Eagle Point Defensive Income Management

Tom Majewski serves as CEO and lead portfolio manager for the firm's listed funds, including Eagle Point Credit Company (ECC) and Eagle Point Income Company (EIC). Majewski built the CLO equity platform at Stone Point Capital before founding Eagle Point and previously traded structured credit at Merrill Lynch. His investment committee structure is lean, with Majewski retaining final authority on portfolio allocation and risk decisions.

Eagle Point acquires CLO equity and debt tranches both in primary issuance and through secondary market purchases, maintaining relationships with dozens of CLO managers across the US and Europe. Because the firm's listed funds are permanent-capital vehicles, Majewski can hold positions through the full life of a CLO — typically 7 to 10 years — rather than facing pressure to sell into dislocated markets. The firm also provides warehouse financing to CLO managers, giving it early visibility into new-vintage deals.

Eagle Point Defensive Income Management is an institutional asset manager, not a family office. The firm manages NYSE-listed closed-end funds, private funds, and separately managed accounts for institutional investors seeking structured-credit exposure. It does not manage a single-family wealth pool.

The firm invests directly in CLO equity, CLO junior debt, and warehouse financing facilities — it does not make fund-of-funds commitments to external credit managers. Eagle Point constructs diversified portfolios of individual CLO tranches across multiple managers and vintages. The two NYSE-listed funds report their top holdings quarterly, showing positions in CLOs managed by Apollo, Carlyle, Blackstone/GSO, and other large alternative managers.

CLO equity is highly sensitive to the default rate and recovery rate of underlying leveraged loans, as well as to the pace of loan refinancing. In a rising-default environment, CLO equity cash flows can be cut off entirely if over-collateralization tests fail, redirecting payments to senior noteholders. Eagle Point mitigates this through broad diversification across managers, vintages, and industries, and by maintaining access to permanent capital that avoids forced selling during credit cycles.

Eagle Point's main vehicles are NYSE-listed closed-end funds, which trade daily but do not face redemption requests. This contrasts with private drawdown funds, which call capital over time, and open-end credit funds, which faced severe outflow pressure in March 2020. The closed-end structure effectively locks in investor capital, allowing Majewski to ride out volatility. The trade-off is that share prices can deviate from net asset value, occasionally trading at discounts or premiums.

Eagle Point's portfolio is concentrated in broadly syndicated loan CLOs, which reference large, liquid leveraged loans from companies with publicly reported financials. The firm holds some exposure to middle-market CLOs, which reference loans to smaller, sponsor-backed companies, but this is not the primary allocation. The broadly syndicated focus reflects Majewski's emphasis on transparency and diversification within the underlying loan pools.