SCHEDULE 13G/A: Karpus Management Discloses 0.91% Stake in Eagle Point Credit Co Preferred Shares

Karpus Management, Inc. has filed an amended Schedule 13G, disclosing a 0.91% beneficial ownership stake in the preferred shares of Eagle Point Credit Co Inc.

Summary

• Karpus Management, Inc. (Karpus) has filed an Amendment No. 2 to Schedule 13G regarding its beneficial ownership in Eagle Point Credit Co Inc.
• Karpus beneficially owns 80,560.00 preferred shares of Eagle Point Credit Co Inc.
• This ownership represents 0.91% of the preferred class of securities.
• Karpus, a registered investment adviser, holds sole voting and dispositive power over these shares.
• The shares are held in accounts managed by Karpus in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.
• Karpus is controlled by City of London Investment Group plc (CLIG), but maintains effective informational barriers, exercising independent voting and investment power.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing (Schedule 13G) disclosing beneficial ownership, which is inherently factual and does not convey positive or negative sentiment regarding the issuer's performance or outlook.

Positives

• The filing indicates that Karpus Management, Inc. holds the shares in the ordinary course of business, signifying a passive investment rather than an attempt to influence control.

Negatives

• No negative information is disclosed in this routine beneficial ownership filing.

Risks

• The document does not disclose specific risks related to the issuer or the investment.

Future Outlook

The document is a beneficial ownership disclosure and does not contain any forward-looking statements or guidance regarding the issuer's future outlook.

Industry Context

This filing is a standard disclosure required by the SEC when an entity's beneficial ownership of a class of a company's securities falls below or changes within certain thresholds, particularly for institutional investors like Karpus Management, Inc., a registered investment adviser. It reflects a routine portfolio holding rather than a strategic move.

Comparison to Industry Standards

• As a routine Schedule 13G filing, this document primarily serves as a disclosure of beneficial ownership and does not contain information suitable for direct comparison to specific comparable companies, projects, or results. It aligns with standard regulatory reporting requirements for investment advisers holding passive stakes.

Related Party Transactions

• Karpus Management, Inc. is controlled by City of London Investment Group plc (CLIG). However, effective informational barriers have been established between Karpus and CLIG, ensuring that voting and investment power over the subject securities is exercised by Karpus independently of CLIG, and attribution of beneficial ownership is not required between them.

Stakeholder Impact

• Shareholders: Minimal impact, as the disclosed stake is small (0.91%) and held passively, indicating no immediate intent to influence corporate control or strategy.
• Management: No direct impact, as the filing confirms the investment is in the ordinary course of business and not for control purposes.

Key Dates

Keywords

Schedule 13G, Beneficial Ownership, Karpus Management Inc., Eagle Point Credit Co Inc., Preferred Shares, Investment Adviser, SEC Filing, Passive Investment