<SEC-DOCUMENT>0001104659-23-066007.txt : 20230530
<SEC-HEADER>0001104659-23-066007.hdr.sgml : 20230530
<ACCEPTANCE-DATETIME>20230530160444
ACCESSION NUMBER:		0001104659-23-066007
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20230331
FILED AS OF DATE:		20230530
DATE AS OF CHANGE:		20230530
PERIOD START:           	20231231

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Eagle Point Institutional Income Fund
		CENTRAL INDEX KEY:			0001896036
		IRS NUMBER:				873667759
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-23758
		FILM NUMBER:		23976289

	BUSINESS ADDRESS:	
		STREET 1:		C/O EAGLE POINT CREDIT MANAGEMENT LLC
		STREET 2:		600 STEAMBOAT ROAD, SUITE 202
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
		BUSINESS PHONE:		203.340.8500

	MAIL ADDRESS:	
		STREET 1:		C/O EAGLE POINT CREDIT MANAGEMENT LLC
		STREET 2:		600 STEAMBOAT ROAD, SUITE 202
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:iso="http://www.sec.gov/edgar/iso_statecodes" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0001896036</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Eagle Point Institutional Income Fund</regName>
      <regFileNumber>811-22974</regFileNumber>
      <regCik>0001896036</regCik>
      <regLei>549300I7NG18O8F3CM18</regLei>
      <regStreet1>600 Steamboat Road</regStreet1>
      <regStreet2>Suite 202</regStreet2>
      <regCity>Greenwich</regCity>
      <regStateConditional regCountry="US" regState="US-CT"/>
      <regZipOrPostalCode>06830</regZipOrPostalCode>
      <regPhone>203-340-8500</regPhone>
      <seriesName>Eagle Point Institutional Income Fund</seriesName>
      <seriesLei>549300I7NG18O8F3CM18</seriesLei>
      <repPdEnd>2023-12-31</repPdEnd>
      <repPdDate>2023-03-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>15566171</totAssets>
      <totLiabs>738140</totLiabs>
      <netAssets>14828030</netAssets>
      <assetsAttrMiscSec>0</assetsAttrMiscSec>
      <assetsInvested>0</assetsInvested>
      <amtPayOneYrBanksBorr>0</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0</amtPayAftOneYrOther>
      <delayDeliv>0</delayDeliv>
      <standByCommit>0</standByCommit>
      <liquidPref>0</liquidPref>
      <cshNotRptdInCorD>45322</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000000000" rtn1="3.26" rtn2="0.32" rtn3="-2.92"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <commodityContracts>
            <mon1 netRealizedGain="0" netUnrealizedAppr="0"/>
            <mon2 netRealizedGain="0" netUnrealizedAppr="0"/>
            <mon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </otherCategory>
          </commodityContracts>
          <creditContracts>
            <mon1 netRealizedGain="0" netUnrealizedAppr="0"/>
            <mon2 netRealizedGain="0" netUnrealizedAppr="0"/>
            <mon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </otherCategory>
          </creditContracts>
          <equityContracts>
            <mon1 netRealizedGain="0" netUnrealizedAppr="0"/>
            <mon2 netRealizedGain="0" netUnrealizedAppr="0"/>
            <mon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </otherCategory>
          </equityContracts>
          <foreignExchgContracts>
            <mon1 netRealizedGain="0" netUnrealizedAppr="0"/>
            <mon2 netRealizedGain="0" netUnrealizedAppr="0"/>
            <mon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </otherCategory>
          </foreignExchgContracts>
          <interestRtContracts>
            <mon1 netRealizedGain="0" netUnrealizedAppr="0"/>
            <mon2 netRealizedGain="0" netUnrealizedAppr="0"/>
            <mon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </otherCategory>
          </interestRtContracts>
          <otherContracts>
            <mon1 netRealizedGain="0" netUnrealizedAppr="0"/>
            <mon2 netRealizedGain="0" netUnrealizedAppr="0"/>
            <mon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            <forwardCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </forwardCategory>
            <futureCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </futureCategory>
            <optionCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </optionCategory>
            <swaptionCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </swaptionCategory>
            <swapCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </swapCategory>
            <warrantCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </warrantCategory>
            <otherCategory>
              <instrMon1 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon2 netRealizedGain="0" netUnrealizedAppr="0"/>
              <instrMon3 netRealizedGain="0" netUnrealizedAppr="0"/>
            </otherCategory>
          </otherContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="0" netUnrealizedAppr="318095"/>
        <othMon2 netRealizedGain="60328.47" netUnrealizedAppr="-148543.3"/>
        <othMon3 netRealizedGain="0" netUnrealizedAppr="-611429.67"/>
      </returnInfo>
      <mon1Flow redemption="0" reinvestment="96891" sales="550020"/>
      <mon2Flow redemption="0" reinvestment="100382" sales="223500"/>
      <mon3Flow redemption="0" reinvestment="101293" sales="32500"/>


      <varInfo>

        <fundsDesignatedInfo>
          <nameDesignatedIndex>N/A</nameDesignatedIndex>
          <indexIdentifier>N/A</indexIdentifier>

        </fundsDesignatedInfo>

      </varInfo>
    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>Wind River 2022-2 CLO Ltd.</name>
        <lei>N/A</lei>
        <title>CLO Income Note</title>
        <cusip>97316HAA5</cusip>
        <identifiers>
          <isin value="US97316HAA59"/>
        </identifiers>
        <balance>600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>457520</valUSD>
        <pctVal>3.09</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BlueMountain CLO XXIV Ltd.</name>
        <lei>N/A</lei>
        <title>CLO Subordinated Note</title>
        <cusip>09629XAC3</cusip>
        <identifiers>
          <isin value="US09629XAC39"/>
        </identifiers>
        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>408685</valUSD>
        <pctVal>2.76</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Battalion CLO XXIII Ltd.</name>
        <lei>N/A</lei>
        <title>CLO Income Note</title>
        <cusip>07136QAA2</cusip>
        <identifiers>
          <isin value="US07136QAA22"/>
        </identifiers>
        <balance>600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>368095</valUSD>
        <pctVal>2.48</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CIFC Funding 2019-V, Ltd.</name>
        <lei>N/A</lei>
        <title>CLO Subordinated Note</title>
        <cusip>12555GAC2</cusip>
        <identifiers>
          <isin value="US12555GAC24"/>
        </identifiers>
        <balance>650000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>449075</valUSD>
        <pctVal>3.03</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CIFC Funding 2020-II, Ltd.</name>
        <lei>N/A</lei>
        <title>CLO Subordinated Note</title>
        <cusip>12547JAC7</cusip>
        <identifiers>
          <isin value="US12547JAC71"/>
        </identifiers>
        <balance>650000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>500993</valUSD>
        <pctVal>3.38</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CIFC Funding 2022-VI, Ltd.</name>
        <lei>N/A</lei>
        <title>CLO Income Note</title>
        <cusip>12569BAE3</cusip>
        <identifiers>
          <isin value="US12569BAE39"/>
        </identifiers>
        <balance>600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>373182</valUSD>
        <pctVal>2.52</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Madison Park Funding XXXIV, Ltd.</name>
        <lei>N/A</lei>
        <title>CLO Subordinated Note</title>
        <cusip>55820HAC8</cusip>
        <identifiers>
          <isin value="US55820HAC88"/>
        </identifiers>
        <balance>750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>451931</valUSD>
        <pctVal>3.05</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Eaton Vance CLO 2020-2, Ltd.</name>
        <lei>N/A</lei>
        <title>CLO Subordinated Note</title>
        <cusip>27830RAC3</cusip>
        <identifiers>
          <isin value="US27830RAC34"/>
        </identifiers>
        <balance>650000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>461863</valUSD>
        <pctVal>3.11</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Generate CLO 9 Ltd.</name>
        <lei>N/A</lei>
        <title>CLO Subordinated Note</title>
        <cusip>37147MAC1</cusip>
        <identifiers>
          <isin value="US37147MAC10"/>
        </identifiers>
        <balance>600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>452715</valUSD>
        <pctVal>3.05</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bear Mountain Park CLO, Ltd.</name>
        <lei>N/A</lei>
        <title>CLO Income Note</title>
        <cusip>07403LAA9</cusip>
        <identifiers>
          <isin value="US07403LAA98"/>
        </identifiers>
        <balance>475000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>369424</valUSD>
        <pctVal>2.49</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Bardot CLO, Ltd.</name>
        <lei>N/A</lei>
        <title>CLO Subordinated Note</title>
        <cusip>06744PAC6</cusip>
        <identifiers>
          <isin value="US06744PAC68"/>
        </identifiers>
        <balance>275000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>175634</valUSD>
        <pctVal>1.18</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barings CLO Ltd. 2022-II</name>
        <lei>N/A</lei>
        <title>CLO Secured Note - Class E</title>
        <cusip>06760UAA8</cusip>
        <identifiers>
          <isin value="US06760UAA88"/>
        </identifiers>
        <balance>100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>93230</valUSD>
        <pctVal>0.63</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.49755</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Venture 45 CLO, Ltd.</name>
        <lei>N/A</lei>
        <title>CLO Subordinated Note</title>
        <cusip>92326HAC0</cusip>
        <identifiers>
          <isin value="US92326HAC07"/>
        </identifiers>
        <balance>700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>470742</valUSD>
        <pctVal>3.17</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Regatta XIX Funding Ltd.</name>
        <lei>N/A</lei>
        <title>CLO Subordinated Note</title>
        <cusip>75888CAE2</cusip>
        <identifiers>
          <isin value="US75888CAE21"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>419370</valUSD>
        <pctVal>2.83</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Regatta XXI Funding Ltd.</name>
        <lei>N/A</lei>
        <title>CLO Subordinated Note</title>
        <cusip>75889KAC7</cusip>
        <identifiers>
          <isin value="US75889KAC71"/>
        </identifiers>
        <balance>650000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>429550</valUSD>
        <pctVal>2.9</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dryden 94 CLO, Ltd.</name>
        <lei>N/A</lei>
        <title>CLO Income Note</title>
        <cusip>26248GAA9</cusip>
        <identifiers>
          <isin value="US26248GAA94"/>
        </identifiers>
        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2213278</valUSD>
        <pctVal>14.93</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dryden 109 CLO, Ltd.</name>
        <lei>N/A</lei>
        <title>CLO Subordinated Note</title>
        <cusip>26248LAC4</cusip>
        <identifiers>
          <isin value="US26248LAC46"/>
        </identifiers>
        <balance>600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>469015</valUSD>
        <pctVal>3.16</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Octagon 58, Ltd.</name>
        <lei>N/A</lei>
        <title>CLO Income Note</title>
        <cusip>675934AA1</cusip>
        <identifiers>
          <isin value="US675934AA16"/>
        </identifiers>
        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2157495</valUSD>
        <pctVal>14.55</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Regatta XXIV Funding Ltd.</name>
        <lei>N/A</lei>
        <title>CLO Subordinated Note</title>
        <cusip>G7501WAB7</cusip>
        <identifiers>
          <isin value="USG7501WAB75"/>
        </identifiers>
        <balance>700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>458756</valUSD>
        <pctVal>3.09</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CIFC Funding 2017-IV, Ltd.</name>
        <lei>N/A</lei>
        <title>CLO Secured Note - Class D</title>
        <cusip>12551KAA1</cusip>
        <identifiers>
          <isin value="US12551KAA16"/>
        </identifiers>
        <balance>500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>441100</valUSD>
        <pctVal>2.97</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-24</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.91557</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Apidos CLO XXXI</name>
        <lei>N/A</lei>
        <title>CLO Secured Note - Class E-R</title>
        <cusip>03767XAC8</cusip>
        <identifiers>
          <isin value="US03767XAC83"/>
        </identifiers>
        <balance>525000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>478590</valUSD>
        <pctVal>3.23</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.39243</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tralee CLO VII, Ltd.</name>
        <lei>N/A</lei>
        <title>CLO Secured Note - Class E</title>
        <cusip>89300KAA3</cusip>
        <identifiers>
          <isin value="US89300KAA34"/>
        </identifiers>
        <balance>550000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>488015</valUSD>
        <pctVal>3.29</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.20771</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>RR 15 Ltd.</name>
        <lei>N/A</lei>
        <title>CLO Subordinated Note</title>
        <cusip>74980WAC2</cusip>
        <identifiers>
          <isin value="US74980WAC29"/>
        </identifiers>
        <balance>575000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>450854</valUSD>
        <pctVal>3.04</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ares LXIV CLO Ltd.</name>
        <lei>N/A</lei>
        <title>CLO Subordinated Note</title>
        <cusip>04019NAC4</cusip>
        <identifiers>
          <isin value="US04019NAC48"/>
        </identifiers>
        <balance>600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>459241</valUSD>
        <pctVal>3.1</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barings CLO Ltd. 2021-II</name>
        <lei>N/A</lei>
        <title>CLO Subordinated Note</title>
        <cusip>06762KAC4</cusip>
        <identifiers>
          <isin value="US06762KAC45"/>
        </identifiers>
        <balance>600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>442335</valUSD>
        <pctVal>2.98</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Barings CLO Ltd. 2022-II</name>
        <lei>N/A</lei>
        <title>CLO Income Note</title>
        <cusip>06762GAA7</cusip>
        <identifiers>
          <isin value="US06762GAA76"/>
        </identifiers>
        <balance>1000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>481369</valUSD>
        <pctVal>3.25</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Fair value of CLO subordinate note or income note investments includes related fee participation interests where applicable." noteItem="C.2.c"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2023-05-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Eagle Point Institutional Income Fund</ncom:nameOfApplicant>
      <ncom:signature>Thomas P. Majewski</ncom:signature>
      <ncom:signerName>Thomas P. Majewski</ncom:signerName>
      <ncom:title>Chief Executive Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>NPORT-EX
<SEQUENCE>2
<FILENAME>tm2312396d4_nportex.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #002d52">Eagle Point Institutional Income
Fund &amp; Subsidiaries<BR>
Consolidated Schedule of Investments <BR>
As of March 31, 2023<BR>
(expressed in U.S. dollars)<BR>
(Unaudited)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #002d52">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: #5c6670"><B>Issuer
    </B></FONT><B><FONT STYLE="font-size: 8pt; color: gray"><SUP>(1)</SUP></FONT></B></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: #5c6670"><B>Investment
    </B></FONT><B><FONT STYLE="font-size: 8pt; color: gray"><SUP>(2)</SUP></FONT></B></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: #5c6670"><B>Acquisition
    Date </B></FONT><B><FONT STYLE="font-size: 8pt; color: gray"><SUP>(3)</SUP></FONT></B></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: center"><FONT STYLE="font-size: 8pt">Principal
    Amount</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: center"><FONT STYLE="font-size: 8pt">Cost</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: #5c6670"><B>Fair
    Value </B></FONT><B><FONT STYLE="font-size: 8pt; color: gray"><SUP>(4)</SUP></FONT></B></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: center"><FONT STYLE="font-size: 8pt">%
    of Net Assets</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: bold 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Investments
    at Fair Value</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: #5c6670"><B>CLO
    Debt </B></FONT><B><FONT STYLE="font-size: 8pt; color: gray"><SUP>(5)</SUP></FONT></B></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.125in; font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Structured
    Finance</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; padding-left: 0.25in; width: 20%; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Apidos
    CLO XXXI</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 2%; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 26%; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Secured
    Note - Class&nbsp;E-R, 11.39% (3M LIBOR + 6.60%, 04/15/2031)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 2%; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 10%; color: #5c6670; text-align: center"><FONT STYLE="font-size: 8pt">06/07/22</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 2%; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 7%; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">525,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 2%; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 7%; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">488,761</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 2%; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 7%; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">478,590</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 2%; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 7%; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">3.23</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Barings
    CLO Ltd. 2022-II</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Secured Note -
    Class&nbsp;E, 12.50% (3M SOFR + 7.84%, 07/15/2035)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: center"><FONT STYLE="font-size: 8pt">06/21/22</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">100,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">99,030</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">93,230</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">0.63</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">CIFC
    Funding 2017-IV,&nbsp;Ltd.</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Secured Note -
    Class&nbsp;D, 10.92% (3M LIBOR + 6.10%, 10/24/2030)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: center"><FONT STYLE="font-size: 8pt">09/22/22</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">500,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">431,641</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">441,100</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">2.97</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #5c6670; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Tralee
    CLO VII,&nbsp;Ltd.</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Secured
    Note - Class&nbsp;E, 12.21% (3M LIBOR + 7.39%, 04/25/2034)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">06/02/22</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">550,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">488,145</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">488,015</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">3.29</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; font-size: 8pt; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">1,507,577</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">1,500,935</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">10.12</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt; color: #5c6670"><B>CLO
    Equity </B></FONT><B><FONT STYLE="font-size: 8pt; color: gray"><SUP>(6)(7)</SUP></FONT></B></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; vertical-align: top; font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Structured Finance</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Ares
    LXIV CLO Ltd.</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Subordinated Note
    (effective yield 19.70%, 04/15/2035)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: center"><FONT STYLE="font-size: 8pt">01/26/23</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">600,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">492,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">459,241</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">3.10</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Bardot
    CLO,&nbsp;Ltd.</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Subordinated Note
    (effective yield 42.44%, 10/22/2032) &#8317;&#8312;&#8318;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: center"><FONT STYLE="font-size: 8pt">11/22/22</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">275,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">172,902</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">175,634</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">1.18</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Barings
    CLO Ltd. 2021-II</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Subordinated Note
    (effective yield 20.57%, 07/15/2034)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: center"><FONT STYLE="font-size: 8pt">09/07/22</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">600,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">465,002</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">442,335</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">2.98</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Barings
    CLO Ltd. 2022-II</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Income Note (effective
    yield 32.45%, 07/15/2072) &#8317;&#8312;&#8318;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: center"><FONT STYLE="font-size: 8pt">06/21/22</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">1,000,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">379,675</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">481,369</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">3.25</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Battalion
    CLO XXIII Ltd.</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Income Note (effective
    yield 23.26%, 07/15/2036) &#8317;&#8312;&#8318;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: center"><FONT STYLE="font-size: 8pt">05/19/22</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">600,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">442,393</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">368,095</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">2.48</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Bear
    Mountain Park CLO,&nbsp;Ltd.</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Income Note (effective
    yield 15.37%, 07/15/2035) &#8317;&#8312;&#8318;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: center"><FONT STYLE="font-size: 8pt">07/13/22</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">475,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">432,235</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">369,424</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">2.49</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">BlueMountain
    CLO XXIV Ltd.</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Subordinated Note
    (effective yield 22.00%, 04/20/2034)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: center"><FONT STYLE="font-size: 8pt">05/31/22</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">750,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">482,285</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">408,685</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">2.76</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">CIFC
    Funding 2019-V,&nbsp;Ltd.</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Subordinated Note
    (effective yield 20.24%, 01/15/2035)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: center"><FONT STYLE="font-size: 8pt">02/07/23</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">650,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">485,875</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">449,075</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">3.03</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">CIFC
    Funding 2020-II,&nbsp;Ltd.</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Subordinated Note
    (effective yield 22.15%, 10/20/2034)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: center"><FONT STYLE="font-size: 8pt">12/14/22</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">650,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">485,873</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">500,993</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">3.38</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">CIFC
    Funding 2022-VI,&nbsp;Ltd.</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Income Note (effective
    yield 15.13%, 07/16/2035) &#8317;&#8312;&#8318;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: center"><FONT STYLE="font-size: 8pt">08/01/22</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">600,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">482,884</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">373,182</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">2.52</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Dryden
    94 CLO,&nbsp;Ltd.</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Income Note (effective
    yield 23.01%, 07/15/2037) &#8317;&#8312;&#8318;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: center"><FONT STYLE="font-size: 8pt">04/28/22</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">3,000,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">2,225,606</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">2,213,278</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">14.93</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Dryden
    109 CLO,&nbsp;Ltd.</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Subordinated Note
    (effective yield 21.36%, 04/20/2035)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: center"><FONT STYLE="font-size: 8pt">02/15/23</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">600,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">487,501</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">469,015</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">3.16</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Eaton
    Vance CLO 2020-2,&nbsp;Ltd.</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Subordinated Note
    (effective yield 21.16%, 01/15/2035)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: center"><FONT STYLE="font-size: 8pt">09/16/22</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">650,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">475,670</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">461,863</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">3.11</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Generate
    CLO 9 Ltd.</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Subordinated Note
    (effective yield 22.22%, 10/20/2034)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: center"><FONT STYLE="font-size: 8pt">05/31/22</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">600,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">464,674</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">452,715</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">3.05</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Madison
    Park Funding XXXIV,&nbsp;Ltd.</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Subordinated Note
    (effective yield 26.18%, 04/25/2032)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: center"><FONT STYLE="font-size: 8pt">09/27/22</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">750,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">470,420</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">451,931</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">3.05</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Octagon
    58,&nbsp;Ltd.</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Income Note (effective
    yield 21.10%, 07/15/2037) &#8317;&#8312;&#8318;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: center"><FONT STYLE="font-size: 8pt">04/21/22</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">3,000,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">2,188,978</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">2,157,495</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">14.55</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Regatta
    XIX Funding Ltd.</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Subordinated Note
    (effective yield 21.64%, 04/20/2035)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: center"><FONT STYLE="font-size: 8pt">03/15/23</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">500,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">415,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">419,370</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">2.83</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Regatta
    XXI Funding Ltd.</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Subordinated Note
    (effective yield 17.56%, 10/20/2034)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: center"><FONT STYLE="font-size: 8pt">06/10/22</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">650,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">472,025</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">429,550</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">2.90</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Regatta
    XXIV Funding Ltd.</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Subordinated Note
    (effective yield 20.13%, 01/20/2035)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: center"><FONT STYLE="font-size: 8pt">02/14/23</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">700,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">469,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">458,756</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">3.09</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">RR
    15 Ltd.</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Subordinated Note
    (effective yield 21.82%, 04/15/2036)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: center"><FONT STYLE="font-size: 8pt">06/08/22</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">575,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">471,346</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">450,854</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">3.04</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Venture
    45 CLO,&nbsp;Ltd.</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">Subordinated Note
    (effective yield 28.08%, 07/20/2035)</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: center"><FONT STYLE="font-size: 8pt">09/19/22</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">700,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">513,565</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">470,742</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">3.17</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font: 8pt Times New Roman, Times, Serif; padding-left: 0.25in; color: #5c6670; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Wind
    River 2022-2 CLO Ltd.</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Income
    Note (effective yield 25.90%, 07/20/2035) &#8317;&#8312;&#8318;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">06/03/22</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">600,000</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">433,597</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">457,520</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">3.09</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; font-size: 8pt; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">13,408,506</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">12,921,122</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">87.14</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD COLSPAN="5" STYLE="vertical-align: top; font: bold 8pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">Total investments at fair value as of March&nbsp;31, 2023</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">14,916,083</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">14,422,057</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">97.26</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD COLSPAN="5" STYLE="vertical-align: top; font: bold 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Net assets above (below) fair value of investments</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">405,973</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; font-size: 8pt; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD COLSPAN="5" STYLE="vertical-align: top; font: bold 8pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 8pt">Net Assets as of March&nbsp;31, 2023</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 8pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="font-size: 8pt">14,828,030</FONT></TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 8pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670">The
                                            Fund is not affiliated with, nor does it &quot;control&quot; (as such term is defined in
                                            the Investment Fund Act of 1940 (the &quot;1940 Act&quot;)), any of the issuers listed. In
                                            general, under the 1940 Act, the Fund would be presumed to &quot;control&quot; an issuer
                                            if it owned 25% or more of its voting securities.</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670">All
                                            securities exempt from registration under the Securities Act of 1933, and are deemed to be
                                            &ldquo;restricted securities&rdquo;.</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670">Acquisition
                                            date represents the initial purchase date of investment.</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670">Fair
                                            value is determined by the Adviser in accordance with written valuation policies and procedures,
                                            subject to oversight by the Fund&rsquo;s Board of Trustees, in accordance with Rule&nbsp;2a-5
                                            under the 1940 Act.</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670">CLO
                                            debt positions reflect the interest rate as of the reporting date.</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670">(6)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670">The
                                            fair value of CLO equity investments are classified as Level III investments.&nbsp;&nbsp;See
                                            Note 3 &quot;Investments&quot; for further discussion.</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670">(7)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670">CLO
                                            subordinated notes and income notes are considered CLO equity positions. CLO equity positions
                                            are entitled to recurring distributions which are generally equal to the remaining cash flow
                                            of payments made by underlying assets less contractual payments to debt holders and fund
                                            expenses.&nbsp;&nbsp;The effective yield is estimated based upon the current projection of
                                            the amount and timing of these recurring distributions in addition to the estimated amount
                                            of terminal principal payment.&nbsp;&nbsp;It is the Fund's policy to update the effective
                                            yield for each CLO equity position held within the Fund&rsquo;s portfolio at the initiation
                                            of each investment and each subsequent quarter thereafter.&nbsp;&nbsp;The effective yield
                                            and investment cost may ultimately not be realized. As of March&nbsp;31, 2023, the Fund's
                                            weighted average effective yield on its aggregate CLO equity positions, based on current
                                            amortized cost, was 22.19%.</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670">(8)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670">Fair
                                            value includes the Fund's interest in fee rebates on CLO subordinated and income notes.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 100%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670"><B><U>Reference
    Key:</U></B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670">SOFR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secured
    Overnight Financing Rate</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670">LIBOR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;London
    Interbank Offered Rate</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: rgb(92,102,112)"><I>See
accompanying notes to the consolidated schedule of investments</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="color: rgb(92,101,112); font-size: 10pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #002d52">Eagle Point Institutional Income
Fund&nbsp;&amp; Subsidiaries<BR>
Notes to Consolidated Schedule of Investments<BR>
March&nbsp;31, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #002d52">(Unaudited)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670"><B>1.</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670"><B>ORGANIZATION</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: rgb(92,102,112)">Eagle Point
Institutional Income Fund (the &ldquo;Fund&rdquo;) was formed as a Delaware statutory trust on October&nbsp;22, 2021, and is an externally
managed, non-diversified closed-end management investment company registered under the Investment Company Act of 1940, as amended (the
 &ldquo;1940 Act&rdquo;). The Fund&rsquo;s primary investment objective is to generate high current income, with a secondary objective
to generate capital appreciation. The Fund seeks to achieve its investment objectives by investing primarily in equity and junior debt
tranches of collateralized loan obligations (&ldquo;CLOs&rdquo;) that are collateralized by a portfolio consisting primarily of below
investment grade U.S. senior secured loans with a large number of distinct underlying borrowers across various industry sectors. The
Fund may also invest in other related securities and instruments or other securities and instruments that Eagle Point Credit Management
LLC (the &ldquo;Adviser&rdquo;) believes are consistent with the Fund&rsquo;s investment objectives, including senior debt tranches of
CLOs, loan accumulation facilities (&ldquo;LAFs&rdquo;) and securities and instruments of corporate issuers. From time to time, in connection
with the acquisition of CLO equity, the Fund may receive fee rebates from the CLO issuer. The CLO securities in which the Fund primarily
seeks to invest are unrated or rated below investment grade and are considered speculative with respect to timely payment of interest
and repayment of principal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">As of March&nbsp;31,
2023, the Fund had two wholly-owned subsidiaries: EPIIF Sub (Cayman) Ltd. (&ldquo;Sub I&rdquo;), a Cayman Islands exempted company, and
EPIIF Sub II (Cayman) Ltd. (&ldquo;Sub II&rdquo;), a Cayman Islands exempted company. As of March&nbsp;31, 2023, Sub I and Sub II represent
3.2% and 3.3% of the Fund&rsquo;s net assets, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The Fund commenced
operations on June&nbsp;1, 2022 and is offering its shares of beneficial interest (&ldquo;Shares&rdquo;) on a continuous basis at the
applicable period end net asset value per share plus any applicable sales loads.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The Fund intends to
operate so as to qualify to be taxed as a regulated investment company (&ldquo;RIC&rdquo;) under subchapter M of the Internal Revenue
Code of 1986, as amended (the &ldquo;Code&rdquo;), for federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The Adviser is the
investment adviser of the Fund and manages the investments of the Fund subject to the supervision of the Fund&rsquo;s Board of Trustees
(the &ldquo;Board&rdquo;). The Adviser is registered as an investment adviser with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
under the Investment Advisers Act of 1940, as amended. Eagle Point Administration LLC, an affiliate of the Adviser, is the administrator
of the Fund (the &ldquo;Administrator&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">UMB Bank serves as
the Fund&rsquo;s custodian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670"><B>2.</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670"><B>SUMMARY
    OF SIGNIFICANT ACCOUNTING POLICIES</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Basis of Accounting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The consolidated schedule
of investments include the accounts of the Fund and its wholly-owned subsidiaries. All intercompany accounts have been eliminated upon
consolidation. The Fund is considered an investment company under accounting principles generally accepted in the United States of America
(&ldquo;U.S. GAAP&rdquo;). The Fund follows the accounting and reporting guidance applicable to investment companies in the Financial
Accounting Standards Board (&ldquo;FASB&rdquo;) Accounting Standards Codification (&ldquo;ASC&rdquo;) Topic 946 <I>Financial Services
 &ndash; Investment Companies</I>. Items included in the consolidated schedule of investments are measured and presented in United States
dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Use of Estimates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The preparation of
the consolidated schedule of investments in conformity with U.S. GAAP requires management to make estimates and assumptions which affect
the reported amounts included in the consolidated schedule of investments and accompanying notes as of the reporting date. Actual results
may differ from those estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="color: rgb(92,101,112); font-size: 10pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #002d52">Eagle Point Institutional Income
Fund&nbsp;&amp; Subsidiaries<BR>
Notes to Consolidated Schedule of Investments<BR>
March&nbsp;31, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #002d52">(Unaudited)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Valuation of Investments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The most significant
estimate inherent in the preparation of the consolidated schedule of investments is the valuation of investments. Pursuant to Rule&nbsp;2a-5
under the 1940 Act, the Board has elected to designate the Adviser as &quot;valuation designee&quot; to perform fair value determinations
in respect of the Fund's portfolio investments that do not have readily available market quotations. In the absence of readily available
market quotations, as defined by Rule&nbsp;2a-5 under the 1940 Act, the Adviser determines the fair value of the Fund&rsquo;s investments
in accordance with its written valuation policy, subject to Board oversight. Due to the uncertainty of valuation, this estimate may differ
significantly from the value that would have been used had a ready market for the investments existed, and the differences could be material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">There is no single
method for determining fair value in good faith. As a result, determining fair value requires judgment be applied to the specific facts
and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments
held by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The Fund accounts
for its investments in accordance with U.S. GAAP, and fair values its investment portfolio in accordance with the provisions of the FASB
ASC Topic 820,&nbsp;<I>Fair Value Measurements and Disclosures</I>, which defines fair value, establishes a framework for measuring fair
value and requires enhanced disclosures about fair value measurements. Investments are reflected in the consolidated schedule of investments
at fair value. Fair value is the estimated amount that would be received to sell an asset, or paid to transfer a liability, in an orderly
transaction between market participants at the measurement date (i.e., the exit price). In accordance with Rule&nbsp;2a-5 under the 1940
Act adopted by the SEC in December&nbsp;2020, the Board has designated the Adviser to perform the determination of fair value of the
Fund&rsquo;s investment portfolio, subject to Board oversight and certain other conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The fair value hierarchy
prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price observability
is impacted by a number of factors, including the type of investment, the characteristics specific to the investment and the state of
the marketplace (including the existence and transparency of transactions between market participants). Investments with readily available
actively quoted prices, or for which fair value can be measured from actively quoted prices in an orderly market, will generally have
a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">Investments measured
and reported at fair value are classified and disclosed in one of the following categories based on inputs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in; color: #5c6670"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Level
I</U></FONT>&nbsp;&ndash; Observable, quoted prices for identical investments in active markets as of the reporting date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #5c6670"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Level
II</U></FONT>&nbsp;&ndash; Quoted prices for similar investments in active markets or quoted prices for identical investments in markets
that are not active as of the reporting date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; color: #5c6670"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Level
III</U></FONT>&nbsp;&ndash; Pricing inputs are unobservable for the investment and little, if any, active market exists as of the reporting
date. Fair value inputs require significant judgment or estimation from the Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">In certain cases,
inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which
category within the fair value hierarchy is appropriate for any given investment is based on the lowest level of input significant to
that fair value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires
judgment and consideration of factors specific to the investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">Investments for which
observable, quoted prices in active markets do not exist are reported at fair value based on Level III inputs. The amount determined
to be fair value may incorporate the Adviser&rsquo;s own assumptions (including assumptions the Adviser believes market participants
would use in valuing investments and assumptions relating to appropriate risk adjustments for nonperformance and lack of marketability),
as provided for in the Adviser&rsquo;s valuation policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="color: rgb(92,101,112); font-size: 10pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #002d52">Eagle Point Institutional Income
Fund&nbsp;&amp; Subsidiaries<BR>
Notes to Consolidated Schedule of Investments<BR>
March&nbsp;31, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #002d52">(Unaudited)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">An estimate of fair
value is made for each investment at least monthly taking into account information available as of the reporting date. For financial
reporting purposes, valuations are determined by the Adviser on a quarterly basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">See Note 3 &ldquo;Investments&rdquo;
for further discussion relating to the Fund&rsquo;s investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">In valuing the Fund&rsquo;s
investments in CLO debt and CLO equity, the Adviser considers a variety of relevant factors, including, as applicable, price indications
from a third-party pricing service, recent trading prices for specific investments, recent purchases and sales known to the Adviser in
similar securities and output from a third-party financial model. The third-party financial model contains detailed information on the
characteristics of CLOs, including recent information about assets and liabilities, and is used to project future cash flows. Key inputs
to the model, including, but not limited to assumptions for future loan default rates, recovery rates, prepayment rates, reinvestment
rates and discount rates are determined by considering both observable and third-party market data and prevailing general market assumptions
and conventions as well as those of the Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">A third-party independent
valuation firm is used as an input by the Adviser to determine the fair value of the Fund&rsquo;s investments in CLO equity. The valuation
firm&rsquo;s advice is only one factor considered in the valuation of such investments, and the Adviser does not solely rely on such
advice in determining the fair value of the Fund&rsquo;s investments in accordance with the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Securities Transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The Fund records the
purchase and sale of securities on trade date. Realized gains and losses on investments sold are recorded on the basis of the specific
identification method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Cash and Cash Equivalents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The Fund has defined
cash and cash equivalents as cash and short-term, highly liquid investments with original maturities of three months or less from the
date of purchase. The Fund maintains its cash in bank accounts, which, at times, may exceed federal insured limits. The Adviser monitors
the performance of the financial institution where the accounts are held in order to manage any risk associated with such accounts. The
Fund held $45,322 in cash equivalents as of March&nbsp;31, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; color: #5c6670"><B>Federal
and Other Taxes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The Fund intends to
operate so as to qualify to be taxed as a RIC under subchapter M of the Code and, as such, to not be subject to federal income tax on
the portion of its taxable income and gains distributed to shareholders. To qualify for RIC tax treatment, among other requirements,
the Fund is required to distribute at least 90% of its investment company taxable income, as defined by the Code. Accordingly, the Fund
intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed
by the Code. Therefore, no federal income provision is required. The Fund has adopted November&nbsp;30th as its fiscal tax year end.
The Fund intends to file federal income and excise tax returns as well as any applicable state tax filings. The statute of limitations
on the Fund&rsquo;s tax return filings generally remains open for three years. The Fund has analyzed its tax positions for the three
months ended March&nbsp;31, 2023, and does not believe there are any uncertain tax positions requiring recognition in the Fund&rsquo;s
consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">Because U.S. federal
income tax regulations differ from U.S. GAAP, distributions in accordance with tax regulations may differ from net investment income
and realized capital gains recognized for financial reporting purposes. Differences may be permanent or temporary. Permanent differences
are reclassified among capital accounts in the consolidated financial statements to reflect their tax character. Temporary differences
arise when certain items of income, expense, gain or loss are recognized at some time in the future. Differences in classification may
also result from the treatment of short-term capital gains as ordinary income for federal income tax purposes. The tax basis components
of distributable earnings differ from the amounts reflected in the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"></P>

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="color: rgb(92,101,112); font-size: 10pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #002d52">Eagle Point Institutional Income
Fund&nbsp;&amp; Subsidiaries<BR>
Notes to Consolidated Schedule of Investments<BR>
March&nbsp;31, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #002d52">(Unaudited)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">Consolidated Statement
of Assets and Liabilities due to temporary book/tax differences arising primarily from partnerships and passive foreign investment company
investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">As of March&nbsp;31,
2023, the federal income tax cost and net unrealized appreciation on securities were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 50%; margin-left: 0.35in">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 86%; color: #5b656f; text-align: left">Cost for federal income tax purposes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; color: #5b656f">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #5b656f; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: #5b656f; text-align: right">14,313,366</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #5b656f; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5b656f; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5b656f">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5b656f; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5b656f; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5b656f; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5b656f; text-align: left">Gross unrealized appreciation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5b656f">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5b656f; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5b656f; text-align: right">613,621</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5b656f; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #5b656f; text-align: left">Gross unrealized depreciation</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #5b656f">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #5b656f; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #5b656f; text-align: right">(504,930</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #5b656f; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #5b656f; text-align: left">Net unrealized appreciation</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #5b656f">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: #5b656f; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: #5b656f; text-align: right">108,691</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #5b656f; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Distributions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The composition of
distributions paid to shareholders from net investment income and capital gains are determined in accordance with U.S. federal income
tax regulations, which differ from U.S. GAAP. Distributions to shareholders can be comprised of net investment income, net realized capital
gains and return of capital for U.S. federal income tax purposes and are intended to be paid monthly. Distributions payable to shareholders
are recorded as a liability on ex-dividend date. Unless a common shareholder opts out of the Fund&rsquo;s distribution reinvestment plan
(the &ldquo;DRIP&rdquo;), distributions are automatically reinvested in full shares of the Fund as of the payment date, pursuant to the
DRIP. The Fund&rsquo;s shareholders who opt-out of participation in the DRIP generally will receive all distributions in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">In addition to the
regular monthly distributions, and subject to available taxable earnings of the Fund, the Fund may make periodic special distributions
representing the excess of the Fund&rsquo;s net taxable income over the Fund&rsquo;s aggregate monthly distributions paid during the
year (or for other purposes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The characterization
of distributions paid to shareholders, as set forth in the Consolidated Financial Highlights, reflect estimates made by the Fund for
federal income tax purposes. Such estimates are subject to change once the final determination of the source of all distributions has
been made by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">For the three months
ended March&nbsp;31, 2023, the Fund declared distributions to shareholders of $339,432 or $0.229 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="color: rgb(92,101,112); font-size: 10pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #002d52">Eagle Point Institutional Income
Fund&nbsp;&amp; Subsidiaries<BR>
Notes to Consolidated Schedule of Investments<BR>
March&nbsp;31, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #002d52">(Unaudited)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670"><B>3.</B></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670"><B>INVESTMENTS</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Fair Value Measurement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The following tables
summarize the valuation of the Fund&rsquo;s investments measured and reported at fair value under the fair value hierarchy levels described
in Note 2 &ldquo;Summary of Significant Accounting Policies&rdquo; as of March&nbsp;31, 2023:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #5c6670; border-bottom: Black 1pt solid">Assets at Fair Value</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: center; border-bottom: Black 1pt solid">Level
    I</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #5c6670">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: center; border-bottom: Black 1pt solid">Level
    II</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #5c6670">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: center; border-bottom: Black 1pt solid">Level
    III</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #5c6670">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #5c6670">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">Cash Equivalents</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #5c6670">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: right">45,322</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #5c6670">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #5c6670">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #5c6670">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: right">45,322</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: rgb(92,102,112)">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-decoration: underline; color: #5c6670; text-align: left">Investments at
    Fair Value</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left; padding-left: 0.125in">CLO Debt</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: right">1,500,935</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: right">1,500,935</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left; padding-bottom: 1pt; padding-left: 0.125in">CLO
    Equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: right">12,921,122</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: right">12,921,122</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left; padding-bottom: 1pt">Total Investments at
    Fair Value</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: right">1,500,935</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: right">12,921,122</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: right">14,422,057</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left; padding-bottom: 2.5pt">Total Assets at Fair
    Value</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: right">45,322</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: right">1,500,935</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: right">12,921,122</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: right">14,467,379</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Change in Investments
Classified as Level III</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The changes in investments
classified as Level III are as follows for the three months ended March&nbsp;31, 2023:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 1pt"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="color: #5C6670">CLO
    Equity</FONT></TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 86%; font: 10pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="color: #5C6670">Balance as of January&nbsp;1,
    2023</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="color: #5C6670">$</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="color: #5C6670">11,910,711</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="color: #5C6670">Purchases of investments</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="color: #5C6670">2,349,375</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670">Proceeds
    from sales, maturity of investments or return of capital </FONT><FONT STYLE="color: #5c6670"><SUP>(1)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="color: #5C6670">(907,840</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="color: #5C6670">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left; padding-bottom: 1pt"><FONT STYLE="color: #5C6670">Net
    realized gains (losses) and net change&nbsp;in unrealized appreciation (depreciation)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><FONT STYLE="color: #5C6670">(431,124</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left"><FONT STYLE="color: #5C6670">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670">Balance
    as of March&nbsp;31, 2023</FONT><FONT STYLE="color: #5c6670"><SUP>(2)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 2.5pt"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="color: #5C6670">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: right"><FONT STYLE="color: #5C6670">12,921,122</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="color: #5C6670">Change
    in unrealized appreciation (depreciation) on&nbsp;investments still held as of March&nbsp;31, 2023</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt"><FONT STYLE="color: #5C6670">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left"><FONT STYLE="color: #5C6670">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><FONT STYLE="color: #5C6670">(478,905</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><FONT STYLE="color: #5C6670">)</FONT></TD></TR>
  </TABLE>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0pt 0 0pt 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: gray"><SUP>(1)&nbsp;</SUP></FONT><FONT STYLE="color: gray">Includes
$546,439 of return of capital on CLO equity investments from recurring cash flows and distributions from called deals.</FONT></P>

<P STYLE="margin: 0pt 0 0pt 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: gray"><SUP>(2)&nbsp;</SUP></FONT><FONT STYLE="color: gray">There
were no transfers into or out of level III investments during the period.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The net realized gains
(losses) recorded for Level III investments are reported in the net realized gain (loss) on investments account in the Consolidated Statement
of Operations, if applicable. Net changes in unrealized appreciation (depreciation) are reported in the net change in unrealized appreciation
(depreciation) on investments account in the Consolidated Statement of Operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B><I>Valuation of
CLO Equity</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The Adviser utilizes
the output of a third-party financial model to estimate the fair value of CLO equity investments. The model contains detailed information
on the characteristics of each CLO, including recent information about assets and liabilities from data sources such as trustee reports,
and is used to project future cash flows to the CLO note tranches, as well as management fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="color: rgb(92,101,112); font-size: 10pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #002d52">Eagle Point Institutional Income
Fund&nbsp;&amp; Subsidiaries<BR>
Notes to Consolidated Schedule of Investments<BR>
March&nbsp;31, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #002d52">(Unaudited)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The following table
summarizes the quantitative inputs and assumptions used for investments categorized as Level III of the fair value hierarchy as of March&nbsp;31,
2023. In addition to the techniques and inputs noted in the table below, the Adviser may use other valuation techniques and methodologies
when determining the fair value measurements of the Fund&rsquo;s investments, as provided for in the Adviser&rsquo;s valuation policy
approved by the Board. The table below is not intended to be all-inclusive, but rather provides information on the significant Level
III inputs as they relate to the Fund&rsquo;s fair value measurements as of March&nbsp;31, 2023. Unobservable inputs and assumptions
are periodically reviewed and updated as necessary to reflect current market conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: center">Quantitative Information about Level III Fair Value Measurements</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: center">Assets</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: center">Fair
    Value as of March<BR>
    31, 2023</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: #5c6670">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: center">Valuation<BR>
    Techniques/Methodologies</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #5c6670; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: center">Unobservable
    Inputs</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670"><B>Range
    / Weighted Average</B></FONT><B><FONT STYLE="color: gray"><SUP>(1)</SUP></FONT></B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; color: #5c6670; text-align: left">CLO Equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; color: #5c6670">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #5c6670; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 17%; color: #5c6670; text-align: right">12,921,122</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: #5c6670; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; color: #5c6670">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; color: #5c6670; text-align: center">Discounted Cash Flows</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670">Annual
    Default Rate </FONT><FONT STYLE="color: gray"><SUP>(2)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; color: #5c6670">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 25%; color: #5c6670; text-align: center">0.00% - 5.00%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670">Annual
    Prepayment Rate </FONT><FONT STYLE="color: gray"><SUP>(2)(3)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: center">20% - 25%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">Reinvestment Spread</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: center">3.42% - 4.10% / 3.60%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670">Reinvestment
    Price</FONT><FONT STYLE="color: gray"><SUP>(2)</SUP></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: center">98.00% - 99.50%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">Recovery Rate</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: center">69.20% - 70.00% / 69.71%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: left">Expected Yield</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #5c6670; text-align: center">19.97% - 38.69% / 23.56%</TD></TR>
  </TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670"><SUP>(1)&nbsp;</SUP></FONT><FONT STYLE="color: gray">Weighted
average calculations are based on the fair value of investments.</FONT></P>

<P STYLE="margin: 0pt 0 0pt 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670"><SUP>(2)&nbsp;</SUP></FONT><FONT STYLE="color: gray">A
weighted average is not presented as the input in the discounted cash flow model varies over the life of an investment.</FONT></P>

<P STYLE="margin: 0pt 0 0pt 0.25in; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #5c6670"><SUP>(3)&nbsp;</SUP></FONT><FONT STYLE="color: gray">0%
is assumed for defaulted and non-performing assets.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">Increases (decreases)
in the annual default rate, reinvestment price and expected yield in isolation would result in a lower (higher) fair value measurement.
Increases (decreases) in the reinvestment spread and recovery rate in isolation would result in a higher (lower) fair value measurement.
Changes in the annual prepayment rate may result in a higher (lower) fair value, depending on the circumstances. Generally, a change
in the assumption used for the annual default rate may be accompanied by a directionally opposite change in the assumption used for the
annual prepayment rate and recovery rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The Adviser categorizes
CLO equity as Level III investments. Certain pricing inputs may be unobservable. An active market may exist, but not necessarily for
CLO equity investments the Fund holds as of the reporting date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B><I>Valuation of
CLO Debt</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The Fund&rsquo;s investments
in CLO debt have been valued using an independent pricing service. The valuation methodology of the independent pricing service includes
incorporating data comprised of observable market transactions, executable bids, broker quotes from dealers with two sided markets, as
well as transaction activity from comparable securities to those being valued. As the independent pricing service contemplates real time
market data and no unobservable inputs or significant judgment has been used by the Adviser in the valuation of the Fund&rsquo;s investment
in CLO debt, such positions are considered Level II assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; color: #5c6670"><B>Investment
Risk Factors and Concentration of Investments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The following list
is not intended to be a comprehensive list of all of the potential risks associated with the Fund. The Fund&rsquo;s prospectus provides
a detailed discussion of the Fund&rsquo;s risks and considerations. The risks described in the prospectus are not the only risks the
Fund faces. Additional risks and uncertainties not currently known to the Fund or that are currently deemed to be immaterial also may
materially and adversely affect its business, financial condition and/or operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Risks of Investing
in CLOs and Other Structured Debt Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">CLOs and other structured
finance securities are generally backed by a pool of credit-related assets that serve as collateral. Accordingly, CLO and structured
finance securities present risks similar to those of other types of credit investments, including default (credit), interest rate and
prepayment risks. In addition, CLOs and other structured finance securities are often governed by a complex series of legal documents
and contracts, which increases the risk of dispute over the interpretation and enforceability of such documents relative to other types
of investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="color: rgb(92,101,112); font-size: 10pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #002d52">Eagle Point Institutional Income
Fund&nbsp;&amp; Subsidiaries<BR>
Notes to Consolidated Schedule of Investments<BR>
March&nbsp;31, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #002d52">(Unaudited)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Subordinated Securities
Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">CLO equity and junior
debt securities that the Fund may acquire are subordinated to more senior tranches of CLO debt. CLO equity and junior debt securities
are subject to increased risks of default relative to the holders of superior priority interests in the same CLO. In addition, at the
time of issuance, CLO equity securities are under-collateralized in that the face amount of the CLO debt and CLO equity of a CLO at inception
exceed its total assets. The Fund will typically be in a subordinated or first loss position with respect to realized losses on the underlying
assets held by the CLOs in which the Fund is invested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>High Yield Investment
Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The CLO equity and
junior debt securities that the Fund acquires are typically rated below investment grade, or in the case of CLO equity securities unrated,
and are therefore considered &ldquo;higher yield&rdquo; or &ldquo;junk&rdquo; securities and are considered speculative with respect
to timely payment of interest and repayment of principal. The senior secured loans and other credit-related assets underlying CLOs are
also typically higher yield investments. Investing in CLO equity and junior debt securities and other high yield investments involves
greater credit and liquidity risk than investment grade obligations, which may adversely impact the Fund&rsquo;s performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Leverage Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The use of leverage,
whether directly or indirectly through investments such as CLO equity or junior debt securities that inherently involve leverage, may
magnify the Fund&rsquo;s risk of loss. CLO equity or junior debt securities are very highly leveraged (with CLO equity securities typically
being leveraged ten times), and therefore the CLO securities in which the Fund invests are subject to a higher degree of loss since the
use of leverage magnifies losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Credit Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">If (1)&nbsp;a CLO
in which the Fund invests, (2)&nbsp;an underlying asset of any such CLO or (3)&nbsp;any other type of credit investment in the Fund&rsquo;s
portfolio declines in price or fails to pay interest or principal when due because the issuer or debtor, as the case may be, experiences
a decline in its financial status, the Fund&rsquo;s income, net asset value (&ldquo;NAV&rdquo;) and/or market price would be adversely
impacted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Key Personnel Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The Fund is dependent
upon the key personnel of the Adviser for its future success.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Conflicts of Interest
Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The Fund&rsquo;s executive
officers and directors, and the Adviser and certain of its affiliates and their officers and employees, including the Senior Investment
Team, have several conflicts of interest as a result of the other activities in which they engage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Prepayment Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The assets underlying
the CLO securities in which the Fund invests are subject to prepayment by the underlying corporate borrowers. As such, the CLO securities
and related investments in which the Fund invests are subject to prepayment risk. If the Fund or a CLO collateral manager are unable
to reinvest prepaid amounts in a new investment with an expected rate of return at least equal to that of the investment repaid, the
Fund&rsquo;s investment performance will be adversely impacted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>LIBOR Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">Certain CLO equity
and debt securities in which the Fund invests earn interest at, and CLOs in which the Fund invests typically obtain financing at, a floating
rate based on LIBOR. After the global financial crisis, regulators globally determined that existing interest rate benchmarks should
be reformed based on concerns that LIBOR was susceptible to manipulation. Replacement rates that have been identified include the Secured
Overnight Financing Rate (SOFR, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through
repurchase agreement transactions collateralized with U.S. Treasury securities) and the Sterling Overnight Index Average Rate (SONIA,
which is intended to replace pound sterling LIBOR and measures the overnight interest rate paid by banks for unsecured transactions in
the sterling market). To the extent that any</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"></P>

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="color: rgb(92,101,112); font-size: 10pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #002d52">Eagle Point Institutional Income
Fund&nbsp;&amp; Subsidiaries<BR>
Notes to Consolidated Schedule of Investments<BR>
March&nbsp;31, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #002d52">(Unaudited)</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">LIBOR replacement
rate utilized for senior secured loans differs from that utilized for debt of a CLO that holds those loans, for the duration of such
mismatch, the CLO would experience an interest rate mismatch between its assets and liabilities, which could have an adverse impact on
the cash flows distributed to CLO equity investors as well as the Fund&rsquo;s net investment income and portfolio returns until such
mismatch is corrected or minimized. As of the date hereof, certain senior secured loans have transitioned to utilizing SOFR based interest
rates and certain CLO debt securities have also transitioned to SOFR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">Certain underlying
loans held by CLOs do not include a &ldquo;fall back&rdquo; provision that addresses how interest rates will be determined once LIBOR
stops being published, or otherwise leave certain aspects of the replacement rate to be negotiated between the loan issuer and the lender
group. For example, certain loans held by CLOs in which the Fund invests provide for a negotiated &ldquo;credit spread adjustment&rdquo;
(i.e., a marginal increase in the applicable replacement rate to compensate lenders for the tendency of SOFR and other alternative rates
to price lower than LIBOR). If a CLO&rsquo;s collateral manager and other members of the lending group agree to (or fail to reject) an
amendment to an underlying loan that provides for a below-market spread adjustment, then the equity investors in such CLO (such as the
Fund) would be disadvantaged if the debt securities issued by the CLO have a larger spread adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Liquidity Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">Generally, there is
no public market for the CLO investments in which the Fund invests. As such, the Fund may not be able to sell such investments quickly,
or at all. If the Fund is able to sell such investments, the prices the Fund receives may not reflect the Adviser&rsquo;s assessment
of their fair value or the amount paid for such investments by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Incentive Fee Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The Fund&rsquo;s incentive
fee structure and the formula for calculating the fee payable to the Adviser may incentivize the Adviser to pursue speculative investments
and use leverage in a manner that adversely impacts the Fund&rsquo;s performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Fair Valuation
of The Fund&rsquo;s Portfolio Investments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">Generally, there is
no public market for the CLO investments in which the Fund invests. The Adviser values these securities at least quarterly, or more frequently
as may be required from time to time, at fair value. The Adviser&rsquo;s determinations of the fair value of the Fund&rsquo;s investments
have a material impact on the Fund&rsquo;s net earnings through the recording of unrealized appreciation or depreciation of investments
and may cause the Fund&rsquo;s NAV on a given date to understate or overstate, possibly materially, the value that the Fund ultimately
realizes on one or more of the Fund&rsquo;s investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Limited Investment
Opportunities Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The market for CLO
securities is more limited than the market for other credit related investments. The Fund can offer no assurances that sufficient investment
opportunities for the Fund&rsquo;s capital will be available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Non-Diversification
Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The Fund is a non-diversified
investment company under the 1940 Act and expect to hold a narrower range of investments than a diversified fund under the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Market Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">Political, regulatory,
economic and social developments, and developments that impact specific economic sectors, industries or segments of the market, can affect
the value of the Fund&rsquo;s investments. A disruption or downturn in the capital markets and the credit markets could impair the Fund&rsquo;s
ability to raise capital, reduce the availability of suitable investment opportunities for the Fund, or adversely and materially affect
the value of the Fund&rsquo;s investments, any of which would negatively affect the Fund&rsquo;s business. These risks may be magnified
if certain events or developments adversely interrupt the global supply chain, and could affect companies worldwide.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="color: rgb(92,101,112); font-size: 10pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #002d52">Eagle Point Institutional Income
Fund&nbsp;&amp; Subsidiaries<BR>
Notes to Consolidated Schedule of Investments<BR>
March&nbsp;31, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #002d52">(Unaudited)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Banking Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The possibility of
future bank failures poses risks of reduced financial market liquidity at clearing, cash management and other custodial financial institutions.
The failure of banks which hold cash on behalf of the Fund, the Fund's underlying obligors, the collateral managers of the CLOs in which
the Fund invests, or the Fund&rsquo;s service providers could adversely affect the Fund&rsquo;s ability to pursue its investment strategies
and objectives. For example, if an underlying obligor has a commercial relationship with a bank that has failed or is otherwise distressed,
such company may experience delays or other disruptions in meeting its obligations and consummating business transactions. Additionally,
if a collateral manager has a commercial relationship with a distressed bank, the manager may experience issues conducting its operations
or consummating transactions on behalf of the CLOs it manages, which could negatively affect the performance of such CLOs (and, therefore,
the performance of the Fund).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Loan Accumulation
Facilities Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The Fund may invest
in LAFs, which are short to medium term facilities often provided by the bank that will serve as placement agent or arranger on a CLO
transaction and which acquire loans on an interim basis which are expected to form part of the portfolio of a future CLO. Investments
in LAFs have risks similar to those applicable to investments in CLOs. Leverage is typically utilized in such a facility and as such
the potential risk of loss will be increased for such facilities employing leverage. In the event a planned CLO is not consummated, or
the loans are not eligible for purchase by the CLO, the Fund may be responsible for either holding or disposing of the loans. This could
expose the Fund to credit and/or mark-to-market losses, and other risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Synthetic Investments
Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The Fund may invest
in synthetic investments, such as significant risk transfer securities and credit risk transfer securities issued by banks or other financial
institutions, or acquire interests in lease agreements that have the general characteristics of loans and are treated as loans for withholding
tax purposes. In addition to the credit risks associated with the applicable reference assets, the Fund will usually have a contractual
relationship only with the counterparty of such synthetic investment, and not with the reference obligor of the reference asset. Accordingly,
the Fund generally will have no right to directly enforce compliance by the reference obligor with the terms of the reference asset nor
will it have any rights of setoff against the reference obligor or rights with respect to the reference asset. The Fund will not directly
benefit from the collateral supporting the reference asset and will not have the benefit of the remedies that would normally be available
to a holder of such reference asset. In addition, in the event of the insolvency of the counterparty, the Fund may be treated as a general
creditor of such counterparty, and will not have any claim with respect to the reference asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Currency Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">Although the Fund
primarily makes investments denominated in U.S. dollars, the Fund may make investments denominated in other currencies. The Fund&rsquo;s
investments denominated in currencies other than U.S. dollars will be subject to the risk that the value of such currency will decrease
in relation to the U.S. dollar. The Fund may or may not hedge currency risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Hedging Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hedging
transactions seeking to reduce risks may result in poorer overall performance than if the Fund had not engaged in such hedging transactions.
</FONT>Additionally, such transactions may not fully hedge the Fund&rsquo;s risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Reinvestment Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">CLOs will typically
generate cash from asset repayments and sales that may be reinvested in substitute assets, subject to compliance with applicable investment
tests. If the CLO collateral manager causes the CLO to purchase substitute assets at a lower yield than those initially acquired or sale
proceeds are maintained temporarily in cash, it would reduce the excess interest-related cash flow, thereby having a negative effect
on the fair value of the Fund&rsquo;s assets and the market value of the Fund&rsquo;s securities. In addition, the reinvestment period
for a CLO may terminate early, which would cause the holders of the CLO&rsquo;s securities to receive principal payments earlier than
anticipated. There can be no assurance that the Fund will be able to reinvest such amounts in an alternative investment that provides
a comparable return relative to the credit risk assumed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="color: rgb(92,101,112); font-size: 10pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #002d52">Eagle Point Institutional Income
Fund&nbsp;&amp; Subsidiaries<BR>
Notes to Consolidated Schedule of Investments<BR>
March&nbsp;31, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #002d52">(Unaudited)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Interest Rate Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The price of certain
of the Fund&rsquo;s investments may be significantly affected by changes in interest rates, including recent increases in interest rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Refinancing Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">If the Fund incurs
debt financing and subsequently refinance such debt, the replacement debt may be at a higher cost and on less favorable terms and conditions.
If the Fund fails to extend, refinance or replace such debt financings prior to their maturity on commercially reasonable terms, the
Fund&rsquo;s liquidity will be lower than it would have been with the benefit of such financings, which would limit the Fund&rsquo;s
ability to grow, and holders of the Fund&rsquo;s shares would not benefit from the potential for increased returns on equity that incurring
leverage creates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Tax Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Fund fails to qualify for tax treatment as a RIC under Subchapter M of the Code for any reason, or otherwise becomes subject to corporate
income tax, the resulting corporate taxes (and any related penalties) could substantially reduce the Fund&rsquo;s net assets, the amount
of income available for distributions to the Fund&rsquo;s shareholders, </FONT>and the amount of income available for payment of the
Fund&rsquo;s other liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Derivatives Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">Derivative instruments
in which the Fund may invest may be volatile and involve various risks different from, and in certain cases greater than, the risks presented
by other instruments. The primary risks related to derivative transactions include counterparty, correlation, liquidity, leverage, volatility,
over-the-counter trading, operational and legal risks. In addition, a small investment in derivatives could have a large potential impact
on the Fund&rsquo;s performance, effecting a form of investment leverage on the Fund&rsquo;s portfolio. In certain types of derivative
transactions, the Fund could lose the entire amount of the Fund&rsquo;s investment; in other types of derivative transactions the potential
loss is theoretically unlimited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Counterparty Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">The Fund may be exposed
to counterparty risk, which could make it difficult for the Fund or the CLOs in which the Fund invests to collect on obligations, thereby
resulting in potentially significant losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Global Economy
Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">Global economies and
financial markets are highly interconnected, and conditions and events in one country, region or financial market may adversely impact
issuers in a different country, region or financial market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Price Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">Investors who buy
shares at different times will likely pay different prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670"><B>Russia Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; color: #5c6670">Russia&rsquo;s military
incursion into Ukraine, the response of the United States and other countries, and the potential for wider conflict, has increased volatility
and uncertainty in the financial markets and may adversely affect the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 11; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="color: rgb(92,101,112); font-size: 10pt; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></FONT></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
