Eagle Point Credit: The 18% CLO Yield Is Not The Signal — The Equity Tranche Structure Beneath It Is

BLUF: ECC delivers exposure to CLO equity tranches with historically high cash yields — but the Q4 2025 results make the structural picture clear. NAV fell 18.6% in a single quarter to $5.70, leverage hit 48% against a stated target of 27.5–37.5%, and the monthly common distribution was cut 57% from $0.14 to $0.06.