Eagle Point Credit reports Q2 NII 36c ex-items, consensus 41c
Q2 NII excludes 29c of realized capital losses. NAV as of June 30, 2019 was $346.8M, or $13.45 per common share, which is 25c per common share lower than the company's NAV as of March 31, and $3.06 per common share lower than the company's NAV as of June 30, 2018. CEO Thomas Majewski stated, "Our Q2 saw our portfolio continue to generate solid cash flows. We also continue to proactively manage the company's balance sheet, redeeming half of our Series A Term Preferred Stock during the quarter. During Q2, we recorded NII of 36c per share when excluding realized capital losses. The majority of our 29c of realized capital loss was due to a situation where a CLO originally intended to be reset needed to be converted to a 'call-and-roll,' which triggered an accounting realization of a previously unrealized loss which was already substantially captured in our NAV. We also incurred realized losses associated with the write-off of unamortized issuance costs related to the Series A Term Preferred Stock partial redemption and certain other portfolio items."