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GREENWICH, Conn., March 05, 2024–(BUSINESS WIRE)–Eagle Level Credit score Administration LLC (“Eagle Level” or the “Adviser”), a specialist credit score asset supervisor with over $9.1 billion of property below administration,1 introduced that Eagle Level Institutional Earnings Fund (the “Fund”), a non-traded closed-end fund registered below the Funding Firm Act of 1940, reported monetary outcomes for the yr ended December 31, 2023. Through the yr, the Fund paid whole distributions of $0.908 per share to shareholders and generated web funding revenue of $1.40 per share, effectively in extra of distributions paid throughout the interval. The Fund’s web asset worth (“NAV”) per share as of December 31, 2023 was $10.23, in comparison with NAV per share of $9.97 as of December 31, 2022. The Fund generated a complete web return of 12.3% for the yr.2
Given the Fund’s continued constructive efficiency and outlook going ahead, the Fund declared a rise to the Fund’s annualized distribution price from 8.5% to 9.0% starting April 2024, representing a 5.9% enhance in annual distributions.3 The distribution paid on January 31, 2024 represented the Fund’s nineteenth consecutive month-to-month distribution since commencing operations. Lastly, the Fund reported its NAV per share as of January 31, 2024 of $10.37, representing a rise of 1.4% in comparison with the NAV per share as of December 31, 2023.
Thomas Majewski, the Fund’s Chairman and Chief Government Officer, mentioned, “All through 2023, Eagle Level Institutional Earnings Fund delivered constant distributions to its shareholders whereas preserving principal worth. By co-investing alongside different CLO-focused funds and accounts managed by Eagle Level, the Fund advantages from the size and institutional nature of our Adviser’s broader funding platform.”
Eagle Level Institutional Earnings Fund seeks to offer buyers with a lovely revenue stream by investing primarily in diversified swimming pools of senior secured loans known as collateralized mortgage obligations (“CLOs”). As of December 31, 2023, the Fund’s portfolio of 40 CLO fairness investments offered publicity to 1,283 totally different U.S. corporations throughout 63 totally different industries.4
The Fund at present provides its shares on a steady foundation through month-to-month closings. Please check with the Fund’s annual report accessible at www.EPIIF.com for added info on the Fund’s monetary outcomes for the yr ended December 31, 2023.
About Eagle Level Credit score Administration LLC
Eagle Level is a specialist funding supervisor centered on missed and underserved credit score markets, together with fairness and junior debt tranches of CLOs, regulatory capital reduction transactions, Portfolio Debt Securities5 and Strategic Credit score investments. As of December 31, 2023, Eagle Level has over $9.1 billion in property below administration1 and 71 professionals. Eagle Level is headquartered in Greenwich, Connecticut.
Ahead-Trying Statements
This press launch could comprise “forward-looking statements” inside the that means of the Personal Securities Litigation Reform Act of 1995. Statements aside from statements of historic information included on this press launch could represent forward-looking statements and aren’t ensures of future efficiency or outcomes and contain quite a few dangers and uncertainties. Precise outcomes could differ materially from these within the forward-looking statements on account of quite a few elements, together with these described within the Fund’s filings with the U.S. Securities and Trade Fee (“SEC”). The Fund undertakes no obligation to replace any forward-looking assertion made herein. All forward-looking statements converse solely as of the date of this press launch.
Securities Disclosure
This press launch is offered for informational functions solely, doesn’t represent a proposal to promote securities of the Fund and isn’t a prospectus. Such providing is just made by the Fund’s prospectus, which incorporates particulars as to the Fund’s providing and different materials info. Securities supplied by Eagle Level Securities LLC, member FINRA and SIPC, and an affiliate of Eagle Level. Investing within the Fund entails threat of lack of some or all principal invested. Communicate to your tax skilled previous to investing. That is neither a proposal to promote nor a solicitation to buy any safety. Please check with the prospectus accessible at www.EPIIF.com for added details about the Fund. The prospectus ought to be learn rigorously earlier than investing.
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1 As of December 31, 2023, contains dedicated however undrawn capital and property managed by Eagle Level Credit score Administration LLC and sure of its associates.
2 Whole return is for the yr ended December 31, 2023 and displays the p.c change in NAV per share from the start of the interval, plus the quantity of any distribution per share declared within the interval. Return calculation assumes reinvestment of distributions pursuant to the Fund’s distribution reinvestment plan and is web of all Fund bills, together with common and administrative bills, transaction associated bills, amortization of providing prices, administration and incentive charges, and expense limitation and charge waiver being in impact throughout the efficiency intervals (if any). The Fund expenses a most upfront gross sales load of 6.75%. Whole return doesn’t mirror the Fund’s upfront gross sales load. If mirrored, the Fund’s whole return would have been decrease. Previous efficiency shouldn’t be indicative of, or a assure of, future efficiency. Return info shouldn’t be a measure used below GAAP. Valuations based mostly upon unaudited stories could not correspond to realized worth and should not precisely mirror the value at which property may very well be liquidated. Efficiency displays sure expense limitation and charge waiver preparations in impact throughout the intervals proven. Absent these preparations, the Fund’s efficiency would have been decrease. Sure bills paid by Eagle Level Credit score Administration or its associates on the Fund’s behalf are topic to reimbursement by the Fund for as much as three years (which reimbursement would have the impact of lowering the Fund’s efficiency). Efficiency doesn’t mirror the impression of federal, state or native taxation to which an investor could also be topic.
3 Annualized distribution price displays distributions paid in January 2024, annualized, and divided by the December 31, 2023 public providing worth per share (i.e., the Fund’s NAV per share as of such date plus an assumed most gross sales load of 6.75%). The annualized distribution price shouldn’t be a assure of future returns and future efficiency could differ. The timing and frequency of distribution funds shouldn’t be assured. Such variance could also be materials and adversarial, together with the potential for full lack of principal and no distributions. In contemplating returns, buyers ought to keep in mind that historic efficiency shouldn’t be a assure, projection or prediction and isn’t indicative of future outcomes. Precise web returns in any given yr could also be decrease than the historic returns. Funding return and principal worth of any funding will fluctuate and could also be price kind of than the quantity initially invested. Distribution funds aren’t assured. Distributions could also be comprised of any mixture of 1) web funding revenue and/or 2) web capital acquire, and, if the Fund distributes an quantity in extra of web funding revenue and web capital features, a portion of such distribution will represent a return of capital. A distribution comprised in entire or partially by a return of capital doesn’t essentially mirror the Fund’s funding efficiency and shouldn’t be confused with “yield” or “revenue.” A return of capital distribution could cut back the quantity of investable funds. The precise elements of the Fund’s distributions for U.S. tax reporting functions can solely be lastly decided as of the top of every fiscal yr of the Fund and are thereafter reported to shareholders on Kind 1099-DIV.
4 The knowledge introduced herein is on a look-through foundation to the collateralized mortgage obligation, or “CLO”, fairness held by the Fund as of December 31, 2023 (besides as in any other case famous) and displays the mixture underlying publicity of the Fund based mostly on the portfolios of these investments. The information is estimated and unaudited and is derived from CLO trustee stories acquired by the Fund regarding December 2023 and from custody statements and/or different info acquired from CLO collateral managers and different third celebration sources. Info regarding the market worth of underlying collateral is as of month finish; nevertheless, with respect to different info proven, relying on when such info was acquired, the info could mirror a lag within the info reported. As such, whereas this info was obtained from third celebration information sources, December 2023 trustee stories and related stories, aside from market worth, it doesn’t mirror precise underlying portfolio traits as of December 31, 2023 and this information might not be consultant of present or future holdings. Trade classes are based mostly on the S&P business categorization of every obligor as reported in CLO trustee stories to the extent so reported. Sure CLO trustee stories don’t report the business class of all the underlying obligors and the place such info shouldn’t be reported, it’s not included within the abstract look-through business info proven. As such, the Fund’s publicity to a specific business could also be increased than that proven if business classes have been accessible for all underlying obligors. As well as, sure underlying obligors could also be re-classified now and again based mostly on developments of their respective companies and/or market practices.
5 Eagle Level defines “Portfolio Debt Securities” primarily as debt and most well-liked fairness securities or devices (together with debt and most well-liked securities that are convertible into widespread fairness) issued by funds and funding autos, corresponding to BDCs, registered closed-end funding corporations, unregistered non-public funds, REITs and sponsors of such autos, to finance a portion of their underlying funding portfolios.
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Contacts
Investor Relations:
203-340-8560
EPIIF@eaglepointcredit.com
www.EPIIF.com
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