Financial Officer, Principal Accounting Officer and Chief Operating Officer
Nauman S. Malik
Chief Compliance Officer
Courtney B. Fandrick
Secretary
FAQ
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Eagle Point Institutional Income Fund (the “Fund”) is a closed-end investment company that is registered under the Investment Company Act of 1940.
Our primary investment objective is to generate high current income, with a secondary objective to deliver capital appreciation. The Fund seeks to capture Eagle Point’s proven and distinct competitive edge in high income-oriented and overlooked areas of credit including Portfolio Debt Securities, and Regulatory Capital Relief / Strategic Credit, and Collateralized Loan Obligations.
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Eagle Point Administration LLC (the “Administrator”), an affiliate of the Adviser, is the administrator of the Fund. Pursuant to the Administration Agreement between the Administrator and the Fund, the Administrator furnishes the Fund with office facilities and equipment, and clerical, bookkeeping and recordkeeping services. Under the Administration Agreement, the Administrator also performs, or arranges for the performance of, required administrative services, including accounting services, assistance in determining the Fund’s net asset value, the preparation of financial statements, oversight of the preparation and filing of tax returns and the printing and dissemination of reports to the Fund’s shareholders, general oversight of the payment of Fund expenses and the performance of sub-administrative and professional services rendered by others, and the provision of such other administrative services as the Fund may from time to time designate or require.
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The Fund intends to make regular monthly distributions on its common stock to shareholders of record. In the event of a distribution, we anticipate a portion of such distributions, if made, to be paid from income primarily generated by interest income earned on our investment portfolio, and a portion of such distributions may also comprise a return of capital. No assurance can be given that we will be able to declare such distributions in future periods, and our ability to declare and pay distributions will be subject to a number of factors, including our results of operations. Information about historical distributions paid to common shareholders can be found on the website.
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The Fund has adopted an “opt in” distribution reinvestment plan (“DRIP”) pursuant to which shareholders may elect to have the full amount of their cash distributions reinvested in additional Shares. Shares will be issued pursuant to the DRIP at a price equal to a 5% discount to the net asset value. There is no sales load or other charge for distributions reinvestment. Participants in the Fund’s DRIP are free to elect or revoke reinstatement in the DRIP within a reasonable time as specified in the plan. If shareholders elect to participate in the DRIP, distributions on Shares are automatically reinvested in additional Shares by SS&C, or the “DRIP Agent.” Holders of our Shares who receive distributions in the form of additional Shares are nonetheless required to pay applicable federal, state or local taxes on the reinvested distribution and will not receive a corresponding cash distribution with which to pay any applicable tax.
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Dividends are generally taxable for U.S. shareholders as ordinary income or capital gains. The Fund will generally send shareholders a Form 1099-DIV as promptly as possible after the end of each calendar year. The Form 1099-DIV details the amounts includible in such U.S. shareholder’s taxable income for the year as ordinary income and/or as long-term capital gains.
FINANCIALS
PERFORMANCE
Fund Performance(1)
|
Period |
Total Return (No Sales Load) |
Total Return (Max. Sales Load) |
|
6 Months |
10.4% |
2.9% |
|
YTD |
12.3% |
4.8% |
|
1 Year |
12.3% |
4.8% |
|
Inception to Date |
17.2% |
9.3% |
1. Returns are not annualized and returns are as of December 31, 2023. Inception date is June 1, 2022. Returns shown reflect the percent change in NAV per share from the beginning of the applicable period, plus the amount of any distribution per share declared in the period. All returns shown assume reinvestment of distributions pursuant to the Fund’s distribution reinvestment plan, are derived from unaudited financial information and are net of all Fund expenses, including general and administrative expenses, transaction related expenses, management fees, and incentive fees. Past performance is not indicative of, or a guarantee of, future performance. Returns listed as “(max sales charge)” assume payment of the full upfront sales charge at initial subscription (6.75%). Return information is not a measure used under GAAP. The returns have been prepared using unaudited data and valuations of the underlying investments in the Fund’s portfolio, which are estimates of fair value and form the basis for the Fund’s NAV. Valuations based upon unaudited reports may not correspond to realized value and may not accurately reflect the price at which assets could be liquidated. Performance reflects certain expense limitation and fee waiver arrangements in effect during the periods shown. Absent these arrangements, the Fund’s performance would have been lower. Certain expenses paid by Eagle Point Credit Management or its affiliates on the Fund’s behalf are subject to reimbursement by the Fund for up to three years (which reimbursement would have the effect of reducing the Fund’s performance). Performance does not reflect the impact of federal, state or local taxation to which an investor may be subject.
DISTRIBUTIONS
|
Ex-Date |
Distributions per Share |
|
1/30/2024 |
$0.078 |
|
12/28/2023 |
$0.078 |
|
11/29/2023 |
$0.078 |
|
10/30/2023 |
$0.078 |
|
9/28/2023 |
$0.075 |
|
8/30/2023 |
$0.075 |
|
7/28/2023 |
$0.075 |
|
6/29/2023 |
$0.072 |
|
5/30/2023 |
$0.074 |
|
4/27/2023 |
$0.074 |
|
3/30/2023 |
$0.077 |
|
2/27/2023 |
$0.077 |
|
1/30/2023 |
$0.075 |
|
12/29/2022 |
$0.075 |
|
11/29/2022 |
$0.076 |
|
10/28/2022 |
$0.077 |
|
9/29/2022 |
$0.079 |
|
8/31/2022 |
$0.074 |
|
7/29/2022 |
$0.074 |
SHARE PRICES
|
Date |
NAV per Share |
Brokerage Offering Price |
Affiliated RIA Offering Price |
Institutional Offering Price |
|||
|
12/31/2023 |
$10.23 |
$10.97 |
$10.31 |
$10.23 | |||
|
11/30/2023 |
$9.96 |
$10.68 |
$10.04 |
$9.96 | |||
|
10/31/2023 |
$10.00 |
$10.73 |
$10.08 |
$10.00 | |||
|
9/30/2023 |
$10.21 |
$10.95 |
$10.29 |
$10.21 | |||
|
8/31/2023 |
$10.19 |
$10.93 |
$10.27 |
$10.19 | |||
|
7/31/2023 |
$9.97 |
$10.69 |
$10.05 |
$9.97 | |||
|
6/30/2023 |
$9.70 |
$10.40 |
$9.77 |
$9.70 | |||
|
5/31/2023 |
$9.47 |
$10.16 |
$9.54 |
$9.47 | |||
|
4/30/2023 |
$9.81 |
$10.44 |
$10.01 |
$9.81 | |||
|
3/31/2023 |
$9.81 |
$10.44 |
$10.01 |
$9.81 |
|||
|
2/28/2023 |
$10.18 |
$10.83 |
$10.39 |
$10.18 |
|||
|
1/31/2023 |
$10.22 |
$10.87 |
$10.43 |
$10.22 |
|||
|
12/31/2022 |
$9.97 |
$10.61 |
$10.17 |
$9.97 |
|||
|
11/30/2022 |
$9.99 |
$10.64 |
$10.19 |
$9.99 |
|||
|
10/31/2022 |
$10.02 |
$10.66 |
$10.22 |
$10.02 |
|||
9/30/2022 |
$10.17 |
$10.82 |
$10.38 |
$10.17 |
|||
8/31/2022 |
$10.48 |
$11.15 |
$10.69 |
$10.48 |
|||
|
7/31/2022 |
$9.73 |
$10.35 |
$9.93 |
$9.73 |
|||
|
6/30/2022 |
$9.78 |
$10.40 |
$9.98 |
$9.78 |
|||
|
6/1/2022 |
$10.00 |
$10.64 |
$10.20 |
$10.00 |
PORTFOLIO INVESTMENTS
Top 10 UNDERLYING EXPOSURES
As of December 31, 2023
|
Top 10 Obligors |
Sector |
% of Total |
|
Asurion |
Insurance |
0.7% |
|
AthenaHealth |
Healthcare Technology |
0.6% |
|
McAfee |
Technology: Software & Services |
0.6% |
|
Ineos |
Chemicals |
0.5% |
Ultimate Software Group |
Technology: Software & Services |
0.5% |
Medline Industries |
Healthcare Equipment & Supplies |
0.5% |
|
Virgin Media |
Diversified Telecommunication Services |
0.5% |
TransDigm |
Aerospace & Defense |
0.5% |
Culligan |
Machinery |
0.5% |
AzkoNobel |
Chemicals |
0.5% |
Total |
5.4% |
The information presented herein is on a look-through basis to the collateralized loan obligation, or “CLO”, equity held by the Fund as of December 31, 2023 (except as otherwise noted) and reflects the aggregate underlying exposure of the Fund based on the portfolios of those investments. The data is estimated and unaudited and is derived from CLO trustee reports received by the Fund relating to December 2023 and from custody statements and/or other information received from CLO collateral managers and other third party sources. Information relating to the market price of underlying collateral is as of month end; however, with respect to other information shown, depending on when such information was received, the data may reflect a lag in the information reported. As such, while this information was obtained from third party data sources, November 2023 trustee reports and similar reports, other than market price, it does not reflect actual underlying portfolio characteristics as of December 31, 2023 and this data may not be representative of current or future holdings. Industry categories are based on the S&P industry categorization of each obligor as reported in CLO trustee reports to the extent so reported. Certain CLO trustee reports do not report the industry category of all of the underlying obligors and where such information is not reported, it is not included in the summary look-through industry information shown. As such, the Fund’s exposure to a particular industry may be higher than that shown if industry categories were available for all underlying obligors. In addition, certain underlying obligors may be re‐classified from time to time based on developments in their respective businesses and/or market practices.
Eagle Point Institutional Income Fund & Subsidiaries
INVESTMENT PORTFOLIO DETAILS