Eagle Point Credit reports Q4 EPS 33c, consensus 37c

Reports Q4 revenue $39.40M , consensus $38.46M Net asset value per common share of $9.21 as of December 31, 2023, compared to $9.33 as of September 30 .”The Company had a very good 2023. We generated a GAAP return of 20.79% in 2023 for our shareholders. Our portfolio generated strong cash flows each quarter and we sourced attractive investments for the Company throughout the year,” said Thomas P. Majewski, Chief Executive Officer. “During the fourth quarter, we deployed $34 million into new investments. The secondary market CLO equity we purchased during the quarter had a weighted average effective yield of 22.9%, further positioning the portfolio to enhance net investment income over time.” “For the fourth quarter, we generated net investment income and realized capital gains of $0.33 per share. We also strengthened our balance sheet through our ‘at-the-market’ program by issuing common stock at a premium to NAV, which generated $0.03 per share of NAV accretion. The Company further enhanced its liquidity early in 2024 with the issuance of our 8.00% Series F Term Preferred Stock, which produced $47.1 million in net proceeds,” concluded Mr. Majewski.