Eagle Point Credit Company Inc. (NYSE:ECC) (NYSE:ECCA) (the “Company”) today announced financial results for the quarter ended September 30, 2015 and net asset value (“NAV”) as of September 30, 2015 in addition to certain portfolio activity through November 11, 2015.

THIRD QUARTER HIGHLIGHTS

For the quarter ended September 30, 2015, the Company had a net loss of $30.4 million, or $2.20 per share of common stock. The NAV of the Company as of September 30, 2015 was $218.6 million, or $15.82 per share of common stock. As previously noted, the change in the Company’s NAV from the beginning to the end of the third quarter was attributable to pricing pressure faced by the investments held within the Company’s portfolio.

The Company’s net loss of $30.4 million was comprised of total investment income of $11.7 million and a net realized gain on investments of $0.1 million, offset by total expenses of $4.7 million and net unrealized depreciation, or unrealized market loss on investments, of $37.5 million. Expenses include, among other items, interest expense and amortization of issuance costs related to the Company’s Series A Term Preferred Stock.

Chief Executive Officer Thomas Majewski commented, “Despite a decrease in NAV quarter-on-quarter, we are very pleased with the quarter-on-quarter growth in the Company’s net investment income from $0.46 to $0.51 per share of common stock.”

During the third quarter, the Company received $16.3 million of cash flow from its investment portfolio, or $1.18 per share of common stock.

During the third quarter, the Company invested in one collateralized loan obligation (“CLO”) equity position, three new loan accumulation facility investments and additional follow-on loan accumulation facility investments. The total amount of net capital invested in the period was $38.1 million.

As of September 30, 2015, the weighted average effective yield on the Company’s CLO equity portfolio was 16.65%, up from 16.47% as of June 30, 2015. The weighted average effective yield of these CLO equity investments includes a provision for credit losses.

The closing price per share of the Company’s common stock on September 30, 2015 was $19.04, representing a 20.4% premium to NAV as of such date.

As of September 30, 2015 on a look-through basis, and based on the most recent CLO trustee reports received by such date, the Company had exposure to approximately 1,070 unique corporate obligors. The largest look-through obligor represented 0.9% of the Company’s CLO equity and loan accumulation facility portfolio. The top-ten largest look-through obligors represented 6.7% of the Company’s CLO equity and loan accumulation facility portfolio.

ADDITIONAL INFORMATION

The Company filed Form N-Q, which contains additional information about the Company’s portfolio as of September 30, 2015, with the Securities and Exchange Commission. In addition, the Company filed a copy of its unaudited consolidated financial statements as of and for the quarter ended September 30, 2015. These filings are available on the Company’s website (www.eaglepointcreditcompany.com).

The Company published an investor presentation which contains additional information about the Company and its portfolio as of and for the quarter ended September 30, 2015. In addition, the Company makes monthly unaudited management estimates of NAV available on its website. This includes, generally within the first fifteen days after each calendar month end, an estimated range of the Company’s NAV per share of common stock.

FOURTH QUARTER PORTFOLIO ACTIVITY THROUGH NOVEMBER 11, 2015

Since September 30, 2015, the Company received cash distributions on its investment portfolio totaling $20.3 million, or $1.47 per share of common stock. In addition, as published last week, the Company’s unaudited estimate of its NAV per share of common stock as of October 31, 2015 was between $15.45 and $15.55. This range reflects management’s preliminary estimate for the period ending October 31, 2015, which was announced for information purposes only, and is subject to revision.

To date, the Company has made one new CLO equity investment during the fourth quarter.

DISTRIBUTIONS

On October 30, 2015, the Company paid a distribution of $0.60 per share of common stock for stockholders of record as of September 30, 2015. This is consistent with prior distributions paid by the Company. The Company intends to pay a quarterly distribution on its shares of common stock for the fourth quarter of 2015, which the Company expects to declare within the next few weeks. The Company expects the distribution to be in line with its prior distributions. Based on management’s preliminary estimate of the Company’s taxable income for its current tax year, the Company does not expect to declare any additional special distributions for the Company’s tax year ending November 30, 2015.

The Company paid a distribution of $0.161459 per share of the Series A Term Preferred Stock (NYSE: ECCA) on October 30, 2015, for stockholders of record on October 15, 2015. The distribution represented a 7.75% annualized rate, based on the Series A Preferred Stock’s $25 liquidation preference per share. Additionally, and as previously disclosed, the Company declared distributions of $0.161459 per share on its Series A Term Preferred Stock, payable on each of November 30, 2015 and December 31, 2015, for stockholders of record on November 16, 2015 and December 15, 2015, respectively.

CONFERENCE CALLS

As previously disclosed, the Company will host a conference call at 11:00 a.m. (Eastern Time) on Tuesday, November 17, 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 73976832 approximately 10 to 15 minutes prior to the call. An archived replay of the call will be available shortly afterwards until December 17, 2015. To hear the replay, please dial (855) 859-2056 (domestic) or (404) 537-3406 (international). For the replay, enter conference ID 73976832.

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. 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).

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