[Form 3] Eagle Point Income Co Inc. Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Elk Insurance Holdings, LLC filed a Form 3 reporting indirect ownership of 3,819,656 shares of common stock of Eagle Point Income Co Inc. (EIC). The filing states that an additional 55,076 shares were acquired through broker‑administered reinvestments and are added to prior holdings reported in an Original Form 3.

The filing explains a chain of control: Enstar Group Limited (EGL) and certain wholly‑owned subsidiaries hold the shares, and following a series of mergers that closed on 07/02/2025, EGL is indirectly controlled by Elk Insurance Holdings through a multi‑level ownership structure. Elk Insurance Holdings disclaims beneficial ownership for Section 16 purposes except for any pecuniary interest. The Form 3 is signed by A. Michael Muscolino on 09/29/2025.

Positive

• Clear disclosure of total indirect holdings of 3,819,656 shares, improving transparency for investors
• Includes specific explanation that 55,076 additional shares were acquired via broker‑administered reinvestments and added to prior filings

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: The filing documents a change in indirect control via a corporate reorganization and discloses aggregate indirect shareholdings.

The Form 3 is a routine but important disclosure showing a chain of ownership resulting from mergers that closed on 07/02/2025. It clarifies that 3,819,656 shares are held indirectly by EGL subsidiaries and that Elk Insurance Holdings now indirectly controls EGL through a series of intermediate entities. The disclaimer of beneficial ownership under Section 16 is standard in complex holding structures, but investors should note the clear disclosure of the ownership magnitude and the corporate control chain.

Securities Analyst

TL;DR: Material ownership level disclosed; change stems from merger activity and dividend reinvestments rather than open‑market purchases.

The filing quantifies total indirect holdings at 3,819,656 shares, including 55,076 shares added via broker‑administered dividend reinvestments. This indicates incremental share accumulation through DRIP‑style activity rather than a market buying program. The document provides clear attribution of the holding entities and the ownership chain up to Elk Insurance Holdings, which helps assess voting influence and potential corporate governance implications.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Elk Insurance Holdings, LLC

(Last) (First) (Middle)

2100 MCKINNEY AVENUE, SUITE 1500

(Street)

DALLAS TX 75201

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
07/02/2025

3. Issuer Name and Ticker or Trading Symbol
Eagle Point Income Co Inc. [ EIC ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	3,819,656(1)	I	See footnote(2)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Subsequent to the Form 3 filed by Enstar Group Limited ("EGL"), Kenmare Holdings Ltd. ("Kenmare") and Cavello Bay Reinsurance Limited ("Cavello Bay") on July 23, 2019 (the "Original Form 3"), an aggregate 55,076 shares of Common Stock of the Issuer were acquired through broker-administered reinvestments with terms similar to the Issuer's dividend reinvestment plan, which are reported on this Form 3 in addition to the securities reported on the Original Form 3.

2. These shares are owned directly by (i) Clarendon National Insurance Company, (ii) Enstar Holdings (US) LLC, (iii) Yosemite Insurance Company and (iv) Cavello Bay ((i) through (iv), collectively, the "Holders"), each of which is a wholly-owned indirect subsidiary of EGL, which, as a result of a series of mergers that closed on July 2, 2025, is now indirectly controlled by Elk Insurance Holdings, LLC ("Elk Insurance Holdings"). The sole shareholder of EGL is Elk Bidco Limited. The sole owner of the ordinary shares of Elk Bidco Limited is Elk Parent Limited, which is wholly owned by Elk Intermediate Holdings, LLC, which is in turn wholly owned by Elk Topco, LLC ("Elk Topco"). Elk Insurance Holdings owns 100% of the voting non-economic interests in Elk Topco. The Reporting Person disclaims beneficial ownership over the reported securities herein for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, except to the extent of its pecuniary interest therein.

	/s/ A. Michael Muscolino, Managing Member of Elk Insurance Holdings, LLC	09/29/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

Who filed the Form 3 for EIC?

The Form 3 was filed by Elk Insurance Holdings, LLC, signed by A. Michael Muscolino on 09/29/2025.

How many EIC shares does Elk Insurance Holdings indirectly own?

The filing reports indirect ownership of 3,819,656 shares of common stock of Eagle Point Income Co Inc. (EIC).

What additional shares were reported on this Form 3?

An aggregate of 55,076 shares were acquired through broker‑administered reinvestments and are reported in addition to prior holdings.

When did the transactions or organizational changes that affect control occur?

The filing references a series of mergers that closed on 07/02/2025, after which EGL became indirectly controlled by Elk Insurance Holdings.

Does Elk Insurance Holdings claim beneficial ownership for Section 16 purposes?

The reporting person disclaims beneficial ownership of the reported securities for Section 16 purposes except to the extent of any pecuniary interest.