Welcome to our dedicated page for Eagle Point Credit news (Ticker: ECC), a resource for investors and traders seeking the latest updates and insights on Eagle Point Credit stock.
Eagle Point Credit Company Inc. is an externally managed, non-diversified closed-end management investment company focused on collateralized loan obligation securities. The company seeks high current income and capital appreciation by investing primarily in equity and junior debt tranches of CLOs backed by portfolios of below-investment-grade U.S. senior secured loans. It is advised by Eagle Point Credit Management LLC.
Recurring news for ECC includes quarterly financial results, net asset value and portfolio disclosures, distribution-related updates, and activity involving its listed common stock, preferred stock and notes. Company updates also reference at-the-market issuances and affiliated Eagle Point private credit strategies where they relate to ECC securities or distribution channels.
Eagle Point Credit Company reported a strong fiscal year 2020, with a net asset value (NAV) increasing to $11.18 per share, up 32% from Q3. The company generated a net investment income (NII) of $0.24 per share in Q4, despite a net loss of $0.80 due to realized capital losses. GAAP net income for Q4 was $95.2 million, or $2.98 per share. The Company deployed $10.4 million in capital and received $27.6 million in cash distributions in Q4. As of February 9, 2021, the estimated NAV per share is between $11.95 and $12.05, with $29.5 million in cash available for new investments.
Eagle Point Credit Company reported its financial results for Q3 2020, highlighting a net income of $44.5 million, or $1.40 per common share. The net asset value (NAV) per share increased to $8.45, reflecting a 13% rise from Q2. The company deployed $27.2 million in capital and received $19.7 million in cash distributions during the quarter. As of October 31, 2020, NAV was estimated between $8.53 and $8.63, supported by a 50% increase in cash distributions compared to Q3. The effective yield of the CLO equity portfolio was 11.48% as of September 30, 2020.
Eagle Point Credit Company (NYSE:ECC) announced three distributions of $0.08 per share on common stock, scheduled for January 29, February 26, and March 31, 2021, with record dates preceding each payment. Additionally, distributions of $0.161459 per share on its 7.75% Series B Term Preferred Stock due 2026 will also be paid on the same dates. The common stock distributions are derived from net investment income and may include capital gains or return of capital. Full tax characteristics will be reported on Form 1099 post-2020 calendar year.
Eagle Point Credit Company plans to report its financial results for Q3 2020 on November 17, 2020, before market opening. A conference call discussing these results will be held at 10:00 a.m. Eastern Time, hosted by CEO Thomas P. Majewski and CFO Kenneth P. Onorio. Investors can participate by phone or online, with details available on the company’s website. The company aims to generate high current income and capital appreciation primarily through collateralized loan obligations. Monthly portfolio information is accessible on their website.