Eagle Point Institutional Income Fund, a newly launched non-traded closed-end fund, reported financial results for its initial period of operations, from June 1, 2022, to Dec. 31, 2022.
The fund’s net asset value per share as of Dec. 31, 2022, was $9.97, compared to $10.00 per share on June 1, 2022. The fund also paid $0.455 per share of total distributions to shareholders in 2022.
The fund says it subsequently paid $0.152 per share of additional distributions to shareholders in 2023 (January and February 2023 distribution payments), representing an 8.5% annualized distribution rate. The February distribution represents the company’s eighth consecutive monthly distribution since commencing operations. Their net asset value per share as of Jan. 31, 2023, was $10.22.
“We are pleased with the results of Eagle Point Institutional Income Fund in 2022,” Thomas Majewski, chief executive officer, said. “During a particularly volatile and challenging macroeconomic environment, we have been able to preserve capital and pay an attractive distribution to investors. Notably, our net investment income coverage of distributions declared and paid in 2022 was 111%. We believe the fund is well positioned to continue achieving our investment objectives.”
The fund currently offers its shares on a continuous basis in monthly closings.
Eagle Point is a specialist asset manager focused on income-oriented credit investments including CLO securities, senior secured loans and portfolio debt securities. Eagle Point and its affiliates managed a total of 74 funds and separate accounts with a total of approximately $7.5 billion of assets under management, including capital commitments that were undrawn. Eagle Point was formed in 2012 by Thomas Majewski and Stone Point Capital.
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