Michael Kao: ECC trades above March net asset value as CLO equity gains

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01.05.2026

Michael Kao: ECC trades above March net asset value as CLO equity gains — ECC tops March NAV as CLOs rally

Michael Kao, CIO at Akadia Capital, highlights that ECC is now trading above its March 31 net asset value, reflecting strong performance among CLO equity investments.

Kao shares that new information suggests the April 30 net asset values in the sector will be significantly higher, with SPMC and EARN already trading at substantial premiums. He also states that EIC stands out as providing the best risk-adjusted yield currently available for investors.

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Kao previously identified a sharp divide between negative market sentiment and the strong underlying fundamentals in private credit and CLOs, as detailed in an earlier note from Akadia Capital’s CIO (read more). He also commented on Medallia’s 2021 leveraged buyout, describing the challenges the firm faced after being acquired with heavy leverage at its peak (details here). These observations frame Kao’s current views on risk and opportunity in CLO equity investments.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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