diff --git a/proxyclient/hv/trace_dcp.py b/proxyclient/hv/trace_dcp.py
index 455f39d21739..bfdd66e5fb24 100644
--- a/proxyclient/hv/trace_dcp.py
+++ b/proxyclient/hv/trace_dcp.py
@@ -161,15 +161,16 @@ class EPICEp(AFKEp):
         chexdump(fd.read(), print_fn=self.log)
 
     def handle_reply(self, hdr, sub, fd):
-        cmd = EPICCmd.parse_stream(fd)
-        payload = fd.read()
-        self.log(f"Response {sub.type:#x}: {cmd.retcode:#x}")
-        if payload:
+        if sub.inline_len:
+            payload = fd.read()
             self.log("Inline payload:")
             chexdump(payload, print_fn=self.log)
-        if cmd.rxbuf:
-            self.log(f"RX buf @ {cmd.rxbuf:#x} ({cmd.rxlen:#x} bytes):")
-            chexdump(self.dart.ioread(0, cmd.rxbuf, cmd.rxlen), print_fn=self.log)
+        else:
+            cmd = EPICCmd.parse_stream(fd)
+            self.log(f"Response {sub.type:#x}: {cmd.retcode:#x}")
+            if cmd.rxbuf:
+                self.log(f"RX buf @ {cmd.rxbuf:#x} ({cmd.rxlen:#x} bytes):")
+                chexdump(self.dart.ioread(0, cmd.rxbuf, cmd.rxlen), print_fn=self.log)
 
     def handle_cmd(self, hdr, sub, fd):
         cmd = EPICCmd.parse_stream(fd)