Kenneth P. Onorio
Chief Financial Officer and Chief Operating Officer at Eagle Point Institutional Income Fund
Executive
About Kenneth P. Onorio
Kenneth P. Onorio, age 57, serves as Chief Financial Officer and Chief Operating Officer of Eagle Point Institutional Income Fund (EIIA) since inception; he is also Senior Principal, CFO and COO across the Eagle Point complex (Adviser and affiliated funds). He previously was an Executive Director at JPMorgan Alternative Investment Services overseeing hedge fund and private equity fund administration; he holds a B.S. from Fordham University and is a Certified Public Accountant (inactive). No individual TSR, revenue growth, or EBITDA growth attribution for Mr. Onorio is disclosed in the proxy.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| JPMorgan Alternative Investment Services | Executive Director, Private Equity and Hedge Fund Administration | Sep 2008 – Jul 2014 | Managed Hedge Fund and Private Equity Fund Administration functions and teams |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Eagle Point Institutional Income Fund | Chief Financial Officer and Chief Operating Officer | Since inception | Officer role; not directly compensated by the Fund |
| Eagle Point Credit Company Inc. | Chief Financial Officer (since Jul 2014); Chief Operating Officer (since Nov 2014) | 2014 – Present | Dual-role CFO/COO at publicly listed closed-end fund |
| Eagle Point Income Company Inc. | Chief Financial Officer and Chief Operating Officer | Since Oct 2018 | Dual-role CFO/COO at listed closed-end fund |
| Eagle Point Enhanced Income Trust | Chief Financial Officer, Principal Accounting Officer, and Chief Operating Officer | Since Aug 2023 | Officer roles at listed trust |
| Eagle Point Defensive Income Trust | Chief Financial Officer, Principal Accounting Officer, and Chief Operating Officer | Since Feb 2024 | Officer roles at listed trust |
| Eagle Point Credit Management LLC (Adviser) | Senior Principal; Chief Financial Officer (since Jul 2014); Chief Operating Officer (since Aug 2014) | 2014 – Present | Senior principal at Adviser; CFO/COO responsibilities |
Fixed Compensation
- Officers “are not directly compensated by the Fund”; compensation for CFO/COO/CCO is borne via the Administration Agreement as part of the Fund’s allocable portion of the Administrator’s overhead and officer compensation.
| Item | FY 2024 Amount | Description |
|---|---|---|
| Base management + incentive fees payable to Adviser | $3.6 million | Total fees incurred under Advisory Agreement (base fee on Managed Assets; incentive fee on Pre-Incentive Fee Net Investment Income) |
| Administration Agreement expenses payable | $0.5 million | Includes the Fund’s allocable overhead and allocable portion of compensation for CFO, COO, CCO and support staff |
Performance Compensation
- No individual performance bonus, target bonus, RSU/PSU or option awards for Mr. Onorio are disclosed; the Fund’s incentive economics are paid to the Adviser, not officers.
| Incentive Feature (Adviser) | Term | Notes |
|---|---|---|
| Incentive fee rate | 20% of Pre‑Incentive Fee Net Investment Income | Paid quarterly in arrears |
| Hurdle | 2.00% of NAV per quarter (8.00% annualized) | With catch‑up |
| Capital gains | No incentive fee on capital gains | Realized/unrealized losses do not affect fee amount |
Equity Ownership & Alignment
| Security | Beneficially Owned | Percent of Class | Notes |
|---|---|---|---|
| Common Shares | None | — | As of Mar 31, 2025 record date (12,423,963 common shares outstanding) |
| Preferred Shares | None | — | As of Mar 31, 2025 record date (1,400,000 preferred shares outstanding) |
- All trustees and officers as a group beneficially owned 1,000 common shares (less than 1%).
- No disclosure of shares pledged or hedged by Mr. Onorio.
Employment Terms
- Officers hold office at the pleasure of the Board until successors are chosen and qualified, or until earlier resignation or removal; officers are “interested persons” due to affiliations with the Adviser.
- No individual employment contract, severance, change‑of‑control, non‑compete, non‑solicit, garden leave, consulting, clawback, or tax gross‑up provisions for Mr. Onorio are disclosed in the DEF 14A; officer compensation is addressed via the Administration Agreement.
Related Party Economics (context)
- Advisory Agreement: base fee of 1.75% of Managed Assets and quarterly incentive fee paid to the Adviser; total fees in FY 2024 were $3.6 million.
- Administration Agreement: Fund pays its allocable overhead and allocable portion of compensation for CFO/COO/CCO and support staff; FY 2024 expenses were $0.5 million.
Investment Implications
- Alignment: Mr. Onorio holds no Fund shares, and officers receive no direct compensation from the Fund; economic linkage is indirect via the Administrator/Adviser structure, limiting visibility into officer‑level pay‑for‑performance.
- Retention: Mr. Onorio’s multi‑entity CFO/COO roles across the Eagle Point complex suggest institutional reliance on shared infrastructure; retention incentives are likely housed at the Adviser/Administrator level, not the Fund.
- Trading signals: Absence of disclosed insider ownership or equity awards for Mr. Onorio removes typical insider‑alignment signals (e.g., vesting overhang, option strike proximity, selling pressure), shifting focus to Fund‑level fee terms and earnings power that drive Adviser incentive fees.