We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Eagle Point Credit Company Inc | NYSE:ECC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 8.79 | 3 | 11:02:46 |
Eagle Point Credit Company Inc. (the “Company”) (NYSE: ECC, ECCC, ECC PRD, ECCF, ECCV, ECCW, ECCX) today announced financial results for the quarter ended September 30, 2024 and certain additional activity through October 31, 2024.
“Our portfolio generated another quarter of strong recurring cash flows, and we deployed $171.1 million of net capital into investments with compelling risk-adjusted returns,” said Thomas P. Majewski, Chief Executive Officer. “We actively managed our portfolio, completing 14 reset actions in the third quarter alone, and 23 reset and refinancing actions year-to-date. These actions are laying the foundation for the portfolio to further enhance its net investment income over time.”
THIRD QUARTER 2024 RESULTS
FOURTH QUARTER 2024 PORTFOLIO ACTIVITY THROUGH OCTOBER 31, 2024 AND OTHER UPDATES
DISTRIBUTIONS
As previously announced, the Company has declared the following monthly distributions on its common stock, 6.50% Series C Term Preferred Stock due 2031 (the “Series C Term Preferred Stock”), Series D Preferred Stock and Series F Term Preferred Stock.6
Security
Amount per Share
Record Dates
Payable Dates
Common Stock
$0.14
November 12, 2024,
December 11, 2024
January 13, 2025,
February 10, 2025,
March 11, 2025
November 29, 2024,
December 31, 2024
January 31, 2025,
February 28, 2025,
March 31, 2025
Series C Term Preferred Stock
$0.135417
Series D Preferred Stock
$0.140625
Series F Term Preferred Stock
$0.166667
The Company also declared supplemental monthly distributions on its common stock of $0.02 per share payable on November 29, 2024 and December 31, 2024 to shareholders of record on November 12, 2024 and December 11, 2024. The Company’s current estimated taxable income for the 2024 tax year is expected to be fully distributed to common stockholders for the same tax year; as a result, the Company will conclude its monthly variable supplemental distribution as of December 31, 2024.
Additionally, as previously announced, the Company has declared the following monthly distributions on its Convertible Preferred Stock.
Security
Amount per Share
Record Dates
Payable Dates
Series AA Convertible and Perpetual Preferred Stock
$0.145834
November 12, 2024,
December 11, 2024
January 13, 2025,
February 10, 2025,
March 11, 2025
November 29, 2024,
December 31, 2024
January 31, 2025,
February 28, 2025,
March 31, 2025
Series AB Convertible and Perpetual Preferred Stock
$0.145834
The distributions on shares of the Convertible Perpetual Preferred Stock reflect an annual distribution rate of 7.00% of the $25 liquidation preference per share and accumulate from the date of original issue.
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 ended September 30, 2024, 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). Please reference Conference ID 13749061 when calling, and the Company recommends dialing in 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 December 13, 2024. To hear the replay, please dial (844) 512-2921 (toll-free) or (412) 317-6671 (international). For the replay, enter Conference ID 13749061.
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 unaudited consolidated financial statements as of and for the period ended September 30, 2024. The Company has also filed this report with the Securities and Exchange Commission. 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 ended September 30, 2024.
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 CLOs. 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 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 prospectus and the Company’s other filings with the SEC. 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 does not reflect distributions and amortization of offering costs on the Series D Preferred Stock and Series AA/AB Convertible and Perpetual Preferred Stock (collectively with the Series D Preferred Stock, the “temporary equity”) of $0.03 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 quarterly unaudited 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241114931300/en/
Investor and Media Relations: ICR 203-340-8510 IR@EaglePointCredit.com www.eaglepointcreditcompany.com
1 Year Eagle Point Credit Chart |
1 Month Eagle Point Credit Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions