Eagle Point Credit Company Inc. Announces Fourth Quarter 2020 and Year-End 2020 Financial Results
Eagle Point Credit Company Inc. (the “Company”) (NYSE: ECC, ECCB, ECCX, ECCY) today announced financial results for the quarter and fiscal year ended December 31, 2020, net asset value (“NAV”) as of December 31, 2020 and certain additional activity through February 9, 2021.
FOURTH QUARTER AND FULL YEAR 2020 HIGHLIGHTS
- NAV per common share of $11.18 as of December 31, 2020, up from $8.45 per common share as of September 30, 2020.
- Net investment income (“NII”) of $0.24 per weighted average common share1 for the fourth quarter of 2020.
- NII less realized capital losses resulted in a net loss of $0.80 per weighted average common share for the fourth quarter of 2020.
- Fourth quarter 2020 GAAP net income (inclusive of unrealized mark-to-market gains) of $95.2 million, or $2.98 per weighted average common share.
- Weighted average effective yield of the Company’s collateralized loan obligation (“CLO”) equity portfolio (excluding called CLOs), based on amortized cost, was 11.05% as of December 31, 2020. Weighted average expected yield of the Company’s CLO equity portfolio (excluding called CLOs), based on fair market value, was 21.14% as of December 31, 20202.
- Deployed $10.4 million in net capital and received $27.6 million in recurring cash distributions3 from the Company’s investment portfolio in the fourth quarter of 2020.
- Issued 597,775 shares of common stock and 29,771 shares of Series B Term Preferred Stock during the fourth quarter pursuant to the Company’s “at-the-market” offering program, for total net proceeds to the Company of approximately $6 million.
- NAV per common share is estimated to be between $11.95 and $12.05 as of January 31, 2021.
- Received $30.7 million of recurring cash distributions from the Company’s investment portfolio from January 1, 2021 through February 9, 2021, an increase of 11% from the fourth quarter 2020.
- Deployed $3.0 million in net capital from January 1 through February 9, 2021.
- Issued 242,268 shares of Series B Term Preferred Stock from January 1, 2021 through February 9, 2021 pursuant to the Company’s “at-the-market” offering program, for total net proceeds to the Company of approximately $6 million.
“Our investment portfolio ended a strong 2020 with a very strong fourth quarter, with our NAV per common share increasing 32% from the end of the third quarter,” said Thomas Majewski, Chief Executive Officer. “For the full year, the Company generated a GAAP ROE of just shy of 20% and our NAV increased during the year. Our liquidity position remains strong, with no debt maturities prior to October 2026 and approximately $29.5 million of cash on our balance sheet as of February 9, 2021.”