M A R C H 3 1 , 2 0 2 4 C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S ( U N A U D I T E D )
NYSE: ECC
Important Information
This report is transmitted to the stockholders of Eagle Point Credit Company Inc. ("we", "us", "our" or the "Company"). This report and the information and views included herein do not constitute investment advice, or a recommendation or an offer to enter into any transaction with the Company or any of its affiliates. This report is provided for informational purposes only, does not constitute an offer to sell securities of the Company or a solicitation of an offer to purchase any such securities, and is not a prospectus. From time to time, the Company may have a registration statement relating to one or more of its securities on file with the Securities and Exchange Commission ("SEC"). Any registration statement that has not yet been declared effective by the SEC, and any prospectus relating thereto, is not complete and may be changed. Any securities that are the subject of such a registration statement may not be sold until the registration statement filed with the SEC is effective.
The information and its contents are the property of Eagle Point Credit Management LLC (the "Adviser") and/or the Company. Any unauthorized dissemination, copying or use of this presentation is strictly prohibited and may be in violation of law. This presentation is being provided for informational purposes only.
Investors should read the Company's prospectus and SEC filings (which are publicly available on the EDGAR Database on the SEC website at http://www.sec.gov) carefully and consider their investment goals, time horizons and risk tolerance before investing in the Company. Investors should consider the Company's investment objectives, risks, charges and expenses carefully before investing in securities of the Company, as described in the prospectus. There is no guarantee that any of the goals, targets or objectives described in this report will be achieved.
An investment in the Company is not appropriate for all investors. The investment program of the Company is speculative, entails substantial risk and includes investment techniques not employed by traditional mutual funds. An investment in the Company is not intended to be a complete investment program. Shares of closed-end investment companies, such as the Company, frequently trade at a discount from their net asset value ("NAV"), which may increase investors' risk of loss. Past performance is not indicative of, or a guarantee of, future performance. The performance and certain other portfolio information quoted herein represents information as of March 31, 2024. Nothing herein shall be relied upon as a representation as to the future performance or portfolio holdings of the Company. Investment return and principal value of an investment will fluctuate, and shares, when sold, may be worth more or less than their original cost. The Company's performance is subject to change since the end of the period noted in this report and may be lower or higher than the performance data shown herein.
Neither the Adviser nor the Company provides legal, accounting or tax advice. Any statement regarding such matters is explanatory and may not be relied upon as definitive advice. Investors should consult with their legal, accounting and tax advisers regarding any potential investment. The information presented herein is as of the dates noted and is derived from financial and other information of the Company, and, in certain cases, from third party sources and reports (including reports of third party custodians, CLO collateral managers and trustees) that have not been independently verified by the Company. As noted herein, certain of this information is estimated and unaudited, and therefore subject to change. The Company does not represent that such information is accurate or complete, and it should not be relied upon as such. This report does not purport to be complete and no obligation to update or revise any information herein is being assumed.
About Eagle Point Credit Company Inc.
The Company is a publicly-traded,non-diversified,closed-end management investment company. The Company's primary investment objective is to generate high current income, with a secondary objective to generate capital appreciation, by investing primarily in equity and junior debt tranches of CLOs. The Company is externally managed and advised by Eagle Point Credit Management LLC. The Company makes certain unaudited portfolio information available each month on its website in addition to making certain other unaudited financial information available on its website (www.eaglepointcreditcompany.com). This information includes (1) an estimated range of the Company's net investment income ("NII") and realized capital gains or losses per share of common stock for each calendar quarter end, generally made available within the first fifteen days after the applicable calendar month end,
- an estimated range of the Company's net asset value ("NAV") per share of common stock for the prior month end and certain additional portfolio-level information, generally made available within the first fifteen days after the
applicable calendar month end, and (3) during the latter part of each month, an updated estimate of NAV, if applicable, and, with respect to each calendar quarter end, an updated estimate of the Company's NII and realized capital gains or losses per share for the applicable quarter, if available.
Forward-Looking Statements
This report 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 report 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 report.
Table of Contents | |
Consolidated Statement of Assets and Liabilities | 1 |
Consolidated Schedule of Investments | 2 |
Consolidated Statement of Operations | 7 |
Consolidated Statement of Comprehensive Income | 8 |
Consolidated Statements of Operations | 9 |
Consolidated Statements of Changes in Net Assets | 10 |
Consolidated Statement of Cash Flows | 11 |
Notes to Consolidated Financial Statements | 12 |
Consolidated Financial Highlights | 36 |
Supplemental Information | 39 |
Eagle Point Credit Company Inc. & Subsidiaries
Consolidated Statement of Assets and Liabilities
As of March 31, 2024
(expressed in U.S. dollars)
(Unaudited)
ASSETS | ||
Investments, at fair value (cost $1,128,892,867) (1) | $ | 992,861,992 |
Cash and cash equivalents (restricted cash of $1,250,000) | 63,863,395 | |
Unrealized appreciation on forward currency contracts | 465,817 | |
Interest receivable | 34,967,789 | |
Receivable for shares of common stock issued pursuant to the Company's dividend reinvestment plan | 1,440,134 | |
Excise tax refund receivable | 727,015 | |
Receivable for securities sold | 225,011 | |
Dividend receivable | 41,392 | |
Prepaid expenses | 698,456 | |
Total Assets | 1,095,291,001 | |
LIABILITIES | ||
6.6875% Unsecured Notes due 2028, at fair value under the fair value option (aggregate principal amount of $32,423,800) (Note 8) | 31,645,629 | |
5.375% Unsecured Notes due 2029, at fair value under the fair value option (aggregate principal amount of $93,250,000) (Note 8) | 84,186,100 | |
6.75% Unsecured Notes due 2031, at fair value under the fair value option (aggregate principal amount of $44,850,000) (Note 8) | 42,893,284 | |
6.50% Series C Term Preferred Stock due 2031 (Note 7): | ||
6.50% Series C Term Preferred Stock due 2031, at fair value under the fair value option (2,172,553 shares outstanding) | 47,600,636 | |
Unamortized share issuance premium associated with 6.50% Series C Term Preferred Stock due 2031 | 24,097 | |
6.50% Series C Term Preferred Stock due 2031, at fair value, plus associated unamortized share issuance premium | 47,624,733 | |
8.00% Series F Term Preferred Stock due 2029 (Note 7): | ||
8.00% Series F Term Preferred Stock due 2029, at fair value under the fair value option (2,056,772 shares outstanding) | 51,337,029 | |
Unamortized share issuance premium associated with 8.00% Series F Term Preferred Stock due 2029 | 1,413 | |
8.00% Series F Term Preferred Stock due 2029, at fair value, plus associated unamortized share issuance premium | 51,338,442 | |
Unrealized depreciation on forward currency contracts | 33,348 | |
Payable for securities purchased | 10,490,828 | |
Incentive fee payable | 6,785,131 | |
Management fee payable | 3,804,325 | |
Professional fees payable | 753,350 | |
Administration fees payable | 358,542 | |
Directors' fees payable | 99,375 | |
Tax expense payable | 24,950 | |
Due to affiliates | 1,720 | |
Other expenses payable | 98,851 | |
Total Liabilities | 280,138,608 | |
TEMPORARY EQUITY | ||
6.75% Series D Preferred Stock (1,473,782 shares outstanding) (Note 7) | 33,676,923 | |
COMMITMENTS AND CONTINGENCIES (Note 10) | ||
NET ASSETS applicable to common stock, $0.001 par value, 100,000,000 shares authorized, 85,301,892 shares issued and outstanding | $ | 781,475,470 |
NET ASSETS consist of: | ||
Paid-in capital (Note 6) | $ | 1,012,873,030 |
Aggregate distributable earnings (losses) | (225,493,432) | |
Accumulated other comprehensive income (loss) | (5,904,128) | |
Total Net Assets | $ | 781,475,470 |
Net asset value per share of common stock | ||
$ | 9.16 | |
(1) Includes $12,343,196 of affiliated investments at fair value (cost $12,129,844). See Note 5 "Related Party Transactions" for further discussion.
See accompanying notes to the consolidated financial statements
1
Eagle Point Credit Company Inc. & Subsidiaries
Consolidated Schedule of Investments
As of March 31, 2024
(expressed in U.S. dollars)
(Unaudited)
Acquisition | Principal Amount / | % of Net | |||||||||||||
Issuer ⁽¹⁾ | Investment Description | Date ⁽²⁾ | Shares | Cost | Fair Value ⁽³⁾ | Assets | |||||||||
Investments at fair value ⁽⁵⁾ | |||||||||||||||
CLO Debt ⁽⁴⁾ | |||||||||||||||
Structured Finance | |||||||||||||||
United States | |||||||||||||||
522 Funding CLO 2017-1(A), Ltd. | Secured Note - Class E-R, 12.78% (3M SOFR + 7.46%, due 10/20/2034) ⁽⁶⁾ | 09/19/23 | $ | 2,000,000 | $ | 1,845,072 | $ | 1,868,600 | 0.24% | ||||||
AGL CLO 13 Ltd. | Secured Note - Class E, 12.08% (3M SOFR + 6.76%, due 10/20/2034) ⁽⁶⁾ | 06/14/23 | 5,950,000 | 5,656,381 | 5,927,985 | 0.76% | |||||||||
AGL CLO 5 Ltd. | Secured Note - Class E-R, 12.03% (3M SOFR + 6.71%, due 07/20/2034) ⁽⁶⁾ | 08/22/23 | 10,050,000 | 9,584,133 | 10,029,900 | 1.28% | |||||||||
Allegany Park CLO, Ltd. | Secured Note - Class E-R, 11.72% (3M SOFR + 6.40%, due 01/20/2035) ⁽⁶⁾ | 06/28/23 | 6,000,000 | 5,427,954 | 5,831,400 | 0.75% | |||||||||
AMMC CLO 24, Limited | Secured Note - Class E, 12.15% (3M SOFR + 6.83%, due 01/20/2035) ⁽⁶⁾ | 08/01/23 | 1,500,000 | 1,418,200 | 1,453,200 | 0.19% | |||||||||
Ares XLIII CLO Ltd. | Secured Note - Class E-R, 12.44% (3M SOFR + 7.12%, due 07/15/2034) ⁽⁶⁾ | 11/29/23 | 1,650,000 | 1,569,507 | 1,619,805 | 0.21% | |||||||||
Ares LXI CLO Ltd. | Secured Note - Class F-R, 13.35% (3M SOFR + 8.00%, due 04/20/2037) ⁽⁶⁾ | 03/27/24 | 269,700 | 269,700 | 269,700 | 0.03% | |||||||||
Bain Capital Credit CLO 2019-3, Limited | Secured Note - Class E-R, 12.68% (3M SOFR + 7.36%, due 10/21/2034) ⁽⁶⁾ | 06/06/23 | 7,300,000 | 6,498,630 | 6,997,780 | 0.90% | |||||||||
Bain Capital Credit CLO 2021-1, Limited | Secured Note - Class E, 12.06% (3M SOFR + 6.76%, due 04/18/2034) ⁽⁶⁾ | 06/08/23 | 5,600,000 | 5,012,368 | 5,402,320 | 0.69% | |||||||||
Bain Capital Credit CLO 2021-5, Limited | Secured Note - Class E, 12.08% (3M SOFR + 6.76%, due 10/23/2034) ⁽⁶⁾ | 12/08/23 | 500,000 | 468,166 | 484,150 | 0.06% | |||||||||
Barings CLO Ltd. 2019-III | Secured Note - Class E-R, 12.28% (3M SOFR + 6.96%, due 04/20/2031) ⁽⁶⁾ | 06/06/23 | 4,500,000 | 4,013,820 | 4,492,350 | 0.57% | |||||||||
Barings CLO Ltd. 2022-I | Secured Note - Class E, 12.31% (3M SOFR + 7.00%, due 04/15/2035) ⁽⁶⁾ | 03/18/22 | 4,450,000 | 4,120,991 | 4,159,860 | 0.53% | |||||||||
Battalion CLO XXI Ltd. | Secured Note - Class E, 12.04% (3M SOFR + 6.72%, due 07/15/2034) ⁽⁶⁾ | 06/27/23 | 1,500,000 | 1,212,427 | 1,376,850 | 0.18% | |||||||||
Carlyle US CLO 2021-1, Ltd. | Secured Note - Class D, 11.58% (3M SOFR + 6.26%, due 04/15/2034) ⁽⁶⁾ | 02/02/21 | 1,250,000 | 1,240,031 | 1,239,125 | 0.16% | |||||||||
Carlyle US CLO 2021-5, Ltd. | Secured Note - Class E, 11.83% (3M SOFR + 6.51%, due 07/20/2034) ⁽⁶⁾ | 08/18/23 | 1,675,000 | 1,607,013 | 1,674,833 | 0.21% | |||||||||
Carlyle US CLO 2021-10, Ltd. | Secured Note - Class E, 12.08% (3M SOFR + 6.76%, due 10/20/2034) ⁽⁶⁾ | 03/27/24 | 8,075,000 | 7,971,618 | 8,062,080 | 1.03% | |||||||||
Carlyle US CLO 2024-1, Ltd. | Secured Note - Class E, 12.21% (3M SOFR + 6.92%, due 04/15/2037) ⁽⁶⁾ | 01/26/24 | 2,650,000 | 2,636,828 | 2,633,835 | 0.34% | |||||||||
CarVal CLO II Ltd. | Secured Note - Class E-R, 12.15% (3M SOFR + 6.83%, due 04/20/2032) ⁽⁶⁾ | 09/06/23 | 2,587,000 | 2,473,719 | 2,574,065 | 0.33% | |||||||||
CBAM 2017-1, Ltd. | Secured Note - Class E, 12.08% (3M SOFR + 6.76%, due 07/20/2030) ⁽⁶⁾ | 03/27/24 | 5,000,000 | 4,998,750 | 4,994,000 | 0.64% | |||||||||
CIFC Funding 2015-III, Ltd. | Secured Note - Class F-R, 12.37% (3M SOFR + 7.06%, due 04/19/2029) ⁽⁶⁾ | 02/23/18 | 2,450,000 | 2,403,116 | 2,088,625 | 0.27% | |||||||||
CIFC Funding 2017-III, Ltd. | Secured Note - Class D, 11.58% (3M SOFR + 6.26%, due 07/20/2030) ⁽⁶⁾ | 09/18/23 | 4,000,000 | 3,822,077 | 4,000,000 | 0.51% | |||||||||
CIFC Funding 2020-I, Ltd. | Secured Note - Class E-R, 11.83% (3M SOFR + 6.51%, due 07/15/2036) ⁽⁶⁾ | 12/13/23 | 2,950,000 | 2,906,823 | 2,907,815 | 0.37% | |||||||||
Dryden 53 CLO, Ltd. | Secured Note - Class F, 13.08% (3M SOFR + 7.76%, due 01/15/2031) ⁽⁶⁾ | 11/28/17 | 1,295,000 | 1,209,139 | 967,365 | 0.12% | |||||||||
Dryden 75 CLO, Ltd. | Secured Note - Class E-R2, 12.18% (3M SOFR + 6.86%, due 04/15/2034) ⁽⁶⁾ | 05/30/23 | 3,200,000 | 2,782,502 | 2,975,040 | 0.38% | |||||||||
Halcyon Loan Advisors Funding 2018-1 Ltd. | Secured Note - Class A-2, 7.38% (3M SOFR + 2.06%, due 07/21/2031) ⁽⁶⁾ | 10/21/21 | 6,955,000 | 6,927,154 | 6,946,654 | 0.89% | |||||||||
HarbourView CLO VII-R, Ltd. | Secured Note - Class F, 13.83% (3M SOFR + 8.53%, due 07/18/2031) ⁽⁶⁾ ⁽⁷⁾ | 05/17/18 | 847,890 | 815,921 | 320,503 | 0.04% | |||||||||
HPS Loan Management 12-2018, Ltd. | Secured Note - Class C, 8.31% (3M SOFR + 3.01%, due 07/18/2031) ⁽⁶⁾ | 03/13/23 | 1,800,000 | 1,635,856 | 1,787,400 | 0.23% | |||||||||
HPS Loan Management 12-2018, Ltd. | Secured Note - Class D, 10.71% (3M SOFR + 5.41%, due 07/18/2031) ⁽⁶⁾ | 06/21/23 | 550,000 | 472,652 | 537,955 | 0.07% | |||||||||
KKR CLO 17 Ltd. | Secured Note - Class E-R, 12.97% (3M SOFR + 7.65%, due 04/15/2034) ⁽⁶⁾ | 09/07/23 | 3,900,000 | 3,663,826 | 3,863,730 | 0.49% | |||||||||
KKR CLO 24 Ltd. | Secured Note - Class E, 11.96% (3M SOFR + 6.64%, due 04/20/2032) ⁽⁶⁾ | 06/22/23 | 1,400,000 | 1,255,525 | 1,396,780 | 0.18% | |||||||||
Madison Park Funding XLIV, Ltd. | Secured Note - Class E, 11.43% (3M SOFR + 6.11%, due 01/23/2031) ⁽⁶⁾ | 11/30/23 | 1,575,000 | 1,525,025 | 1,574,213 | 0.20% | |||||||||
Marathon CLO VII Ltd. | Secured Note - Class D, 10.98% (3M SOFR + 5.66%, due 10/28/2025) ⁽⁶⁾ ⁽⁷⁾ ⁽¹⁹⁾ | 02/08/18 | 3,345,553 | 1,022,287 | 2,074,912 | 0.27% | |||||||||
Marathon CLO VIII Ltd. | Secured Note - Class D-R, 12.00% (3M SOFR + 6.70%, due 10/18/2031) ⁽⁶⁾ | 08/14/18 | 4,150,000 | 4,088,225 | 3,210,440 | 0.41% | |||||||||
Marathon CLO XI Ltd. | Secured Note - Class D, 11.08% (3M SOFR + 5.76%, due 04/20/2031) ⁽⁶⁾ | 02/06/18 | 1,650,000 | 1,650,000 | 1,347,060 | 0.17% | |||||||||
Morgan Stanley Eaton Vance CLO 2021-1, Ltd. | Secured Note - Class E, 12.33% (3M SOFR + 7.01%, due 10/20/2034) ⁽⁶⁾ | 01/25/24 | 4,000,000 | 3,902,662 | 3,932,800 | 0.50% | |||||||||
Neuberger Berman Loan Advisers CLO 31, Ltd. | Secured Note - Class E-R, 12.08% (3M SOFR + 6.76%, due 04/20/2031) ⁽⁶⁾ | 06/08/23 | 5,000,000 | 4,797,281 | 4,982,000 | 0.64% | |||||||||
Neuberger Berman Loan Advisers CLO 33, Ltd. | Secured Note - Class E-R, 11.83% (3M SOFR + 6.51%, due 10/16/2033) ⁽⁶⁾ | 07/27/23 | 1,450,000 | 1,376,050 | 1,429,120 | 0.18% | |||||||||
Neuberger Berman Loan Advisers CLO 45, Ltd. | Secured Note - Class E, 11.83% (3M SOFR + 6.51%, due 10/14/2035) ⁽⁶⁾ | 12/13/23 | 5,000,000 | 4,923,430 | 4,999,500 | 0.64% | |||||||||
Octagon 51, Ltd. | Secured Note - Class E, 12.33% (3M SOFR + 7.01%, due 07/20/2034) ⁽⁶⁾ | 01/24/24 | 2,500,000 | 2,437,822 | 2,453,250 | 0.31% | |||||||||
Octagon 59, Ltd. | Secured Note - Class E, 12.91% (3M SOFR + 7.60%, due 05/15/2035) ⁽⁶⁾ | 06/12/23 | 3,375,000 | 3,112,497 | 3,198,488 | 0.41% | |||||||||
Octagon Investment Partners XXI, Ltd. | Secured Note - Class D-RR, 12.57% (3M SOFR + 7.26%, due 02/14/2031) ⁽⁶⁾ | 06/06/23 | 825,000 | 705,137 | 810,563 | 0.10% | |||||||||
Octagon Investment Partners 27, Ltd. | Secured Note - Class F-R, 13.43% (3M SOFR + 8.11%, due 07/15/2030) ⁽⁶⁾ | 07/05/18 | 900,000 | 854,829 | 633,510 | 0.08% | |||||||||
Octagon Investment Partners 43, Ltd. | Secured Note - Class E, 12.19% (3M SOFR + 6.86%, due 10/25/2032) ⁽⁶⁾ | 06/26/23 | 4,325,000 | 3,989,080 | 4,166,705 | 0.53% | |||||||||
Octagon Investment Partners 44, Ltd. | Secured Note - Class E-R, 12.33% (3M SOFR + 7.01%, due 10/15/2034) ⁽⁶⁾ | 08/27/21 | 762,500 | 762,500 | 664,976 | 0.09% | |||||||||
OZLM XXII, Ltd. | Secured Note - Class D, 10.88% (3M SOFR + 5.56%, due 01/17/2031) ⁽⁶⁾ | 02/05/18 | 900,000 | 897,726 | 837,990 | 0.11% | |||||||||
Regatta X Funding Ltd. | Secured Note - Class D, 8.33% (3M SOFR + 3.01%, due 01/17/2031) ⁽⁶⁾ | 06/02/22 | 1,850,000 | 1,786,135 | 1,843,895 | 0.24% | |||||||||
Rockford Tower CLO 2021-2, Ltd. | Secured Note - Class E, 11.98% (3M SOFR + 6.66%, due 07/20/2034) ⁽⁶⁾ | 02/06/24 | 3,400,000 | 3,175,293 | 3,192,260 | 0.41% | |||||||||
RR 1 Ltd. | Secured Note - Class D-1-B, 11.93% (3M SOFR + 6.61%, due 07/15/2035) ⁽⁶⁾ | 01/24/24 | 3,000,000 | 2,908,426 | 2,943,000 | 0.38% | |||||||||
RR 3 Ltd. | Secured Note - Class C-R2, 8.08% (3M SOFR + 2.76%, due 01/15/2030) ⁽⁶⁾ | 10/27/21 | 2,175,000 | 2,145,730 | 2,139,548 | 0.27% | |||||||||
RR 4 Ltd. | Secured Note - Class D, 11.43% (3M SOFR + 6.11%, due 04/15/2030) ⁽⁶⁾ | 08/04/23 | 8,750,000 | 8,029,163 | 8,666,000 | 1.11% | |||||||||
RR 6 Ltd. | Secured Note - Class D-R, 11.43% (3M SOFR + 6.11%, due 04/15/2036) ⁽⁶⁾ | 06/26/23 | 4,260,000 | 3,795,912 | 4,076,820 | 0.52% | |||||||||
RR 8 Ltd. | Secured Note - Class D, 11.98% (3M SOFR + 6.66%, due 04/15/2033) ⁽⁶⁾ | 11/08/23 | 2,725,000 | 2,629,864 | 2,702,383 | 0.35% | |||||||||
Steele Creek CLO 2019-1, Ltd. | Secured Note - Class E, 12.59% (3M SOFR + 7.27%, due 04/15/2032) ⁽⁶⁾ | 03/22/19 | 3,091,000 | 2,977,552 | 2,834,138 | 0.36% | |||||||||
TICP CLO VII, Ltd. | Secured Note - Class E-R, 12.63% (3M SOFR + 7.31%, due 04/15/2033) ⁽⁶⁾ | 09/06/23 | 3,400,000 | 3,279,590 | 3,393,880 | 0.43% | |||||||||
Wehle Park CLO, Ltd. | Secured Note - Class E, 12.07% (3M SOFR + 6.75%, due 04/21/2035) ⁽⁶⁾ | 11/07/23 | 1,410,000 | 1,331,713 | 1,406,052 | 0.18% | |||||||||
Wind River 2019-2 CLO Ltd. | Secured Note - Class E-R, 12.31% (3M SOFR + 7.00%, due 01/15/2035) ⁽⁶⁾ | 02/04/22 | 2,650,000 | 2,491,824 | 2,456,285 | 0.31% | |||||||||
Zais CLO 9, Limited | Secured Note - Class D, 9.03% (3M SOFR + 3.71%, due 07/20/2031) ⁽⁶⁾ | 01/10/24 | 1,650,000 | 1,567,500 | 1,650,000 | 0.21% | |||||||||
Total CLO Debt | 168,083,152 | 172,503,493 | 22.06% | ||||||||||||
CLO Equity ⁽⁴⁾ ⁽⁸⁾ | |||||||||||||||
Structured Finance | |||||||||||||||
United States | |||||||||||||||
1988 CLO 1 Ltd. | Income Note (effective yield 8.50%, maturity 10/15/2037) ⁽⁹⁾ ⁽¹⁸⁾ | 09/23/22 | 7,876,000 | 5,689,598 | 5,618,864 | 0.72% | |||||||||
1988 CLO 2 Ltd. | Income Note (effective yield 6.75%, maturity 04/15/2038) ⁽⁹⁾ ⁽¹⁸⁾ | 02/08/23 | 9,334,000 | 6,446,792 | 5,712,947 | 0.73% | |||||||||
1988 CLO 3 Ltd. | Income Note (effective yield 10.08%, maturity 10/15/2038) ⁽⁹⁾ ⁽¹⁸⁾ | 09/12/23 | 9,267,000 | 7,099,398 | 6,875,047 | 0.88% | |||||||||
ALM VIII, Ltd. | Preferred Share (effective yield 0.00%, maturity 10/20/2028) ⁽⁹⁾ ⁽¹¹⁾ | 06/02/16 | 8,725,000 | - | 13,088 | 0.00% | |||||||||
Anchorage Credit Funding 12, Ltd. | Income Note (effective yield 12.73%, maturity 10/25/2038) ⁽⁹⁾ | 09/04/20 | 9,250,000 | 6,658,882 | 3,831,665 | 0.49% | |||||||||
Anchorage Credit Funding 13, Ltd. | Subordinated Note (effective yield 11.71%, maturity 07/27/2039) ⁽⁹⁾ | 05/25/21 | 1,200,000 | 1,078,356 | 662,859 | 0.08% | |||||||||
Ares XXXIV CLO Ltd. | Subordinated Note (effective yield 21.36%, maturity 04/17/2033) ⁽⁹⁾ | 09/16/20 | 18,075,000 | 6,688,395 | 5,517,445 | 0.71% | |||||||||
Ares XLI CLO Ltd. | Income Note (effective yield 13.84%, maturity 04/15/2034) ⁽⁹⁾ ⁽¹⁰⁾ | 11/29/16 | 29,388,000 | 14,298,422 | 11,258,979 | 1.44% | |||||||||
Ares XLIII CLO Ltd. | Income Note (effective yield 10.75%, maturity 10/15/2029) ⁽⁹⁾ ⁽¹⁰⁾ | 04/04/17 | 30,850,000 | 15,131,834 | 10,951,902 | 1.40% | |||||||||
Ares XLIII CLO Ltd. | Subordinated Note (effective yield 10.75%, maturity 10/15/2029) ⁽⁹⁾ | 11/10/21 | 1,505,000 | 683,485 | 483,723 | 0.06% | |||||||||
Ares XLIV CLO Ltd. | Subordinated Note (effective yield 15.15%, maturity 04/15/2034) ⁽⁹⁾ | 10/06/21 | 13,131,000 | 4,713,670 | 3,940,694 | 0.50% | |||||||||
Ares XLVII CLO Ltd. | Subordinated Note (effective yield 12.50%, maturity 04/15/2030) ⁽⁹⁾ | 10/22/20 | 8,500,000 | 3,401,921 | 2,295,538 | 0.29% | |||||||||
Ares LI CLO Ltd. | Income Note (effective yield 14.66%, maturity 07/15/2034) ⁽⁹⁾ ⁽¹⁰⁾ | 01/25/19 | 13,353,849 | 8,550,714 | 6,800,683 | 0.87% | |||||||||
Ares LVIII CLO Ltd. | Subordinated Note (effective yield 15.19%, maturity 01/15/2035) ⁽⁹⁾ | 08/17/21 | 6,175,000 | 4,395,893 | 3,879,793 | 0.50% | |||||||||
Ares LXI CLO Ltd. | Subordinated Note (effective yield 21.06%, maturity 10/20/2034) ⁽⁹⁾ | 01/24/24 | 4,650,000 | 2,976,000 | 2,872,980 | 0.37% | |||||||||
Ares LXIV CLO Ltd. | Subordinated Note (effective yield 18.34%, maturity 04/15/2035) ⁽⁹⁾ | 01/26/23 | 15,875,000 | 12,201,916 | 12,105,760 | 1.55% | |||||||||
Ares LXIX CLO Ltd. | Income Note (effective yield 22.96%, maturity 04/15/2037) ⁽⁹⁾ ⁽¹⁰⁾ | 01/31/24 | 14,100,000 | 10,162,716 | 10,197,687 | 1.30% | |||||||||
Bain Capital Credit CLO 2021-1, Limited | Subordinated Note (effective yield 15.09%, maturity 04/18/2034) ⁽⁹⁾ | 04/29/21 | 9,100,000 | 6,947,123 | 5,171,035 | 0.66% | |||||||||
Bain Capital Credit CLO 2021-7, Limited | Subordinated Note (effective yield 26.09%, maturity 01/22/2035) ⁽⁹⁾ | 09/05/23 | 7,250,000 | 4,330,187 | 4,446,021 | 0.57% | |||||||||
Bardin Hill CLO 2021-2 Ltd. | Subordinated Note (effective yield 36.33%, maturity 10/25/2034) ⁽⁹⁾ ⁽¹⁰⁾ | 09/24/21 | 5,550,000 | 3,243,565 | 3,412,879 | 0.44% | |||||||||
Barings CLO Ltd. 2018-I | Income Note (effective yield 4.53%, maturity 04/15/2031) ⁽⁹⁾ ⁽¹⁰⁾ | 02/23/18 | 20,808,000 | 8,931,071 | 5,992,726 | 0.77% | |||||||||
Barings CLO Ltd. 2019-I | Income Note (effective yield 17.90%, maturity 04/15/2035) ⁽⁹⁾ ⁽¹⁰⁾ | 02/12/19 | 13,085,000 | 8,743,592 | 7,305,715 | 0.93% | |||||||||
Barings CLO Ltd. 2019-II | Income Note (effective yield 15.64%, maturity 04/15/2036) ⁽⁹⁾ ⁽¹⁰⁾ | 03/15/19 | 16,150,000 | 9,789,281 | 7,599,672 | 0.97% | |||||||||
Barings CLO Ltd. 2020-I | Income Note (effective yield 33.23%, maturity 10/15/2036) ⁽⁹⁾ ⁽¹⁰⁾ | 09/04/20 | 5,550,000 | 2,811,967 | 3,626,228 | 0.46% | |||||||||
Barings CLO Ltd. 2021-II | Subordinated Note (effective yield 18.63%, maturity 07/15/2034) ⁽⁹⁾ | 09/07/22 | 9,250,000 | 6,697,367 | 6,047,523 | 0.77% | |||||||||
Barings CLO Ltd. 2021-III | Subordinated Note (effective yield 11.57%, maturity 01/18/2035) ⁽⁹⁾ | 11/17/21 | 2,000,000 | 1,468,663 | 1,147,479 | 0.15% | |||||||||
Barings CLO Ltd. 2022-I | Income Note (effective yield 20.81%, maturity 04/15/2035) ⁽⁹⁾ ⁽¹⁰⁾ | 03/18/22 | 7,500,000 | 5,520,737 | 5,403,819 | 0.69% | |||||||||
Barings CLO Ltd. 2022-II | Income Note (effective yield 32.36%, maturity 07/15/2072) ⁽⁹⁾ ⁽¹⁰⁾ | 06/21/22 | 10,800,000 | 4,011,437 | 5,523,386 | 0.71% | |||||||||
Basswood Park CLO, Ltd. | Subordinated Note (effective yield 18.32%, maturity 04/20/2034) ⁽⁹⁾ | 08/17/21 | 27,750,000 | 20,261,421 | 19,006,030 | 2.43% | |||||||||
Basswood Park CLO, Ltd. | Class M-1 Notes (effective yield 1817.80%, maturity 04/20/2034) ⁽⁹⁾ | 02/15/24 | 5,000,000 | 4,500 | 28,796 | 0.00% | |||||||||
Basswood Park CLO, Ltd. | Class M-2 Notes (effective yield 1817.80%, maturity 04/20/2034) ⁽⁹⁾ | 02/15/24 | 5,000,000 | 10,500 | 67,191 | 0.01% | |||||||||
Battalion CLO IX Ltd. | Income Note (effective yield 13.52%, maturity 07/15/2031) ⁽⁹⁾ ⁽¹⁰⁾ | 07/09/15 | 18,734,935 | 8,166,634 | 4,924,149 | 0.63% |
See accompanying notes to the consolidated financial statements
2
Eagle Point Credit Company Inc. & Subsidiaries
Consolidated Schedule of Investments
As of March 31, 2024
(expressed in U.S. dollars)
(Unaudited)
Acquisition | Principal Amount / | % of Net | |||||||||||||
Issuer ⁽¹⁾ | Investment Description | Date ⁽²⁾ | Shares | Cost | Fair Value ⁽³⁾ | Assets | |||||||||
CLO Equity ⁽⁴⁾ ⁽⁸⁾ (continued) | |||||||||||||||
Structured Finance (continued) | |||||||||||||||
United States (continued) | |||||||||||||||
Battalion CLO 18 Ltd. | Income Note (effective yield 35.63%, maturity 10/15/2036) ⁽⁹⁾ ⁽¹⁰⁾ | 08/25/20 | $ | 8,400,000 | $ | 4,529,900 | $ | 4,531,558 | 0.58% | ||||||
Battalion CLO XIX Ltd. | Income Note (effective yield 26.40%, maturity 04/15/2034) ⁽⁹⁾ ⁽¹⁰⁾ | 03/11/21 | 8,600,000 | 4,718,776 | 4,042,241 | 0.52% | |||||||||
Battalion CLO XXIII Ltd. | Income Note (effective yield 22.11%, maturity 07/15/2036) ⁽⁹⁾ ⁽¹⁰⁾ | 05/19/22 | 8,800,000 | 6,258,257 | 4,816,621 | 0.62% | |||||||||
Bear Mountain Park CLO, Ltd. | Income Note (effective yield 18.41%, maturity 07/15/2035) ⁽⁹⁾ ⁽¹⁰⁾ | 07/13/22 | 12,875,000 | 10,572,907 | 11,960,420 | 1.53% | |||||||||
Belmont Park CLO, Ltd. | Income Note (effective yield 17.29%, maturity 04/15/2037) ⁽⁹⁾ ⁽¹⁰⁾ | 02/21/24 | 14,950,000 | 10,831,724 | 10,916,704 | 1.40% | |||||||||
Bethpage Park CLO, Ltd. | Income Note (effective yield 17.12%, maturity 10/15/2036) ⁽⁹⁾ ⁽¹⁰⁾ | 09/24/21 | 14,750,000 | 8,982,605 | 8,269,300 | 1.06% | |||||||||
BlueMountain CLO 2013-2 Ltd. | Subordinated Note (effective yield 0.00%, maturity 10/22/2030) ⁽⁹⁾ ⁽¹²⁾ | 10/21/14 | 23,000,000 | 5,451,809 | 1,150,000 | 0.15% | |||||||||
BlueMountain CLO 2018-1 Ltd. | Subordinated Note (effective yield 48.12%, maturity 07/30/2030) ⁽⁹⁾ | 03/26/20 | 5,550,000 | 780,455 | 613,044 | 0.08% | |||||||||
BlueMountain CLO XXIII Ltd. | Subordinated Note (effective yield 13.30%, maturity 10/20/2031) ⁽⁹⁾ | 02/24/21 | 6,340,000 | 3,627,984 | 2,636,972 | 0.34% | |||||||||
BlueMountain CLO XXIV Ltd. | Subordinated Note (effective yield 28.17%, maturity 04/20/2034) ⁽⁹⁾ | 06/16/20 | 7,375,000 | 3,907,782 | 3,523,160 | 0.45% | |||||||||
BlueMountain CLO XXV Ltd. | Subordinated Note (effective yield 25.06%, maturity 07/15/2036) ⁽⁹⁾ | 06/23/20 | 6,525,000 | 3,850,126 | 3,291,624 | 0.42% | |||||||||
Bristol Park CLO, Ltd. | Income Note (effective yield 0.00%, maturity 04/15/2029) ⁽⁹⁾ ⁽¹⁰⁾ ⁽¹²⁾ | 11/01/16 | 34,250,000 | 12,299,654 | 8,623,649 | 1.10% | |||||||||
Carlyle Global Market Strategies CLO 2014-5, Ltd. | Subordinated Note (effective yield 10.42%, maturity 07/15/2031) ⁽⁹⁾ | 06/02/16 | 10,800,000 | 2,272,314 | 1,576,520 | 0.20% | |||||||||
Carlyle US CLO 2017-4, Ltd. | Income Note (effective yield 0.00%, maturity 01/15/2030) ⁽⁹⁾ ⁽¹²⁾ | 10/13/17 | 9,000,000 | 3,565,068 | 2,340,000 | 0.30% | |||||||||
Carlyle US CLO 2018-1, Ltd. | Subordinated Note (effective yield 0.00%, maturity 04/20/2031) ⁽⁹⁾ ⁽¹¹⁾ | 03/23/21 | 4,730,000 | 1,180,846 | 567,600 | 0.07% | |||||||||
Carlyle US CLO 2018-4, Ltd. | Subordinated Note (effective yield 9.31%, maturity 01/20/2031) ⁽⁹⁾ | 02/18/21 | 6,625,000 | 3,898,761 | 2,979,386 | 0.38% | |||||||||
Carlyle US CLO 2019-4, Ltd. | Subordinated Note (effective yield 20.46%, maturity 04/15/2035) ⁽⁹⁾ ⁽¹⁰⁾ | 04/13/21 | 7,005,000 | 5,268,306 | 5,108,270 | 0.65% | |||||||||
Carlyle US CLO 2021-1, Ltd. | Income Note (effective yield 22.79%, maturity 04/15/2034) ⁽⁹⁾ ⁽¹⁰⁾ | 02/02/21 | 13,425,000 | 7,042,245 | 7,003,780 | 0.90% | |||||||||
Carlyle US CLO 2021-4, Ltd. | Subordinated Note (effective yield 14.59%, maturity 04/20/2034) ⁽⁹⁾ | 11/17/21 | 11,475,000 | 9,421,858 | 8,008,993 | 1.02% | |||||||||
Carlyle US CLO 2021-7, Ltd. | Income Note (effective yield 18.52%, maturity 10/15/2035) ⁽⁹⁾ ⁽¹⁰⁾ | 08/11/21 | 10,400,000 | 7,222,438 | 6,643,234 | 0.85% | |||||||||
Carlyle US CLO 2022-1, Ltd. | Income Note (effective yield 19.48%, maturity 04/15/2035) ⁽⁹⁾ ⁽¹⁰⁾ | 03/15/22 | 8,150,000 | 5,842,190 | 5,311,766 | 0.68% | |||||||||
Carlyle US CLO 2023-3, Ltd. | Income Note (effective yield 16.23%, maturity 10/15/2036) ⁽⁹⁾ ⁽¹⁰⁾ | 07/06/23 | 9,400,000 | 6,962,327 | 6,217,619 | 0.80% | |||||||||
Carlyle US CLO 2024-1, Ltd. | Income Note (effective yield 15.00%, maturity 04/15/2037) ⁽⁹⁾ ⁽¹⁰⁾ | 01/26/24 | 11,475,000 | 9,433,701 | 9,374,173 | 1.20% | |||||||||
CIFC Funding 2013-II, Ltd. | Income Note (effective yield 0.00%, maturity 10/18/2030) ⁽⁹⁾ ⁽¹⁰⁾ ⁽¹²⁾ | 06/06/14 | 17,265,625 | 3,209,976 | 2,544,394 | 0.33% | |||||||||
CIFC Funding 2014, Ltd. | Income Note (effective yield 11.71%, maturity 01/18/2031) ⁽⁹⁾ ⁽¹⁰⁾ | 06/06/14 | 16,033,750 | 3,721,693 | 2,521,705 | 0.32% | |||||||||
CIFC Funding 2014-III, Ltd. | Income Note (effective yield 14.77%, maturity 10/22/2031) ⁽⁹⁾ | 02/17/15 | 19,725,000 | 5,192,972 | 4,005,867 | 0.51% | |||||||||
CIFC Funding 2014-IV-R, Ltd. | Income Note (effective yield 15.07%, maturity 01/17/2035) ⁽⁹⁾ | 08/05/14 | 8,457,500 | 3,297,523 | 2,520,161 | 0.32% | |||||||||
CIFC Funding 2015-III, Ltd. | Income Note (effective yield 0.00%, maturity 04/19/2029) ⁽⁹⁾ ⁽¹⁰⁾ ⁽¹²⁾ | 06/23/15 | 9,724,324 | 1,788,701 | 901,392 | 0.12% | |||||||||
CIFC Funding 2019-III, Ltd. | Subordinated Note (effective yield 20.05%, maturity 10/16/2034) ⁽⁹⁾ | 04/18/19 | 2,875,000 | 2,126,270 | 2,166,582 | 0.28% | |||||||||
CIFC Funding 2019-IV, Ltd. | Income Note (effective yield 18.31%, maturity 10/15/2036) ⁽⁹⁾ ⁽¹⁰⁾ | 06/07/19 | 14,000,000 | 10,091,261 | 9,685,297 | 1.24% | |||||||||
CIFC Funding 2019-V, Ltd. | Subordinated Note (effective yield 20.74%, maturity 01/15/2035) ⁽⁹⁾ | 02/07/23 | 12,975,000 | 9,393,397 | 9,874,262 | 1.26% | |||||||||
CIFC Funding 2020-I, Ltd. | Income Note (effective yield 32.52%, maturity 07/15/2032) ⁽⁹⁾ ⁽¹⁰⁾ | 06/12/20 | 9,400,000 | 5,001,292 | 6,218,128 | 0.80% | |||||||||
CIFC Funding 2020-II, Ltd. | Subordinated Note (effective yield 22.61%, maturity 10/20/2034) ⁽⁹⁾ | 02/07/23 | 5,500,000 | 4,009,277 | 4,237,812 | 0.54% | |||||||||
CIFC Funding 2020-IV, Ltd. | Income Note (effective yield 21.94%, maturity 01/15/2034) ⁽⁹⁾ ⁽¹⁰⁾ | 12/11/20 | 7,900,000 | 5,606,434 | 5,780,161 | 0.74% | |||||||||
CIFC Funding 2021-III, Ltd. | Income Note (effective yield 20.03%, maturity 07/15/2036) ⁽⁹⁾ ⁽¹⁰⁾ | 04/23/21 | 17,275,000 | 10,178,577 | 9,668,649 | 1.24% | |||||||||
CIFC Funding 2021-VI, Ltd. | Income Note (effective yield 19.12%, maturity 10/15/2034) ⁽⁹⁾ ⁽¹⁰⁾ | 09/22/21 | 12,200,000 | 8,985,383 | 8,579,922 | 1.10% | |||||||||
CIFC Funding 2022-I, Ltd. | Income Note (effective yield 19.46%, maturity 04/17/2037) ⁽⁹⁾ ⁽¹⁰⁾ | 01/27/22 | 12,950,000 | 10,053,190 | 10,092,931 | 1.29% | |||||||||
CIFC Funding 2022-VI, Ltd. | Income Note (effective yield 15.14%, maturity 07/16/2035) ⁽⁹⁾ ⁽¹⁰⁾ | 08/01/22 | 10,700,000 | 8,543,866 | 9,177,029 | 1.17% | |||||||||
CIFC Funding 2023-I, Ltd. | Income Note (effective yield 20.65%, maturity 10/15/2037) ⁽⁹⁾ ⁽¹⁰⁾ | 09/14/23 | 11,550,000 | 9,240,446 | 10,569,295 | 1.35% | |||||||||
Cutwater 2015-I, Ltd. | Income Note (effective yield 0.00%, maturity 01/15/2029) ⁽⁹⁾ ⁽¹⁰⁾ ⁽¹²⁾ | 05/01/15 | 31,100,000 | 8,252,702 | 496,319 | 0.06% | |||||||||
Dewolf Park CLO, Ltd. | Income Note (effective yield 1.53%, maturity 10/15/2030) ⁽⁹⁾ ⁽¹⁰⁾ | 08/10/17 | 7,700,000 | 3,400,298 | 2,614,286 | 0.33% | |||||||||
Dryden 53 CLO, Ltd. | Income Note (effective yield 0.00%, maturity 01/15/2031) ⁽⁹⁾ ⁽¹²⁾ | 11/28/17 | 7,684,999 | 2,472,497 | 1,613,506 | 0.21% | |||||||||
Dryden 64 CLO, Ltd. | Subordinated Note (effective yield 21.26%, maturity 04/18/2031) ⁽⁹⁾ | 05/11/20 | 9,600,000 | 2,569,717 | 1,914,978 | 0.25% | |||||||||
Dryden 68 CLO, Ltd. | Income Note (effective yield 13.65%, maturity 07/15/2049) ⁽⁹⁾ ⁽¹⁰⁾ | 05/30/19 | 14,080,000 | 8,942,893 | 6,254,029 | 0.80% | |||||||||
Dryden 85 CLO, Ltd. | Income Note (effective yield 24.03%, maturity 10/15/2049) ⁽⁹⁾ ⁽¹⁰⁾ | 09/17/20 | 8,610,000 | 6,098,580 | 5,439,654 | 0.70% | |||||||||
Dryden 94 CLO, Ltd. | Income Note (effective yield 20.77%, maturity 07/15/2037) ⁽⁹⁾ ⁽¹⁰⁾ | 04/28/22 | 12,200,000 | 8,645,064 | 7,688,479 | 0.98% | |||||||||
Dryden 109 CLO, Ltd. | Subordinated Note (effective yield 19.71%, maturity 04/20/2035) ⁽⁹⁾ | 02/15/23 | 8,100,000 | 6,155,761 | 5,366,882 | 0.69% | |||||||||
Eaton Vance CLO 2015-1, Ltd. | Subordinated Note (effective yield 0.00%, maturity 01/20/2030) ⁽⁹⁾ ⁽¹²⁾ | 06/05/20 | 6,372,500 | 1,326,136 | 828,425 | 0.11% | |||||||||
Eaton Vance CLO 2020-1, Ltd. | Subordinated Note (effective yield 18.67%, maturity 10/15/2034) ⁽⁹⁾ | 08/08/23 | 6,500,000 | 4,702,990 | 4,119,315 | 0.53% | |||||||||
Eaton Vance CLO 2020-2, Ltd. | Subordinated Note (effective yield 21.34%, maturity 01/15/2035) ⁽⁹⁾ | 09/16/22 | 11,175,000 | 7,682,616 | 7,059,746 | 0.90% | |||||||||
Elmwood CLO 14 Ltd. | Subordinated Note (effective yield 21.81%, maturity 04/20/2035) ⁽⁹⁾ | 06/06/23 | 7,000,000 | 5,042,155 | 5,542,728 | 0.71% | |||||||||
Elmwood CLO 17 Ltd. | Subordinated Note (effective yield 20.35%, maturity 07/17/2035) ⁽⁹⁾ | 04/25/23 | 6,550,000 | 4,845,105 | 5,316,617 | 0.68% | |||||||||
Elmwood CLO 21 Ltd. | Subordinated Note (effective yield 16.26%, maturity 10/20/2036) ⁽⁹⁾ | 10/27/23 | 4,900,000 | 3,361,188 | 3,330,060 | 0.43% | |||||||||
Generate CLO 9 Ltd. | Subordinated Note (effective yield 24.60%, maturity 10/20/2034) ⁽⁹⁾ | 04/27/22 | 11,250,000 | 8,425,285 | 9,283,059 | 1.19% | |||||||||
Greywolf CLO IV, Ltd. | Subordinated Note (effective yield 19.63%, maturity 04/17/2034) ⁽⁹⁾ | 03/26/21 | 7,520,000 | 4,145,017 | 3,427,692 | 0.44% | |||||||||
HarbourView CLO VII-R, Ltd. | Subordinated Note (effective yield 0.00%, maturity 07/18/2031) ⁽⁹⁾ ⁽¹²⁾ | 09/29/17 | 1,100,000 | 399,175 | 110 | 0.00% | |||||||||
Kings Park CLO, Ltd. | Subordinated Note (effective yield 26.20%, maturity 01/21/2035) ⁽⁹⁾ | 04/27/23 | 5,222,500 | 3,165,986 | 3,631,934 | 0.46% | |||||||||
KKR CLO 36 Ltd. | Subordinated Note (effective yield 19.14%, maturity 10/15/2034) ⁽⁹⁾ | 05/03/22 | 6,000,000 | 4,433,669 | 4,035,314 | 0.52% | |||||||||
KKR CLO 37 Ltd. | Subordinated Note (effective yield 23.19%, maturity 01/20/2035) ⁽⁹⁾ | 01/25/24 | 7,150,000 | 5,335,688 | 5,384,615 | 0.69% | |||||||||
Lake Shore MM CLO I Ltd. | Income Note (effective yield 18.51%, maturity 04/15/2033) ⁽⁹⁾ ⁽¹⁰⁾ | 03/08/19 | 14,550,000 | 9,412,480 | 6,114,574 | 0.78% | |||||||||
LCM 38 Ltd. | Income Note (effective yield 26.58%, maturity 07/15/2034) ⁽⁹⁾ | 01/31/24 | 5,228,500 | 4,824,598 | 4,791,585 | 0.61% | |||||||||
Madison Park Funding XXI, Ltd. | Subordinated Note (effective yield 25.77%, maturity 10/15/2049) ⁽⁹⁾ | 08/22/16 | 6,462,500 | 3,565,074 | 3,183,359 | 0.41% | |||||||||
Madison Park Funding XXII, Ltd. | Subordinated Note (effective yield 20.31%, maturity 01/15/2033) ⁽⁹⁾ | 10/30/18 | 6,327,082 | 3,638,681 | 3,400,534 | 0.44% | |||||||||
Madison Park Funding XXXIV, Ltd. | Subordinated Note (effective yield 25.63%, maturity 04/25/2048) ⁽⁹⁾ | 09/27/22 | 8,300,000 | 4,925,979 | 4,772,503 | 0.61% | |||||||||
Madison Park Funding XL, Ltd. | Subordinated Note (effective yield 25.67%, maturity 02/28/2047) ⁽⁹⁾ | 06/02/16 | 16,550,000 | 4,728,944 | 4,207,310 | 0.54% | |||||||||
Madison Park Funding XLIV, Ltd. | Subordinated Note (effective yield 18.83%, maturity 01/23/2048) ⁽⁹⁾ | 11/16/18 | 8,744,821 | 4,602,442 | 4,222,104 | 0.54% | |||||||||
Madison Park Funding XLVII, Ltd. | Subordinated Note (effective yield 21.65%, maturity 01/19/2034) ⁽⁹⁾ | 04/29/21 | 2,000,000 | 1,587,439 | 1,757,427 | 0.22% | |||||||||
Madison Park Funding LII, Ltd. | Subordinated Note (effective yield 17.79%, maturity 01/22/2035) ⁽⁹⁾ | 03/13/24 | 6,500,000 | 4,631,250 | 4,597,898 | 0.59% | |||||||||
Madison Park Funding LXII, Ltd. | Subordinated Note (effective yield 16.80%, maturity 07/17/2036) ⁽⁹⁾ | 07/27/23 | 5,600,000 | 4,235,000 | 3,756,121 | 0.48% | |||||||||
Marathon CLO VI Ltd. | Subordinated Note (effective yield 0.00%, maturity 05/13/2028) ⁽⁹⁾ ⁽¹²⁾ | 06/06/14 | 6,375,000 | 191,250 | 638 | 0.00% | |||||||||
Marathon CLO VII Ltd. | Subordinated Note (effective yield 0.00%, maturity 10/28/2025) ⁽⁹⁾ ⁽¹²⁾ | 10/30/14 | 10,526,000 | 52,630 | 1,053 | 0.00% | |||||||||
Marathon CLO VIII Ltd. | Income Note (effective yield 0.00%, maturity 10/18/2031) ⁽⁹⁾ ⁽¹²⁾ | 06/16/15 | 16,333,000 | 7,343,630 | 979,980 | 0.13% | |||||||||
Marathon CLO X Ltd. | Subordinated Note (effective yield 0.00%, maturity 11/15/2029) ⁽⁹⁾ ⁽¹²⁾ | 08/09/17 | 2,550,000 | 229,500 | 280,500 | 0.04% | |||||||||
Marathon CLO XI Ltd. | Subordinated Note (effective yield 0.00%, maturity 04/20/2031) ⁽⁹⁾ ⁽¹²⁾ | 02/06/18 | 2,075,000 | 1,104,318 | 186,750 | 0.02% | |||||||||
Marathon CLO XII Ltd. | Subordinated Note (effective yield 0.00%, maturity 04/18/2031) ⁽⁹⁾ ⁽¹²⁾ | 09/06/18 | 4,500,000 | 2,251,667 | 585,000 | 0.07% | |||||||||
Morgan Stanley Eaton Vance CLO 2023-19, Ltd. | Subordinated Note (effective yield 15.97%, maturity 07/20/2036) ⁽⁹⁾ | 02/21/24 | 4,150,000 | 2,656,000 | 2,781,808 | 0.36% | |||||||||
Octagon Investment Partners XIV, Ltd. | Income Note (effective yield 0.00%, maturity 07/15/2029) ⁽⁹⁾ ⁽¹⁰⁾ ⁽¹²⁾ | 06/06/14 | 20,572,125 | 5,062,309 | 355,942 | 0.05% | |||||||||
Octagon Investment Partners 26, Ltd. | Income Note (effective yield 15.86%, maturity 07/15/2030) ⁽⁹⁾ ⁽¹⁰⁾ | 03/23/16 | 13,750,000 | 3,033,284 | 1,716,678 | 0.22% | |||||||||
Octagon Investment Partners 27, Ltd. | Income Note (effective yield 17.09%, maturity 07/15/2030) ⁽⁹⁾ ⁽¹⁰⁾ | 05/25/16 | 11,804,048 | 2,898,707 | 1,703,383 | 0.22% | |||||||||
Octagon Investment Partners 29, Ltd. | Subordinated Note (effective yield 9.06%, maturity 01/24/2033) ⁽⁹⁾ | 05/05/21 | 9,875,000 | 5,774,396 | 3,758,544 | 0.48% | |||||||||
Octagon Investment Partners 37, Ltd. | Subordinated Note (effective yield 5.92%, maturity 07/25/2030) ⁽⁹⁾ | 05/25/21 | 1,550,000 | 749,905 | 426,155 | 0.05% | |||||||||
Octagon Investment Partners 44, Ltd. | Income Note (effective yield 13.92%, maturity 07/20/2034) ⁽⁹⁾ ⁽¹⁰⁾ | 06/19/19 | 13,500,000 | 8,616,340 | 6,058,392 | 0.78% | |||||||||
Octagon Investment Partners 45, Ltd. | Subordinated Note (effective yield 23.86%, maturity 04/15/2035) ⁽⁹⁾ | 07/27/23 | 18,155,000 | 10,977,312 | 10,029,810 | 1.28% | |||||||||
Octagon Investment Partners 46, Ltd. | Income Note (effective yield 30.90%, maturity 07/15/2036) ⁽⁹⁾ ⁽¹⁰⁾ | 06/26/20 | 10,650,000 | 4,730,997 | 4,606,309 | 0.59% | |||||||||
Octagon Investment Partners 48, Ltd. | Subordinated Note (effective yield 17.92%, maturity 10/20/2034) ⁽⁹⁾ | 03/25/22 | 10,000,000 | 7,674,887 | 6,349,888 | 0.81% | |||||||||
Octagon Investment Partners 50, Ltd. | Income Note (effective yield 25.16%, maturity 01/16/2035) ⁽⁹⁾ ⁽¹⁰⁾ | 10/06/20 | 9,250,000 | 5,058,190 | 4,723,285 | 0.60% | |||||||||
Octagon 51, Ltd. | Income B Note (effective yield 19.20%, maturity 07/20/2034) ⁽⁹⁾ | 04/16/21 | 17,300,000 | 12,363,264 | 10,772,678 | 1.38% | |||||||||
Octagon 55, Ltd. | Subordinated Note (effective yield 13.18%, maturity 07/20/2034) ⁽⁹⁾ | 02/11/22 | 8,700,000 | 6,396,754 | 4,890,096 | 0.63% | |||||||||
Octagon 58, Ltd. | Income Note (effective yield 21.42%, maturity 07/15/2037) ⁽⁹⁾ ⁽¹⁰⁾ | 04/21/22 | 14,900,000 | 10,432,396 | 9,783,915 | 1.25% | |||||||||
OFSI BSL VIII, Ltd. | Income Note (effective yield 0.00%, maturity 08/16/2037) ⁽⁹⁾ ⁽¹⁰⁾ ⁽¹²⁾ | 07/18/17 | 7,719,320 | 3,193,321 | 550,589 | 0.07% | |||||||||
Palmer Square CLO 2021-4, Ltd. | Subordinated Note (effective yield 21.53%, maturity 10/15/2034) ⁽⁹⁾ | 02/12/24 | 3,500,000 | 2,633,750 | 2,734,473 | 0.35% | |||||||||
Regatta VII Funding Ltd. | Subordinated Note (effective yield 6.47%, maturity 12/20/2028) ⁽⁹⁾ | 10/01/21 | 6,450,000 | 2,596,052 | 1,672,089 | 0.21% | |||||||||
Regatta VII Funding Ltd. | Class R1A Note (effective yield 51.99%, maturity 06/20/2034) ⁽⁹⁾ | 10/01/21 | 10,126,500 | 18,201 | 20,724 | 0.00% | |||||||||
Regatta VII Funding Ltd. | Class R2 Note (effective yield 100.90%, maturity 06/20/2034) ⁽⁹⁾ | 10/01/21 | 10,126,500 | 110,484 | 186,249 | 0.02% | |||||||||
Regatta XX Funding Ltd. | Income Note (effective yield 17.98%, maturity 10/15/2034) ⁽⁹⁾ ⁽¹⁰⁾ | 08/04/21 | 11,000,000 | 7,152,134 | 7,155,631 | 0.92% |
See accompanying notes to the consolidated financial statements
3
Eagle Point Credit Company Inc. & Subsidiaries
Consolidated Schedule of Investments
As of March 31, 2024
(expressed in U.S. dollars)
(Unaudited)
Acquisition | Principal Amount / | % of Net | |||||||||||||
Issuer ⁽¹⁾ | Investment Description | Date ⁽²⁾ | Shares | Cost | Fair Value ⁽³⁾ | Assets | |||||||||
CLO Equity ⁽⁴⁾ ⁽⁸⁾ (continued) | |||||||||||||||
Structured Finance (continued) | |||||||||||||||
United States (continued) | |||||||||||||||
Regatta XXI Funding Ltd. | Subordinated Note (effective yield 16.85%, maturity 10/20/2034) ⁽⁹⁾ | 06/10/22 | $ | 9,000,000 | $ | 6,356,824 | $ | 6,374,496 | 0.82% | ||||||
Regatta XXII Funding Ltd. | Subordinated Note (effective yield 22.17%, maturity 07/20/2035) ⁽⁹⁾ | 06/20/23 | 3,000,000 | 2,108,695 | 2,488,285 | 0.32% | |||||||||
Regatta XXIV Funding Ltd. | Subordinated Note (effective yield 19.36%, maturity 01/20/2035) ⁽⁹⁾ | 02/14/23 | 4,300,000 | 2,726,454 | 2,957,149 | 0.38% | |||||||||
Rockford Tower CLO 2019-1, Ltd. | Subordinated Note (effective yield 15.89%, maturity 04/20/2034) ⁽⁹⁾ | 06/14/21 | 10,300,000 | 7,175,009 | 5,236,732 | 0.67% | |||||||||
Rockford Tower CLO 2021-3, Ltd. | Subordinated Note (effective yield 11.30%, maturity 10/20/2034) ⁽⁹⁾ | 04/22/22 | 26,264,625 | 20,137,589 | 13,233,659 | 1.69% | |||||||||
Rockford Tower CLO 2022-3, Ltd. | Subordinated Note (effective yield 20.62%, maturity 01/20/2035) ⁽⁹⁾ | 07/27/23 | 3,600,000 | 2,560,500 | 2,989,883 | 0.38% | |||||||||
RR 23 Ltd. | Subordinated Note (effective yield 18.23%, maturity 10/15/2035) ⁽⁹⁾ | 10/12/23 | 6,800,000 | 4,072,154 | 4,275,526 | 0.55% | |||||||||
Shackleton 2019-XIV CLO, Ltd. | Subordinated Note (effective yield 21.47%, maturity 07/20/2034) ⁽⁹⁾ | 02/01/24 | 5,525,000 | 4,294,875 | 4,217,272 | 0.54% | |||||||||
Steele Creek CLO 2018-1, Ltd. | Income Note (effective yield 0.00%, maturity 04/15/2048) ⁽⁹⁾ ⁽¹⁰⁾ ⁽¹²⁾ | 03/28/18 | 11,370,000 | 4,396,771 | 1,645,238 | 0.21% | |||||||||
Steele Creek CLO 2019-1, Ltd. | Income Note (effective yield 10.45%, maturity 04/15/2049) ⁽⁹⁾ ⁽¹⁰⁾ | 03/22/19 | 8,500,000 | 5,078,254 | 2,500,759 | 0.32% | |||||||||
Unity-Peace Park CLO, Ltd. | Subordinated Note (effective yield 16.95%, maturity 04/20/2035) ⁽⁹⁾ | 09/07/23 | 34,020,000 | 26,303,049 | 25,649,514 | 3.28% | |||||||||
Venture 41 CLO, Limited | Subordinated Note (effective yield 20.24%, maturity 01/20/2034) ⁽⁹⁾ | 11/30/21 | 3,325,000 | 2,367,730 | 1,908,553 | 0.24% | |||||||||
Wellman Park CLO, Ltd. | Subordinated Note (effective yield 21.70%, maturity 07/15/2034) ⁽⁹⁾ | 09/20/23 | 10,275,000 | 6,848,203 | 7,112,162 | 0.91% | |||||||||
Wellman Park CLO, Ltd. | Class M-1 Notes (effective yield 19.30%, maturity 07/15/2034) ⁽⁹⁾ | 09/20/23 | 10,275,000 | 92,463 | 66,073 | 0.01% | |||||||||
Wellman Park CLO, Ltd. | Class M-2 Notes (effective yield 15.36%, maturity 07/15/2034) ⁽⁹⁾ | 09/20/23 | 10,275,000 | 231,147 | 155,266 | 0.02% | |||||||||
Whetstone Park CLO, Ltd. | Subordinated Note (effective yield 17.81%, maturity 01/20/2035) ⁽⁹⁾ | 05/03/22 | 10,560,000 | 8,214,841 | 8,076,282 | 1.03% | |||||||||
Wind River 2013-2 CLO Ltd. | Income Note (effective yield 0.00%, maturity 10/18/2030) ⁽⁹⁾ ⁽¹⁰⁾ ⁽¹²⁾ | 06/06/14 | 11,597,500 | 3,526,113 | 852,865 | 0.11% | |||||||||
Wind River 2014-1 CLO Ltd. | Subordinated Note (effective yield 0.00%, maturity 07/18/2031) ⁽⁹⁾ ⁽¹²⁾ | 05/05/16 | 9,681,764 | 2,167,725 | 290,453 | 0.04% | |||||||||
Wind River 2014-3 CLO Ltd. | Subordinated Note (effective yield 0.00%, maturity 10/22/2031) ⁽⁹⁾ ⁽¹²⁾ | 12/17/14 | 11,000,000 | 3,292,029 | 1,210,000 | 0.15% | |||||||||
Wind River 2017-1 CLO Ltd. | Income Note (effective yield 13.63%, maturity 04/18/2036) ⁽⁹⁾ ⁽¹⁰⁾ | 02/02/17 | 17,700,000 | 9,997,869 | 6,545,324 | 0.84% | |||||||||
Wind River 2017-3 CLO Ltd. | Income Note (effective yield 11.96%, maturity 04/15/2035) ⁽⁹⁾ ⁽¹⁰⁾ | 08/09/17 | 23,940,000 | 14,179,442 | 8,909,369 | 1.14% | |||||||||
Wind River 2018-1 CLO Ltd. | Income Note (effective yield 7.98%, maturity 07/15/2030) ⁽⁹⁾ ⁽¹⁰⁾ | 06/22/18 | 15,750,000 | 8,416,891 | 5,090,405 | 0.65% | |||||||||
Wind River 2019-2 CLO Ltd. | Income Note (effective yield 25.03%, maturity 01/15/2035) ⁽⁹⁾ ⁽¹⁰⁾ | 09/20/19 | 13,470,000 | 8,286,417 | 7,113,584 | 0.91% | |||||||||
Wind River 2022-2 CLO Ltd. | Income Note (effective yield 23.54%, maturity 07/20/2035) ⁽⁹⁾ ⁽¹⁰⁾ | 06/03/22 | 8,950,000 | 6,227,895 | 5,106,484 | 0.65% | |||||||||
Zais CLO 3, Limited | Income Note (effective yield 0.00%, maturity 07/15/2031) ⁽⁹⁾ ⁽¹⁰⁾ ⁽¹²⁾ | 04/08/15 | 16,871,644 | 5,385,777 | 1,319,526 | 0.17% | |||||||||
Zais CLO 5, Limited | Subordinated Note (effective yield 0.00%, maturity 10/15/2028) ⁽⁹⁾ ⁽¹²⁾ | 09/23/16 | 5,950,000 | 595 | 595 | 0.00% | |||||||||
Zais CLO 6, Limited | Subordinated Note (effective yield 0.00%, maturity 07/15/2029) ⁽⁹⁾ ⁽¹⁰⁾ ⁽¹²⁾ | 05/03/17 | 11,600,000 | - | 24,763 | 0.00% | |||||||||
Zais CLO 7, Limited | Income Note (effective yield 0.00%, maturity 04/15/2030) ⁽⁹⁾ ⁽¹²⁾ | 09/11/17 | 12,777,500 | 1,278 | 1,278 | 0.00% | |||||||||
Zais CLO 9, Limited | Subordinated Note (effective yield 0.00%, maturity 07/20/2031) ⁽⁹⁾ ⁽¹²⁾ | 10/29/18 | 3,015,000 | 1,635,162 | 301,500 | 0.04% | |||||||||
Total United States | 864,416,166 | 722,887,241 | 92.49% | ||||||||||||
European Union - Various | 04/23/21 | ||||||||||||||
Dryden 88 Euro CLO 2020 DAC | Subordinated Note (effective yield 15.53%, maturity 07/20/2034) ⁽⁹⁾ ⁽¹³⁾ | 600,000 | 542,916 | 368,264 | 0.05% | ||||||||||
BBAM European CLO II DAC | Subordinated Note (effective yield 29.11%, maturity 10/15/2034) ⁽⁹⁾ ⁽¹⁰⁾ ⁽¹³⁾ | 11/05/21 | 1,000,000 | 1,135,010 | 1,115,341 | 0.14% | |||||||||
OCP Euro CLO 2019-3 DAC | Subordinated Note (effective yield 23.56%, maturity 04/20/2033) ⁽⁹⁾ ⁽¹³⁾ | 05/26/21 | 1,500,000 | 1,253,678 | 1,167,545 | 0.15% | |||||||||
Total European Union - Various | 2,931,604 | 2,651,150 | 0.34% | ||||||||||||
Total CLO Equity | 867,347,770 | 725,538,391 | 92.83% | ||||||||||||
Loan Accumulation Facilities ⁽⁴⁾ ⁽¹⁴⁾ | |||||||||||||||
Structured Finance | |||||||||||||||
United States | 09/06/22 | ||||||||||||||
Steamboat XLII Ltd. | Loan Accumulation Facility ⁽⁹⁾ | 4,937,500 | 4,937,500 | 4,958,258 | 0.63% | ||||||||||
Steamboat XLIV Ltd. | Loan Accumulation Facility ⁽⁹⁾ | 03/21/23 | 8,960,000 | 8,960,000 | 8,982,153 | 1.15% | |||||||||
Steamboat XLVI Ltd. | Loan Accumulation Facility ⁽⁹⁾ | 03/22/24 | 5,700,000 | 5,700,000 | 5,700,249 | 0.73% | |||||||||
Total Loan Accumulation Facilities | 19,597,500 | 19,640,660 | 2.51% | ||||||||||||
Asset Backed Securities ⁽⁴⁾ | |||||||||||||||
Structured Finance | |||||||||||||||
France | |||||||||||||||
FCT Alma 2022 | Mezzanine Notes, 12.00% (due 08/04/2025) ⁽⁹⁾ ⁽¹³⁾ ⁽¹⁵⁾ | 08/02/23 | 14,700,000 | 15,959,727 | 15,967,157 | 2.04% | |||||||||
Ireland | |||||||||||||||
Cork Harmony Consumer Loans DAC | Mezzanine Loan, 14.35% (1M EURIBOR + 10.50%, due 07/14/2026) ⁽⁶⁾ ⁽⁹⁾ ⁽¹³⁾ ⁽¹⁶⁾ | 07/13/23 | 2,571,429 | 2,777,018 | 2,775,226 | 0.36% | |||||||||
Total Asset Backed Securities | 18,736,745 | 18,742,383 | 2.40% | ||||||||||||
Bank Debt Term Loan ⁽⁴⁾ | |||||||||||||||
Consumer Products | |||||||||||||||
United States | |||||||||||||||
JP Intermediate B LLC | Term B 1L Senior Secured Loan, 11.07% (3M LIBOR + 5.50%, due 08/21/2027) ⁽⁶⁾ | 03/02/21 | 502,328 | 491,256 | 62,791 | 0.01% | |||||||||
CFO Debt ⁽⁴⁾ | |||||||||||||||
Structured Finance | |||||||||||||||
United States | |||||||||||||||
Glendower Capital Secondaries CFO, LLC | Class B Loan, Delayed Draw, 11.50% (due 07/12/2038) ⁽⁹⁾ ⁽¹⁵⁾ ⁽¹⁶⁾ | 07/13/23 | 1,151,660 | 1,130,548 | 1,166,170 | 0.15% | |||||||||
Glendower Capital Secondaries CFO, LLC | Class C Loan, Delayed Draw, 14.50% (due 07/12/2038) ⁽⁹⁾ ⁽¹⁵⁾ ⁽¹⁶⁾ | 07/13/23 | 527,343 | 517,677 | 534,621 | 0.07% | |||||||||
Total CFO Debt | 1,648,225 | 1,700,791 | 0.22% | ||||||||||||
CFO Equity ⁽⁴⁾ ⁽⁸⁾ | |||||||||||||||
Structured Finance | |||||||||||||||
United States | |||||||||||||||
Glendower Capital Secondaries CFO, LLC | Subordinated Loan, Delayed Draw (effective yield 44.85%, maturity 07/12/2038) ⁽⁹⁾ ⁽¹⁶⁾ | 07/13/23 | 1,202,150 | 1,202,150 | 1,373,329 | 0.18% | |||||||||
Common Stock | |||||||||||||||
Financial Services | |||||||||||||||
United States | |||||||||||||||
Delta Financial Holdings LLC | Common Units ⁽⁴⁾ ⁽⁹⁾ ⁽¹⁹⁾ ⁽²⁰⁾ | 07/19/23 | 1 | 1,147 | 574 | 0.00% | |||||||||
Delta Leasing SPV III, LLC | Common Equity ⁽⁴⁾ ⁽⁹⁾ ⁽¹⁹⁾ ⁽²⁰⁾ | 07/19/23 | 18 | 18 | 9 | 0.00% | |||||||||
Lender MCS Holdings, Inc. | Common Stock ⁽⁴⁾ ⁽¹⁹⁾ | 08/12/22 | 589 | - | 1,767 | 0.00% | |||||||||
Senior Credit Corp 2022 LLC | Common Stock ⁽⁴⁾ ⁽¹⁶⁾ ⁽²⁰⁾ | 01/30/23 | 2,151,309 | 2,151,309 | 2,365,162 | 0.30% | |||||||||
XAI Octagon Floating Rate Alternative Income Trust | Common Equity | 02/01/24 | 383,107 | 2,700,330 | 2,716,229 | 0.35% | |||||||||
Total Financial Services | 4,852,804 | 5,083,741 | 0.65% | ||||||||||||
Leisure | |||||||||||||||
United States | |||||||||||||||
All Day Holdings LLC | Common Stock ⁽⁴⁾ ⁽¹⁹⁾ | 08/19/22 | 560 | - | 8 | 0.00% | |||||||||
Oil & Gas | |||||||||||||||
United States | |||||||||||||||
McDermott International Ltd | Common Stock ⁽⁴⁾ ⁽¹⁹⁾ | 12/31/20 | 243,875 | 126,820 | 36,581 | 0.00% | |||||||||
Total Common Stock | 4,979,624 | 5,120,330 | 0.65% | ||||||||||||
Corporate Bonds ⁽⁴⁾ | |||||||||||||||
Financial Services | |||||||||||||||
United States | |||||||||||||||
Delta Leasing SPV III, LLC | Notes, Delayed Draw, 13.00% (due 07/18/2030) ⁽⁷⁾ ⁽⁹⁾ ⁽¹⁵⁾ ⁽¹⁶⁾ ⁽²⁰⁾ | 07/19/23 | 4,705,847 | 4,705,847 | 4,705,847 | 0.60% | |||||||||
Senior Credit Corp 2022 LLC | Senior Unsecured, 8.50% (due 12/05/2028) ⁽¹⁵⁾ ⁽¹⁶⁾ ⁽²⁰⁾ | 01/30/23 | 5,019,722 | 5,019,722 | 5,019,722 | 0.64% | |||||||||
Total Corporate Bonds | 9,725,569 | 9,725,569 | 1.24% |
See accompanying notes to the consolidated financial statements
4
Eagle Point Credit Company Inc. & Subsidiaries
Consolidated Schedule of Investments
As of March 31, 2024
(expressed in U.S. dollars)
(Unaudited)
Acquisition | Principal Amount / | % of Net | |||||||||||||
Issuer ⁽¹⁾ | Investment Description | Date ⁽²⁾ | Shares | Cost | Fair Value ⁽³⁾ | Assets | |||||||||
Preferred Stock ⁽⁴⁾ | |||||||||||||||
Financial Services | |||||||||||||||
United States | |||||||||||||||
Delta Financial Holdings LLC | Preferred Units ⁽⁹⁾ ⁽¹⁹⁾ ⁽²⁰⁾ | 07/19/23 | $ | 252 | $ | 251,801 | $ | 251,882 | 0.03% | ||||||
Regulatory Capital Relief Securities ⁽⁴⁾ | |||||||||||||||
Banking | |||||||||||||||
Canada | |||||||||||||||
Boreal Series 2022-2 | Guarantee Linked Note - Class F, 18.36% (3M CDOR + 13.00%, due 02/20/2028) ⁽⁶⁾ ⁽⁹⁾ ⁽¹⁷⁾ | 11/30/22 | 4,550,000 | 3,382,020 | 3,463,802 | 0.44% | |||||||||
France | |||||||||||||||
AASFL 2022-1 | Credit Linked Note - Class B, 16.36% (1M EURIBOR + 12.50%, due 12/27/2030) ⁽⁶⁾ ⁽⁹⁾ ⁽¹³⁾ | 11/22/22 | 2,760,318 | 2,842,989 | 2,979,143 | 0.38% | |||||||||
BNP Paribas | Marianne Credit Linked Note, 13.44% (3M EURIBOR + 9.50%, due 10/12/2032) ⁽⁶⁾ ⁽⁹⁾ ⁽¹³⁾ | 09/22/23 | 1,154,658 | 1,229,306 | 1,246,214 | 0.16% | |||||||||
FCT Junon 2023-1 | Class A Notes, 13.67% (3M EURIBOR + 9.75%, due 11/08/2033) ⁽⁶⁾ ⁽⁹⁾ ⁽¹³⁾ | 09/26/23 | 4,800,000 | 5,074,320 | 5,180,511 | 0.66% | |||||||||
PXL 2022-1 | Junior Credit Linked Note, 16.81% (3M EURIBOR + 12.875%, due 12/29/2029) ⁽⁶⁾ ⁽⁹⁾ ⁽¹³⁾ | 12/16/22 | 3,800,000 | 4,025,340 | 4,098,297 | 0.52% | |||||||||
Total France | 13,171,955 | 13,504,165 | 1.72% | ||||||||||||
United States | 10/26/22 | ||||||||||||||
CRAFT 2022-1A | Credit Linked Note, 17.32% (CD SOFR + 12.00%, due 04/21/2032) ⁽⁶⁾ ⁽⁹⁾ | 4,300,000 | 4,300,000 | 4,666,196 | 0.60% | ||||||||||
LOFT 2022-1A | Note - Class C, 24.36% (CD SOFR + 19.00%, due 02/28/2032) ⁽⁶⁾ ⁽⁹⁾ | 08/22/22 | 1,700,000 | 1,700,000 | 1,751,663 | 0.22% | |||||||||
Muskoka Series 2022-1 | Guarantee Linked Note - Class F, 15.61% (CD SOFR + 10.25%, due 11/10/2027) ⁽⁶⁾ ⁽⁹⁾ | 10/12/22 | 3,800,000 | 3,800,000 | 3,927,206 | 0.50% | |||||||||
Standard Chartered 7 | Note - Class B, 16.36% (CD SOFR + 11.00%, due 04/25/2031) ⁽⁶⁾ ⁽⁹⁾ | 10/07/22 | 6,100,000 | 6,100,000 | 6,296,336 | 0.81% | |||||||||
TRAFIN 2023-1 | Notes, 15.35% (CD SOFR + 10.00%, due 06/01/2029) ⁽⁶⁾ ⁽⁹⁾ | 11/27/23 | 2,375,000 | 2,375,000 | 2,395,226 | 0.31% | |||||||||
Total United States | 18,275,000 | 19,036,627 | 2.44% | ||||||||||||
Spain | 09/14/22 | ||||||||||||||
Autonoria Spain 2022 FT | Note - Class G, 15.85% (1M EURIBOR + 12.00%, due 01/31/2040) ⁽⁶⁾ ⁽⁹⁾ ⁽¹³⁾ | 2,004,409 | 2,000,100 | 2,197,779 | 0.28% | ||||||||||
Total Regulatory Capital Relief Securities | 36,829,075 | 38,202,373 | 4.88% | ||||||||||||
Warrants ⁽⁴⁾ | |||||||||||||||
Oil & Gas | |||||||||||||||
United States | |||||||||||||||
Greenfire Resources Ltd | Warrant ⁽¹⁹⁾ | 09/27/23 | 2,008 | - | - | 0.00% | |||||||||
Total investments at fair value as of March 31, 2024 | |||||||||||||||
$ | 1,128,892,867 | $ | 992,861,992 | 127.01% | |||||||||||
Liabilities at fair value ⁽²¹⁾ | |||||||||||||||
6.6875% Unsecured Notes due 2028 | Unsecured Note | $ | (32,423,800) | $ | (32,423,800) | $ | (31,645,629) | -4.05% | |||||||
5.375% Unsecured Notes due 2029 | Unsecured Note | (93,250,000) | (93,250,000) | (84,186,100) | -10.77% | ||||||||||
6.75% Unsecured Notes due 2031 | Unsecured Note | (44,850,000) | (44,850,000) | (42,893,284) | -5.49% | ||||||||||
6.50% Series C Term Preferred Stock due 2031 | Preferred Stock | (54,313,825) | (54,337,922) | (47,600,636) | -6.09% | ||||||||||
8.00% Series F Term Preferred Stock due 2029 | (51,419,300) | (51,420,713) | (51,337,029) | -6.57% | |||||||||||
Total liabilities at fair value as of March 31, 2024 | $ | (276,282,435) | $ | (257,662,678) | -32.97% | ||||||||||
Net assets above (below) investments at fair value and liabilities at fair value | 46,276,156 | ||||||||||||||
Net assets as of March 31, 2024 | |||||||||||||||
$ | 781,475,470 |
- Unless otherwise noted, the Company is not affiliated with, nor does it "control" (as such term is defined in the Investment Company Act of 1940 (the "1940 Act")), any of the issuers listed. In general, under the 1940 Act, the Company would be presumed to "control" an issuer if it owned 25% or more of its voting securities.
- Acquisition date represents the initial date of purchase or the date the investment was contributed to the Company at the time of the Company's formation.
- Fair value is determined by the Adviser in accordance with written valuation policies and procedures, subject to oversight by the Company's Board of Directors, in accordance with Rule 2a-5 under the 1940 Act.
- Securities exempt from registration under the Securities Act of 1933, and are deemed to be "restricted securities". As of March 31, 2024, the aggregate fair value of these securities is $990.1 million, or 126.66% of the Company's net assets.
- Country represents the principal country of risk where the investment has exposure.
- Variable rate investment. Interest rate shown reflects the rate in effect at the reporting date. Investment description includes the reference rate and spread.
- As of March 31, 2024, the investment includes interest income capitalized as additional investment principal, referred to as "PIK" interest. The PIK interest rate represents the interest rate at payment date when PIK interest is received. See Note 2 "Summary of Significant Accounting Policies" for further discussion.
- CLO equity and CFO equity are entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying assets less contractual payments to debt holders and fund expenses. The effective yield is estimated based on the current projection of the amount and timing of these recurring distributions in addition to the estimated amount of terminal principal payment. The effective yield and investment cost may ultimately not be realized. As of March 31, 2024, the Company's weighted average effective yield on its aggregate CLO equity positions, based on current amortized cost, was 16.40%. When excluding called CLOs, the Company's weighted average effective yield on its CLO equity
- Classified as Level III investment. See Note 3 "Investments" for further discussion.
- Fair value includes the Company's interest in fee rebates on CLO subordinated and income notes.
- As of March 31, 2024, the investment has been called. Expected value of residual distributions, once received, is anticipated to be recognized as return of capital, pending any remaining amortized cost, and/or realized gain for any amounts received in excess of such amortized cost.
- As of March 31, 2024, the effective yield has been estimated to be 0%. The aggregate projected amount of future recurring distributions and terminal principal payment is less than the amortized investment cost. Future recurring distributions, once received, will be recognized solely as return of capital until the aggregate projected amount of future recurring distributions and terminal principal payment exceeds the amortized investment cost.
- Investment principal amount is denominated in EUR.
- Loan accumulation facilities are financing structures intended to aggregate loans that may be used to form the basis of a CLO vehicle.
- Fixed rate investment.
- This investment has an unfunded commitment as of March 31, 2024. See Note 10 "Commitments and Contingencies" for further discussion.
- Investment principal amount is denominated in CAD.
- Fair value includes the Company's interest in fee rebates on CLO income notes along with the Company's share of income from a revenue sharing agreement.
- The following investment is not an income producing security.
- The following is an affiliated investment as defined under the 1940 act, which represents investments in which the Company owns 5% or more of the outstanding voting securities under common ownership or control. See Note 4 "Related Party Transactions" for further discussion.
- The Company has accounted for its 6.6875% Notes due 2028, 5.375% Notes due 2029, 6.75% Notes due 2031, 6.50% Series C Term Preferred Stock due 2031 and 8.00% Series F Term Preferred Stock due 2029 utilizing the fair value option election under ASC Topic 825. Accordingly, the aforementioned notes and preferred stock are carried at their fair value. See Note 2 "Summary of Significant Accounting Policies" for further discussion.
Reference Key: | |
CAD | Canadian Dollar |
CD | Compounded Daily |
CDOR | Canadian Dollar Offered Rate |
EUR | Euro |
EURIBOR Euro London Interbank Offered Rate
LIBOR | London Interbank Offered Rate |
SOFR | Secured Overnight Financing Rate |
See accompanying notes to the consolidated financial statements
5
Eagle Point Credit Company Inc. & Subsidiaries
Consolidated Schedule of Investments
As of March 31, 2024
(expressed in U.S. dollars)
(Unaudited)
Forward Currency Contracts, at Fair Value(1)
Currency Purchased | Currency Sold | Counterparty | Acquisition Date | Settlement Date | Fair Value | ||||||||
Unrealized appreciation on forward currency contracts | |||||||||||||
USD | 4,120,403 | EUR | 3,800,000 | Barclays Bank PLC | 3/27/2024 | 4/30/2024 | $ | 29,779 | |||||
USD | 3,363,984 | CAD | 4,536,000 | Barclays Bank PLC | 2/23/2024 | 4/30/2024 | 11,783 | ||||||
USD | 5,189,780 | EUR | 4,800,000 | Barclays Bank PLC | 2/12/2024 | 4/30/2024 | 37,615 | ||||||
USD | 3,379,193 | EUR | 3,100,000 | Barclays Bank PLC | 1/26/2024 | 4/30/2024 | 24,293 | ||||||
USD | 13,442,581 | EUR | 12,300,000 | Barclays Bank PLC | 1/22/2024 | 4/30/2024 | 96,390 | ||||||
USD | 1,321,426 | EUR | 1,200,000 | Barclays Bank PLC | 1/10/2024 | 4/12/2024 | 25,158 | ||||||
USD | 16,119,445 | EUR | 14,700,000 | Barclays Bank PLC | 1/9/2024 | 4/11/2024 | 240,799 | ||||||
$ | 465,817 | ||||||||||||
Unrealized depreciation on forward currency contracts | $ | ||||||||||||
EUR | 5,213,096 | USD | 5,668,679 | Barclays Bank PLC | 2/23/2024 | 4/30/2024 | (33,348) |
- See Note 4 "Derivative Contracts" for further discussion relating to forward currency contracts held by the Company.
See accompanying notes to the consolidated financial statements | 6 |
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Eagle Point Credit Company Inc. published this content on 21 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 May 2024 11:31:09 UTC.