GREENWICH, Conn.--(BUSINESS WIRE)--Eagle Point Credit Company Inc. (NYSE:ECC) (the “Company”) today announced net income for the quarter ended March 31, 2015 and net asset value as of March 31, 2015 in addition to certain portfolio activity through May 22, 2015.
FIRST QUARTER HIGHLIGHTS
For the quarter ended March 31, 2015, the Company had net income of $3.8 million, or $0.27 per common share. The net asset value of the Company as of March 31, 2015 was $259.1 million, or $18.76 per common share.
The Company’s net income of $3.8 million was comprised of total investment income of $8.3 million and a realized net gain of $0.1, offset by total expenses of ($2.9) million and an unrealized net loss of ($1.7) million.
During the quarter, the Company received $9.0 million of cash flow from its investment portfolio, or $0.65 per common share.
During the first quarter, the Company invested in one collateralized loan obligation (“CLO”) equity position, two new loan accumulation facilities and one follow-on loan accumulation facility. The total amount of capital invested in the period was $44.2 million.
As of March 31, 2015, the weighted average effective yield on the Company’s CLO equity portfolio was 15.21%. The Company’s weighted average effective yield includes a provision for credit losses.
The closing price of our common shares on March 31, 2015 was $21.00, representing a 11.9% premium to net asset value.
As of March 31, 2015 on a look-through basis, the Company had exposure to approximately 1,043 unique corporate obligors. The largest look-through obligor represented 0.9% of the Company’s total assets. The top-ten largest look-through obligors represented 6.4% of the Company’s total assets.
ADDITIONAL INFORMATION
Earlier today, the Company filed a Form N-Q with the Securities and Exchange Commission. This filing has additional information about the Company’s portfolio as of March 31, 2015.
The Company has also made available on its website, http://eaglepointcreditcompany.com (in portfolio overview section), an investor presentation which has additional information about the Company and its portfolio as of and for the quarter ended March 31, 2015.
SECOND QUARTER PORTFOLIO ACTIVITY THROUGH MAY 22, 2015
Since March 31, 2015, the Company has received cash distributions on its investment portfolio totaling $17.1 million, or $1.24 per common share.
During the second quarter, the Company has been substantially fully invested in CLO equity and loan accumulation facilities. Of the three loan accumulation facilities in the Company’s portfolio as of March 31, 2015, the largest has priced into a CLO which is scheduled to close the first week of June, while two are accumulating loans in the normal course.
DISTRIBUTIONS
The Company paid a distribution of $0.60 per common share for the quarter ended March 31, 2015 on April 30, 2015. The distribution represented approximately a 12% annualized rate, based on the Company’s initial public offering (“IPO”) price of $20. The Company intends to pay a quarterly distribution on its common shares for the second quarter of 2015, which the Company expects to declare within the next two weeks. The Company expects the distribution to be in line with its prior distributions of 12% per annum of the IPO price.
CONFERENCE CALL
As previously disclosed, the Company will host a conference call at 11:00 a.m. (Eastern Time) on Wednesday, May 27, 2015 to discuss the quarterly financial results and portfolio update. All interested parties may participate in the conference call by dialing (877) 201-0168 (domestic) or (647) 788-4901(international), and entering Conference ID 41373459 approximately 10 to 15 minutes prior to the call. An archived replay of the call will be available shortly after the call until June 27, 2015. To hear the replay, please dial (855) 859-2056 (domestic) or (404) 537-3406 (international). For all replays, enter conference ID 41373459.
ABOUT EAGLE POINT CREDIT COMPANY
The Company is a non-diversified, closed-end management investment company. The Company’s investment objective is to generate high current income and capital appreciation primarily through investment in equity and junior debt tranches of collateralized loan obligations. The Company is externally managed and advised by Eagle Point Credit Management LLC. The principals of Eagle Point Credit Management LLC are Thomas P. Majewski, Daniel W. Ko and Daniel M. Spinner.
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.
Source: Eagle Point Credit Company Inc.