Le Lézard
Classified in: Business
Subjects: EARNINGS, Dividend, Conference Call, Webcast, Closed End Fund

Eagle Point Credit Company Inc. Announces Fourth Quarter and Year-End 2023 Financial Results


Eagle Point Credit Company Inc. (the "Company") (NYSE: ECC, ECCC, ECC PRD, ECCF, ECCV, ECCW, ECCX) today announced financial results for the quarter and fiscal year ended December 31, 2023 and certain additional activity through February 15, 2024.

"The Company had a very good 2023. We generated a GAAP return of 20.79% in 2023 for our shareholders. Our portfolio generated strong cash flows each quarter and we sourced attractive investments for the Company throughout the year," said Thomas P. Majewski, Chief Executive Officer. "During the fourth quarter, we deployed $34 million into new investments. The secondary market CLO equity we purchased during the quarter had a weighted average effective yield of 22.9%, further positioning the portfolio to enhance net investment income over time."

"For the fourth quarter, we generated net investment income and realized capital gains of $0.33 per share. We also strengthened our balance sheet through our ?at-the-market' program by issuing common stock at a premium to NAV, which generated $0.03 per share of NAV accretion. The Company further enhanced its liquidity early in 2024 with the issuance of our 8.00% Series F Term Preferred Stock, which produced $47.1 million in net proceeds," concluded Mr. Majewski.

FOURTH QUARTER 2023 RESULTS

FULL YEAR 2023 HIGHLIGHTS

FIRST QUARTER 2024 PORTFOLIO ACTIVITY THROUGH FEBRUARY 15, 2024 AND OTHER UPDATES

DISTRIBUTIONS

As previously announced, the Company has declared the following monthly distributions to its common stock, 6.50% Series C Term Preferred Stock due 2031 (the "Series C Term Preferred Stock") and 6.75% Series D Preferred Stock (the "Series D Preferred Stock").6

Security

Amount per

Share

Record Dates

Payable Dates

Common Stock Regular

$0.14

February 9, 2024,

March 8, 2024,

April 10, 2024,

May 13, 2024,

June 10, 2024

February 29, 2024,

March 28, 2024,

April 30, 2024,

May 31, 2024,

June 28, 2024

Common Stock Supplemental

$0.02

Series C Term Preferred Stock

$0.135417

Series D Preferred Stock

$0.140625

The Company has also declared the following monthly distributions to its Series F Term Preferred Stock.

Security

Amount per

Share

Record Dates

Payable Dates

Series F Term Preferred Stock

$0.227778

February 9, 2024

February 29, 2024

Series F Term Preferred Stock

$0.166667

March 8, 2024,

April 10, 2024,

May 13, 2024,

June 10, 2024

March 28, 2024,

April 30, 2024,

May 31, 2024,

June 28, 2024

CONFERENCE CALL

The Company will host a conference call at 10:00 a.m. (Eastern Time) today to discuss the Company's financial results for the quarter and full year ended December 31, 2023, as well as a portfolio update.

All interested parties may participate in the conference call by dialing (877) 407-0789 (toll-free) or (201) 689-8562 (international), and referencing Conference ID 13743436 approximately 10 to 15 minutes prior to the call.

A live webcast will also be available on the Company's website (www.eaglepointcreditcompany.com). Please go to the Investor Relations section at least 15 minutes prior to the call to register, download and install any necessary audio software.

An archived replay of the call will be available shortly afterwards until March 22, 2024. To hear the replay, please dial (844) 512-2921 (toll-free) or (412) 317-6671 (international). For the replay, enter Conference ID 13743436.

ADDITIONAL INFORMATION

The Company has made available on the investor relations section of its website, www.eaglepointcreditcompany.com (in the financial statements and reports section), its 2023 Annual Report, which includes the Company's audited consolidated financial statements as of and for the period ended December 31, 2023. The Company also published on its website (in the presentations and events section) an investor presentation, which contains additional information about the Company and its portfolio as of and for the quarter and year ended December 31, 2023. The Company has filed these reports with the Securities and Exchange Commission.

ABOUT EAGLE POINT CREDIT COMPANY

The Company is a non-diversified, closed-end management investment company. The Company's primary investment objective is to generate high current income, with a secondary objective to generate capital appreciation, primarily by investing in equity and junior debt tranches of collateralized loan obligations. The Company is externally managed and advised by Eagle Point Credit Management LLC.

The Company makes certain unaudited portfolio information available each month on its website in addition to making certain other unaudited financial information available on its website (www.eaglepointcreditcompany.com). This information includes (1) an estimated range of the Company's net investment income ("NII") and realized capital gains or losses per share of common stock for each calendar quarter end, generally made available within the first fifteen days after the applicable calendar month end, (2) an estimated range of the Company's NAV per share of common stock for the prior month end and certain additional portfolio-level information, generally made available within the first fifteen days after the applicable calendar month end and (3) during the latter part of each month, an updated estimate of NAV, if applicable, and, with respect to each calendar quarter end, an updated estimate of the Company's NII and realized capital gains or losses per share for the applicable quarter, if available.

FORWARD-LOOKING STATEMENTS

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the Company's filings with the U.S. Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

______________________________
1 "Per weighted average common share" is based on the average daily number of shares of common stock outstanding for the period and "per common share" refers to per share of the Company's common stock.
2 NII is net of distributions made on the Company's Series D Preferred Stock of $0.01 per weighted average common share.
3
"Recurring cash distributions" refers to the quarterly distributions received by the Company from its CLO equity, CLO debt and other investments and distributions from loan accumulation facilities in excess of capital invested and excludes funds received from CLOs called.
4 Weighted average effective yield is based on an investment's amortized cost whereas weighted average expected yield is based on an investment's fair market value as of the applicable period end as disclosed in the Company's financial statements, which is subject to change from period to period. Please refer to the Company's audited financial statements for additional disclosures.
5 Over the long-term, management expects to generally operate the Company with leverage within a range of 25% to 35% of total assets under normal market conditions. Based on applicable market conditions at any given time, or should significant opportunities present themselves, the Company may incur leverage outside of this range, subject to applicable regulatory limits.
6 The ability of the Company to declare and pay distributions on stock is subject to a number of factors, including the Company's results of operations. Distributions on stock are generally paid from net investment income (regular interest and dividends) and may also include capital gains and/or a return of capital. The actual components of the Company's distributions for U.S. tax reporting purposes can only be finally determined as of the end of each fiscal year of the Company and are thereafter reported on Form 1099-DIV.


These press releases may also interest you

at 01:59
Höegh LNG Holdings Ltd. ("Höegh LNG") has today published its 2023 Annual Report and 2023 Sustainability Report. Both reports are available at hoeghlng.com. Strong performance driven by FSRU deliveries to Europe In 2023, Höegh LNG delivered the...

at 01:17
On April 16th, the Yiwu China Commodities City unveiled a new welcoming committee, comprising the region's top women entrepreneurs, to aid international buyers in sourcing local products. Over 120 skilled businesswomen from the committee will provide...

at 00:14
OKX, a leading crypto exchange by trading volume and a leading Web3 technology company, has issued updates for April 19, 2024. OKX...

18 avr 2024
DHGATE Group has won the "Best B2B Cross-Border E-Commerce Marketplace Company China 2024" award at the Global Business & Finance Magazine Awards. The award recognizes leading enterprises with innovation and leadership from various industries, and...

18 avr 2024
Vipshop Holdings Limited , a leading online discount retailer for brands in China ("Vipshop" or the "Company"), today announced that the Company has filed its annual report on Form 20-F that includes its audited financial statements for three years...

18 avr 2024
LEEF Brands, Inc. ("LEEF" or the "Company")  , a premier vertical cannabis operator, today announces that the holders of its 11.0% Secured Convertible Debentures due September 9, 2024 (the "September 9 Debentures") have approved proposed amendments...



News published on and distributed by: