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Group 1 - The focus is on closed-end funds (CEFs) for identifying directional and arbitrage opportunities due to market price deviations [1] - There is a current preference for low-duration debt from CLO CEFs, with strategies to short overvalued CEFs as a hedge [2] - The investment group Trade With Beta provides frequent picks for mispriced preferred stocks and baby bonds, along with weekly reviews of over 1200 equities [2] Group 2 - The company has a beneficial long position in Eagle Point Credit Co. LLC (ECC) through various financial instruments [2] - There is a short position in OCCI, indicating a bearish outlook on this specific CEF [3]

Group 1 - The article promotes a portfolio strategy that generates income without the need for selling assets, aiming to simplify retirement investing [1] - The service offers features such as model portfolios with buy/sell alerts, preferred and baby bond portfolios for conservative investors, and dividend and portfolio trackers [2] - The philosophy of the service emphasizes community and education, encouraging investors to avoid solitary investing [2] Group 2 - The article mentions that recommendations are closely monitored, with buy and sell alerts provided exclusively to members [4] - It highlights the involvement of various contributors who support the service, indicating a collaborative approach to investment strategies [4]

Financial Data and Key Metrics Changes - For the year 2024, the company generated a GAAP return on equity of 10.1% and paid a total of $1.92 per common share in distributions [9] - The total return for holders of common stock was 14.7%, assuming reinvestment of distributions [9] - The company recorded net investment income (NII) less realized losses of $0.12 per share for Q4 2024, compared to $0.23 per share in Q3 2024 [29] - GAAP net income for Q4 2024 was approximately $45 million or $0.41 per share, an increase from $0.04 per share in Q3 2024 [31] Business Line Data and Key Metrics Changes - Recurring cash flows from the portfolio were $82 million, or $0.74 per share, an increase from $68.2 million, or $0.66 per share in Q3 2024 [11] - The company deployed over $223 million in net capital into new investments during Q4 2024 [18] - New CLO equity purchased during Q4 had a weighted average effective yield of 17.8% [19] Market Data and Key Metrics Changes - The S&P UBS Leverage Loan Index generated a total return of 2.3% in Q4 2024 and 9.1% for the full year [37] - The trailing 12-month default rate for leveraged loans stood at 91 basis points, significantly below the long-term average of 2.6% [38] - Approximately 7% of leveraged loans repaid at par during Q4 2024, indicating proactive management by loan issuers [39] Company Strategy and Development Direction - The company is focused on rotating from CLO debt to CLO equity to enhance net investment income [112] - The target leverage ratio was adjusted to 27.5% to 37.5%, up from the previous range of 25% to 35% [16] - The company aims to maintain a long weighted average reinvestment period to drive performance and guard against market volatility [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the portfolio's positioning for 2025, citing attractive new investments and active resets of CLOs [11] - The company noted that the current market environment is competitive for fixed income instruments, but they believe CLO equity remains an attractive asset class [43] - Management highlighted a robust pipeline of reset and refinancing opportunities for 2025 [25] Other Important Information - The company completed 16 resets during Q4, extending the weighted average remaining reinvestment period to 3.4 years, which is over 50% above the market average [19][26] - The company issued approximately 5.2 million additional common shares at a premium to NAV, generating NAV accretion of about $0.05 per share [20] Q&A Session Summary Question: Inquiry about elevated commission expense - Management clarified that the elevated commission expense was due to commissions paid for the ATM and issuing perpetual preferred stock [52][56] Question: Discussion on CLO issuance and market competition - Management acknowledged the competitive market for CLO issuance and emphasized their robust data management systems to handle the increased volume of information [64][70] Question: Clarification on recurring cash flow dynamics - Management explained that approximately two-thirds of CLOs that did not pay at year-end would pay in the first quarter, with most cash flows expected in the first month of each quarter [92][95] Question: Understanding differences in portfolio yield measures - Management clarified that the difference in yield measures is due to the base used for calculations, with effective yield based on amortized cost and expected yield based on fair value [102][103]

QUARTERLY UPDATE – Q4 2024 FEBRUARY 2 0 , 2025 IMPORTANT INFORMATION EAGLE POINT CREDIT COMPANY This presentation and the information and views included herein do not constitute investment advice, or a recommendation or an offer to enter into any transaction with Eagle Point Credit Company Inc. ("ECC" or the "Company") or any of its affiliates. This presentation is provided for informational purposes only, does not constitute an offer to sell securities of the Company or a solicitation of an offer to purcha ...

分组1 - Eagle Point (ECC) reported quarterly earnings of $0.27 per share, missing the Zacks Consensus Estimate of $0.29 per share, and down from $0.33 per share a year ago, representing an earnings surprise of -6.90% [1] - The company posted revenues of $49.55 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 1.20%, and up from $39.39 million year-over-year [2] - Over the last four quarters, Eagle Point has surpassed consensus EPS estimates just once and topped consensus revenue estimates two times [2] 分组2 - The stock has underperformed the market, losing about 2.7% since the beginning of the year compared to the S&P 500's gain of 4.5% [3] - The current consensus EPS estimate for the coming quarter is $0.28 on revenues of $48.96 million, and for the current fiscal year, it is $1.10 on revenues of $195.86 million [7] - The Zacks Industry Rank for Financial - Investment Management is currently in the bottom 37% of over 250 Zacks industries, indicating potential underperformance compared to higher-ranked industries [8]

Group 1 - The article highlights the benefits of joining High Dividend Opportunities (HDO), which is a community for income investors and retirees with over 8,000 members [2] - HDO's Income Method is designed to generate strong returns regardless of market volatility, simplifying retirement investing [2] - The service offers a Model Portfolio targeting a yield of 9-10%, emphasizing the importance of dividends in investment strategies [2] Group 2 - HDO is currently promoting a 17% discount and a 14-day free trial on its annual subscription price of $599.99 [2]

Core Insights - Eagle Point operates two funds, Eagle Point Credit Company (ECC) and Eagle Point Income Company (EIC), both focused on generating income through credit exposure, with ECC primarily investing in CLO equity and EIC focusing on BB-rated CLO tranches [4][8][10]. Fund Overview - ECC is one of the largest funds globally that owns CLO equity, which is a misunderstood asset class that generates significant cash flow and allows for strong monthly distributions [5][6]. - EIC targets the BB tranche of CLO transactions, which generally carries less risk than equity due to its position in the capital structure [8][10]. - The underlying loans in CLOs are typically senior secured corporate loans, which have historically shown low default rates and positive returns [12][15][18]. Market Dynamics - The CLO market represents about two-thirds of the $1.4 trillion U.S. loan market, with significant involvement from private equity firms [19]. - Recent inflows into CLO ETFs have created demand for CLO AAAs, benefiting ECC as it seeks to maximize equity distributions [32][34]. - The management fee structure of ECC is designed to be shareholder-friendly, charging fees only on common and preferred equity, not on assets purchased with debt [83]. Investment Strategy - The company actively manages its portfolio, directing refinancings and resets of CLO debt to optimize cash flows and reduce costs [71][72]. - A joint venture with a BDC focuses on venture loans, providing exposure to high-yield investments with interest rates between 12% and 16% [77][80]. - The company emphasizes the importance of consistent cash flow from interest income to cover distributions and operational expenses [41][42]. Future Outlook - The company remains optimistic about the corporate credit market, anticipating continued low default rates and tightening spreads, which could enhance investment returns [105][106]. - The management aims to maintain a steady distribution rate while adapting to market conditions, with a long-term focus on shareholder value [66][92].

Group 1 - The article emphasizes the importance of delivering alpha-generating investment ideas through a structured, evidence-based approach [1] - The investment strategy involves a generalist approach, analyzing and investing in various sectors with perceived alpha potential compared to the S&P 500 [1] - Typical holding periods for investments range from a few quarters to multiple years, indicating a long-term investment strategy [1] Group 2 - The analyst has disclosed a beneficial long position in VOO shares, indicating confidence in this investment [2] - The article expresses the author's personal opinions and intentions to purchase shares of ECC in the near future, reflecting a proactive investment stance [2]

Group 1 - The article provides a review of the preferred stock and baby bond market, discussing both individual news and broader market trends [4] - It highlights the importance of systematic income strategies and risk management in income portfolios [4] - The cumulative performance data from 2017 to 2023 shows significant fluctuations, with a peak of 1212% in 2021 and a decline of 19% in 2022 [3] Group 2 - The article encourages engagement with investor tools for navigating various markets, including BDC, CEF, OEF, preferreds, and baby bonds [1] - A promotional offer for a 2-week free trial is presented, suggesting a no-risk opportunity for potential investors [2]