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Eagle Point Institutional Income Fund to Sell Term Preferred Shares

The Eagle Point Institutional Income Fund–a non traded closed end fund (CEF) has announced they are selling 1 million shares of a new term preferred stock.

This is another collateralized loan obligation company under the Eagle Point umbrella.

Their announcement can be read here. Shares will trade on the NYSE.

The original preliminary prospectus from late last week can be read here.

5 thoughts on “Eagle Point Institutional Income Fund to Sell Term Preferred Shares”

  1. I asked in one of the other threads if anyone knew the CLO debt/equity breakdown for Eagle Point Institutional. I wasn’t able to find it on the glossy part of their website (https://www.epiif.com/), but it’s in their semi-annual report (https://www.sec.gov/Archives/edgar/data/1896036/000199937124010903/epiif-ncsrs_063024.htm).

    As of June 24, they had 97% CLO equity and only 3% CLO debt. This makes their holdings much closer to the higher risk ECC than the lower risk EIC. But as Tim pointed out in his comment, this new issue looks to be the only debt they have, so they likely have better coverage than ECC with regard to the preferred.

    1. Gary–today it would be safer as they have no current leverage–looking at their portfolio it is about the same.

      1. i see EIC and ECC but no institutional fund trading the common ; will this be an “orphan”?

        1. ted–this will trade on the NYSE. Similar to Priority Income Fund which has no common shares trading on an exchange. Sellers are offered the chance to sell each month.

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