鹰点机构收入基金系列A凭证2025年度报告

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission tostockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant isnot required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Managementand Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any The Annual Report to shareholders of Eagle Point Institutional Income Fund (the “Company”) for the year ended December 31, 2025 is filed herewith. Eagle Point Institutional Income Fund Annual Report Management Discussion of Fund Performance February 25, 2026 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 year endedDecember 31, 2025. The Fund is a closed-end management investment company registered under the Investment Company Act of 1940, as amended, and is advised byEagle Point Credit Management LLC (the “Adviser” or “Eagle Point”). The Fund is organized as a Delaware statutory trust and offers its commonshares 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 appreciation. We seek to As of December 31, 2025, the Adviser and its affiliates manage $14 billion on behalf of principally institutional clients.1The Adviser formed the Fundin 2022 to provide retail investors with access to institutional credit investment strategies in a continuously offered, SEC-registered and non-tradedformat. Performance Highlights The Fund aims to provide shareholders with a stable distribution rate each month. Since the Fund’s inception through December 31, 2025, the Fund haspaid aggregate distributions to shareholders of $3.34 per share, which equals a strong 13.3% annualized distribution rate.2 We have been able togenerate these distributions due to the resilient cash flows generated from the Fund’s CLO equity portfolio and related credit investments. The Fund’sconsistent distributions during the year reflected its practice of providing shareholders with a stable distribution rate each month. This practice had nomaterial impact on the Fund’s investment strategies during the fiscal year. If the Fund’s distributions had been higher or lower, the Fund’s NAV would Highlights for the fiscal year ended December 31, 2025 include: ●During the year, the Fund paid a total of $0.996 per share in monthly distributions, resulting in an annualized distribution rate of 13.9%. ●The Fund’s CLO equity portfolio generated steady and robust cash flows, annualizing to a 29.0% cash-on-cash return.3●As of December 31, 2025, the Fund’s total assets, plus available borrowings under a committed revolving credit facility, were $215 million.The Fund’s growth has been supported by consistent capital inflows through sales of the Fund’s shares and reinvestment of distributions,totaling $58 million for the full year.●We completed a private placement of preferred equity (the “Series B Term Preferred Shares”), resulting in $29 million of net proceeds, whichwe believe provides attractive, long-term capital for the Fund and will lead to an increase in net investment income.●We maintained a weighted average remaining reinvestment period (“WARRP”) of our CLO equity investment portfolio of 3.7 years, decliningonly modestly from 3.9 years at the prior year-end despite the passage of one year, through investing in CLO equity with a longer Loan Market The US leveraged loan market had a strong year in 2025, supported by stable credit fundamentals and ample demand, though returns were tempered byongoing spread compression. The S&P UBS Leveraged Loan Index, a broad index tracking the corporate loan market, generated a total return of 5.9%for the year, with a modest decline in average loan prices slightly offsetting income returns.5 Credit quality remained resilient, with the trailing 12-month default rate at 1.23%, well below long-term averages and despite a few high profile bankruptcy filings toward the end of the year.6 Furthermore,we believe last year’s defaults were largely issuer-specific and do not reflect a broader weakening in the loan market. Total loan repayments reached $294 billion in 2025, resulting in a 12-month trailing repayment rate of 20.7%, while gross issuanc