Kenneth P. Onorio
About Kenneth P. Onorio
Kenneth P. Onorio is Chief Financial Officer (since July 2014) and Chief Operating Officer (since August 2015) of Eagle Point Credit Company Inc. (ECC). He is 57 years old, holds a B.S. from Fordham University, and is a Certified Public Accountant (inactive). Before ECC, he was an Executive Director in JPMorgan Alternative Investment Services overseeing hedge fund and private equity fund administration (2008–2014). ECC does not disclose TSR or operating metrics tied to individual executives; as an externally managed closed-end fund, corporate performance is primarily driven by the Adviser’s investment results and fee structure rather than executive incentive plans at ECC itself .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| JPMorgan Alternative Investment Services | Executive Director, Private Equity & Hedge Fund Administration | Sep 2008 – Jul 2014 | Managed hedge fund and private equity fund administration, relevant to ECC’s finance, controls, and reporting rigor . |
External Roles
| Organization | Role | Years |
|---|---|---|
| Eagle Point Credit Company Inc. | Chief Financial Officer; Chief Operating Officer | CFO since Jul 2014; COO since Aug 2015 |
| Eagle Point Credit Management LLC (Adviser) and affiliates | Senior Principal; CFO; COO | Since 2014 (Adviser); ongoing |
| Eagle Point Income Company Inc. | CFO; COO | Since Oct 2018 |
| Eagle Point Institutional Income Fund | CFO; Principal Accounting Officer; COO | Since Jan 2022 |
| Eagle Point Enhanced Income Trust | CFO; Principal Accounting Officer; COO | Since Aug 2023 |
| Eagle Point Defensive Income Trust | CFO; Principal Accounting Officer; COO | Since Feb 2024 |
Fixed Compensation
- ECC is externally managed. “None of the Company’s officers is directly compensated by the Company.” Officer costs (including portions of CFO/COO and support staff) are reimbursed to Eagle Point Administration LLC under the Administration Agreement based on allocable overhead; this is not an individual compensation disclosure for Mr. Onorio .
- Company-level fee economics for FY 2024 (context, not individual pay):
- Investment advisory base + incentive fees (to Adviser): ~$42.9 million .
- Administration fees/expenses (to Administrator): ~$1.4 million (includes allocable portion of CFO/COO and support staff) .
| ECC Company-Level Economics (FY 2024) | Amount (USD) |
|---|---|
| Advisory fees (base + incentive) | ~$42.9 million |
| Administration fees/expenses | ~$1.4 million |
Performance Compensation
- ECC does not disclose individual officer bonus targets, PSU/RSU awards, or option grants. There is no ECC-level executive incentive plan disclosed; Mr. Onorio’s compensation is paid by the Adviser/Administrator and not itemized in ECC filings. The Adviser earns a base management fee and an incentive fee on ECC’s net investment income; individual allocations to Mr. Onorio are not disclosed .
Equity Ownership & Alignment
- Beneficial ownership has increased over time; all reported positions are <1% of outstanding, suggesting modest but rising “skin-in-the-game.” No preferred stock ownership is disclosed for Mr. Onorio.
| Metric | 2020 Record Date | 2023 Record Date | Mar 31, 2025 (Record Date) | Oct 24, 2025 (Record Date) |
|---|---|---|---|---|
| Common shares beneficially owned (#) | 21,713 | 41,527 | 76,889 | 85,893.24 |
| Ownership % of common | <1% (*) | <1% (*) | <1% (*) | <1% (*) |
| Preferred shares beneficially owned (#) | — | — | — | — |
- Hedging/pledging policies and insider trading controls (apply to Adviser “Access Persons,” which include Mr. Onorio):
- Trading in ECC securities is permitted only during designated window periods with pre-clearance; prohibited when in possession of MNPI .
- Short-selling and margining (borrowing against) ECC securities are prohibited, which mitigates pledging risk through margin arrangements .
Employment Terms
- Start date/tenure: CFO since July 2014; COO since August 2015 .
- Contract term, severance, change-of-control, non-compete, and clawback: Not disclosed for officers in ECC filings. As an externally managed fund, officer employment terms typically sit with the Adviser, not ECC; ECC does not file individual employment or severance agreements for officers .
- Governance/committees: ECC has Audit and Nominating Committees; no separate compensation committee because directors’ pay is handled by Nominating and officers are not paid by ECC .
Additional Context (Related-Party and Governance)
- Advisory relationship: ECC pays the Adviser a base and incentive fee; 2024 total ~$42.9 million .
- Administration relationship: ECC reimburses the Administrator for allocable overhead, including portions of CFO/COO compensation and support staff; 2024 total ~$1.4 million .
- 2025 proxy agenda contained director elections only; no say‑on‑pay proposal is presented (typical for externally managed funds) .
Investment Implications
- Pay-for-performance transparency: Because Mr. Onorio is compensated by the Adviser/Administrator (not ECC), investors lack visibility into his salary/bonus/equity mix. Alignment must be inferred from his growing personal share ownership and policy restrictions (no shorting/margining ECC) rather than disclosed incentive metrics or vesting schedules .
- Retention/continuity: A decade-plus tenure as CFO/COO across ECC and affiliated funds suggests operational continuity and deep institutional knowledge; no severance or change-of-control terms are disclosed at ECC level, implying retention levers reside with the Adviser .
- Trading/pledging risk: Prohibitions on short-selling and margining ECC securities for Access Persons reduce insider selling pressure via leveraged pledges and align with conservative insider trading governance (pre-clearance, windows, MNPI safeguards) .
- Ownership alignment: Rising holdings from 21.7K (2020) to 85.9K (2025) shares—though <1%—signal incremental alignment and likely participation in DRIP or periodic purchases; no pledging disclosure appears in proxies, further reducing alignment risk concerns .