This is an excerpt from Eagle Point Capital’s Fall 2025 letter to clients. Every six months, EPC writes to clients to explain what they own and why they own it. The portfolio-specific portion of each letter is for clients and premium subscribers only. Premium subscribers will receive the entire letter 45 days after our clients (November 15, 2025).
If you’d like to invest with EPC, please contact us. We offer separately managed accounts to retail investors, and 401(k) rollovers are often a good fit for our long-term approach.
Domino’s Pizza Group (DPG) is a Domino’s Pizza master franchisee that has the exclusive right to issue franchises and collect royalties in the United Kingdom and Ireland. Domino’s Pizza Group is vertically integrated and has a meaningful scale advantage over its competitors. Its value and convenience is unmatched. The company’s royalty business model makes it simple, predictable, and highly free cash flow generative.