Jeffrey L. Weiss
About Jeffrey L. Weiss
Jeffrey L. Weiss is a Class I Independent Trustee of Eagle Point Institutional Income Fund and serves as the Fund’s Lead Independent Trustee and Chair of the Audit Committee; he is age 64, has served since inception (most recently elected by the initial shareholder in 2022), and his current term expires at the 2025 annual meeting (2028 if re-elected) . Weiss is Managing Partner of Colter Lewis Investment Partners LLC (since January 2018) and a private investor (since 2012); previously he was Global Head of Financial Institutions at Barclays (2008–2012), spent 25 years at Lehman Brothers (Managing Director), served on Lehman’s management committee (2005–2008), and led Lehman’s financial institutions group businesses (2007–2008); he holds a B.S. from the University of Wisconsin .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Colter Lewis Investment Partners LLC | Managing Partner | Since Jan 2018 | Investment leadership; private investing focus |
| Private Investor | Investor | Since 2012 | Personal capital allocation |
| Barclays | Global Head, Financial Institutions | 2008–2012 | Senior leadership in FIG; global oversight |
| Lehman Brothers | Managing Director; Management Committee member | MD tenure includes 25 years; mgmt committee 2005–2008; ran FIG 2007–2008 | Ran FIG businesses; senior governance responsibilities |
External Roles
| Organization | Role | Committees/Positions |
|---|---|---|
| Eagle Point Credit Company Inc. | Independent Director | Audit Committee Chair; Nominating Committee Member |
| Eagle Point Income Company Inc. | Independent Director | Audit Committee Chair; Nominating Committee Member |
| Eagle Point Enhanced Income Trust | Independent Trustee | Audit Committee Chair; Nominating Committee Member |
| Eagle Point Defensive Income Trust | Independent Trustee | Audit Committee Chair; Nominating Committee Member |
Board Governance
- Board structure: six trustees with four Independent Trustees and two “interested persons”; board divided into three classes; Weiss is a Class I Trustee; term expires at 2025 meeting (2028 if elected) .
- Leadership: Weiss serves as Lead Independent Trustee, acting as liaison between Independent Trustees and management .
- Committees: Audit Committee and Nominating Committee comprise all Independent Trustees; Weiss is Audit Committee Chair and a member of the Nominating Committee; both committees have charters available on the Fund’s website .
- Meetings and attendance: In FY2024 the Board met 5 times; Audit Committee met 5 times; Nominating Committee met 3 times; each Trustee attended ≥75% of aggregate Board and committee meetings on which they served; Independent Trustees regularly meet outside management .
| Committee | Members | Weiss’s Role | FY2024 Meetings |
|---|---|---|---|
| Audit Committee | Appleby, McDonald, Tramontano, Weiss (all Independent) | Chair | 5 |
| Nominating Committee | Appleby, McDonald, Tramontano, Weiss (all Independent) | Member | 3 |
Audit oversight signal: Under Weiss’s chair, the Audit Committee selected KPMG LLP as auditor (Nov 11, 2024), maintains pre-approval policies for audit and permitted non-audit services, and reviewed audit quality and independence per PCAOB standards; KPMG audit fees were $205,250 in 2024 ($127,251 in 2023), audit-related fees $72,000 in 2024 ($0 in 2023), and tax fees $176,589 in 2024 ($96,162 in 2023), all pre-approved; aggregate non-audit fees for the Fund rose to $248,589 in 2024 from $96,162 in 2023 .
Fixed Compensation
- Compensation structure: Independent Trustees receive annual cash retainer fees and additional annual fees for serving as committee chair; compensation determined based on Fund NAV and preferred stated capital at the beginning of each fiscal quarter; Trustees do not receive pension or retirement benefits from the Fund .
| Metric | FY 2024 | Notes |
|---|---|---|
| Aggregate Compensation from Fund (EIIA) | $30,000 | Includes $15,000 relating to FY2023 that was payable as of Dec 31, 2023 and paid in FY2024; does not reflect $15,000 relating to FY2024 paid after year-end |
| Aggregate Compensation from Fund Complex | $207,500 | Includes $103,750 relating to FY2023 paid during FY2024; does not reflect $128,750 relating to FY2024 paid after year-end |
Performance Compensation
| Component | Disclosure |
|---|---|
| Equity awards (RSUs/PSUs) | Not disclosed in proxy; compensation described as cash retainers and chair fees |
| Option awards | Not disclosed in proxy |
| Performance metrics tied to director pay (e.g., TSR, EBITDA) | Not disclosed in proxy |
| Clawbacks/COC provisions for directors | Not disclosed in proxy |
Other Directorships & Interlocks
| Company | Registrant Type | Interlock Detail |
|---|---|---|
| Eagle Point Credit Company Inc. | Closed-end management investment company | Same fund complex; Weiss is Audit Chair and Nominating Committee Member |
| Eagle Point Income Company Inc. | Closed-end management investment company | Same fund complex; Audit Chair and Nominating Member |
| Eagle Point Enhanced Income Trust | Closed-end management investment company | Same fund complex; Audit Chair and Nominating Member |
| Eagle Point Defensive Income Trust | Closed-end management investment company | Same fund complex; Audit Chair and Nominating Member |
External public boards: Other than these fund complex entities, none of the Trustees served on boards of other companies registered under Exchange Act Section 12 or 15(d), or registered investment companies outside the complex during the last five years .
Expertise & Qualifications
- Senior financial institutions leadership (Barclays Global Head of FIG; Lehman MD; led FIG businesses) indicating deep financial and risk oversight expertise applicable to audit leadership .
- Fund governance experience as Audit Committee Chair and Nominating Committee Member across multiple closed-end vehicles in the same complex .
- Academic credential: B.S., University of Wisconsin .
Equity Ownership
| Holder | Common Shares Beneficially Owned | % of Common | Preferred Shares Beneficially Owned | % of Preferred | Dollar Range in Fund | Aggregate Dollar Range in Fund Complex |
|---|---|---|---|---|---|---|
| Jeffrey L. Weiss | — | — | — | — | None | Over $100,000 |
- Basis of percentages: 12,423,963 Common Shares and 1,400,000 Preferred Shares outstanding as of the Record Date .
- Alignment note: To the Fund’s knowledge, none of the Independent Trustees or their immediate family members owned securities of the Adviser or entities controlling/controlled by/under common control with the Adviser (other than registered investment companies) as of the Record Date .
Governance Assessment
- Strengths: Weiss’s role as Lead Independent Trustee and Audit Committee Chair, combined with ≥75% attendance and independent committee composition, supports effective oversight and independent challenge; his audit report and pre-approval policies demonstrate structured auditor independence management with full board approval of audited financials .
- Watchpoints: The proxy discloses no personal ownership by Weiss in EIIA, though he holds an aggregate dollar range “Over $100,000” across the fund complex; this may signal weaker direct alignment with EIIA shareholders specifically, despite broader complex exposure .
- Interlocks/Conflicts: Multiple concurrent directorships within the same fund complex (and Audit Chair roles at each) concentrate governance influence; however, Weiss is classified as independent, and the proxy states Independent Trustees and their families do not own securities of the Adviser or its controllers, mitigating direct adviser-related conflicts .
- Auditor independence: Rising non-audit/tax fees in 2024 were fully pre-approved; continued monitoring of the mix of audit vs non-audit fees is prudent from an independence and investor confidence perspective .
RED FLAGS
- No disclosed personal share ownership in EIIA (beneficial ownership “—”) which may reduce direct “skin-in-the-game” alignment at the Fund level .
- Governance concentration via multiple Audit Committee chairs across the same complex warrants continued scrutiny for workload and oversight capacity, although independence standards are met per NYSE rules and 1940 Act definitions .