N-CSRS 1 tm2524120d1_ncsrs.htm N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-23758

Eagle Point Institutional Income Fund

(Exact name of registrant as specified in charter)

600 Steamboat Road, Suite 202

Greenwich, CT 06830

(Address of principal executive offices) (Zip code)

Thomas P. Majewski

c/o Eagle Point Institutional Income Fund

600 Steamboat Road, Suite 202

Greenwich, CT 06830

(Name and address of agent for service)

Copies to

Thomas J. Friedmann

Philip Hinkle
Dechert LLP
One International Place, 40^th Floor

100 Oliver Street

Boston, MA 02110
(617) 728-7120

Registrant’s telephone number, including area code: (203) 340-8500

Date of fiscal year end: December 31

Date of reporting period: June 30, 2025

Item 1. Report to Stockholders

The Semiannual Report to shareholders of the registrant for the six months ending June 30, 2025, is filed herewith.

Eagle Point Institutional Income Fund
Semiannual Report — June 30, 2025

Table of Contents

	Letter to Shareholders and Management Discussion of Fund Performance					2
	Important Information about this Report and Eagle Point Institutional Income Fund					9
	Summary of Certain Unaudited Portfolio Characteristics					10
	Consolidated Financial Statements for the Six Months Ended June 30, 2025 (Unaudited)					12
	Distribution Reinvestment Plan					44
	Additional Information					45

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Letter to Shareholders and Management Discussion of Fund Performance

Dear Fellow Shareholders:

We are pleased to provide you with the enclosed report of Eagle Point Institutional Income Fund (“we,” “us,” “our” or the “Fund”) for the six months ended June 30, 2025.

The Fund is a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and is advised by Eagle Point Credit Management LLC (the “Adviser”). The Fund is organized as a Delaware statutory trust and offers its common shares of beneficial interest (“Shares”) to investors on a continuous basis at the Fund’s net asset value (“NAV”) per share plus any applicable sales load. The Fund’s primary investment objective is to generate high current income, with a secondary objective to generate capital gains. We seek to achieve these objectives by investing primarily in equity and junior debt tranches of collateralized loan obligations (“CLOs”). We may also invest in other securities or instruments that are related investments or that are consistent with our investment objectives.

Our Adviser has significant expertise in CLO investing, with 78 years of combined CLO industry experience across its senior investment team. As of July 31, 2025, the Adviser managed $13 billion1 on behalf of principally institutional clients. The Adviser formed the Fund in 2022 to provide retail investors with access to institutional credit investment strategies in a continuously offered, SEC-registered and non-traded format.

In the first half of 2025, the Fund delivered consistent income, while capitalizing on the dislocation to invest in attractive discounted CLO equity opportunities. Some highlights include:

▪

The Fund paid $0.498 per share in distributions during the first six months of 2025, resulting in an annualized distribution rate of 11.6%. June marked our 36th consecutive monthly distribution to shareholders.2

▪

For the first half of 2025 due to the Adviser’s structuring expertise, the Fund’s CLO portfolio generated steady and robust cash flows, annualizing to a 32.1%3 cash-on-cash return and provided the Fund with valuable dry powder to deploy into attractive new investments during the dip caused by the tariff uncertainty.

▪

As of June 30, 2025, the Fund’s total assets exceeded $213 million, inclusive of available borrowings under a revolving credit facility. The Fund’s growth has been supported by consistent net capital inflows through sales of the Fund’s shares and reinvestment of distributions, totaling $32 million for the first half of 2025.

▪

We completed a private placement of preferred stock (the “Series B Term Preferred Shares”), resulting in $29 million of net proceeds, which we believe provides attractive, long-term capital for the Fund and will lead to an increase in net investment income.

▪

During the first half of 2025, we deployed $58 million into new investments, including CLO equity with a weighted average effective yield (“WAEY”) of 17.6% at the time of purchase. We expect these discounted purchases to be highly accretive to the Fund’s earnings power over time.

Past performance is not indicative of, or a guarantee of, future performance.

Please see page 7 for endnotes.

The Fund’s investment portfolio as of June 30, 2025 consisted of 103 unique CLO investments. Importantly, essentially all of the Fund’s investments were also investments made by other institutional funds and accounts managed by the Adviser. To the extent that the Fund (along with other funds and accounts managed by the Adviser) owns a majority position in the CLO equity tranche, our Adviser has the ability to exercise certain majority rights over the vehicle (such as the ability to call the CLO after the non-call period, to refinance and/or reset CLO debt tranches after the non-call period and to influence potential amendments to the governing documents of the CLO) that may reduce the risk in these investments and/or enhance the Fund’s economics.

As the majority CLO equity owner of many of our CLO investments, Eagle Point capitalized on our ability to proactively reset and refinance CLO liabilities. In the first half of 2025, of the resets completed, each reset created a new 5-year reinvestment period for those CLOs and reduced the weighted average CLO debt financing cost by 42 bps in those CLOs. The refinancings resulted in weighted savings of 45 bps to the Fund across the refinanced CLOs. Looking ahead, we have a healthy pipeline of resets and refinancings that are slated for the second half of 2025 and expect our actions to unlock further upside within our CLO equity portfolio.

Our proactive portfolio management approach enables us to sustain a healthy weighted average remaining reinvestment period (“WARRP”) of the Fund’s CLO equity portfolio of 3.8 years as of June 30, 2025. We believe this extended WARRP, roughly 65% longer than the broader market average, offers protection from loan price volatility and enables our CLOs to capitalize on periods of market dislocation, as we observed in the first half of 2025.

We also want to highlight the Fund’s dividend reinvestment plan for common shareholders. This plan allows shareholders to elect to have their distributions reinvested into new shares at a 5% discount to NAV per share. We encourage all shareholders to carefully review the terms of the plan. See “Dividend Reinvestment Plan” in the enclosed report.

Market Overview4

Loan Market

For the first half of 2025, loan performance temporarily faced pressure, consistent with broader market volatility, but largely recovered by the end of June. Average leveraged loan prices finished the first half of 2025 at 96.48, a modest increase from 96.37 at the beginning of the year. The S&P UBS Leveraged Loan Index,5 which is a broad index followed by many tracking the corporate loan market, generated a non-annualized total return of 3.0% in the first half of 2025.

Gross loan issuance totaled over $441 billion for the first half of 2025, compared to $703 billion for the first half of 2024. However, net new loan issuance for the year has been more measured at just $102 billion due to substantial refinancings, repricings and repayments. Total institutional loans outstanding stood at $1.5 trillion as of June 30, 2025.

Credit quality remains relatively strong, with the trailing 12-month par-weighted default rate at 1.11% at the end of June, up modestly from 0.91% at year-end 2024, but well below the long-term

Past performance is not indicative of, or a guarantee of, future performance.

Please see page 7 for endnotes.

average of 2.57%.6 While many CLO investors focus on default rates, we believe the market does not give enough consideration to loan repayment rates and the reinvestment periods within CLOs, which allows CLOs to purchase loans at a discount in choppier markets.

Importantly, with over $118 billion of broadly syndicated loans repaying at par in the first half of 2025, the 12-month trailing loan repayment rate decreased to 20.9% as of June 30, 2025, down from 27.9% at the end of 2024. With 1.7% of the loan market set to mature prior to 2027, the “maturity wall” continues to be pushed out and we do not view loan maturities as a meaningful risk.

CLO Market

The CLO market saw $100 billion of new gross CLO issuance in the first half of 2025, but due to repayments at par of many CLO securities, net issuance remained much more measured at $48 billion.

CLO reset and refinancing activity remained robust, driven by strong CLO debt investor demand and attractive economics, which typically act as a tailwind to CLO equity valuations. The first half of 2025 saw $108 billion of resets and $49 billion of refinancings.

In the first half of 2025, there were $34 billion of CLO AAA paydowns, and research reports estimated another $17 billion of CLO AAA paydowns in July. We believe that absent unexpected volatility, tightening pressure on CLO AAA spreads will likely remain and encourage more CLO reset and refinancing activity. Our CLO equity portfolio’s weighted average CLO AAA financing cost is currently 142 bps over the Secured Overnight Financing Rate (“SOFR”), but CLO AAAs are currently pricing around 125 bps over SOFR in the primary market today, implying potential upside for our portfolio.

The underlying fundamentals of CLO portfolios remain strong. The median market-wide CCC-rated loan exposure for US CLOs was 6.5%, with average overcollateralization cushions of 3.5% on June 30, 2025. Our Fund’s portfolio compares favorably, with the CCC-rated loan exposure at 4.3% and the average overcollateralization cushion of 4.6%, as a result of our conservative and methodical approach to portfolio construction.

We believe the CLO equity market is poised for strong returns as we move through the back half of the year. Historically, CLO equity performance trails leveraged loans which in turn trails stock performance. As previously referenced, leveraged loan prices have now mostly recovered since peak volatility earlier this year; however, CLO equity has yet to fully benefit from this recovery. This suggests potential for further upside to CLO equity investors in our opinion.

Additionally, AAA CLO spreads have not fully retraced despite the recovery in underlying loans. Prior to early April, these spreads were as tight as 110 bps over SOFR; today they hover around 125 bps over SOFR. This dynamic is notable as it makes new issue arbitrage for newly created CLO equity less compelling, absent special circumstances. That said, we are actively maintaining a robust pipeline of loan accumulation facilities to remain prepared when opportunities for deployment into new issue CLOs arise.

Past performance is not indicative of, or a guarantee of, future performance.

Please see page 7 for endnotes.

We expect several factors will be working in favor of our CLO equity portfolio through year-end, including a catch-up in broader CLO equity valuations, the optionality realized from strategic resets and refinancings and the accretive impact of discounted loan purchases made in April and May now rallying. Against that, we are mindful of the potential for loan spread compression should markets remain strong.

Moving forward, we continue to maintain a robust pipeline of new issue, secondary opportunities, resets and refinancings. Provided CLO debt spreads remain stable or tighten further, we are well-positioned to actively pursue these opportunities throughout the remainder of the year. These developments, along with broader recovery across CLO equity, are poised to reduce CLO financing costs, ultimately boosting CLO equity cash flows and positively impacting our net investment income.

We remain excited about the investment opportunities within the CLO market and believe there is significant value within the equity portion of the capital structure. Our portfolio is well positioned for the remainder of 2025, and we are confident about continuing to deliver value to our shareholders.

Additional Information

In addition to the Fund’s regulatory requirement to file certain portfolio information with the SEC (as described further in the enclosed report), the Fund makes certain additional financial information available to investors via its website (www.EPIIF.com), press releases and other public disclosures.

About Our Adviser

Eagle Point Credit Management LLC is an investment manager focused on private credit strategies in inefficient markets, including Portfolio Debt Securities, Regulatory Capital Relief transactions, Strategic Credit investments and CLO securities. As of July 31, 2025, our Adviser and its affiliates had $13 billion of assets under management (inclusive of undrawn capital commitments).1

Subsequent Developments

Pursuant to the Fund’s continuous offering, the Fund issued shares for total net proceeds of $6 million during the month of July 2025.

For the month of July 2025, the Fund declared and paid a distribution in the amount of $0.083 per share, representing an 11.6% annualized distribution rate2 based on the Fund’s NAV per share of $8.55 as of June 30, 2025.

* * * *

Past performance is not indicative of, or a guarantee of, future performance.

Please see page 7 for endnotes.

Management remains keenly focused on continuing to create value for our shareholders. We appreciate the trust and confidence our fellow shareholders have placed in the Fund.

Thomas Majewski
Chairman and Chief Executive Officer

This letter is intended to assist shareholders in understanding the Fund’s performance during the six months ended June 30, 2025. The views and opinions in this letter were current as of July 31, 2025. Statements other than those of historical facts included herein may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors. The Fund undertakes no duty to update any forward-looking statement made herein. Information contained on our website is not incorporated by reference into this shareholder letter and you should not consider information contained on our website to be part of this shareholder letter or any other report we file with the Securities and Exchange Commission.

Past performance is not indicative of, or a guarantee of, future performance.

Please see page 7 for endnotes.

Notes

Assets under management include assets managed by Eagle Point and certain of its affiliates.

Annualized distribution rate reflects distributions paid during the period, annualized, and divided by the period end NAV. The annualized distribution rate is not a guarantee of future returns and future performance may vary. The timing and frequency of distribution payments is not guaranteed. Such variance may be material and adverse, including the potential for full loss of principal and no distributions. In considering returns, investors should bear in mind that historical performance is not a guarantee, projection or prediction and is not indicative of future results. Actual net returns in any given year may be lower than the historical returns. Investment return and principal value of any investment will fluctuate and may be worth more or less than the amount initially invested. Distribution payments are not guaranteed. Distributions may be comprised of any combination of 1) net investment income and/or 2) net capital gain, and, if the Fund distributes an amount in excess of net investment income and net capital gains, a portion of such distribution will constitute a return of capital. A distribution comprised in whole or in part by a return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” A return of capital distribution may reduce the amount of investable funds. The actual components of the Fund’s distributions for U.S. tax reporting purposes can only be finally determined as of the end of each fiscal year of the Fund and are thereafter reported to shareholders on Form 1099-DIV.

Cash-on-cash return represents the total amount of recurring distributions received from investments for the period over the Fund’s average beginning NAV for the period, annualized. “Cash distributions” refers to the quarterly recurring cash distributions received by the Fund from its CLO equity, CLO debt and other investments and distributions from loan accumulation facilities in excess of capital invested.

Market data and statistics summarized herein are sourced from Bloomberg, JP Morgan and Pitchbook LCD.

The S&P UBS Leveraged Loan Index, formerly the Credit Suisse Leveraged Loan Index, tracks the investable universe of the USD-denominated leveraged loan market. You cannot invest directly in an index.

“Par-weighted default rate” represents the rate of obligors who fail to remain current on their loans based on the par amount.

Past performance is not indicative of, or a guarantee of, future performance.

Page Intentionally Left Blank

Important Information about this Report and Eagle Point Institutional Income Fund

This report is transmitted to the shareholders of Eagle Point Institutional Income Fund (“we”, “us”, “our” or the “Fund”) and is furnished pursuant to certain regulatory requirements. This report and the information and views herein do not constitute investment advice, or a recommendation or an offer to enter into any transaction with the Fund or any of its affiliates. This report is provided for informational purposes only, does not constitute an offer to sell securities of the Fund and is not a prospectus. From time to time, the Fund may have a registration statement relating to one or more of its securities on file with the SEC. Any registration statement that has not yet been declared effective by the SEC, and any prospectus relating thereto, is not complete and may be changed. Any securities that are the subject of such a registration statement may not be sold until the registration statement filed with the SEC is effective.

The information and its contents are the property of Eagle Point Credit Management LLC (the “Adviser”) and/or the Fund. Any unauthorized dissemination, copying or use of this presentation is strictly prohibited and may be in violation of law. This presentation is being provided for informational purposes only.

Investors should read the Fund’s prospectus and SEC filings (which are publicly available on the EDGAR Database on the SEC website (www.sec.gov) carefully and consider their investment goals, time horizons and risk tolerance before investing in the Fund. Investors should consider the Fund’s investment objectives, risks, charges and expenses carefully before investing in securities of the Fund. There is no guarantee that any of the goals, targets or objectives described in this report will be achieved.

An investment in the Fund is not appropriate for all investors. The investment program of the Fund is speculative, entails substantial risk and includes investment techniques not employed by traditional mutual funds. An investment in the Fund is not intended to be a complete investment program. Past performance is not indicative of, or a guarantee of, future performance. The performance and certain other portfolio information quoted herein represents information as of June 30, 2025. Nothing herein should be relied upon as a representation as to the future performance or portfolio holdings of the Fund. Investment return and principal value of an investment will fluctuate, and shares, when sold, may be worth more or less than their original cost. The Fund’s performance is subject to change since the end of the period noted in this report and may be lower or higher than the performance data shown herein.

Liquidity will be provided by the Fund only through limited repurchase offers described below (if at all). An investment in the Fund is suitable only for investors who can bear the risks associated with the limited liquidity of the Shares and should be viewed as a long-term investment. The Fund’s Shares will not be publicly traded and an investor should not expect to be able to sell Shares regardless of how the Fund performs.

Neither the Adviser nor the Fund provide legal, accounting or tax advice. Any statement regarding such matters is explanatory and may not be relied upon as definitive advice. Investors should consult with their legal, accounting and tax advisors regarding any potential investment. The information presented herein is as of the dates noted herein and is derived from financial and other information of the Fund, and, in certain cases, from third-party sources and reports (including reports of third-party custodians, collateralized loan obligation (“CLO”) managers and trustees) that have not been independently verified by the Fund. As noted herein, certain of this information is estimated and unaudited, and therefore subject to change. We do not represent that such information is accurate or complete, and it should not be relied upon as such.

Forward-Looking Statements

This report may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this report may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the Fund’s filings with the SEC. The Fund undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this report.

Summary of Certain Unaudited Portfolio Characteristics

The summary of portfolio characteristics reflected below is as of June 30, 2025. The information presented below is on a look – through basis to the CLO equity held by the Fund as of June 30, 2025 (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 June 2025 and from custody statements and/or other information received from CLO collateral managers, or other third-party sources.

Summary of Portfolio Investments(1)


Number of CLO Securities		103
Number of Collateral Managers		27
Fair Value of CLO Equity Securities	$	163M
Fair Value of Loan Accumulation Facility Securities	$	8M
Fair Value of CLO Debt Securities	$	12M

	Summary of Underlying Portfolio Characteristics(2)
	Number of Unique Underlying Loan Obligors			1,369
	Largest Exposure to an Individual Obligor			0.56%
	Average Individual Loan Obligor Exposure			0.07%
	Top 10 Loan Obligors Exposure			4.91%
	Aggregate Indirect Exposure to Senior Secured Loans(3)			97.15%
	Weighted Average Market Value of Loan Collateral			97.62%
	Weighted Average Stated Loan Spread			3.28%
	Weighted Average Loan Maturity			4.7 years
	Weighted Average Remaining CLO Equity Reinvestment Period			3.8 years

Please see footnote disclosure on Page 11.

Notes

(1)

The summary of portfolio investments shown is based on the estimated fair value of the underlying positions as of June 30, 2025.

(2)

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, June 2025 trustee reports and similar reports, other than market price, it does not reflect actual underlying portfolio characteristics as of June 30, 2025 and this data may not be representative of current or future holdings. The weighted average remaining reinvestment period information is based on the fair value of CLO equity investments held by the Fund as of June 30, 2025.

(3)

We obtain exposure in underlying senior secured loans indirectly through CLOs and related investments.

Consolidated Financial Statements for the Six Months Ended
June 30, 2025 (Unaudited)

	Consolidated Statement of Assets and Liabilities					13
	Consolidated Schedule of Investments					14
	Consolidated Statement of Operations					17
	Consolidated Statements of Changes in Net Assets					18
	Consolidated Statement of Cash Flows					19
	Notes to Consolidated Financial Statements					20
	Consolidated Financial Highlights					41

Eagle Point Institutional Income Fund & Subsidiaries
Consolidated Statement of Assets and Liabilities
As of June 30, 2025
(expressed in U.S. dollars)
(Unaudited)

ASSETS
Investments, at fair value (cost $198,819,409)	$	183,492,867
Interest receivable		4,958,357
Deferred offering costs attributed to common shares		288,019
Prepaid expenses		84,645
Other assets		5,303
Total Assets		188,829,191
LIABILITIES
8.125% Series A Term Preferred Shares due 2029, less unamortized deferred issuance costs of $1,175,451 (1,400,000 shares outstanding (Note 9))		33,824,549
8.00% Series B Term Preferred Shares due 2030, less unamortized deferred issuance costs of $819,467 (300,000 shares outstanding (Note 9))		29,180,533
Due to custodian		1,591,112
Management fee payable		770,601
Incentive fee payable		563,210
Professional fees payable		324,601
Interest payable		156,181
Administration fees payable		92,600
Transfer agent fees payable		70,256
Trustees’ fees payable		53,250
Other expenses payable		26,342
Total Liabilities		66,653,234
COMMITMENTS AND CONTINGENCIES (Note 6)
NET ASSETS applicable to common shares, unlimited shares authorized, 14,295,539 shares issued and outstanding	$	122,175,957
NET ASSETS consist of:
Paid in Capital	$	136,592,240
Aggregate distributable earnings (losses)		(14,416,283)
Total Net Assets	$	122,175,957
Common shares issued and outstanding		14,295,539
Net asset value per common share	$	8.55

See accompanying notes to the consolidated financial statements

Eagle Point Institutional Income Fund & Subsidiaries
Consolidated Schedule of Investments
As of June 30, 2025
(expressed in U.S. dollars)
(Unaudited)

Issuer(1)	Investment(2)	Acquisition Date(3)	Principal Amount			Cost			Fair Value(4)			% of Net Assets
Investments at Fair Value(5)(11)
Collateralized Loan Obligation Debt(6)
Structured Finance
United States
Bain Capital Credit CLO 2021-5, Limited	Secured Note – Class E, 11.04% (3M SOFR + 6.76%, due 10/23/2034)	10/28/24		$	3,000,000		$	2,914,260		$	2,896,800		2.37%
Neuberger Berman Loan Advisers CLO 43, Ltd.	Secured Note – Class E-R, 8.88% (3M SOFR + 4.60%, due 07/17/2036)	06/26/25			3,000,000			2,950,109			2,953,200		2.42%
Dryden 92 CLO, Ltd.	Secured Note – Class E, 11.08% (3M SOFR + 6.76%, due 11/20/2034)	10/29/24			3,000,000			2,948,004			2,951,400		2.42%
KKR CLO 17 Ltd.	Secured Note – Class E-R, 11.91% (3M SOFR + 7.65%, due 04/15/2034)	10/25/24			3,000,000			2,990,641			2,883,000		2.36%
Tralee CLO VII, Ltd.	Secured Note – Class E, 11.93% (3M SOFR + 7.65%, due 04/25/2034)	06/02/22			550,000			497,872			549,945		0.45%
Total Collateralized Loan Obligation Debt								12,300,886			12,234,345		10.02%
Collateralized Loan Obligation Equity(7)(8)
Structured Finance
United States
AMMC CLO 28, Limited	Subordinated Note (effective yield 16.23%, maturity 07/20/2037)	01/28/25			2,400,000			1,864,708			1,822,052		1.49%
AMMC CLO 30, Limited	Subordinated Note (effective yield 14.69%, maturity 01/15/2037)	11/01/24			4,725,000			3,590,183			3,249,441		2.66%
Ares LXII CLO Ltd.	Subordinated Note (effective yield 12.95%, maturity 01/25/2034)	01/18/24			4,750,000			2,940,349			2,308,565		1.89%
Ares LXIV CLO Ltd.	Subordinated Note (effective yield 14.16%, maturity 04/15/2035)	01/26/23			1,064,500			647,544			597,251		0.49%
Ares LXV CLO Ltd.	Subordinated Note (effective yield 14.35%, maturity 07/25/2034)	04/16/24			1,050,000			678,764			592,098		0.48%
Ares LXIX CLO Ltd.	Income Note (effective yield 16.61%, maturity 04/15/2037)(9)	01/31/24			4,850,000			3,079,125			2,878,298		2.36%
Ares LXXII CLO Ltd.	Income Note (effective yield 16.51%, maturity 07/15/2036)(9)	06/21/24			4,050,000			2,775,197			2,756,075		2.26%
Ares LXXVI CLO Ltd.	Income Note (effective yield 16.66%, maturity 05/27/2038)(9)	04/14/25			2,825,000			2,023,063			2,038,944		1.67%
Ares Loan Funding IV, Ltd.	Subordinated Note (effective yield 9.66%, maturity 10/15/2036)	04/23/24			4,925,000			3,374,652			2,839,489		2.32%
Bain Capital Credit CLO 2021-2, Limited	Subordinated Note (effective yield 8.88%, maturity 07/16/2034)	08/09/23			4,250,000			2,008,283			1,579,356		1.29%
Bain Capital Credit CLO 2021-7, Limited	Subordinated Note (effective yield 11.68%, maturity 01/22/2035)	09/05/23			3,450,000			1,886,455			1,540,602		1.26%
Bardot CLO, Ltd.	Subordinated Note (effective yield 12.42%, maturity 10/22/2032)(9)	11/22/22			275,000			135,944			84,133		0.07%
Barings CLO Ltd. 2021-II	Subordinated Note (effective yield 9.05%, maturity 07/15/2034)	09/07/22			600,000			364,251			281,281		0.23%
Barings CLO Ltd. 2022-II	Income Note (effective yield 32.59%, maturity 07/15/2072)(9)	06/21/22			1,000,000			341,113			495,863		0.41%
Barings CLO Ltd. 2022-IV	Subordinated Note (effective yield 12.33%, maturity 10/20/2037)	10/29/24			3,500,000			3,010,175			2,650,471		2.17%
Barings CLO Ltd. 2024-II	Income Note (effective yield 18.27%, maturity 07/15/2039)(9)	05/31/24			4,300,000			2,723,138			2,927,278		2.40%
Battalion CLO XXIII Ltd.	Income Note (effective yield 12.71%, maturity 07/15/2036)(9)	05/19/22			1,225,000			565,711			443,876		0.36%
Bear Mountain Park CLO, Ltd.	Income Note (effective yield 25.41%, maturity 07/15/2035)(9)	07/13/22			550,000			428,801			552,851		0.45%
Belmont Park CLO, Ltd.	Income Note (effective yield 13.02%, maturity 04/15/2037)(9)	02/21/24			3,450,000			2,241,316			2,015,829		1.65%
BlueMountain CLO XXIV Ltd.	Subordinated Note (effective yield 9.69%, maturity 04/20/2034)	05/31/22			750,000			422,488			262,219		0.21%
Carlyle US CLO 2017-2, Ltd.	Subordinated Note (effective yield 14.22%, maturity 07/20/2037)	10/09/24			13,300,000			2,711,913			2,206,816		1.81%
Carlyle US CLO 2021-6 Ltd.	Subordinated Note (effective yield 20.76%, maturity 07/15/2034)	09/06/24			5,000,000			2,164,616			2,462,151		2.02%
Carlyle US CLO 2021-10, Ltd.	Subordinated Note (effective yield 15.11%, maturity 10/20/2034)	08/16/23			4,307,000			2,102,510			1,975,224		1.62%
Carlyle US CLO 2022-2, Ltd.	Subordinated Note (effective yield 11.57%, maturity 04/20/2035)	08/15/23			3,482,000			2,272,248			1,921,300		1.57%
Carlyle US CLO 2022-4, Ltd.	Subordinated Note (effective yield 13.81%, maturity 07/25/2036)	10/29/24			3,425,000			3,231,288			2,970,824		2.43%
Carlyle US CLO 2022-5, Ltd.	Subordinated Note (effective yield 17.87%, maturity 10/15/2037)	05/02/25			1,575,000			978,469			1,014,057		0.83%
Carlyle US CLO 2023-3, Ltd.	Income Note (effective yield 3.81%, maturity 10/15/2036)(9)	07/06/23			1,000,000			696,965			622,581		0.51%
CBAM 2019-9, Ltd.	Subordinated Note (effective yield 12.28%, maturity 07/15/2037)	11/01/24			8,550,000			2,985,536			3,121,166		2.55%
CIFC Funding 2017-I, Ltd.	Subordinated Note (effective yield 11.61%, maturity 04/21/2037)	10/09/24			5,000,000			2,118,654			1,804,250		1.48%
CIFC Funding 2017-III, Ltd.	Subordinated Note (effective yield 12.07%, maturity 07/20/2030)	10/09/24			5,800,000			2,101,573			1,744,374		1.43%
CIFC Funding 2017-V, Ltd.	Subordinated Note (effective yield 11.95%, maturity 07/17/2037)	10/30/24			1,000,000			462,448			399,151		0.33%
CIFC Funding 2019-II Ltd.	Subordinated Note (effective yield 12.46%, maturity 04/17/2030)	09/10/24			4,510,000			2,953,734			2,678,987		2.19%
CIFC Funding 2019-V, Ltd.	Subordinated Note (effective yield 11.20%, maturity 01/15/2035)	02/07/23			800,000			528,324			460,035		0.38%
CIFC Funding 2019-VI Ltd.	Subordinated Note (effective yield 11.34%, maturity 01/16/2033)	09/10/24			3,700,000			2,783,237			2,416,042		1.98%
CIFC Funding 2020-II, Ltd.	Income Note (effective yield 12.85%, maturity 10/20/2034)	11/05/24			200,000			131,418			109,193		0.09%
CIFC Funding 2020-II, Ltd.	Subordinated Note (effective yield 12.85%, maturity 10/20/2034)	12/14/22			650,000			408,431			353,783		0.29%
CIFC Funding 2021-V, Ltd.	Subordinated Note (effective yield 15.34%, maturity 01/15/2038)	05/08/25			5,043,215			3,183,782			3,215,233		2.63%
CIFC Funding 2022-IV, Ltd.	Subordinated Note (effective yield 11.70%, maturity 07/16/2035)	10/23/23			2,400,000			1,787,930			1,590,352		1.30%
CIFC Funding 2022-VI, Ltd.	Income Note (effective yield 19.65%, maturity 07/16/2035)(9)	08/01/22			600,000			426,289			501,889		0.41%
CIFC Funding 2023-I, Ltd.	Income Note (effective yield 11.59%, maturity 10/15/2037)(9)	09/14/23			4,350,000			3,182,453			3,416,152		2.80%
CIFC Funding 2025-II Ltd.	Income Note (effective yield 16.48%, maturity 04/15/2038)(9)	02/07/25			5,000,000			4,091,065			4,470,699		3.66%
Clover CLO 2019-1 Ltd.	Subordinated Note (effective yield 17.18%, maturity 04/18/2035)	02/15/24			3,306,800			2,266,271			2,174,610		1.78%
Clover CLO 2021-2, Ltd.	Subordinated Note (effective yield 17.69%, maturity 07/20/2034)	08/09/23			2,150,000			1,333,979			1,424,399		1.17%
Croton Park CLO, Ltd.	Subordinated Note (effective yield 14.36%, maturity 10/15/2036)	06/25/25			5,000,000			4,056,250			4,048,790		3.31%
Danby Park CLO, Ltd.	Subordinated Note (effective yield 10.04%, maturity 10/21/2035)	10/31/24			2,950,000			2,986,875			2,421,802		1.98%
Dryden 78 CLO Ltd.	Subordinated Note (effective yield 10.60%, maturity 04/17/2033)	07/31/24			5,950,000			2,847,784			2,379,948		1.95%
Dryden 94 CLO, Ltd.	Income Note (effective yield 5.82%, maturity 07/15/2037)(9)	04/28/22			4,775,000			2,743,216			1,865,535		1.53%
Dryden 109 CLO, Ltd.	Subordinated Note (effective yield 17.56%, maturity 04/20/2035)(9)	02/15/23			4,625,000			2,309,928			2,389,073		1.96%
Eaton Vance CLO 2020-1, Ltd.	Subordinated Note (effective yield 15.47%, maturity 10/15/2034)(9)	08/08/23			2,435,000			1,431,191			1,344,763		1.10%

See accompanying notes to the consolidated financial statements

Eagle Point Institutional Income Fund & Subsidiaries
Consolidated Schedule of Investments
As of June 30, 2025
(expressed in U.S. dollars)
(Unaudited)

Issuer(1)	Investment(2)	Acquisition Date(3)	Principal Amount			Cost			Fair Value(4)			% of Net Assets
Collateralized Loan Obligation Equity(7)(8) (continued)
Structured Finance (continued)
United States (continued)
Eaton Vance CLO 2020-2, Ltd.	Subordinated Note (effective yield 14.87%, maturity 01/15/2035)(9)	09/16/22		$	800,000		$	487,663		$	440,526		0.36%
Elmwood CLO 14 Ltd.	Subordinated Note (effective yield 4.58%, maturity 04/20/2035)	06/06/23			1,000,000			637,980			494,334		0.40%
Elmwood CLO 21 Ltd.	Subordinated Note (effective yield 3.20%, maturity 10/20/2036)	10/26/23			2,900,000			1,733,873			1,410,204		1.15%
Generate CLO 3 Ltd.	Subordinated Note (effective yield 3.11%, maturity 10/20/2036)	04/23/24			5,874,000			3,222,223			2,212,602		1.81%
Generate CLO 4 Ltd.	Subordinated Note (effective yield 10.20%, maturity 04/20/2032)	09/24/24			1,125,000			829,958			636,453		0.52%
Generate CLO 9 Ltd.	Subordinated Note (effective yield 13.84%, maturity 10/20/2034)	05/31/22			600,000			419,252			369,663		0.30%
Invesco CLO 2022-2, Ltd.	Subordinated Note (effective yield 11.60%, maturity 07/20/2035)	08/14/24			1,550,000			872,786			741,406		0.61%
Invesco CLO 2022-2, Ltd.	Class Y Note (effective yield 11.60%, maturity 07/20/2035)	08/14/24			120,000			21,739			23,017		0.02%
Invesco CLO 2022-3, Ltd.	Subordinated Note (effective yield 12.28%, maturity 10/22/2037)	10/29/24			3,850,000			2,910,295			2,254,443		1.85%
Invesco CLO 2022-3, Ltd.	Class Y Note (effective yield 12.28%, maturity 10/22/2037)	10/29/24			385,000			–			167,292		0.14%
Kings Park CLO, Ltd.	Subordinated Note (effective yield 15.83%, maturity 01/21/2035)	04/27/23			925,000			493,312			411,225		0.34%
Lake George Park CLO, Ltd.	Income Note (effective yield 19.39%, maturity 04/15/2038)(9)	02/18/25			4,750,000			3,891,941			4,335,067		3.55%
Madison Park Funding XX, Ltd.	Subordinated Note (effective yield 14.69%, maturity 07/27/2030)	02/06/25			4,050,000			1,026,094			949,675		0.78%
Madison Park Funding XXVIII, Ltd.	Subordinated Note (effective yield 19.94%, maturity 07/15/2030)	05/13/25			7,600,000			3,002,000			3,195,383		2.62%
Madison Park Funding XXXIV, Ltd.	Subordinated Note (effective yield 16.96%, maturity 04/25/2048)	09/27/22			1,162,000			595,397			584,528		0.48%
Madison Park Funding LII, Ltd.	Subordinated Note (effective yield 6.11%, maturity 01/22/2035)	03/13/24			4,200,000			2,602,549			1,776,218		1.45%
Madison Park Funding LXII, Ltd.	Subordinated Note (effective yield 7.40%, maturity 07/17/2036)	07/27/23			1,300,000			905,840			688,614		0.56%
Madison Park Funding LXIX, Ltd.	Subordinated Note (effective yield 15.02%, maturity 07/25/2037)	05/22/25			1,100,000			859,375			856,057		0.70%
Meacham Park CLO, Ltd.	Subordinated Note (effective yield 12.92%, maturity 10/20/2037)	01/24/25			4,150,000			3,136,449			2,931,029		2.40%
Morgan Stanley Eaton Vance CLO 2023-20, Ltd.	Subordinated Note (effective yield 9.82%, maturity 01/20/2037)	05/08/24			3,780,000			2,764,512			2,367,634		1.94%
OCP CLO 2019-17, Ltd.	Preferred Share (effective yield 10.62%, maturity 07/20/2037)	09/03/24			4,940,000			2,896,288			2,461,174		2.01%
OCP CLO 2020-20, Ltd.	Subordinated Note (effective yield 8.99%, maturity 04/18/2037)	04/25/24			2,000,000			1,484,591			1,173,871		0.96%
OCP CLO 2021-22, Ltd.	Subordinated Note (effective yield 11.31%, maturity 12/02/2034)	05/08/24			3,425,000			2,330,372			1,921,893		1.57%
OCP CLO 2022-24, Ltd.	Subordinated Note (effective yield 10.22%, maturity 10/20/2037)	10/29/24			4,000,000			2,900,329			2,463,787		2.02%
OCP CLO 2023-30, Ltd.	Subordinated Note (effective yield 6.37%, maturity 01/24/2037)	05/10/24			4,425,000			3,381,037			2,969,939		2.43%
OCP CLO 2024-36, Ltd.	Subordinated Note (effective yield 14.42%, maturity 10/16/2037)	05/15/25			3,750,000

SEC Form N-CSRS filed by Eagle Point Institutional Income Fund