Company Overview - Eagle Point Income Company (EIC) aims for high current income and capital appreciation by investing primarily in junior debt tranches of CLOs, with up to 35% in CLO equity securities[7, 13] - EIC's total market capitalization is $517 million as of October 31, 2025[13] - EIC pays a monthly distribution of $0.11 per share of common stock, resulting in a distribution rate of 10.2%[13] - The Adviser and Senior Investment Team have approximately $0.8 million invested in EIC and EICA[23] CLO Market and Investment Strategy - BB-rated CLO debt has a relatively low historical default rate of 4 bps per annum[14] - From 1994 through Q3 2025, the cumulative default rate on BB-rated CLO debt was 1.2%[29] - The company focuses primarily on junior debt tranches of CLOs, with a focus on BB-rated CLO debt[31] - The S&P UBS Leveraged Loan Index has generated positive total returns in 30 of the past 33 full calendar years[14, 43] Portfolio and Financial Highlights (Q3 2025) - The weighted average effective yield on the CLO portfolio was 10.95%[50, 52] - The company has exposure to 1,432 unique underlying borrowers[56] - Cash and borrowing capacity totaled $52.5 million[55]

Eagle Point Credit Company (ECC) Overview - ECC's total market capitalization is $1,408.8 million[13] - ECC's monthly distribution is $0.14 per share of common stock, with a distribution rate of 27.1%[13] - ECC has cumulative common distributions of $23.17 per share since its IPO[13] - The Adviser and Senior Investment Team have approximately $9.8 million invested in securities issued by the Company[14] CLO Equity and Market Data - The S&P UBS Leveraged Loan Index has generated positive total returns in 30 out of the past 33 full calendar years[14] - CLO equity has historically generated strong absolute returns with a low loss rate, with 96% of U.S. CLOs (2002 – 2011 Vintages) having positive equity returns[33] - As of Q3 2025, ECC's portfolio had a weighted average reinvestment period of 3.4 years[28] - As of September 30, 2025, ECC has exposure to 1,893 unique underlying borrowers[67] - As of September 30, 2025, ECC's aggregate indirect exposure to senior secured loans is 95.61%[66] Q3 2025 Performance - ECC's total portfolio cash distributions received were $79.36 million[53] - ECC's portfolio cash distributions received per common share were $0.61[53]

Core Insights - Securitize is in the process of going public through a blank-check company initiated by Cantor Fitzgerald [1] - The company has partnered with Bank of New York Mellon to bring collateralized loan obligations (CLOs) onto the blockchain [1] - The Securitize Tokenized AAA CLO Fund will focus on CLOs with high credit ratings and will utilize the Ethereum blockchain for token representation, with BNY acting as the custodian for the assets [1]

Core Viewpoint - Carlyle Credit Income Fund has announced a public offering of 1.2 million shares of its 7.375% Series D Preferred Shares due 2028, priced at $25 per share, aiming to raise approximately $29.4 million in net proceeds after expenses [1][2]. Group 1: Offering Details - The offering is set to close on October 30, 2025, pending customary closing conditions [2]. - Underwriters have a 30-day option to purchase an additional 180,000 shares of Preferred Shares [2]. - The Preferred Shares will be listed on the New York Stock Exchange under the symbol "CCID" [2]. Group 2: Management and Advisors - Lucid Capital Markets, LLC is the lead book-running manager for the offering, with B. Riley Securities, Inc. and Piper Sandler & Co. as joint book-running managers [2]. - A.G.P. / Alliance Global Partners is the lead manager, while Clear Street LLC and InspereX LLC are co-managers for the offering [2]. Group 3: Fund Overview - Carlyle Credit Income Fund is an externally managed closed-end fund focused on investing in equity and junior debt tranches of collateralized loan obligations (CLOs) [6]. - The CLOs are backed by a portfolio of U.S. senior secured loans from a diverse range of underlying borrowers across various industries [6]. - The Fund benefits from the resources of Carlyle Global Credit Investment Management L.L.C., one of the largest CLO managers globally [6].

Core Insights - Reckoner Capital Management launched the Reckoner BBB-B CLO ETF (RCLO) on NYSE Arca with over $27 million in assets under management, aiming to generate income while preserving capital through a diversified portfolio of CLO bonds rated BBB- and BB [1][2]. Group 1: Fund Details - RCLO has an expense ratio of 0.50% and is actively managed by John Kim, Tim Wickstrom, and Jared Finsterbusch [2]. - The fund follows the launch of Reckoner's first ETF, the Reckoner Yield Enhanced AAA CLO ETF (RAAA), which focuses on the highest-rated portion of the CLO capital structure [2]. Group 2: Market Context - Demand for CLO-focused ETFs is strong, particularly among investors seeking yield and diversification beyond traditional fixed income [2]. - BBB- and BB-rated CLOs offer higher yields than AAA CLOs while outperforming other credit assets with similar ratings in terms of loss experience, indicating a potential shift in investor interest towards these mezzanine tranches [3]. Group 3: Company Background - Reckoner Capital was founded in early 2025 with backing from private equity firm RedBird Capital Partners, positioning itself as a specialist in structured products, particularly CLOs [3]. - The launch of ETFs like RCLO aims to make CLOs more accessible to retail investors, bridging the gap between structured credit and retail investment [3].

I I think everybody's antennas went up when we heard Jamie Diamond say there could be some other ones out there. I really want to kind of dig into this. So, one of the issues here, at least when it came to First Brands, it seems to be offbalance sheet financing.In this case, selling receivables. How common is that. And does that have the potential for contagion.>> A good question. It's it's relatively common practice. Um we we think about complex and opaque when we think the situation here with first brands ...

Company Overview - Eagle Point Income Company (EIC) aims to generate high current income and capital appreciation by investing primarily in junior debt tranches of CLOs, with a focus on BB-rated CLO debt[13] - As of June 30, 2025, the total market capitalization of EIC is $501 million[13] - EIC pays a monthly distribution of $0.13 per share, resulting in a distribution rate of 12.0%[13] - The Adviser and Senior Investment Team have approximately $0.8 million invested in EIC, EICA, EICB and EICC[23] CLO Market and Strategy - BB-rated CLO debt has historically exhibited a low default rate of approximately 4 bps per annum from 1994 through Q1 2025[14, 29] - The cumulative default rate on BB-rated CLO debt was 1.1% from 1994 through Q1 2025[29] - The company focuses primarily in junior debt tranches of CLOs, with a focus on BB-rated CLO debt[31] - The CLO market is the largest source of capital for the US senior secured loan market[40] - From 1992 through 2024, the S&P UBS Leveraged Loan Index generated positive total returns in 30 of the 33 full calendar years[42] Portfolio Information (Q2 2025) - The weighted average effective yield on the CLO portfolio was 10.63%[52] - The company's CLO debt investments totaled $379.8 million, and CLO equity investments totaled $127.1 million[52] - The company has exposure to 1,464 unique underlying borrowers[57]

Company Overview - Carlyle Credit Income Fund (CCIF) is an externally managed closed-end fund focused on investing primarily in equity and junior debt tranches of collateralized loan obligations (CLOs) [3] - The CLOs are collateralized by a portfolio consisting mainly of U.S. senior secured loans with a diverse range of underlying borrowers across various industry sectors [3] - CCIF is managed by Carlyle Global Credit Investment Management L.L.C., a wholly owned subsidiary of Carlyle, leveraging Carlyle's significant scale and resources as one of the world's largest CLO managers [3] Financial Results Announcement - CCIF will release its financial results for the third quarter of 2025 after market close on August 19, 2025 [1] - A conference call to discuss the results will be held on August 20, 2025, at 10:00 a.m. EST [1] Carlyle Group Overview - Carlyle Group is a global investment firm with expertise in deploying private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest [4] - As of March 31, 2025, Carlyle has $453 billion in assets under management [4] - The firm employs over 2,300 people across 29 offices on four continents [4]

Company Overview - Eagle Point Income Company (EIC) aims for high current income and capital appreciation by investing primarily in junior debt tranches of CLOs, focusing on BB-rated CLO debt[13] - Up to 35% of EIC's assets can be invested in CLO equity tranches[7, 13] - EIC's total market capitalization is $499.9 million[13] - EIC pays a monthly distribution of $0.13 per share, resulting in an 11.1% distribution rate[13] - Cumulative common distributions per share since IPO total $10.02[13] CLO Market & Strategy - BB-rated CLO debt has historically shown a low default rate of 4 bps per annum[14] - From 1996 to Q1 2025, the cumulative default rate on BB-rated CLO debt was 1.1%[28] - As of March 31, 2025, the weighted average effective yield on EIC's CLO portfolio was 11.12%[53, 54] - As of March 31, 2025, 74% of EIC's portfolio investments were in BB-Rated CLO Debt[56]

Company Overview - Eagle Point Credit Company (ECC) aims to generate high current income by investing in CLO equity and junior debt tranches[14] - As of April 30, 2025, ECC's monthly distribution is $0.14 per share, resulting in a 21.6% distribution rate[14] - Since its IPO, ECC has distributed $22.33 cumulatively per common share[14] - Eagle Point Credit Management LLC manages over $12 billion in AUM across its platform[14] - The Adviser and Senior Investment Team have invested approximately $12.2 million in securities issued by the Company[15] CLO Market and Strategy - CLO equity has historically generated strong absolute returns with a low loss rate, with 96% of U S CLOs (2002-2011 vintages) generating positive equity returns[34, 35] - As of Q1 2025, 95.7% of ECC's portfolio is exposed to floating rate senior secured loans[30] - The S&P UBS Leveraged Loan Index has shown positive total returns in 30 out of the past 33 full calendar years[15, 45] - As of March 31, 2025, ECC's portfolio includes 215 CLO equity securities[30] Q1 2025 Performance and Portfolio Details - In Q1 2025, ECC received $72.19 million in distributions from CLO equity and $12.81 million from other investments, totaling $85 million in portfolio cash distributions[57] - ECC's portfolio, as of March 31, 2025, is comprised of 79% CLO equity, 4% CLO debt, 1% loan accumulation facilities, 4% regulatory capital relief, 6% consumer ABS, 5% other, and 1% cash[67] - As of March 31, 2025, ECC has exposure to 1,931 unique underlying loan obligors[30, 69]