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Greenwich, CT, March 5, 2024–(BUSINESS WIRE)–Eagle Point Credit Management LLC (“Eagle Point” or the “Adviser”) is a professional credit asset management company with over $9.1 billion in assets under management.1 announces that Eagle Point Institutional Income Fund (the “Fund”), a non-traded closed-end fund registered under the Investment Company Act of 1940, has reported its financial results for the year ended December 31, 2023. Announced. Total distributions to stockholders were $0.908 per share, and net investment income was $1.40 per share, significantly exceeding the distributions paid during the period. The Fund’s net asset value (“NAV”) per share as of December 31, 2023 was $10.23 and its NAV per share as of December 31, 2022 was $9.97. The fund generated a net return of 12.3% for the year.2
In view of the Fund’s continued strong performance and future outlook, the Fund has declared an increase in the Fund’s annualized distribution rate from 8.5% to 9.0% from April 2024. This amounts to a 5.9% increase in annual distributions.3 The distribution paid on January 31, 2024 was the 19th consecutive monthly distribution since the fund’s inception. Finally, the Fund reported a NAV per share of $10.37 as of January 31, 2024. This represents an increase of 1.4% compared to NAV per share as of December 31, 2023.
“Eagle Point Institutional Income Fund delivered consistent distributions to shareholders throughout 2023 while preserving principal value,” said Thomas Majewski, chairman and CEO of the fund. “By co-investing with other CLO-focused funds and accounts managed by Eagle Point, the Fund benefits from the scale and institutional nature of the Advisor’s broad investment platform.”
Eagle Point Institutional Income Fund seeks to provide investors with an attractive source of income by investing primarily in a diversified pool of senior collateralized loans known as collateralized loan obligations (“CLOs”). As of December 31, 2023, the Fund’s portfolio of 40 CLO equity investments provides exposure to 1,283 different U.S. companies across 63 different industries.Four
The Fund currently offers shares continuously through monthly closings. For additional information regarding the Fund’s financial results for the year ended December 31, 2023, please refer to the Fund’s Annual Report available at www.EPIIF.com.
About Eagle Point Credit Management LLC
Eagle Point is a specialty investment manager focused on overlooked and underserved credit markets, including equity and junior debt tranches of CLOs, regulatory capital relief transactions, and portfolio debt securities.Five Strategic credit investment. As of December 31, 2023, Eagle Point’s assets under management exceed his $9.1 billion1 and 71 experts. Eagle Point is headquartered in Greenwich, Connecticut.
Forward-looking statements
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical fact contained in this press release may constitute forward-looking statements and are not guarantees of future performance or performance. Results involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of many factors, including those described in the Fund’s filings with the Securities and Exchange Commission (the “SEC”). The Fund undertakes no obligation to update any forward-looking statements made herein. All forward-looking statements speak only as of the date of this press release.
Securities disclosure
This press release is provided for informational purposes only, does not constitute an offer to sell any securities of the Fund, and is not a prospectus. Any such offering will be made only by means of the Fund’s prospectus, which contains details regarding the Fund’s offering and other important information. Securities offered through Eagle Point Securities LLC, member FINRA and SIPC and affiliates of Eagle Point. Investing in the Fund involves the risk of loss of some or all of the principal invested. Please consult a tax professional before investing. This is not an offer to sell or a solicitation of an offer to buy any security. For additional information about the Fund, please refer to the prospectus available at www.EPIIF.com. You should read the prospectus carefully before investing.
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1 Includes committed but undrawn capital and assets managed by Eagle Point Credit Management LLC and certain of its affiliates as of December 31, 2023.
2 Total return is for the year ended December 31, 2023 and reflects the percentage change in NAV per share from the beginning of the period and the amount of distributions per share declared during the period. Return calculations assume reinvestment of distributions in accordance with the Fund’s distribution reinvestment plan and are subject to general and administrative expenses, transaction-related expenses, amortization of offering expenses, management and incentive fees, and any applicable expense limits and This is the amount less all expenses of the fund, including fee waivers. During the performance period (if any). The Fund charges an upfront sales load of up to 6.75%. Total returns do not reflect the fund’s presale load. Had that been reflected, the fund’s total return would have been even lower. Past performance is not an indication or guarantee of future performance. Returns information is not a measure used under GAAP. Valuations based on unaudited reports may not correspond to realized values and may not accurately reflect the price at which assets are liquidated. Performance reflects certain expense limitations and fee waiver agreements in effect during the periods shown. Without these arrangements, the Fund’s performance would have been even lower. Certain expenses paid by Eagle Point Credit Management or its affiliates on behalf of the Fund are subject to redemption by the Fund for up to three years (redemption may reduce the Fund’s performance). Performance does not reflect the impact of any federal, state, or local taxes that may be incurred by investors.
3 The annualized distribution rate is the annualized distribution paid in January 2024, equal to the assumed maximum of 6.75% of the public offering price per share on December 31, 2023 (i.e., the Fund’s NAV per share as of that date). (plus sales load). Annualized distribution rates are not a guarantee of future returns and future performance may vary. The timing and frequency of distribution payments cannot be guaranteed. Such differences could be material and adverse, including the possibility of a complete loss of principal and no distributions. When considering returns, investors should keep in mind that past performance is not a guarantee, prediction, prediction, or indication of future results. Actual net income in a particular year may be lower than historical income. Investment return and principal value of an investment will fluctuate so it may be worth more or less than the amount originally invested. Payment of distributions is not guaranteed. Distributions may consist of any combination of 1) net investment income and/or 2) net capital gains. If the Fund distributes an amount in excess of its net investment income and net capital gains, a portion of the distribution will constitute income. of capital. Distributions, consisting in whole or in part of a return of capital, do not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” Returns of capital distributions may reduce the amount of funds available for investment. The actual components of the Fund’s distributions for U.S. tax reporting purposes are final determined only at the end of each Fund’s fiscal year and thereafter reported to shareholders on Form 1099-DIV.
Four The information contained herein is on a look-through basis (unless otherwise specified) with respect to Collateralized Loan Obligations (“CLO”) shares held by the Fund as of December 31, 2023, and is based on the Fund’s interest in: reflects the aggregate underlying exposure of A portfolio of those investments. This data is estimated and unaudited and includes CLO fiduciary reports received by the Fund for December 2023, as well as custodial reports and/or other information received from CLO collateral managers and other third-party sources. It is obtained from. Information regarding the market value of the underlying collateral is current as of the end of the month. However, with respect to other information displayed, the data may reflect delays in reported information, depending on when such information is received. Therefore, while this information has been obtained from third party data sources other than market prices, the December 2023 Trustee Report and similar reports, the actual underlying portfolio characteristics as of December 31, 2023 and this data may not be representative of current conditions. or future holdings. The industry classification is based on each debtor’s S&P industry classification to the extent reported in the CLO Trustee Report. The particular CLO trustee report does not report all obligor industry categories, and if such information is not reported, it is not included in the summary look-through industry information displayed. not. Therefore, a Fund’s exposure to a particular industry may be higher than the exposure that would be shown if industry categories were available for all underlying obligors. In addition, certain underlying obligors may be reclassified from time to time based on developments in their respective businesses and market practices.
Five Eagle Point defines “portfolio debt securities” primarily as debt and preferred equity securities or instruments (including common stock and (including convertible debt and preferred stock). Funds, REITs, and sponsors of such vehicles finance portions of the underlying investment portfolio.
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contact address
Public relations activities for investors:
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