Eagle Point Credit (ECC) Reports Q4 Loss of $0.23

Eagle Point Credit (NYSE: ECC) reported Q4 EPS of ($0.23), versus $0.37 reported last year.

“Our portfolio continued to generate solid recurring cash flows during the fourth quarter,” said Thomas Majewski, Chief Executive Officer. “Our NAV was impacted by widening market yields on CLO equity and a drop in loan prices during the first part of the quarter. This trend reversed later in the quarter and has continued into 2020. While NAV has moved up and down as marks on our securities change, recurring cash flows from our portfolio remain largely consistent and exceed our costs and common distribution. Corporate default rates remain well below historical levels and we do not foresee any material increase in near term defaults. We remained disciplined with our dry powder throughout the quarter, deploying capital where we saw value.”

“As we look into 2020, we believe the loan market fundamentals will continue to remain solid, as earnings among corporate borrowers remain mostly in line or better than expectations, the Federal Reserve maintains its current posture, and the lagging 12-month default rate remaining well below its historical average. We believe our CLO investments in 2020 will benefit from our previous years’ refinancing and reset activity and we expect to remain disciplined in deploying our dry powder in order to achieve strong risk-adjusted returns, which should create additional long-term value for our stockholders,” added Mr. Majewski.

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

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