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Eagle point credit ipo fbs forex withdrawal

Eagle point credit ipo

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Again, the majority of the underlying debt portfolios are comprised of senior secured loans. As we mentioned above, equity has the lowest priority to cash flow in the CLO structure. As a result, one would assume performance is spotty over economic cycles. However, the structural protections and testing of CLOs have created stable long-term performance.

The economic stress of shutdowns exerted substantial pressure on all businesses. In short, CLOs have strongly benefited from the recovery and access to cheap capital has fueled repayments. In fact, the continuation of this stimulus presents our biggest risks which we will detail below. ECC managed to end with only limited exposure to defaulting loans. The strong recovery has resulted in strong performance for ECC. These distributions stand to further increase in the event the strong economic recovery continues.

Looking back, ECC has a strong dividend history given its objective of current income. The distribution cut because of the pandemic has led to substantial compression of this distribution yield. However, ECC has begun raising dividend distributions as the underlying income begins to normalize after the pandemic. A continued increase in distributions would see this yield normalize against current share prices. We have covered that ECC is a powerful income tool backed by a complex and misunderstood asset class.

What investors probably want to know next is how ECC has stacked up in terms of total performance. The high payment rates and high yield have correlated to strong performance for CLOs, including the equity tranches. The fund has outperformed traditional fixed income investments such as investment grade and high yield bonds but has underperformed equities.

Achieving the entirety of this return through current income is an impressive feat for ECC. As expected, the fund has experienced share price decline due to decay from underperforming loans. However, this loss has been offset by double-digit yields. We are impressed by the performance of ECC.

Management has displayed their ability to produce returns in the riskiest segment through security selection. Experience benefits managers in a complex space such as CLO equity. If any manager is equipped to handle the challenges, history has proven it may be ECC.

ECC and CLOs have benefited strongly from the extreme fiscal stimulus released over the past two years. During the heights of the pandemic, the federal reserve lowered rates to encourage economic activity and stimulate the capital markets. Their strategy worked and as a result, the economy has recovered at an extraordinary rate.

In addition to the economic recovery, generous stimulus has led to a substantial increase in credit activity. ECC has benefited outright as firms have been able to comfortably finance their business activities leading to timely interest repayment. The healthy refinancing activity has led to expansions of the CLO market. The overall repayment has led to a solid recovery in equity tranches, which only benefit when all debt obligations have been met.

As of now, the economy is still set to expand rapidly with historically high GDP growth. Economists are forecasting 5. The rapid expansion has been the result of a strong reopening and elevated business activity.

Should these trends continue with no increases in interest rates, ECC should continue to benefit. If there is any indication, the elevated activity in the CLO market is promising. Repayments should continue and the equity tranche will once again begin collecting healthy returns distributed as dividends to shareholders.

Should these tailwinds continue, ECC should benefit directly with a rising distribution and healthy performance. But what if things change? Recently, the federal reserve and the Biden Administration have discussed increasing interest rates. At this point, it appears that interest rates could rise sooner rather than later. As we mentioned above, rock bottom lending rates have created a supercharged environment for middle-market companies looking to refinance.

The benefits have extended further as REITs have been able to leverage their cost of capital to healthy acquisitions. Furthermore, the housing market has benefited to an unprecedented degree as mortgage rates plummeted. The results have been tremendous for the economy. A hot investment ecosystem backed by low rates and a COVID recovery has created a goldilocks environment.

At some point, the party must end. The Federal Reserve must increase rates to some degree to maintain an appropriate monetary policy. With stubborn inflation , the federal reserve has indicated it will be raising rates, likely by the end of We would expect initial increases to be modest, easing the economy into a rising rate environment.

Small, incremental increases could temper economic growth in the short term which we hope is counteracted by the continued recovery from COVID ECC itself is protected from rising rates as most senior secured loans are floating rate. However, rapidly increasing rates could challenge the economy substantially. The ability to access capital with low interest rates has resulted in large debt loads for companies across the spectrum. The debt has become sustainable under a soft burden of low interest rate.

A sharp rise in rates would immediately increase floating rate obligation and impair refinancing down the road for large, fixed rate maturities. Source: St. Louis Fed. The large debt burden will result in larger interest payments, putting direct pressure on earnings. Companies of inferior credit quality including those in the middle market tend to employ a higher level of leverage.

This borrowing is used to finance expansion strategies which are part and parcel for venture growth. However, high interest rates are especially susceptible in this space as floating rate loans comprise most senior secured loans. There is so much government stimulus in the market that is going to affect economies globally so what impact is that going to have on those borrowers?

How are those borrowers going to perform, and other than selling the assets out of the CLO, how is that going to impact performance? Should a particularly virulent variant emerge, the economy could shut down again. While we think this is unlikely, the effects could be absolutely devastating to the economy. Many firms were able to survive the first bullet but remain impacted by the outcomes.

A second shutdown could spell disaster for many of these underlying middle market operators. The combination of rising interest expenses and an economic shutdown could spell disaster for the economy in total. Middle market firms may feel the brunt of the burden due to floating rate exposure and smaller balance sheets. ECC is an interesting fund, operated by an experienced management team, in a misunderstood space. The fund offers one of the highest yields available today, backed by a historically reliable asset class.

In the future, if the CLO market grows big enough and junior debt is outperforming due to rate rises, Eagle Point can trend much higher on a capital appreciation basis from today's levels. This has been due to artificial stimulus, and Washington's recovery forced upon Wall Street. Through quantitative easing and fake Fed rate decreases, the massive bailouts for corporations have left the macroeconomic rate picture in the wrong position.

While hawkish signs have been signaled from the Fed bond yields, they haven't moved; they are supposed to. This suggests that the market hasn't fully priced all the potential rate hikes, even though investors now know that five rate hikes are likely. The distributions per share have been consistently growing over the years. The yields will continue to grow with more access to more CLOs. While this may increase the amount of negative CLOs, it will provide the industry with a large liquidity pool.

Institutional investors will see the value of not only holding CLOs but the market-resistant nature of them on paper. These may become the choice for retirees and income investors alike. Overall, Eagle Point's capital return on money invested tracks and returns better than the market. Eagle Point has higher upward swings but is more insulated from the overall CLO market. This is due to the intelligent portfolio and manager experience of CLO cycles. This has given Eagle Point the ability to grow with the CLO market and be the preeminent leader within the space.

Eagle Point operates in a very stable business. The entire goal of Eagle Point is to generate sustainable yield while maintaining capital preservation. Purely looking at the distribution rate, it's easy to see why investors will continue to pile into CLOs.

BDCs operate similarly in which they are closed-end funds that do payouts to public investors. Eagle Point merely picks the bundles of tranches and decides which CLO will achieve the best, and then they pay back investors while taking a fee for investing in the asset. I like the architecture of the business and the potential benefit from macroeconomic moves. As the Fed gets more hawkish, it is slowly de-risking the future for Eagle Point. The company can be a significant beneficiary of rate hikes, and with the hawkish Fed we have today, it seems likely that Eagle Point has the potential to trend higher.

I will remain skeptical about certain parts of the business. However, the entire idea of securitization of tranches to fit junior debt seems very risky to me. This is why confident investors need to understand Eagle Point's capital appreciation cap. While it will be a storm pick for income investors, the lid on the stock makes it not worth it for confident investors to put money into Eagle Point. At today's prices, Eagle Point's valuation has become compelling.

The company is still well below its pre-COVID highs, and as rate hike interest continues to pick up, more funds will slowly transition more capital toward Eagle Point. However, I want to bet on the best and believe Eagle Point may eventually take away funds from Oxford Lane if they continue to outperform their fund. Eagle Point is roughly 5x more significant, and so far, OFS hasn't outperformed the other significant funds.

Eagle Point has outperformed all the other CLO funds regarding price return. The focus on cash-flowing debt offerings has given the company the needed compounding necessary to generate more significant distributions. This will continue to bring in investors and the money the company is attracting, plus the opportunity to gain market share from Oxford Lane.

Eagle Point is well-positioned to benefit from the macro market and take market share when rates rise. Overall asset growth has been strong for Eagle Point. With Oxford Lane slowly plateauing off, there is potential for Eagle Point to gain market share further. This will slowly happen as institutional investors and endowments realize capital appreciation, yield, and preservation. Eagle Point has some solid fundamentals and may be prepared for further price appreciation.

I am encouraged by the continuous payouts and increasing demand for Eagle Point's credit products. I rate the company a buy on CLO market growth and further fund outperformance. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it other than from Seeking Alpha. I have no business relationship with any company whose stock is mentioned in this article. Sandis Weil 2.

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May 24, Q1 Update. February 17, Q4 Update. ECC Annual Report First Quarter Financial Statements. Eagle Point Credit Company Inc. In addition, the Company publishes an unaudited management estimate of the range of 1 the Company's net asset value as of the end of each calendar month, and 2 the Company's net investment income and realized capital gains or losses per share of common stock for each calendar quarter.

These estimates are generally published within the first fifteen days after the end of the month to which they relate, and are subsequently updated, as applicable, toward the latter part of each month. Amounts in the table denoted with an " E " reflect management estimates. Amounts that are not so denoted reflect quarter end figures as determined and reported by the Company in its financial statements.

Estimates of net asset value, net asset value per share of common stock, and net investment income per share of common stock with respect to a calendar quarter end are subject to revision, and are updated, when the Company determines its quarterly net asset value and reports its quarter end financial results. It includes an accrued liability for distributions that have been declared and reached their record date, but have not been paid. Unless otherwise noted, the net asset value and net asset value per share of common stock shown for each calendar quarter end are A unaudited for all periods other than any period ended December 31, and B as of the dates noted above.

Net investment income is net of distributions made to the Series D Preferred Stock, if applicable, for the relevant period. Net investment income and realized capital gains or losses per share is generally based on the average daily number of shares of common stock outstanding during the period.

The information shown above is for informational purposes only and does not constitute a recommendation to buy, sell or hold any security. An investment in the Company is not appropriate for all investors, and the Company is not intended to be a complete investment program. A summary of such tax characteristics for distributions on Common Stock made in each of the Company's prior full fiscal years, and a year-to-date estimate for the current fiscal year, is also provided in the Tax Information section of this website, which is accessible here: Tax Characteristics — ECC.

Form Issuers of corporate securities are required to complete Internal Revenue Service Form to report organizational actions, including nontaxable distributions that affect the basis of the securities involved in the organizational action. Form is supplemental information solely for the use of the intended recipient s and should not be relied upon as legal, tax, accounting, or similar advice. The recipient is urged to consult its own legal and tax advisors for any such matters as the Company does not provide any such advice.

Please note that Form was not filed for the and tax years as all distributions were considered taxable dividends for U. The Company's Section 19 notices are separately posted under the Distributions section of this website, the most recent of which is linked in the table below. Please note that, under U. The amounts and sources of distributions reported in the following table are only estimates and are not being provided for U.

The final determination of the source of all distributions for the current fiscal year will be made after year-end. The actual amounts and sources of the distributions for U. The following table sets forth the final amounts and tax characteristics for distributions paid on shares of Common Stock, as reported by the Company on Form DIV for each of the Company's completed fiscal years, excluding The qualified dividends are passed through to the shareholder and are taxed at preferential rates.

This percent represents the portion of ordinary dividends that qualify for the reduced tax rates. Distributions from earnings derived from sources outside the U. This percent represents the portion of the ordinary income that is entitled to an exemption from U. This percent represents the portion of ordinary income distributed during the fiscal year that shareholders may treat as interest income for purposes of IRC Section j , subject to holding period requirements and other limitations.

Note: The summary above is supplemental information solely for the use of the intended recipient s and should not be relied upon as legal, tax, accounting, or similar advice. Any statement regarding such matters is explanatory and may not be relied upon as definitive advice.

May 24, - AD. May 24, - NB May 11, - AD. May 11, - B3. April 12, - B3. April 11, - AD. April 05, - DEF 14A. March 14, - N-CEN. March 11, - B3. March 11, - AD. March 09, - 4. February 28, - 4. February 28, - NSE. Notification filed by national security exchange to report the removal from listing and registration of matured, redeemed or retired securities.

February 22, - 4. February 18, - 4. February 17, - AD. February 17, - N-CSR. February 16, - 4. February 14, - SC 13G. February 14, - NSE. February 11, - AD. February 11, - 4. February 08, - 4. February 02, - SC 13G. January 28, - AD.

January 24, - CERT. January 24, - 8-A12B. January 24, - 8-K. January 18, - 4. January 14, - 8-K. January 14, - B3. January 14, - NC January 14, - B2. January 13, - FWP. January 13, - AD. January 13, - 4. January 12, - AD.

January 12, - B2. January 11, - AD. January 03, - 4. Audit Committee Charter. Nominating Committee Charter. Ryan Lynch lynchr kbw. Mitchel Penn Mitchel. Penn opco. Mickey Schleien mschleien ladenburg. Matt Howlett mhowlett brileyfin. Chris Testa ctesta nationalsecurities. The Adviser is registered as an investment adviser with the U. Pursuant to the Administration Agreement between the Administrator and the Company, the Administrator furnishes the Company with office facilities and equipment, and clerical, bookkeeping and recordkeeping services.

Historically, the Company has paid monthly distributions to stockholders of record of common stock and stockholders of record of preferred stock since Information about historical distributions paid to common stockholders can be found on the Distribution History page of our website. Each holder of at least one full share of our common stock will be automatically enrolled in the DRIP.

For more information on the DRIP program, please refer to our annual and semiannual reports. A registered stockholder is one who holds shares directly with the Company. Individual stockholders whose shares are held in street name should contact their broker for more information on their participation in the DRIP. The Company will send each of its U.

Form DIV details the amounts includible in such U. For more information on how to sign up for e-mail alerts regarding events, documents and press releases please visit the E-mail Alert Form on the contact page. To receive notifications via email, enter your email address and select at least one subscription below.

After submitting your information, you will receive an email. You must click the link in the email to activate your subscription. You can sign up for additional subscriptions at any time. Investors should consider their investment goals, time horizons and risk tolerance before investing in Eagle Point Credit Company Inc. The investment program of the Company is speculative and entails substantial risk, including the possible loss of principal. An investment in the Company is not appropriate for all investors and is not intended to be a complete investment program.

The Company invests a significant portion of its assets in CLO equity securities, which often involve risks that are different from or more acute than risks associated with other types of credit instruments. The information on this web site is intended for U. Investor Relations Overview. Investment Objective Our primary investment objective is to generate high current income, with a secondary objective to generate capital appreciation. Press Releases Investor Presentations Webcasts Quarterly Financial Statements First Quarter Financial Statements May 24, Announces Redemption of the 7.

Edited Transcript of ECC. N earnings conference call or presentation Nov pm GMT. Thomson Reuters StreetEvents. N earnings conference call or presentation Aug pm GMT. Eagle Point Income Company Inc. Prices Initial Public Offering. N earnings conference call or presentation May pm GMT. Eagle Point: 1Q Earnings Snapshot. EPS ttm.

Insider Own. Shs Outstand. Perf Week. Market Cap. EPS next Y. Insider Trans. Shs Float. Perf Month. EPS next Q. Inst Own. Short Float. Perf Quarter. EPS this Y. Inst Trans. Short Ratio. Perf Half Y. Target Price. Perf Year. EPS next 5Y. Perf YTD. EPS past 5Y. Quick Ratio.

Sales past 5Y. Gross Margin. Current Ratio. RSI

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