Eagle Point Credit (ECC) Reports Q3 EPS of $0.41

Eagle Point Credit (NYSE: ECC) reported Q3 EPS of $0.41.

“The third quarter was another active quarter for the Company, both from a portfolio management standpoint and in terms of our balance sheet,” said Thomas Majewski, Chief Executive Officer. “We continued to focus on CLO resets to take advantage of our Adviser’s deep investing experience, completing another five resets and thus further lengthening the reinvestment period in each transaction and in certain circumstances, locking in a lower cost of CLO debt. This brings the total number of such CLO equity positions that were reset or refinanced since January 1, 2017 to 23 and 28, respectively. The majority of the Company’s current portfolio has been reset, refinanced or both. In addition, we deployed $42.3 million in gross capital into new investments, while opportunistically selling certain investments to create value for the Company. We also utilized our at-the-market program in the quarter, raising $25.0 million of additional capital at a premium to NAV, and we have already deployed much of that new capital into investments.

“During the third quarter, we recorded NII and realized capital gains per share of $0.41, as we did have approximately $0.02 per common share of cash drag associated with the issuance of shares of common stock under the at-the-market program during the quarter, as well as the continued modest spread compression,” noted Mr. Majewski. “We remain dedicated to actively managing the portfolio, focusing selectively on new investments and sales. In addition, when appropriate, we plan to pursue additional CLO resets in an effort to lock in longer and lower cost liabilities.”

For earnings history and earnings-related data on Eagle Point Credit (ECC) click here.

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