Eagle Point Capital

Thomas Majewski, the founder and Managing Partner, leads investment strategy and portfolio construction. He previously ran CLO structuring at Merrill Lynch and managed a CLO platform at GSO/Blackstone before launching Eagle Point. The investment committee includes senior portfolio managers with structured-credit and leveraged-loan backgrounds at institutions including Citigroup and RBS.

Eagle Point operates through two publicly traded permanent-capital vehicles. Eagle Point Credit Company (ECC) focuses on CLO equity and junior debt, while Eagle Point Income Company (EIC) targets CLO debt tranches, primarily BB-rated notes. Listing on the NYSE provides daily liquidity to shareholders while allowing the firm to hold illiquid CLO positions indefinitely — solving a structural mismatch that constrains traditional closed-end CLO funds.

The firm acquires controlling stakes in CLO equity tranches, which gives it the right to direct the CLO manager's reinvestment decisions during the reinvestment period. Most CLO equity investors hold minority positions and cannot influence portfolio turnover. Eagle Point's control-rights strategy allows it to redirect proceeds into higher-quality credits when the underlying loan portfolio deteriorates, a governance mechanism that meaningfully alters the risk profile.

CLOs dominate the portfolio, but the firm also evaluates dislocated credit opportunities in leveraged loans, high-yield bonds, and structured products when spreads widen. During the 2020 COVID drawdown, ECC acquired deeply discounted loan portfolios from forced sellers, demonstrating a mandate flexible enough to pivot when structured-credit markets dislocate. In normal environments, over 90% of assets remain in CLO equity and debt.

Being publicly listed imposes quarterly transparency — the firm files 10-Ks, 10-Qs, and monthly portfolio updates — but removes redemption pressure. Traditional CLO equity funds face capital calls and distribution timelines that force sales before value is fully realized. Eagle Point raises equity through follow-on offerings when credit spreads are attractive and reinvests cash flows without a fixed wind-down clock. The trade-off is mark-to-market NAV volatility that a private fund would not report.