Eagle Point Credit Company Inc. &
Subsidiaries
Consolidated Schedule of Investments
As of March 31, 2024
(expressed in U.S. dollars)
(Unaudited)
Issuer
⁽¹⁾ | |
Investment
Description | |
Acquisition
Date ⁽²⁾ | |
Principal
Amount /
Shares | | |
Cost | | |
Fair
Value ⁽³⁾ | | |
%
of Net
Assets | |
Investments
at fair value ⁽⁵⁾ | |
| |
| |
| | | |
| | | |
| | | |
| |
CLO Debt
⁽⁴⁾ | |
| |
| |
| | | |
| | | |
| | | |
| |
Structured Finance | |
| |
| |
| | | |
| | | |
| | | |
| |
United States | |
| |
| |
| | | |
| | | |
| | | |
| |
Assurant
CLO I 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 schedule of investments
Eagle Point Credit Company Inc. &
Subsidiaries
Consolidated Schedule of Investments
As of March 31, 2024
(expressed in U.S. dollars)
(Unaudited)
Issuer
⁽¹⁾ | |
Investment
Description | |
Acquisition
Date ⁽²⁾ | |
Principal
Amount /
Shares | | |
Cost | | |
Fair
Value ⁽³⁾ | | |
%
of Net
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 schedule of investments
Eagle Point Credit Company Inc. &
Subsidiaries
Consolidated Schedule of Investments
As of March 31, 2024
(expressed in U.S. dollars)
(Unaudited)
Issuer
⁽¹⁾ | |
Investment
Description | |
Acquisition
Date ⁽²⁾ | |
Principal
Amount /
Shares | | |
Cost | | |
Fair
Value ⁽³⁾ | | |
%
of Net
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 | |
| |
| |
| | | |
| | | |
| | | |
| |
Dryden 88 Euro
CLO 2020 DAC | |
Subordinated
Note (effective yield 15.53%, maturity 07/20/2034) ⁽⁹⁾ ⁽¹³⁾ | |
04/23/21 | |
| 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 | |
| |
| |
| | | |
| | | |
| | | |
| |
Steamboat XLII
Ltd. | |
Loan Accumulation
Facility ⁽⁹⁾ | |
09/06/22 | |
| 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 schedule of investments
Eagle Point Credit Company Inc. &
Subsidiaries
Consolidated Schedule of Investments
As of March 31, 2024
(expressed in U.S. dollars)
(Unaudited)
Issuer
⁽¹⁾ | |
Investment
Description | |
Acquisition
Date ⁽²⁾ | |
Principal
Amount /
Shares | | |
Cost | | |
Fair
Value ⁽³⁾ | | |
%
of Net
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 | |
| |
| |
| | | |
| | | |
| | | |
| |
CRAFT 2022-1A | |
Credit Linked
Note, 17.32% (CD SOFR + 12.00%, due 04/21/2032) ⁽⁶⁾ ⁽⁹⁾ | |
10/26/22 | |
| 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 | |
| |
| |
| | | |
| | | |
| | | |
| |
Autonoria
Spain 2022 FT | |
Note
- Class G, 15.85% (1M EURIBOR + 12.00%, due 01/31/2040) ⁽⁶⁾ ⁽⁹⁾ ⁽¹³⁾ | |
09/14/22 | |
| 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 | | |
| |
|
(1) |
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. |
|
(2) |
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. |
|
(3) |
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. |
|
(4) |
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. |
|
(5) |
Country represents the principal country of risk where the investment has exposure. |
|
(6) |
Variable rate investment. Interest rate shown reflects the rate in effect at the reporting date. Investment description includes the reference rate and spread. |
|
(7) |
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. |
|
(8) |
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 positions was 16.43%. |
|
(9) |
Classified as Level III investment. See Note 3 "Investments" for further discussion. |
|
(10) |
Fair value includes the Company's interest in fee rebates on CLO subordinated and income notes. |
|
(11) |
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. |
|
(12) |
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. |
|
(13) |
Investment principal amount is denominated in EUR. |
|
(14) |
Loan accumulation facilities are financing structures intended to aggregate loans that may be used to form the basis of a CLO vehicle. |
|
(15) |
Fixed rate investment. |
|
(16) |
This investment has an unfunded commitment as of March 31, 2024. See Note 10 "Commitments and Contingencies" for further discussion. |
|
(17) |
Investment principal amount is denominated in CAD. |
|
(18) |
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. |
|
(19) |
The following investment is not an income producing security. |
|
(20) |
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. |
|
(21) |
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 schedule of investments
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 | ) |
(1) See
Note 4 "Derivative Contracts" for further discussion relating to forward currency contracts held by the Company.
See accompanying notes to the consolidated schedule of investments
Eagle Point Credit Company Inc.
& Subsidiaries
Notes to Consolidated
Schedule of Investments
March 31, 2024
(Unaudited)
Eagle Point Credit Company
Inc. (the “Company”) is an externally managed, non-diversified closed-end management investment company registered under the
Investment Company Act of 1940, as amended (the “1940 Act”). The Company’s primary investment objective is to generate
high current income, with a secondary objective to generate capital appreciation. The Company seeks to achieve its investment objectives
by investing primarily in equity and junior debt tranches of collateralized loan obligations (“CLOs”) that are collateralized
by a portfolio consisting primarily of below investment grade U.S. senior secured loans with a large number of distinct underlying borrowers
across various industry sectors. The Company may also invest in other related securities and instruments or other securities and instruments
that Eagle Point Credit Management LLC (the “Adviser”) believes are consistent with the Company’s investment objectives,
including senior debt tranches of CLOs, loan accumulation facilities (“LAFs”) and securities and instruments of corporate
issuers. From time to time, in connection with the acquisition of CLO equity, the Company may receive fee rebates from the CLO issuer.
The CLO securities in which the Company primarily seeks to invest are unrated or rated below investment grade and are considered speculative
with respect to timely payment of interest and repayment of principal.
The Company was initially
formed on March 24, 2014 and commenced operations on June 6, 2014. On October 7, 2014, the Company priced its initial public
offering (the “IPO”) and on October 8, 2014, the Company’s shares began trading on the New York Stock Exchange
(the “NYSE”) under the symbol “ECC”.
The Company intends
to operate so as to qualify to be taxed as a regulated investment company (“RIC”) under subchapter M of the Internal Revenue
Code of 1986, as amended (the “Code”), for federal income tax purposes.
The Adviser is the investment
adviser of the Company and manages the investments of the Company subject to the supervision of the Company’s Board of Directors
(the “Board”). The Adviser is registered as an investment adviser with the U.S. Securities and Exchange Commission (the “SEC”)
under the Investment Advisers Act of 1940, as amended. Eagle Point Administration LLC, an affiliate of the Adviser, is the administrator
of the Company (the “Administrator”).
The consolidated schedule
of investments include the accounts of the Company and its wholly-owned subsidiaries- Eagle Point Credit Company Sub (Cayman) Ltd. (“Sub
I”), a Cayman Islands exempted company, Eagle Point Credit Company Sub II (Cayman) Ltd (“Sub II”), a Cayman Islands
exempted company and Eagle Point Credit Company Sub II (US) LLC (“Sub II US”), a Delaware limited liability company. All intercompany
accounts and transactions have been eliminated upon consolidation. As of March 31, 2024, Sub I, Sub II and Sub II US represent 52.3%,
2.7% and 0.8% of the Company’s net assets, respectively.
| 2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Basis of Accounting
The consolidated schedule
of investments have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). The Company
is an investment company and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting
Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 Financial Services – Investment
Companies. Items included in the consolidated schedule of investments are measured and presented in United States dollars.
Use of Estimates
The preparation of schedule
of investments in conformity with U.S. GAAP requires management to make estimates and assumptions which affect the reported amounts included
in the consolidated schedule of investments and accompanying notes as of the reporting date. Actual results may differ from those estimates.
Valuation of Investments
The most significant
estimate inherent in the preparation of the consolidated schedule of investments is the valuation of investments.
Eagle Point Credit Company Inc.
& Subsidiaries
Notes to Consolidated
Schedule of Investments
March 31, 2024
(Unaudited)
The Company accounts
for its investments in accordance with U.S. GAAP, and fair values its investment portfolio in accordance with the provisions of the FASB
ASC Topic 820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measuring fair value
and requires enhanced disclosures about fair value measurements. Investments are reflected in the consolidated schedule of investments
at fair value. Fair value is the estimated amount that would be received to sell an asset, or paid to transfer a liability, in an orderly
transaction between market participants at the measurement date (i.e., the exit price).
Pursuant to Rule 2a-5
under the 1940 Act adopted by the SEC in December 2020 (“Rule 2a-5”), the Board has elected to designate the Adviser
as “valuation designee” to perform fair value determinations, subject to Board oversight and certain other conditions. In
the absence of readily available market quotations, as defined by Rule 2a-5, the Adviser determines the fair value of the Company’s
investments in accordance with its written valuation policy approved by the Board. There is no single method for determining fair value
in good faith. As a result, determining fair value requires judgment be applied to the specific facts and circumstances of each portfolio
investment while employing a consistently applied valuation process for the types of investments held by the Company. Due to the uncertainty
of valuation, this estimate may differ significantly from the value that would have been used had a ready market for the investments existed,
and the differences could be material.
The Company determines
fair value based on assumptions that market participants would use in pricing an asset or liability in an orderly transaction at the measurement
date. When considering market participant assumptions in fair value measurements, the following fair value hierarchy prioritizes and ranks
the level of market price observability used in measuring investments:
| · | Level I – Unadjusted quoted prices in active markets for identical assets or liabilities
that the Company is able to access as of the reporting date. |
| · | Level II – Inputs, other than quoted prices included in Level I, that are observable either
directly or indirectly as of the reporting date. These inputs may include (a) quoted prices for similar assets in active markets,
(b) quoted prices for identical or similar assets in markets that are not active, (c) inputs other than quoted prices that are
observable for the asset, or (d) inputs derived principally from or corroborated by observable market data by correlation or other
means. |
| · | Level III – Pricing inputs are unobservable for the investment and little, if any, active
market exists as of the reporting date. Fair value inputs require significant judgment or estimation from the Adviser. |
In certain cases, inputs
used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of which category
within the fair value hierarchy is appropriate for any given investment is based on the lowest level of input significant to that fair
value measurement. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment
and consideration of factors specific to the investment.
Market price observability
is impacted by a number of factors, including the type of investment, the characteristics specific to the investment and the state of
the marketplace (including the existence and transparency of transactions between market participants). Investments with readily available
actively quoted prices, or for which fair value can be measured from actively quoted prices in an orderly market, will generally have
a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.
Investments for which
observable, quoted prices in active markets do not exist are reported at fair value based on Level III inputs. The amount determined to
be fair value may incorporate the Adviser’s own assumptions (including assumptions the Adviser believes market participants would
use in valuing investments and assumptions relating to appropriate risk adjustments for nonperformance and lack of marketability), as
provided for in the Adviser’s valuation policy.
Joint Venture (“JV”)
investments held by the Company are measured using net asset value (“NAV”) as a practical expedient and are not categorized
within the fair value hierarchy.
Eagle Point Credit Company Inc.
& Subsidiaries
Notes to Consolidated
Schedule of Investments
March 31, 2024
(Unaudited)
An estimate of fair
value is made for each investment at least monthly taking into account information available as of the reporting date and is subject to
review by the Board on a quarterly basis.
See Note 3 “Investments”
for further discussion relating to the Company’s investments.
Forward Currency
Contracts
The Company may enter
into forward currency contracts to manage the Company’s exposure to foreign currencies in which some of the Company’s investments
are denominated. A forward currency contract is an agreement between the Company and a counterparty to buy and sell a currency at an agreed-upon
exchange rate and on an agreed-upon future date. Forward currency contracts are recorded at fair value and the cumulative change in fair
value is reported as unrealized appreciation (depreciation) on forward currency contracts on the Consolidated Statement of Assets and
Liabilities. The Company records a realized gain or (loss) on the settlement of a forward currency contract with such realized gains or
(losses) reported on the Consolidated Statement of Operations. Cash amounts pledged for forward currency contracts is considered restricted.
Temporary Equity
The
Company’s 6.75% Series D Preferred Stock (the “Series D Preferred Stock”) is accounted for in the Company’s
Consolidated Statement of Assets and Liabilities as temporary equity. FASB ASC Topic 480-10-S99, Distinguishing Liabilities from Equity
(“ASC 480”), requires preferred stock that is contingently redeemable upon an occurrence of an event outside the Company’s
control to be classified as temporary equity. Deferred issuance costs on the Series D Preferred Stock consist of fees and
expenses incurred in connection with the issuance net of issuance premiums/(discounts), which are capitalized into temporary equity, and
are amortized only when it is probable the Series D Preferred Stock will become redeemable. As of March 31, 2024, the Company
is compliant with all contingent redemption provisions of the preferred offering; therefore, no deferred issuance costs have been amortized.
The following table reflects Series D Preferred Stock balances as of March 31, 2024:
| |
Shares
Outstanding | | |
Liquidation
Preference | | |
Deferred
Issuance Costs | | |
Carrying Value | |
Series D Preferred Stock | |
| 1,473,782 | | |
$ | 36,844,550 | | |
$ | (3,167,627 | ) | |
$ | 33,676,923 | |
Distributions paid on
the Series D Preferred Stock are included in the Consolidated Statement of Operations as a component of net increase (decrease) in
net assets resulting from operations.
Other Financial Assets
and Financial Liabilities at Fair Value
The
Fair Value Option (“FVO”) under FASB ASC Subtopic 825-10, Fair Value Option (“ASC 825”), allows companies
to make an irrevocable election to use fair value as the initial and subsequent accounting measurement for certain financial assets and
liabilities. The decision to elect the FVO is determined on an instrument-by-instrument basis and must be applied to an entire instrument.
Assets and liabilities measured at fair value are required to be reported separately from those instruments measured using another accounting
method and changes in fair value attributable to instrument-specific credit risk on financial liabilities for which the FVO is elected
are required to be presented separately in other comprehensive income. Additionally, upfront offering costs related to such instruments,
inclusive of the costs associated with issuances under the Company’s at-the-market (“ATM”) program, are recognized
in earnings as incurred and are not deferred.
The
Company elected to account for its 6.6875% Unsecured Notes due 2028 (the “Series 2028 Notes”), 5.375% Unsecured Notes
due 2029 (the “Series 2029 Notes”), 6.75% Unsecured Notes due 2031 (the “Series 2031 Notes” and collectively
with the Series 2028 Notes and Series 2029 Notes, the “Unsecured Notes”), 6.50% Series C Term Preferred Stock
due 2031 (the “Series C Term Preferred Stock”) and its 8.00% Series F Term Preferred Stock due 2029 (the “Series F
Term Preferred Stock” and collectively with the Series C Term Preferred Stock, the “Term Preferred Stock”) utilizing
the FVO under ASC 825. The primary reason for electing the FVO is to reflect economic events in the same period in which they are incurred
and address simplification of reporting
Eagle Point Credit Company Inc.
& Subsidiaries
Notes to Consolidated
Schedule of Investments
March 31, 2024
(Unaudited)
and presentation.
Investment Income
Recognition
Interest income from
investments in CLO debt, asset backed securities (“ABS”), bank debt term loans, collateralized fund obligation (“CFO”)
debt, corporate bonds and regulatory capital relief securities is recorded using the accrual basis of accounting to the extent such amounts
are expected to be collected. Interest income on such investments is generally expected to be received in cash. The Company applies the
provisions of Accounting Standards Update No. 2017-08 Premium Amortization on Purchased Callable Debt Securities (“ASU
2017-08”) in calculating amortization of premium for applicable investments. Amortization of premium or accretion of discount is
recognized using the effective interest method.
In certain circumstances,
all or a portion of interest income from a given investment may be paid in the form of additional investment principal, often referred
to as payment-in-kind (“PIK”) interest. PIK interest is included in interest income and interest receivable through the payment
date. The PIK interest rate represents the coupon rate at payment date when PIK interest is received. On the payment date, all or a portion
of interest receivable is capitalized as additional principal in the investment. To the extent the Company does not believe it will ultimately
be able to collect PIK interest, the investment will be placed on non-accrual status, and previously recorded PIK interest income will
be reversed.
CLO equity investments,
fee rebates and CFO equity investments recognize investment income for U.S. GAAP purposes on the accrual basis utilizing an effective
interest methodology based upon an effective yield to maturity utilizing projected cash flows. ASC Topic 325-40, Beneficial Interests
in Securitized Financial Assets, requires investment income from such investments to be recognized under the effective interest method,
with any difference between cash distributed and the amount calculated pursuant to the effective interest method being recorded as an
adjustment to the cost basis of the investment. It is the Adviser’s policy to update the effective yield for each CLO equity and
fee rebate position held within the Company’s portfolio at the initiation of each investment and each subsequent quarter thereafter.
It is the Adviser’s policy to review the effective yield for each CFO equity position at each measurement date and update periodically
based on the facts and circumstances known to the Adviser.
LAFs
recognize interest income according to the guidance noted in ASC Topic 325-40-35-1, Beneficial Interest in Securitized Financial
Assets, which states that the holder of a beneficial interest in securitized financial assets shall determine interest income over
the life of the beneficial interest in accordance with the effective yield method, provided such amounts are expected to be collected.
FASB ASC 325-40-20 further defines “beneficial interests,” among other things, as “rights to receive all or portions
of specified cash inflows received by a trust or other entity.” FASB ASC 325-40-15-7 also states that for income recognition purposes,
beneficial interests in securitized financial assets (such as those in LAFs) are within the scope of ASC 325-40 because it is customary
for certain industries, such as investment companies, to report interest income as a separate item in their income statements even though
the investments are accounted for at fair value. The amount of interest income from loan accumulation facilities recorded for the three
months ended March 31, 2024 was $1.3 million.
Other Income
Other income includes
the Company’s share of income under the terms of fee rebate agreements and commitment fee income.
Dividend Income
Dividend income represents
dividend income from the Company’s common stock investments.
Interest Expense
Interest expense includes
the Company’s distributions associated with its Term Preferred Stock and interest paid associated with its Unsecured Notes. Interest
expense also includes the Company’s amortization of original issue premiums associated with its Term Preferred Stock.
Eagle Point Credit Company Inc.
& Subsidiaries
Notes to Consolidated
Schedule of Investments
March 31, 2024
(Unaudited)
The following table
summarizes the components of interest expense for the three months ended March 31, 2024:
| |
Series C Term
Preferred Stock | | |
Series F Term
Preferred Stock | | |
Series 2028
Notes | | |
Series 2029
Notes | | |
Series 2031
Notes | | |
Total | |
Distributions declared and paid | |
$ | 882,602 | | |
$ | 773,113 | | |
$ | 542,085 | | |
$ | 1,253,046 | | |
$ | 756,844 | | |
$ | 4,207,690 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Amortization of issuance premium | |
| (28,077 | ) | |
| (24 | ) | |
| - | | |
| - | | |
| - | | |
| (28,101 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total interest expense | |
$ | 854,525 | | |
$ | 773,089 | | |
$ | 542,085 | | |
$ | 1,253,046 | | |
$ | 756,844 | | |
$ | 4,179,589 | |
The Company’s
Term Preferred Stock and Unsecured Notes had no interest payable outstanding as of March 31, 2024.
Original Issue Premiums
Original
issue premiums on liabilities consist of premiums received in connection with the issuance of the Term Preferred Stock as part
of the Company’s ATM program, consistent with FASB ASC Topic 835-30-35-2. The original issue premiums are capitalized at the time
of issuance and amortized using the effective interest method over the term of the Term Preferred Stock. Amortization of original issue
premiums is reflected as a contra expense within interest expense in the Consolidated Statement of Operations.
Repurchase of Debt
Securities
The
Company records any gains from the repurchase of the Company’s debt at a discount through open market transactions or redemptions
and subsequent retirement as a realized gain or loss in the Consolidated Statement of Operations.
Securities Transactions
The Company records
the purchase and sale of securities on the trade date. Realized gains and losses on investments sold are recorded on the basis of the
specific identification method.
In certain circumstances
where the Adviser determines it is unlikely to fully amortize a CLO equity or CLO debt investment’s remaining amortized cost, such
remaining cost is written-down to its current fair value and recognized as a realized loss in the Consolidated Statement of Operations.
Cash and Cash Equivalents
The Company has defined
cash and cash equivalents as cash and short-term, highly liquid investments with original maturities of three months or less from the
date of purchase. The Company maintains its cash in bank accounts, which, at times, may exceed federal insured limits. The Adviser monitors
the performance of the financial institution where the accounts are held in order to manage any risk associated with such accounts.
Restricted Cash
Restricted cash is subject
to a legal or contractual restriction by third parties as well as a restriction as to withdrawal or use, including restrictions that require
the funds to be used for a specified purpose and restrictions that limit the purpose for which the funds can be used. The Company considers
cash collateral posted with counterparties for foreign currency contracts to be restricted cash. As of March 31, 2024, the Company
held $1.3 million in restricted cash associated with forward currency contracts entered into by the Company.
Foreign Currency
The Company does not
isolate the portion of its results of operations resulting from changes in foreign exchange rates on investments from the fluctuations
arising from changes in the market price of such investments. Such fluctuations are included with the net change in unrealized appreciation
(depreciation) on investments, foreign currency and cash equivalents. Reported net realized foreign exchange gains or losses may arise
from sales of foreign currency, currency gains or losses realized between trade and settlement dates on investment transactions,
Eagle Point Credit Company Inc.
& Subsidiaries
Notes to Consolidated
Schedule of Investments
March 31, 2024
(Unaudited)
and the
difference between the amounts of dividends and interest income recorded on the Company’s books and the U.S. dollar equivalent of
the amounts actually received.
Expense Recognition
Expenses are recorded
on the accrual basis of accounting.
Prepaid Expenses
Prepaid expenses consist
primarily of insurance premiums, filing fees, shelf registration expenses and ATM program expenses. Prepaid shelf registration expenses
and ATM program expenses represent fees and expenses incurred in connection with the initial registration of the Company’s current
shelf registration and ATM program. Such costs are allocated pro-rata based on the amount issued relative to the total respective offering
amount to paid-in-capital or expense depending on the security being issued pursuant to the shelf registration and ATM program. Any subsequent
costs incurred to maintain the Company’s ATM program are expensed as incurred.
Any unallocated prepaid
expense balance associated with the shelf registration and the ATM program are accelerated into expense at the earlier of the end of the
program period or at the effective date of a new shelf registration or ATM program.
Offering Expenses
Offering expenses associated
with the issuance and sale of shares of common stock, inclusive of expenses incurred associated with offerings under the ATM program,
are charged to paid-in capital at the time the shares are sold in accordance with guidance noted in FASB ASC Topic 946-20-25-5, Investment
Companies – Investment Company Activities – Recognition, during the period incurred.
Federal and Other
Taxes
The Company intends
to continue to operate so as to qualify to be taxed as a RIC under subchapter M of the Code and, as such, to not be subject to federal
income tax on the portion of its taxable income and gains distributed to stockholders. To qualify for RIC tax treatment, among other requirements,
the Company is required to distribute at least 90% of its investment company taxable income, as defined by the Code.
Because U.S. federal
income tax regulations differ from U.S. GAAP, distributions in accordance with tax regulations may differ from net investment income and
realized gains recognized for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified
among capital accounts in the consolidated financial statements to reflect their tax character. Temporary differences arise when certain
items of income, expense, gain or loss are recognized at some time in the future. Differences in classification may also result from the
treatment of short-term gains as ordinary income for federal income tax purposes. The tax basis components of distributable earnings may
differ from the amounts reflected in the Consolidated Statement of Assets and Liabilities due to temporary book/tax differences arising
primarily from partnerships and passive foreign investment company investments.
As of March 31, 2024, the federal income
tax cost and net unrealized depreciation on securities were as follows:
Cost for federal income tax purposes | |
$ | 1,206,095,389 | |
| |
| | |
Gross unrealized appreciation | |
$ | 28,289,860 | |
Gross unrealized depreciation | |
| (241,523,257 | ) |
Net unrealized depreciation | |
$ | (213,233,397 | ) |
For the three months
ended March 31, 2024, the Company incurred $25,000 in Delaware franchise tax expense and $350,000 in U.S. federal excise tax related
to the 2023 tax year.
The Company’s
subsidiary, Eagle Point Credit Company Sub II (US) LLC has elected to be treated as a
Eagle Point Credit Company Inc.
& Subsidiaries
Notes to Consolidated
Schedule of Investments
March 31, 2024
(Unaudited)
corporation for U.S. tax purposes and may be subject
to federal, state and local tax where it operates or is deemed to operate. The subsidiary has no significant tax liability as of March 31,
2024.
Distributions
The composition of distributions
paid to common stockholders from net investment income and capital gains are determined in accordance with U.S. federal income tax regulations,
which differ from U.S. GAAP. Distributions to common stockholders can be comprised of net investment income, net realized capital gains
and return of capital for U.S. federal income tax purposes and are intended to be paid monthly. Distributions payable to common stockholders
are recorded as a liability on ex-dividend date. Unless a common stockholder opts out of the Company’s dividend reinvestment plan
(the “DRIP”), distributions are automatically reinvested in full shares of the Company as of the payment date, pursuant to
the DRIP. The Company’s common stockholders who opt-out of participation in the DRIP (including those common stockholders whose
shares are held through a broker who has opted out of participation in the DRIP) generally will receive all distributions in cash.
In addition to the regular
monthly distributions, and subject to available taxable earnings of the Company, the Company may make periodic special and/or supplemental
distributions representing the excess of the Company’s net taxable income over the Company’s aggregate monthly distributions
paid during the year.
The characterization
of distributions paid to common stockholders, as set forth in the Consolidated Financial Highlights, reflect estimates made by the Company
for federal income tax purposes. Such estimates are subject to change once the final determination of the source of all distributions
has been made and the final tax return has been filed by the Company.
For
the three months ended March 31, 2024, the Company paid distributions on common stock with record dates during 2024 of $38.8
million or $0.48 per share.
For
the three months ended March 31, 2024, the Company declared and paid dividends on the Series C Term Preferred Stock of
$0.9 million or approximately $0.41 per share of the Series C Term Preferred Stock.
For
the three months ended March 31, 2024, the Company declared and paid dividends on the Series D Preferred Stock of $0.6
million or approximately $0.42 per share of the Series D Preferred Stock.
For
the three months ended March 31, 2024, the Company declared and paid dividends on the Series F Term Preferred Stock of
$0.8 million or approximately $0.39 per share of the Series F Term Preferred Stock.
Eagle Point Credit Company Inc.
& Subsidiaries
Notes to Consolidated
Schedule of Investments
March 31, 2024
(Unaudited)
Fair Value Measurement
The following tables
summarize the valuation of the Company’s investments measured and reported at fair value under the fair value hierarchy levels described
in Note 2 “Summary of Significant Accounting Policies” as of March 31, 2024:
Fair Value Measurement (in millions) | |
| | |
| | |
| | |
| | |
| |
| |
| | |
| | |
| | |
| | |
| |
| |
Level I | | |
Level II | | |
Level III | | |
Investments
measured at
net asset
value | | |
Total | |
Assets at Fair Value | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Investments at Fair Value | |
| | | |
| | | |
| | | |
| | | |
| | |
CLO Debt | |
$ | - | | |
$ | 172.5 | | |
$ | - | | |
$ | - | | |
$ | 172.5 | |
CLO Equity | |
| - | | |
| - | | |
| 725.5 | | |
| - | | |
| 725.5 | |
Loan Accumulation Facilities | |
| - | | |
| - | | |
| 19.6 | | |
| - | | |
| 19.6 | |
Asset Backed Securities | |
| - | | |
| - | | |
| 18.7 | | |
| - | | |
| 18.7 | |
Bank Debt Term Loan | |
| - | | |
| 0.1 | | |
| - | | |
| - | | |
| 0.1 | |
CFO Debt | |
| - | | |
| - | | |
| 1.7 | | |
| - | | |
| 1.7 | |
CFO Equity | |
| - | | |
| - | | |
| 1.4 | | |
| - | | |
| 1.4 | |
Common Stock | |
| 2.7 | | |
| - | | |
| 0.0 | | |
| 2.4 | | |
| 5.1 | |
Corporate Bonds | |
| - | | |
| - | | |
| 4.7 | | |
| 5.0 | | |
| 9.7 | |
Preferred Stock | |
| - | | |
| - | | |
| 0.3 | | |
| - | | |
| 0.3 | |
Regulatory Capital Relief Securities | |
| - | | |
| - | | |
| 38.2 | | |
| - | | |
| 38.2 | |
Warrants | |
| - | | |
| 0.00 | | |
| - | | |
| - | | |
| 0.0 | |
Total Investments at Fair Value (1) | |
$ | 2.7 | | |
$ | 172.6 | | |
$ | 810.2 | | |
$ | 7.4 | | |
$ | 992.9 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Liabilities at Fair Value | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Term Preferred Stock and Unsecured Notes | |
| | | |
| | | |
| | | |
| | | |
| | |
Series 2028 Notes | |
$ | 31.6 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 31.6 | |
Series 2029 Notes | |
| 84.2 | | |
| - | | |
| - | | |
| - | | |
| 84.2 | |
Series 2031 Notes | |
| 42.9 | | |
| - | | |
| - | | |
| - | | |
| 42.9 | |
Series C Term Preferred Stock | |
| 47.6 | | |
| - | | |
| - | | |
| - | | |
| 47.6 | |
Series F Term Preferred Stock | |
| 51.3 | | |
| - | | |
| - | | |
| - | | |
| 51.3 | |
Total Liabilities at Fair Value (1) | |
$ | 257.6 | | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | 257.6 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Other Financial Instruments at Fair Value (2) | |
| | | |
| | | |
| | | |
| | | |
| | |
Forward Currency Contracts | |
| | | |
| | | |
| | | |
| | | |
| | |
Unrealized appreciation on forward currency contracts | |
$ | - | | |
$ | 0.5 | | |
$ | - | | |
$ | - | | |
$ | 0.5 | |
Unrealized depreciation on forward currency contracts | |
| - | | |
| (0.0 | ) | |
| - | | |
| - | | |
| (0.0 | ) |
Total Other Financial Instruments at Fair Value (1) | |
$ | - | | |
$ | 0.4 | | |
$ | - | | |
$ | - | | |
$ | 0.4 | |
(1) Amounts
may not foot due to rounding.
(2) Other
financial instruments at fair value are representative of derivative contracts, such as forward currency contracts. These
instruments are reflected at the unrealized appreciation (depreciation) on the instrument.
Eagle Point Credit Company Inc.
& Subsidiaries
Notes to Consolidated
Schedule of Investments
March 31, 2024
(Unaudited)
Significant Unobservable
Inputs
The following table
summarizes the quantitative inputs and assumptions used for investments categorized within Level III of the fair value hierarchy as of
March 31, 2024.
| |
| Quantitative Information about Level III Fair Value Measurements | |
Assets | |
| Fair Value | | |
Valuation
Techniques/Methodologies | |
Unobservable Inputs | |
| Range / Weighted Average(1) | |
| |
| (in millions) | | |
| |
| |
| | |
CLO Equity | |
$ | 706.4 | | |
Discounted Cash Flows | |
Annual Default Rate (2) | |
| 0.00% - 8.93% | |
| |
| | | |
| |
Annual Prepayment Rate (3) | |
| 25.00% | |
| |
| | | |
| |
Reinvestment Spread | |
| 3.44% - 5.59% / 3.68% | |
| |
| | | |
| |
Reinvestment Price | |
| 99.50% | |
| |
| | | |
| |
Recovery Rate | |
| 66.90% - 70.00% / 69.58% | |
| |
| | | |
| |
Expected Yield (4) | |
| 4.37% - 73.42% / 23.96% | |
| |
| | | |
| |
| |
| | |
Asset Backed Securities | |
| 18.7 | | |
Discounted Cash Flow | |
Discount Rate | |
| 12.74% - 13.76% / 12.89% | |
CFO Equity | |
| 1.4 | | |
Discounted Cash Flow | |
Discount Rate (5) | |
| 41.01% | |
CFO Debt | |
| 1.7 | | |
Discounted Cash Flow | |
Discount Rate | |
| 11.40% - 14.70% / 12.44% | |
Corporate Bonds | |
| 4.7 | | |
Discounted Cash Flow | |
Discount Rate (5) | |
| 13.00% | |
Preferred Stock | |
| 0.3 | | |
Discounted Cash Flow | |
Discount Rate (5) | |
| 12.00% | |
Regulatory Capital Relief Securities | |
| 38.2 | | |
Discounted Cash Flow | |
Discount Rate | |
| 12.00% - 21.89% / 14.30% | |
Total Fair Value of Level III Investments (6) | |
$ | 771.4 | | |
| |
| |
| | |
(1) Weighted
average calculations are based on the fair value of investments.
(2) A
weighted average is not presented as the input in the discounted cash flow model varies over the life of an investment.
(3) 0%
is assumed for defaulted and non-performing assets.
(4) Represents
yield based on fair value and projected future cash flow.
(5) Range
not shown as only one position is included in category.
(6) Amounts
may not foot due to rounding.
In addition to the techniques
and inputs noted in the above table, the Adviser may use other valuation techniques and methodologies when determining the fair value
measurements of the Company’s investments, as provided for in the Adviser’s valuation policy approved by the Board. Please
refer to Note 2 "Summary of Significant Accounting Policies" for further discussion. The table is not intended to be all-inclusive,
but rather provides information on the significant Level III inputs as they relate to the Company’s fair value measurements as of
March 31, 2024. Unobservable inputs and assumptions are reviewed at each measurement date and updated as necessary to reflect current
market conditions.
Increases (decreases)
in the annual default rate, reinvestment price, expected yield and discount rate in isolation would result in a lower (higher) fair value
measurement. Increases (decreases) in the reinvestment spread and recovery rate in isolation would result in a higher (lower) fair value
measurement. Changes in the annual prepayment rate may result in a higher (lower) fair value, depending on the circumstances. Generally,
a change in the assumption used for the annual default rate may be accompanied by a directionally opposite change in the assumption used
for the annual prepayment rate and recovery rate.
Certain
of the Company’s Level III investments have been valued using unadjusted inputs that have not been internally developed by the Adviser,
including third-party transactions, recent transactions and data reported by trustees. As a result, investments with a fair value of $19.6
million have been excluded from the preceding table. Additionally, the preceding table excludes $19.1 million of fair value pertaining
to called CLO equity that has not yet been fully paid down and CLO equity with expected yields below 0% and over 100%.
Eagle Point Credit Company Inc.
& Subsidiaries
Notes to Consolidated
Schedule of Investments
March 31, 2024
(Unaudited)
Change in Investments
Classified as Level III
The changes
in investments classified as Level III are as follows for the three months ended March 31, 2024:
| |
CLO Equity | | |
Loan
Accumulation
Facilities | | |
Asset Backed
Securities | | |
CFO Debt | | |
CFO Equity | |
Balance as of January 1, 2024 | |
$ | 633.0 | | |
$ | 21.5 | | |
$ | 24.6 | | |
$ | 1.2 | | |
$ | 0.9 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Purchases of investments | |
| 106.3 | (1) | |
| 19.0 | | |
| 1.0 | | |
| 0.5 | | |
| 0.4 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Proceeds from sales or maturity of investments | |
| (15.6 | )(2) | |
| (20.8 | )(1) | |
| (6.3 | ) | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net realized gains
(losses) and net change in unrealized appreciation (depreciation) | |
| 1.8 | | |
| (0.1 | ) | |
| (0.6 | ) | |
| - | | |
| 0.1 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of March 31, 2024 (3) (4) | |
$ | 725.5 | | |
$ | 19.6 | | |
$ | 18.7 | | |
$ | 1.7 | | |
$ | 1.4 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Change in unrealized appreciation
(depreciation) on investments still held as of March 31, 2024 | |
$ | 1.8 | | |
$ | 0.0 | | |
$ | (0.3 | ) | |
$ | 0.0 | | |
$ | 0.1 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| Common Stock | | |
| Corporate
Bonds | | |
| Preferred Stock | | |
| Regulatory
Capital Relief
Securities | | |
| Total | |
Balance as of January 1, 2024 | |
$ | 0.0 | | |
$ | 3.0 | | |
$ | 0.3 | | |
$ | 38.4 | | |
$ | 722.8 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Purchases of investments | |
| - | | |
| 1.7 | | |
| - | | |
| - | | |
| 128.9 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Proceeds from sales or maturity of investments | |
| - | | |
| - | | |
| - | | |
| (0.6 | ) | |
| (43.3 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net realized gains (losses) and net change
in unrealized appreciation (depreciation) | |
| 0.0 | | |
| - | | |
| - | | |
| 0.4 | | |
| 1.8 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of March 31, 2024 (3) (4) | |
$ | 0.0 | | |
$ | 4.7 | | |
$ | 0.3 | | |
$ | 38.2 | | |
$ | 810.2 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Change in unrealized appreciation
(depreciation) on investments still held as of March 31, 2024 | |
$ | - | | |
$ | (0.0 | ) | |
$ | - | | |
$ | 0.4 | | |
$ | 2.0 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Amounts in millions. | |
| | | |
| | | |
| | | |
| | | |
| | |
| (1) | Includes $26.1 million of proceeds from sales or maturity of
investments in loan accumulation facilities transferred to purchases of investments in CLO equity. |
| (2) | Includes $15.5 million of return of capital on CLO equity investments
from recurring cash flows and distributions from called deals. |
| (3) | There were no transfers into or out of level III investments
during the period. |
| (4) | Amounts may not foot due to rounding. |
The net realized gains
(losses) recorded for Level III investments are reported in the net realized gain (loss) on investments, foreign currency and cash equivalents
balance in the Consolidated Statement of Operations. Net changes in unrealized appreciation (depreciation) are reported in the net change
in unrealized appreciation (depreciation) on investments, foreign currency and cash equivalents balance in the Consolidated Statement
of Operations.
Fair Value –
Valuation Techniques and Inputs
The Adviser establishes
valuation processes and procedures to ensure the valuation techniques are fair and consistent, and valuation inputs are supportable. The
Adviser has a Valuation Committee comprised of various senior personnel of the Adviser, the majority of which are not members of the Company’s
portfolio management function. The Valuation Committee is responsible for overseeing the valuation process, evaluating the overall fairness
and consistent application of the Adviser’s written valuation policies approved by the Board. The Valuation Committee reviews and
approves the valuation on a monthly basis.
Valuation of CLO
Equity
The Adviser estimates
the fair value of CLO equity investments utilizing the output from a third-party financial
Eagle Point Credit Company Inc.
& Subsidiaries
Notes to Consolidated
Schedule of Investments
March 31, 2024
(Unaudited)
tool based on assumptions derived from internal
and external (market) data. The tool contains detailed information on the characteristics of each CLO, including recent information about
assets and liabilities from data sources such as trustee reports, and uses market data inputs to project future cash flows to CLO equity
tranches. Key inputs to the tool, including, but not limited to assumptions for future loan default rates, recovery rates, prepayment
rates, reinvestment rates and discount rates are determined by considering both observable and third-party market data and prevailing
general market assumptions and conventions as well as those of the Adviser. Additionally, a third-party independent valuation firm is
used as an input by the Adviser to determine the fair value of the Company’s investments in CLO equity. The valuation firm’s
advice is only one factor considered in the valuation of such investments, and the Adviser does not solely rely on such advice in determining
the fair value of the Company’s investments in accordance with the 1940 Act.
The Adviser categorizes
CLO equity as Level III investments. Certain pricing inputs may be unobservable. An active market may exist, but not necessarily for CLO
equity investments that the Company holds as of the reporting date.
Valuation of CLO
Debt
The Company’s
investments in CLO debt have been valued using an independent pricing service. The valuation methodology of the independent pricing service
includes incorporating data comprised of observable market transactions, executable bids, broker quotes from dealers with two sided markets,
as well as transaction activity from comparable securities to those being valued. As the independent pricing service contemplates real
time market data and no unobservable inputs or significant judgment has been used by the Adviser in the valuation of the Company’s
investment in CLO debt, such positions are considered Level II assets.
Valuation of Loan
Accumulation Facilities
The Adviser determines
the fair value of LAFs in accordance with FASB ASC Topic 820, Fair Value Measurements and Disclosures, utilizing the income approach
as noted in ASC 820-10-55-3F (the “Income Approach”), in which fair value measurement reflects current market expectations
about the receipt of future amounts (i.e., exit price). LAFs are typically short- to medium-term in nature and formed to acquire loans
on an interim basis that are expected to form part of a specific CLO transaction. Pursuant to LAF governing documents, loans acquired
by the LAF are typically required to be transferred to the contemplated CLO transaction at original cost plus accrued interest. In such
situations, because the LAF will receive its full cost basis in the underlying loan assets and the accrued interest thereon upon the consummation
of the CLO transaction, the Adviser determines the fair value of the LAF as follows: (A) the cost of the Company’s investment
(i.e., the principal amount invested), and (B) to the extent the LAF has realized gains (losses) on its underlying loan assets which
are reported by the Trustee during the applicable reporting period, its attributable portion of such realized gains (losses).
In certain circumstances,
the LAF documents can contemplate transferring the underlying loans at a price other than original cost plus accrued interest or the Adviser
may determine that, despite the initial expectation that a CLO transaction would result from a LAF, such a transaction is in fact unlikely
to occur and, accordingly, it is unlikely the loans held by the LAF will be transferred at cost. Rather, the loans held by the LAF will
most likely be sold at market value. In such situations, the Adviser will continue to fair value the LAF consistent with the Income Approach,
but modify the fair value measurement to reflect the change in exit strategy of the LAF to incorporate market expectations of the receipt
of future amounts (i.e., exit price). As such, the fair value of the LAF is most appropriately determined by reference to the market value
of the LAF’s underlying loans, which is reflective of the price at which the LAF could sell its loan assets in an orderly transaction
between market participants. As such, in these situations, the Adviser will continue utilizing the Income Approach and determine the fair
value of the LAF as follows: (A) the cost of the Company’s investment (i.e., the principal amount invested), (B) the Company’s
attributable portion of the unrealized gain (loss) on the LAF’s underlying loan assets, and (C) to the extent the LAF has realized
gains (losses) on its underlying loan assets which are reported by the Trustee during the applicable reporting period, its attributable
portion of such realized gains (losses). The Adviser’s measure of the Company’s attributable portion of the unrealized gain
(loss) on the LAF’s underlying loan assets takes into account the Adviser’s current market expectations of the receipt of
future amounts on such assets, which
Eagle Point Credit Company Inc.
& Subsidiaries
Notes to Consolidated
Schedule of Investments
March 31, 2024
(Unaudited)
may be impacted by various factors including any applicable change in market conditions or new information.
The Adviser categorizes
LAFs as Level III investments. There is no active market and prices are unobservable.
Valuation of Bank
Debt Term Loans, ABS, CFO Debt, CFO Equity, Common Stock, Corporate Bonds, Preferred Stock, Regulatory Capital Relief Securities and Warrants
The Adviser generally
engages a nationally recognized independent valuation agent to determine fair value for bank debt term loans, ABS, CFO debt, CFO equity,
common stock, corporate bonds, preferred stock, regulatory capital relief securities and warrants. The independent valuation agent performs
a discounted cash flow analysis, or other valuation technique appropriate for the facts and circumstances, to determine the fair value
of such investments, ultimately providing a high and low valuation for each investment. The final valuation recorded is within the high
and low band provided by the valuation agent. Given the lack of observable inputs, the Adviser categorizes these investments as Level
III investments.
The Adviser may also
utilize the mid-point of an indicative broker quotation, if available, to value such investments as of the reporting date. The Adviser
generally categorizes investments valued utilizing indicative broker quotations as Level II or Level III depending on whether an active
market exists as of the reporting date.
Exchange-Traded Investments
The Adviser values common
stock investments that are traded on a national securities exchange at their last reported closing price from the applicable exchange
as of the measurement date. Due to their observability and active market, the Adviser categorizes such investments as Level I investments.
Valuation of Joint
Venture Investments
JV investments consist
of common stock and senior unsecured notes issued by a JV entity. The Company values such investments using NAV as a practical expedient,
unless it is probable that the Company will sell a portion of the investment at an amount different than NAV.
Valuation of Unsecured
Notes and Term Preferred Stock
The Unsecured Notes
and Term Preferred Stock are considered Level I securities and are valued at their official closing price, taken from the NYSE.
Investment Risk Factors
and Concentration of Investments
The following list is
not intended to be a comprehensive list of all of the potential risks associated with the Company. The Company’s prospectus provides
a detailed discussion of the Company’s risks and considerations. The risks described in the prospectus are not the only risks the
Company faces. Additional risks and uncertainties not currently known to the Company or that are currently deemed to be immaterial also
may materially and adversely affect its business, financial condition and/or operating results.
Risks of Investing
in CLOs and Other Structured Debt Securities
CLOs and other structured
finance securities are generally backed by a pool of credit-related assets that serve as collateral. Accordingly, CLO and structured finance
securities present risks similar to those of other types of credit investments, including default (credit), interest rate and prepayment
risks. In addition, CLOs and other structured finance securities are often governed by a complex series of legal documents and contracts,
which increases the risk of dispute over the interpretation and enforceability of such documents relative to other types of investments.
There is also a risk
that the trustee of a CLO does not properly carry out its duties to the CLO, potentially resulting in loss to the CLO. CLOs are also inherently
leveraged vehicles and are subject to leverage risk.
Subordinated
Securities Risk
CLO equity and junior
debt securities that the Company may acquire are subordinated to more senior tranches of CLO debt. CLO equity and junior debt securities
are subject to increased risks of default relative to the holders of superior priority interests in the same CLO. In addition, at the
time of issuance, CLO equity securities are under-collateralized in that the face amount of the CLO debt and CLO equity of a CLO at inception
exceed its total
Eagle Point Credit Company Inc.
& Subsidiaries
Notes to Consolidated
Schedule of Investments
March 31, 2024
(Unaudited)
assets. The Company will typically be in a subordinated or first loss position with respect to realized losses on the
underlying assets held by the CLOs in which the Company is invested.
High Yield Investment
Risk
The CLO equity and junior
debt securities that the Company acquires are typically rated below investment grade, or in the case of CLO equity securities unrated,
and are therefore considered “higher yield” or “junk” securities and are considered speculative with respect to
timely payment of interest and repayment of principal. The senior secured loans and other credit-related assets underlying CLOs are also
higher yield investments. Investing in CLO equity and junior debt securities and other high yield investments typically involves greater
credit and liquidity risk than investment grade obligations, which may adversely impact the Company’s performance.
Leverage Risk
The use of leverage,
whether directly or indirectly through investments such as CLO equity or junior debt securities that inherently involve leverage, may
magnify the Company’s risk of loss. CLO equity or junior debt securities are very highly leveraged (with CLO equity securities typically
being leveraged ten times), and therefore the CLO securities in which the Company invests are subject to a higher degree of risk of loss
since the use of leverage magnifies losses.
Credit Risk
If (1) a CLO in
which the Company invests, (2) an underlying asset of any such CLO or (3) any other type of credit investment in the Company’s
portfolio declines in price or fails to pay interest or principal when due because the issuer or debtor, as the case may be, experiences
a decline in its financial status, the Company’s income, NAV and/or market price would be adversely impacted.
Key Personnel
Risk
The Adviser manages
our investments. Consequently, the Company’s success depends, in large part, upon the services of the Adviser and the skill and
expertise of the Adviser’s professional personnel. There can be no assurance that the professional personnel of the Adviser will
continue to serve in their current positions or continue to be employed by the Adviser. We can offer no assurance that their services
will be available for any length of time or that the Adviser will continue indefinitely as the Company’s investment adviser.
Conflicts of Interest
Risk
The Company’s
executive officers and directors, and the Adviser and certain of its affiliates and their officers and employees, including the members
of the Investment Committee, have several conflicts of interest as a result of the other activities in which they engage.
Prepayment Risk
The assets underlying
the CLO securities in which the Company invests are subject to prepayment by the underlying corporate borrowers. As such, the CLO securities
and related investments in which the Company invests are subject to prepayment risk. If the Company or a CLO collateral manager are unable
to reinvest prepaid amounts in a new investment with an expected rate of return at least equal to that of the investment repaid, the Company’s
investment performance will be adversely impacted.
Liquidity Risk
Generally, there is
no public market for the CLO investments in which the Company invests. As such, the Company may not be able to sell such investments quickly,
or at all. If the Company is able to sell such investments, the prices the Company receives may not reflect the Adviser’s assessment
of their fair value or the amount paid for such investments by the Company.
Incentive Fee
Risk
The Company’s
incentive fee structure and the formula for calculating the fee payable to the Adviser may incentivize the Adviser to pursue speculative
investments and use leverage in a manner that adversely impacts the Company’s performance.
Eagle Point Credit Company Inc.
& Subsidiaries
Notes to Consolidated
Schedule of Investments
March 31, 2024
(Unaudited)
Fair Valuation
of the Company’s Portfolio Investments
Generally, there is
no public market for the CLO investments and certain other credit assets in which the Company may invest. The Adviser values these securities
at least quarterly, or more frequently as may be required from time to time, at fair value. The Adviser’s determinations of the
fair value of the Company’s investments have a material impact on the Company’s net earnings through the recording of unrealized
appreciation or depreciation of investments and may cause the Company’s NAV on a given date to understate or overstate, possibly
materially, the value that the Company ultimately realizes on one or more of the Company’s investments.
Limited Investment
Opportunities Risk
The market for CLO securities
is more limited than the market for other credit related investments. The Company can offer no assurances that sufficient investment opportunities
for the Company’s capital will be available. In recent years there has been a marked increase in the number of, and flow of capital
into, investment vehicles established to pursue investments in CLO securities whereas the size of the market is relatively limited. While
the Company cannot determine the precise effect of such competition, such increase may result in greater competition for investment opportunities,
which may result in an increase in the price of such investments relative to the risk taken on by holders of such investments. Such competition
may also result under certain circumstances in increased price volatility or decreased liquidity with respect to certain positions.
Non-Diversification
Risk
The Company is a non-diversified
investment company under the 1940 Act and expect to hold a narrower range of investments than a diversified fund under the 1940 Act.
Market Risk
Political, regulatory,
economic and social developments, and developments that impact specific economic sectors, industries or segments of the market, can affect
the value of the Company’s investments. A disruption or downturn in the capital markets and the credit markets could impair the
Company’s ability to raise capital, reduce the availability of suitable investment opportunities for the Company, or adversely and
materially affect the value of the Company’s investments, any of which would negatively affect the Company’s business. These
risks may be magnified if certain events or developments adversely interrupt the global supply chain, and could affect companies worldwide.
Loan Accumulation
Facilities Risk
The Company may invest
in LAFs, which are short to medium term facilities often provided by the bank that will serve as placement agent or arranger on a CLO
transaction and which acquire loans on an interim basis which are expected to form part of the portfolio of a future CLO. Investments
in LAFs have risks similar to those applicable to investments in CLOs. Leverage is typically utilized in such a facility and as such the
potential risk of loss will be increased for such facilities employing leverage. In the event a planned CLO is not consummated, or the
loans are not eligible for purchase by the CLO, the Company may be responsible for either holding or disposing of the loans. This could
expose the Company to credit and/or mark-to-market losses, and other risks.
Synthetic Investments
Risk
The Company may invest
in synthetic investments, such as significant risk transfer securities and credit risk transfer securities issued by banks or other financial
institutions, or acquire interests in lease agreements that have the general characteristics of loans and are treated as loans for withholding
tax purposes. In addition to the credit risks associated with the applicable reference assets, the Company will usually have a contractual
relationship only with the counterparty of such synthetic investment, and not with the reference obligor of the reference asset. Accordingly,
the Company generally will have no right to directly enforce compliance by the reference obligor with the terms of the reference asset
nor will it have any rights of setoff against the reference obligor or rights with respect to the reference asset. The Company will not
directly benefit from the collateral supporting the reference asset and will not have the benefit of the remedies that would normally
be available to a holder of such reference asset. In addition, in the event of the insolvency of the counterparty, the Company may be
treated as a general creditor of such counterparty, and will not have any claim with respect to the reference asset.
Eagle Point Credit Company Inc.
& Subsidiaries
Notes to Consolidated
Schedule of Investments
March 31, 2024
(Unaudited)
Currency Risk
Although the Company
primarily makes investments denominated in U.S. dollars, the Company may make investments denominated in other currencies. The Company’s
investments denominated in currencies other than U.S. dollars will be subject to the risk that the value of such currency will decrease
in relation to the U.S. dollar. The Company may or may not hedge currency risk.
Hedging Risk
Hedging transactions
seeking to reduce risks may result in poorer overall performance than if the Company had not engaged in such hedging transactions. Additionally,
such transactions may not fully hedge the Company’s risks.
Reinvestment Risk
CLOs will typically
generate cash from asset repayments and sales that may be reinvested in substitute assets, subject to compliance with applicable investment
tests. If the CLO collateral manager causes the CLO to purchase substitute assets at a lower yield than those initially acquired or sale
proceeds are maintained temporarily in cash, it would reduce the excess interest-related cash flow, thereby having a negative effect on
the fair value of the Company’s assets and the market value of the Company’s securities. In addition, the reinvestment period
for a CLO may terminate early, which would cause the holders of the CLO’s securities to receive principal payments earlier than
anticipated. There can be no assurance that the Company will be able to reinvest such amounts in an alternative investment that provides
a comparable return relative to the credit risk assumed.
Interest Rate
Risk
The price of certain
of the Company’s investments may be significantly affected by changes in interest rates, including recent increases in interest
rates. Although senior secured loans are generally floating rate instruments, the Company’s investments in senior secured loans
through investments in junior equity and debt tranches of CLOs are sensitive to interest rate levels and volatility. For example, because
the senior secured loans constituting the underlying collateral of CLOs typically pay a floating rate of interest, a reduction in interest
rates would generally result in a reduction in the residual payments made to the Company as a CLO equity holder (as well as the cash flow
the Company receives on the Company’s CLO debt investments and other floating rate investments). Further, in the event of a significant
rising interest rate environment and/or economic downturn, loan defaults may increase and result in credit losses that may adversely affect
the Company’s cash flow, fair value of the Company’s assets and operating results. Because CLOs generally issue debt on a
floating rate basis, an increase in the relevant benchmark index will increase the financing costs of CLOs.
Refinancing Risk
If the Company incurs
debt financing and subsequently refinances such debt, the replacement debt may be at a higher cost and on less favorable terms and conditions.
If the Company fails to extend, refinance or replace such debt financings prior to their maturity on commercially reasonable terms, the
Company’s liquidity will be lower than it would have been with the benefit of such financings, which would limit the Company’s
ability to grow, and holders of the Company’s common stock would not benefit from the potential for increased returns on equity
that incurring leverage creates.
Tax Risk
If the Company fails
to qualify for tax treatment as a RIC under Subchapter M of the Code for any reason, or otherwise becomes subject to corporate income
tax, the resulting corporate taxes (and any related penalties) could substantially reduce the Company’s net assets, the amount of
income available for distributions to the Company’s stockholders, and the amount of income available for payment of the Company’s
other liabilities.
Derivatives Risk
Derivative instruments
in which the Company may invest may be volatile and involve various risks different from, and in certain cases greater than, the risks
presented by other instruments. The primary risks related to derivative transactions include counterparty, correlation, liquidity, leverage,
volatility, over-the-counter trading, operational and legal risks. In addition, a small investment in derivatives could have a large potential
impact on the Company’s
Eagle Point Credit Company Inc.
& Subsidiaries
Notes to Consolidated
Schedule of Investments
March 31, 2024
(Unaudited)
performance, effecting a form of investment leverage on the Company’s portfolio. In certain types
of derivative transactions, the Company could lose the entire amount of the Company’s investment; in other types of derivative transactions
the potential loss is theoretically unlimited.
Counterparty Risk
The
Company may be exposed to counterparty risk, which could make it difficult for the Company or the issuers in which the Company
invests to collect on obligations, thereby resulting in potentially significant losses.
Price
Risk
Investors
who buy shares at different times will likely pay different prices.
Global Risks
Due to highly interconnected
global economies and financial markets, the value of the Company’s securities and its underlying investments may go up or down in
response to governmental actions and/or general economic conditions throughout the world. Events such as war, military conflict, acts
of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions,
the spread of infectious illness or other public health threats could also significantly impact the Company and its investments.
Banking Risk
The possibility of future
bank failures poses risks of reduced financial market liquidity at clearing, cash management and other custodial financial institutions.
The failure of banks which hold cash on behalf of the Company, the Company's underlying obligors, the collateral managers of the CLOs
in which the Company invests (or managers of other securitized or pooled vehicles in which the Company invests), or the Company’s
service providers could adversely affect the Company’s ability to pursue its investment strategies and objectives. For example,
if an underlying obligor has a commercial relationship with a bank that has failed or is otherwise distressed, such company may experience
delays or other disruptions in meeting its obligations and consummating business transactions. Additionally, if a collateral manager has
a commercial relationship with a distressed bank, the manager may experience issues conducting its operations or consummating transactions
on behalf of the CLOs it manages, which could negatively affect the performance of such CLOs (and, therefore, the performance of the Company).
The Company enters into
forward currency contracts to manage the Company’s exposure to the foreign currencies in which some of the Company’s investments
are denominated. Risks associated with forward currency contracts are the inability of counterparties to meet the terms of their respective
contracts and movements in fair value and exchange rates.
Volume of Derivative
Activities
The Company considers
the notional amounts as of March 31, 2024, categorized by primary underlying risk, to be representative of the volume of its derivative
activity during the three months ended March 31, 2024:
| |
| | |
| |
Primary Underlying Risk | |
Long Exposure | | |
Short exposure | |
| |
| Notional amounts | | |
| Notional amounts | |
Foreign Exchange Risk | |
| | | |
| | |
Forward Currency Contracts | |
$ | 46,936,812 | | |
$ | 5,668,679 | |
Effect of Derivatives
on the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations
The following table
presents the fair value amounts of derivative contracts included in the Consolidated Statement of Assets and Liabilities, categorized
by type of contract, as of March 31, 2024. Balances are presented on a gross
Eagle Point Credit Company Inc.
& Subsidiaries
Notes to Consolidated
Schedule of Investments
March 31, 2024
(Unaudited)
basis, before application of the effect of counterparty
and collateral netting. The following table also identifies the realized and unrealized gain and loss amounts included in the Consolidated
Statement of Operations, categorized by type of contract, for the three months ended March 31, 2024.
Type of Contracts | |
Derivative Assets | | |
Derivative Liabilities | | |
Realized Gain (Loss) | | |
Unrealized Gain (Loss) | |
Forward Currency Contracts | |
$ | 465,817 | | |
$ | (33,348 | ) | |
$ | (574,832 | ) | |
$ | 1,806,365 | |
Offsetting of Assets
and Liabilities
The Company is subject
to master netting agreements with one counterparty. These agreements govern the terms of certain transactions and reduce the counterparty
risk associated with relevant transactions by specifying offsetting mechanisms and collateral posting arrangements at prearranged exposure
levels.
The following table
presents potential effects of netting arrangements for derivative contracts presented in the Consolidated Statement of Assets and Liabilities,
by counterparty, as of March 31, 2024:
| | |
Presented on the Consolidated Statement of Assets and Liabilities | |
Collateral (Received) | | |
| |
Type of Contracts | | |
Gross Value of Assets | | |
Gross Value of Liabilities | | |
Pledged | | |
Net Amount | |
Counterparty 1 | | |
$ | 465,817 | | |
$ | (33,348 | ) | |
$ | 1,250,000 | | |
$ | 432,469 | |
| 5. | RELATED PARTY TRANSACTIONS |
Affiliated Investments
The Company has investments
that are considered affiliated investments 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. The following investments were considered affiliated investments,
for which the Company’s ownership alongside other funds also managed by the Adviser exceeds 5% or more of outstanding voting securities
as of March 31, 2024.
Issuer | |
Investment Description | |
Interest
Income | | |
Dividend
Income | | |
Net unrealized appreciation
(depreciation) on
Investments, foreign
currency and cash
equivalents | | |
Fair Value | | |
Funded
Commitment | | |
Unfunded
Commitment | |
Delta Leasing SPV III, LLC | |
Notes, Delayed Draw, 13.00% (due 07/18/2030) | |
$ | 135,552 | | |
$ | - | | |
$ | (885 | ) | |
$ | 4,705,847 | | |
$ | 4,705,847 | | |
$ | 6,332,503 | |
Delta Financial Holdings LLC | |
Preferred Units | |
| - | | |
| - | | |
| (6 | ) | |
| 251,882 | | |
| 251,801 | | |
| N/A | |
Delta Financial Holdings LLC | |
Common Units | |
| - | | |
| - | | |
| - | | |
| 574 | | |
| 1,147 | | |
| N/A | |
Delta Leasing SPV III, LLC | |
Common Equity | |
| - | | |
| - | | |
| - | | |
| 9 | | |
| 18 | | |
| N/A | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Senior Credit Corp 2022 LLC | |
Senior Unsecured, 8.50% (due 12/05/2028) | |
| 98,912 | | |
| - | | |
| - | | |
| 5,019,722 | | |
| 5,019,722 | | |
| 2,995,278 | |
Senior Credit Corp 2022 LLC | |
Common Stock | |
| - | | |
| 78,059 | | |
| - | | |
| 2,365,162 | | |
| 2,151,309 | | |
| 1,283,691 | |
| |
Total | |
$ | 234,464 | | |
$ | 78,059 | | |
$ | (891 | ) | |
$ | 12,343,196 | | |
$ | 12,129,844 | | |
$ | 10,611,472 | |
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