Earnings call transcript Q4 2022

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Operator

Greetings, and welcome to Eagle Point Credit Company Inc. Fourth Quarter 2022 Financial Results Call. [Operator Instructions].

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Garrett Edson of ICR. you. Thank

begin. may You

Garrett Edson

be good earnings now, which announcement this may prior and eaglepointcreditcompany.com. website access was should to to also which and our and call on morning. you, our everyone at By have released found Thank investor presentation,

any in discussed our projected matters and projection is financial as that involve statement company Each to such and refer to this Exchange information. unless to contained can A results we update company's information statements eaglepointcreditcompany.com. information call. to the our Commission. differ projected this obligation factors that begin of this accessed for statements those call projected to may everyone be information of and company's and forward-looking We replay the statements uncertainties XX made days remarks, that materially financial formal Before forward-looking based company's call of forward-looking via cause during on actual the Further need that date law. us available from and include could and Securities website, we projections forward-looking on information disclaim of remind the filings please on this by financial or the the impact statements risks required with herein, call the the

Company. can and link. Chief like in the introduce our link, statements Earlier Relations and section today, Financial following by following I would Credit Investor the investor quarter of fourth the and Majewski, presentation Presentation also company's and fourth XXXX be Statements we Exchange available with presentation Events statements The website. Commission. are filed can by financial our Securities Tom the Officer financial the Point Form year presentation investor N-CSR, quarter found our statements Eagle of Reports audited now within the Executive to and investor full be our found Financial

Thomas Majewski

call. earnings Eagle Point everyone, quarter Credit Thank Company's fourth and to welcome, you, Garrett,

about haven't invite from had you to challenging despite our download you portfolio. the investor and website, to good a so The year portfolio If the done our already, information environment. we macroeconomic company our continued the presentation additional end provides which company's

pleased are during common we strong year as during XXXX. that well the enabled generated increase flows cash for performance to as overall the us with in distributions per share $X.XX as We distributions special our our year common declare

Our remains thrive as X diverse to of our with demonstrate many in compared to risk portfolio CLO average continues CLO equity current well resilience a positioned to market the years other We assets. equity period reinvestment environment. weighted portfolio remaining believe

fourth the stock We totaled during quarter. our $X.XX For had $X.XX common quarter, We is deploying portfolio actively just $XX.X for cash a below new the common the our before portfolio net in portfolio, of per on share. capital million This investments expenses. distributions quarter. the hair our income managed net recurring our share common million in nonrecurring or per quarter flows fourth of $XX.X regular

changes largely amount LIBOR previous in and to between and a SOFR. disparity CLO and the our As portfolio on call, and rapid the noted interest between our difference in equity was the rates October we resulting a benchmark rates reduced X-month attributable X-month

at to rates LIBOR and and X-month which of reference rate April, loan further spread reference nicely, flows we NAV side NAV $X.XX to previously a a rebounded still per and part between X-month X-month by NAV more $X.XX. present, January reference in lower to driven XXXX. and special is have paid paper was both end stood XXXX estimate in December a off the the liabilities quarter are was from first the liability X-month and the otherwise the we quarter, roughly would been more a cash on tighter January fourth at where common trend asset expect distributions month rate, This while of of upward up due distribution, in share. it obligors Currently, of increased quarter on paid. have which flows We converting in paying X% and LIBOR-based. XX. to end many it it CLO have Since our $X.XX than between Cash of be SOFR, the common per special declared typically share $X.XX at or SOFR. most ended

issued per at the NAV continue about common quarter. to also X.X a prudently net capital during issuance. million increase shares by the raise helped from These simply We and $X.XX generated share about common the sales stock million market to our of premium $XX that through program at NAV proceeds fourth

unsecured. our financing and rate is of fixed All

us You've many a continue and real the we is of I to measure us -- will in April XXXX. in secured, that us giving expect financing maturities past, protection heard rising until no Nothing and say gives a calls environment. have of

for the financing. runway stable long-term very a have company's we So

more the that's per quarter. our regular timing for year, quarter common per taxable may XXXX spillover to us. invest performance. month hands we for cash announce and exact supplemental share. the vary. again related distributions This pleased the share get why were variable monthly supplemental variable is common the second XXXX asset, per the balance We're we of strong currently declared today, distribution $X.XX cash continue distributions a for common one $X.XX shareholders. people highly pleased although of to Earlier additional believe We amounts Management equity with monthly the reasons generative income, and of to into expects distributions the to also reflecting CLO our of of of an is second

you've the in IPO and back price distributions, our invested the of received form crossing XXXX, soon. cash threshold our over IPO in now looking back in XX% we're to you very If of XXX%

average was the was effective portfolio from this just third of yield -- As the quarter. of December end modestly CLO XX.XX% the our XX, XX.XX%, weighted down equity at of

by loan aided yield few borrowers a no essentially and average was weighted Our defaulting effective portfolio's repricings.

at maturities, refinancing is news XXXX even tackle CLOs. which great In XXXX wider as fact, for spreads, borrowers some are and

are As the into a we quarter, during deployed $XX.X other the SRT of deployed transfer or investments. capital I mentioned, during Notably, risk investments. significant capital of net we into and quarter, million These CLO bank banks bit core securitizations capital sometimes on seek assets. pools opportunity. and to we attractive balance They're relief where of CLOs, they sheet present called balance lending investment obtain diversified an sheet believe do

We remain but also dry primary continue find maintain opportunities markets, significant disciplined and attractive the CLO to in we powder. secondary and

we've additional quarter, first the and net into in of investments. far CLO other an $XX.X million capital deployed equity So

years end of quarter, modestly stood remaining where beginning As portfolio actually the and of year-end, in the of average weighted at line years, is stood from and as portfolio's it's the third X.X of CLO period our this reinvestment X the XXXX. down equity with at just

through to outperformance XX of average reinvestment the CLO drive our the period proactive portfolio's portfolio passage which remaining broader the we management, our the market. CLO on believe unchanged, weighted substantially despite So relative remains continues equity months equity portfolio to

EIC prior invests was nonrecurring investment ticker which for generally under periods to a EIC's and that's Company, like rate coupon, We junior of navigate remain with a.m. enable CLO first focused website pays eaglepointincome.com. on We fourth the debt, common call current EIC at share rate further through of above to finding to volatility. well to investor rates. distribution. us equity this generated the its the market the income regular over I today the junior has the interest performance opportunities increase longer expenses, Eagle per Point to take NII interest rising positioned heavily CLO to CLO its also highlight 'XX, reinvestment doubled to also invest net moment remains common common rising Since debt floating join Income a to with distributions. in environment, the very symbol EIC principally you and which visit EIC. monthly quarter and would given EIC to And correlated in XX:XX time, comfortably to $X.XX quarter, at directly company's of trades invite

the remarks, CLO view share through markets more economy. After loan, we call remain outlook and take our over now. the bit active and turn current the of in to corporate a portfolio XXXX. I'll managing Overall, broader very I'll Ken's and you loan for mindful the of our Ken of our

Kenneth Onorio

Tom. Thanks,

income. the approximately share. per XXXX of This quarter $XX write-off excise and $X.XX further $X.XX the to quarter realized of for small or the $X.XX per the share of CLO NII tax of $X.XX were fourth number to net realized XXXX quarter improbable company to XXXX, holdings XXXX. of for the share NII an quarter income per where as of losses realized $X.XX net NII compares of well share of investment loss the realized million be realized losses fourth related and and to as determined gains and cash per related of third were recorded flows spillover equity in of losses a estimated liability fourth a of and For share per

NII quarter $X.XX million, $XX.X of $X.XX by capital The total $X.X Series appreciation unrealized net of quarter in preferred third realized incurred quarter. expenses offset for statutory nonrecurring share is items, $X.XX $XX.X respectively. million This Excluding of per of to Act stock would XXX% $X.XX $X.X at been XXX% debt depreciation million, the to of When and unrealized million $XX.X The the of calculated per included, of fourth $XX.X were C company company's compares net of for losses approximately measures distributions income value GAAP XXX%. requirements recorded these $X.X comfortably net the are GAAP comprehensive portfolio These company also million ratios other income share coverage per the income December held appreciation preferred $XX.X total of GAAP investments of and quarter of loss unrealized fourth XX the GAAP net income million, XXXX fourth certain on have or on Investment of company's The XXX%, the and during XXXX. on investment of net per fair the above requirements and comprised stock and was quarter. of liabilities Company asset pursuant share and in at income million. fourth million share. net

issuance. assets reflecting preferred end ATM market This of Leverage normal the with the assets and to company's upper is approximately at company end January, between securities outstanding XX% under and at quarter approximately conditions. current valuations generally debt of liabilities. target decreased total of operating in totaled our range the Our higher XX% XX% total XX% to of less leverage

through during on the quarter is investment are portfolio fourth $XX quarter. payments million the quarter to received first This investments expected portfolio company on that flows our recurring activity received XXXX. in of $XX above XX. The later Note significantly full cash our the make some million. Moving to the its of February in of

at increase $XX as company's NAV $X.XX XX, midpoint XX of year-end. Management's range cash $X.XX, February of reflecting a share of we X% million was approximately per estimated January As the had investment. for available of from to

of During the our variable of monthly distribution fourth declared taxable $X.XX per same $X.XX time $X.XX distribution company's quarter, November the a per over share distribution share. on period. share per common for of to we excess distributions XXXX. of common the $X.XX XXXX, distributions year today, the The share common per for of amount of common regular XX, X monthly tax relates stockholders Earlier monthly ending second we supplemental distributed the paid quarter the aggregate the an monthly for to stock aggregate and estimated income for supplemental

of the of of XXXX. now the over a Tom. distribution January addition, XX, per In to $X.XX shareholders will call paid to December in hand back share I special The as record company

Thomas Majewski

Ken. you, Thank Great.

consecutive the that X following XX-year robust the never the high-yield on proved the only take to The X.XX% of asset down, return. the a excess robust third with Credit prior were total finished quite negative which the times index Loan year market. class. testament when me loan quarter with The generated a have in is X.XX% annual call had down of well of the Index a and for loans years in fourth loan X of some return declines, There total for thoughts and Indeed, bonds XXXX, loan the investment-grade this Let what in nature its and years Leveraged existence through year CLO participants been Suisse or is returned. the actually was bonds markets. XXXX, the

certainly is While a who are what middle of will sure February. strong knows for the year start, about through and the happen to what up in X.XX% off loans XXXX,

saw the rates. basis, year, defaulted relative class credit, versus resilience or to the most in many assets, a rise flows returns were X there's which greater loans quarter. strong them. of the underpin double-digit in and outperformance actually These the did portfolio. to fourth XXXX. on But asset headlines corporate many risk from loan addition, our no about are of certainly other which declines loan cash default CLO near during notably, loans despite In raw that materials defaults exhibit that continues coming begin the There negative of so Leverage up to many for

fact, this were XXXX, expecting As quite obviously year, historic pickup get it's, average. above debts trailing for happened. rate default a the lot in the a at defaults back are There the not well year-end, down actually or but what about below Research in doesn't cases slightly a historical average defaults but indeed XX lot of last in a and low defaulting. headlines basis no to X XX-month even many companies to quarter. result, clicks, seem fell in points, of for around That are

reinvest provides of CLO's to important a the CLOs. discounted long-term is so, more This of During success quarter, our loan the at leverage market. a loans very fourth our of perhaps part importantly dollars repaid par. or in par equally This X.X%

Given loans trading remains low are percentage over the XX% and at was market quite below still market choppy, year-end. conditions the trading the loan still that XX% of of par approximately

the a compared market market, share the also even comes refinancing relative to a the or take at paying loan indeed, is through X.X% of of underlying out prices value the been the On This year-end as those. As discounted trading That's X during CLO's primary the advantage years in within increased discounted repricing have improve wider it in borrowers the at at nicely at trading loan portfolios spread CLO and remained portfolios issue. September. often year-end a now the activity X news next loan high-quality look-through wall, percentage well of actually within the significant for and the higher the with spread, as credit selection our well high-quality weighted CCC underlying market loans prices, stood very of maturity -- maturities measure managers obviously average original in zero. steady on to year we're quarters. to issuers happy of refinanced push with CLOs below X.X%. seen cost the and last end loans see very, CLO were of a repricing focused to a a just at if result, essentially CLOs, of for we've collateral basis, at portfolio good constant of With at positioned number has is concentrations XX our C our remained around secondary spreads.

Our very compared of important weighted portfolio cushion a average a OC to healthy that cushion X.XX% we as measure, slight and September. of junior principal distributions, OC interruption at December that's is our cause XX, the X.XX% has cushion. a to end driver That could strong believe was and reduction equity very the

was and fourth saw year. in second This the In as the the issuance full $XXX $XX billion activity in money. CLO quarter because year today. issuance lower of you current are for essentially CLO the new CLO was edged the in many The we financing market, is CLO could time, issuance to over most where of on reset the billion spreads X CLOs record. largest At CLO issue refinancing same than

it do. frankly, make So doesn't to sense

that and the full market credit, we the of opinion, the in-the-money value embedded gives it CLOs in portfolio. hidden believe represents credit, our While our our nature don't in some market financing gives some

over the $X.XX market consistently generated the in taxable We XXXX, at paydowns they've the past. common XXXX. noted, trading financing sum where share. debt buy we for term par with and distributions CLO January and special discounts using equity, NII and it relative excluding a medium value To common nonrecurring other to are as our thanks another loan expenses particular, very have price we per up As from stable $X.XX done the up, of broader in in well of in to structure par outperform volatility high income paid set to CLO to environment believe structures we is an loans quarter

to to new of second shortly share per the -- common quarter well, that distribution. phrase regular for we're the per the here, continue I'll was that $X.XX introduce get pleased second variable as that quarter, continue supplemental monthly use for and word month. We our our hang -- the distributions supplemental

also during per liquidity $X.XX NAV We of ATM fourth accretion further an program. share generating position the our the strengthened -- our through our quarter, through increased

from we financing XXX% We our a financing continue maturities of to And we fixed for measure capital this a a and continue and years cost very to attractive believe deploy to source in us attractive yields. in to many sheet. and rates, XXXX. And rate with -- nicely very on locks prior interest any us come. increases balance to maintain further into gives investments no capital attractive

manage opportunistic is as challenging success and the remain We well questions. Point mindset. special in you a cash our pleased Eagle Ken through company I well, and and will very call and We we the in portfolio thank distributions XXXX to positioned, the supplemental with investment now We Company. and remain think, and will your continued believe form a Credit of proactive your investors navigated interest in open our we portfolio time for to to the for long-term return XXXX.

Operator

of -- moment, Mickey while poll we [Operator Instructions]. from question please, questions with our is Schleien for the One first Ladenburg. line

Mickey Schleien

potential markets support also would remarks, landing But that what in curious Can seem like prepared to as obligors, your you me hard trends to which you deterioration in any there's a lot all of seeing Tom, as a that about concerned understand your the supports concern? data extent But I'm are that remain underlying view. the in hear the really you right? doesn't tightens. it obviously, of the Fed mentioned

Thomas Majewski

answer percent in default, That's -- fourth the building is the few the bit obviously indeed, still loan market say, optimal the in The hidden a one and rates. investments XX the data. everything opportunities we higher in was or we love is up quarter. no is, company's a if par own these anything, refinancing someone's the change companies and news X in may Well, that in out walls, right. little we company And the interest in and great defaulted it the interest is and floating pushing X%. basis Sure. points with pay a quarter. way there To to got And something year, big those rate, now your all was that rate maturity started things when company. higher last question who be of do LIBOR issue well, facing year That's and it's we receive a almost quite though, up and how the for

rates up, XX% research and at to some this XX% leverage Interest a of companies report we to expense or a trailing XX-month interest have is anecdotal While interest imperfect hedged lot XX% higher of borrowers. it's the companies research. basis. from I've coverage, interest. on read like There's way on dealer maybe of to lot go a that, pay press And of degree data XX% and things is to

And certainly and includes first definitely the XXXX, third quarter interest fourth the so is that coverage. quarter with quarter which the and of second consistent not not of

a by I really driven the prepared for defaults of these Deutsche long-term lot facing. loans. mentioned So we long-term are to rate even that interest in type average about Bank, lot banks above typical levels. talk of to the more of expense levels, remarks, of companies is more kind A average expect kind that when return -- my

XXX, Last X.X% euro had X%, of paying today the you you X.X%. floor LIBOR beginning year. is were paying interest If the of at L were year, LIBOR you're plus a

X.X% You're interest difference paying big on for That's roughly. that, companies. you're over a at $X.XX looking

fully months some not picture. accurate coverage start I trailing coverage see not to interest looks bad[indiscernible] interest bad, interest. do looks X-month will the trailing the trailing the while think covering be their might too So with struggle to interest cover XX EBITDA more And not we companies

out dips do ever are it's EBITDA out below XXXX, even flip interest though, companies going more for the cases, quarter sheets. balance surprise more are open. or cash as in default not expense go QX with to have money side, business. their these on In and me The or step run the on frankly, them go if many businesses, their market wouldn't since And extra cash and companies largely depths balance the help up to X, companies some of the a sponsors fine Now market. of or of balance, see in is simply it these and borrow sheet, they

long decline frankly, question, to in a so a So EBITDA. the but not coverage, interest facing I the much risk is biggest market, think the loan answer,

some Some EBITDA before or in a companies will But of is part across decline which better if EBITDA, up. market. worse, but at interest do the not we're looking have creeping year, see the wholesale to to And we I than But simply see to it this suspect think average. problems that's liquidity we're be don't expect where we going it. better because going we're companies widespread comes

Mickey Schleien

relatively about? Tom, we also given prices were else the Or stable. and loan think worried about in market issue calendar at said the in is values, this there what fourth we in and that's what the least the the think spreads fourth when Is something actually collateral driving decline equity saw quarter? CLO is you just up quarter you

Thomas Majewski

basis point, on just worked LIBOR X-month in the quarter, October one I'm anything, always days, say, spread the the at X-month LIBOR goes at X-month points. was increase I and LIBOR the moved prices payments back couple rapid probably between this if the -- now, X-month old if screen the I right X.XX%, LIBOR rates, like lower in good. over We everything was fourth and liabilities, And With were the had It's things. I was, flows, want X-month XX looking the decline and mentioned. in just assets one right? to cash to not in the I to X.XX%. of It's thing, -- a say those difference. beautifully,

was XX much a basis So between we're X spread -- point rates. greater. it at those still

these going of cost CFO it that begin one your if to lever with. of companies, up is So a you're thinks

not doing done going you're basis to basis XX points it's a to switch month. you're every say to say But going If certifications going year, LIBOR. X if well to the X-month worth points, you're

we X X difference closing the significant. on lot is delta then month. LIBOR SOFR which of a now actually went at quite that. also always And had CLOs, months, X So nicely, our that you one loans a We're was paying a in months but to but point, had

So you move trying companies had or some different SOFR, to LIBOR. loans off SOFR getting to of than was over which issued new

was equity multitude the I the think little the between bit essentially the I of SOFR. opinion, convert everything over was CLO by down, by So summer, of the the market ecosystem. believe, will my a -- kind maybe got rates to but low spooked -- in this in in bad payments, a that point of a mismatch or CLO October point,

I to X-month, LIBOR So chop won't mentioned but more X-month significantly. earlier, there, still can getting flows. wood curve have SOFR cash we see We as got the is LIBOR our the anymore. closing pretty in I the dynamic tighter. X-month And we mean and differential this X-month is

Our find -- We it January cash -- --lets bunch. here. we the I were... are XX up collect what It about million. number gave was flows cash -- exact flows was $XX let -- did see were a me

Kenneth Onorio

We were in January.

Thomas Majewski

Yes.

the future -- up flows for periods based And quarter. forecast were January million XX% and cash up all -- has the curve, X-month significantly. about rate fourth impact X-month, of is flows don't XX-year X-year the out $XX.X the tightened So has care the curve over for about as cash really curve, where from we just quarter and us, fourth is we rate up, curve this moved on doesn't

must down are at payments uncertainty, are the So some economic the I problem. people big think all there these on CLOs, what way looking be

that and certainly, what as I a in is lot price a in as know payments our the in, was about -- movement. I And NAV will X% driver the January. came of up can January think see big you the

second flows perhaps lot was better think to So a the even in and we'll quarter. cash drawdown the that see attributable I cash,

Mickey Schleien

CCC couple you A their more meaningful Tom. Did helpful. CLO of portfolio's the any what bucket? That's positions questions, tests? have average is And failing

Thomas Majewski

Yes.

Let's X.XX%, -- see. this and -- pull let's going presentation, investor look at at said let's see average I CCC And I -- be to know reports that numbers me you that's concentration say, X.X%. of we see see, CCC let and that, that's of go if let's The given that's on there our then and tiny are up. XX is XX we've we the pages, basis then recent a -- the let's deal-by-deal have. such as most on our --

So the it will be year-end later numbers. than

So...

Mickey Schleien

I sorry, have that... sorry, I didn't I'm Yes, that. realize seen I'm should

Thomas Majewski

that's... So

which CCC looking I'm looking negatives negative, that cushion slightly bigger older if number. scrolling one at the X% more look, of the good. them through hair junior is of One, OC just cushion, is handful but But cushion that see at there's just X.XX and still the have are out few X are then a that this X you can But see -- are by very plenty Our physicians kind significantly. deal, or And our of of I I'm a portfolio. a negative, a their OC see you can point. you deal These positions junior smaller negative. bigger typically period. positions, reinvestment the -- quite it's dollar

you You can getting in trade-off. manager OC a has have much less the trade-off no never is, you cushion. have can too have cushion. too That's and -- OC have always There's said when they And much ever never CLO then at cushion, you if more the optimal start point, involved CLOs, less, much structuring we some too structure. we're versus capital like of a

that's -- We more cushion judgmentally, the than structure So to say we the the typically double and cushion and give it's In XX% I in theory, it's a market, spent. had put well always money in can get. OC -- I if market. think

test our at is of overall, spent. ones manage we I time, at look that But collateral guess, tests managers of seek to would and buckets, one when the kind bring think very and OC their we ability monitor something particularly well important. money, universe and same we those evaluate the I be CCC OC not approved things or to eliminate. new but on to very,

The all quarter. only they date say X it on a is is know are time to the is long, us used really They OC you year. last but on matter impacts I coming. the about It And interesting the test proverbial determination say thing each I'll that really the p.m. minutes matter about X determination year they X quarterly only thing the at the days p.m. was X:XX when nice -- dates. those year of

and collateral a now site their and managers in techniques the if CLO COVID. the OC manager financial do the site can during we all CLO few little on you're tight to deals with things reinvestment or all quite a period getting substantially So on you're on the there's work crisis during you of keep test, a kept

do So folks it, think, darn I to know how pretty well.

Mickey Schleien

Yes.

not this investments drove gives one I realized do than net may question. is the quarter? very this an and different last realized opportunity losses just losses cycle, that managers Tom, market What understand or on effectively. the cycle it COVID the think the job to more their

Thomas Majewski

Sure.

you to prior years. this quarter Something realized. X we've fourth done to that? and the -- reclassification X Ken Basically, want and expand it's a at maybe on done from unrealized we or have

Kenneth Onorio

comment. a That's previous the from good Sure. [indiscernible]

Marathon them X and there's unrealized that where above analyze it permanent positions X is cost impairment Marathon we a down that fair if this X but is we at to have a OC down we do were on being value, -- And line. X see the the the and quarter, position recorded And the loss cushion, loss basis So realized is. that periodic we our negative Tom still mentioned XX. what the wrote move of walked the of impairments. positions to effectively amortized permanent any

OC addition of In cushion, to the physicians and than reinvestment the those are X effective negative both yield. outside greater year have obviously negative they period

from So we it determine to unrealized loss those income X realized. recovery was in that future just factors recognize an us allowed and improbable, moving that to

Thomas Majewski

have, full not event, already was NAV that a... But just so factors a

Mickey Schleien

correct? that accounting more understanding an exit correctly, it's you not event. Is positions. I'm NAV if And Yes, actually This is a those you of didn't treatment.

Kenneth Onorio

Correct. Yes.

get We me a into impairment the permanent that let recognize So line. situation. above

Mickey Schleien

apologize thought wanted so And to I I obviously back, my the but just questions, Tom, Right. all are and circle markets for volatile. I --

a on of So their lot have minds. questions folks

calls. let's roughly as would interest that of to and what cash a of talked maybe the or of balance tightening, the upper X% would lot the in the I about middle and earnings were was that on sort was to down the not-too-distant half north middle prior And actually forward it and rates market apart that's But syndicated interest in forget if drop those slows. tail perhaps future numbers cash those You the market, coverage the ratios going were And risks, ratios, loan generally paraphrase And sheets that come Fed in market from hear the I in in higher was certainly not coverage better, curves. expense. consensus absorb shows -- based X X. economy could interest up perhaps that forward the

this that risk is phenomenon borrowers is a more theme tail balance describing recurring a Or So perhaps that this concentrated you're less more something and levered more sheets you're highly maybe broadly? seeing in revenues? have of

Thomas Majewski

expense. -- Let's is with company higher see, interest facing is company higher every debt rate facing flow [indiscernible]with floating any

So within that's Page earlier, I'll and to you come same go our then had XX, and the go market-wide. me out I actually referred In to deck if XX, leveraged back something index. to deck, let issuers XX. the and for S&P/LSTA to investment-grade companies -- and is that for EBITDA loan change annual this shows the that public revenue XX really below year-over-year are

not stretch, double-digit is data. set some this And and revenue at percentages. EBITDA it's any again, of market this doesn't are lot growing -- but get a full but the of headlines, So by not at

good. that's So

start with that. Let's

-- So average. is an this now we're not

are down. Some is up, when companies are EBITDA companies overall, and doom XX% think XX%. usually But some is up revenue up you Financial don't of

the for flip So those it starting ever you good Xx a the for this page not if multiple average outstanding chart. on at -- But XX, And loans. back -- Page that's But highest that's in, -- that's interest coverage is it, of top to point. outstanding. factoring shows and the look kind actually that if that's this look at right a and are then chart, you

is, is months. was What see below, trailing You issued I down XX can though, believe -- that's lower. that that's newly

Mickey Schleien

quarter... third the of As

Thomas Majewski

know The less I there's if includes at great. that it that, reality, X%. not Mickey, we share but includes bad -- So data and in than is the what [indiscernible] is no problems LIBOR not data, world. applicable while. a for

So takeaway I think issued that the key people loans. at look the newly

is that's downward interest X.Xx, in down see in down can You coverage. aggregate. the trending that's And what right-hand the at to corner, bottom

Mickey Schleien

particularly my historically not mean... big[indiscernible] That's it's I low. But

Thomas Majewski

the in direction. headed It's wrong

the loans. which reported And think or for billion of just -- a publicly subset market. that's companies, billion It's the stretch. full about by of you that or about not overall any is If Xx market $XXX $XXX again

and a where mindful -- these in So going opinion. talking increase that you are my but with the year as media trip, not or Mindful near above not in obviously. is revenue folks averages problems It's EBITDA, data all a in mean. But companies increasing mitigant nowhere And ago #X some some not includes numbers about. it's couple armageddon but to when of below that's are the there. is well, all. it that great, EBITDA, This it's bunch, are the the certainly,

the... day, as there but problem, as more certainly the X to far years that our And having be CLO of -- will period sayers, down marks gets bad will think And fall some option on not loans on I it's significantly. be if then the nearly doomsday going are saying. attractive. our Right, should remaining the reinvestment price while within be our reinvestment So will

Mickey Schleien

this -- robust. think with you a least of why don't your in you're to terms this expecting flows we're scenario. of And at why in that? remain That's agree you year Would doomsday Right. lack cash actually is

Thomas Majewski

Defaults loan have your Yes. defaults, cash No of the impact just your big value flows. value par reinvestments payment, impact other that really it. on CLO. impact terminal about terminal It a an the terminal question ongoing And... doesn't even of building from without really

quarter-over-quarter. are up in January So

always as we that have So can our cash flows are up.

So...

Operator

you. Thank

is line the Our from next Johnson with of Paul KBW. question

Paul Johnson

I touched everything on sort have on, my questions and wondering into adding you guess, questions of Mickey's with of Most you just points I the discussion, described. of the kind been but was hit just more market thoughts of be given markets overall your obviously and the current strong loan on vintage of just kind what attractive surgeons as seems the the CLO to maybe in well. terms in that creation

to So be just any of thoughts interesting would kind hear. there

Thomas Majewski

Sure.

New exception. dynamic great out today. the CLOs just let's it issue there. think, with very It's new -- The isn't right put limited

today. the we're weighted market ground, up, the able X investment we're Eagle portfolio over in across involved in the substantially the minus each months, where basis of CLOs of or participate think all that most high new months low work X CLO X teens, to the dollars been average and has so in we -- of equity. our in activity secondary pick that's things plus put drivers loss-adjusted those, equity a on yield new of XXs there to with been This is inducements ECC all CLO in new I our market to supplemental in Point in past of some things has last were economic further frankly, putting CLOs. where --

area the always where by There but secondary matter. XXX be, bunch, is guess, come are And There's market. AAA rolled wider. That's say not I But which we'd robust back and clock issue $X.XX obviously a will loans for So that's, in love $X.XX news. a or is most we in type if bit it used. XX to a new know, months parts. the never certainly of don't enough up even I attractive talking large, finding and market. stack over out you is it's news radically, new more, in kind commensurately or great few the a that's that? we're whack like mean, context, versus bps, the in that'd good The bad opportunities rest little of now, the a bunch. right AAAs ago I arbitrage of doesn't of, really the Why be

deployed We have secondary quarter, year we and -- $XX the in CLO investments. into -- earlier, have no opportunities net about an already we like. million shared $XX.X market problem put when first the far finding capital other additional stats this the in I so the equity ground in we'd million into

made So the stuff those does ebb in right on extraordinary unusual absent don't a a substantially That secondary They think said, can XXXX, dime. the of focus now, today. We we is market but did big January. flush and May of set little our is And circumstances, market. in issue all it on of the turn payments and opportunity bit, attractive first a did flow great. new CLOs whole bunch

than bit kind point, now. we basically lot, of this on early positioned us this but formation point. we're at In to getting turn collateral we see loan that So of up, and and and stages again, love of focused not the handful capital between And that's just facilities market that things normally a that it. But right accumulation primary kind manager the at them, will we To are great. able and nimbly preferential capitalize to a point, little on end, We buying cases, in frankly command turn pre-breaks pivot have secondary in will slots set more a we're secondary the very we're a many today, reservation tide in market. as of we're to some it's at fees pipelines. just to do able even simply willing because it's

Paul Johnson

it find, I'm that in attractive if economics, you hear just explain guess, better you if It's Bank I'm if things quarter. call transactions that guess I deployment to balance opportunity. the I could what SRT better curious a just you it a little interesting. bit talk there. with I mentioned, the And say did CLO you this curious of about bit with very curious one on you was have offers little just sheet further could to more what you the

Thomas Majewski

capital of this quite their the broader something to they're risk. money What a on the in bank. get operations means shed typically they is banks for market the for bank you to wants sheet these X probably common these it, aren't say, do might an like little to where space it's a we've an It's stock are X the into the sort of -- might a is these is some Point. We or not a over it, lot positions more business. important kind situation -- but We're around within this need discontinued might they basically stealth a go way is years market. Eagle studied having where time. look of -- for in their in the It's makes interesting are of had capital. without that -- operations they core things raise balance the growing making These And which have lending equity

it's a for in a kind of stuff, keeping So piece, themselves, just capital motivation. rata pro lot taking of and risk but system. more them, selling taking good their their That's getting

in to look when making core legacy over fourth key is are we're funds take bank, with had up. the other like via up picked not hey, They thing would kind this saw at you a quarter guys in a all investors, merger. making invest these kind ticket took of investments was that we in What done securities some sudden, the what we demand something dried from operations the, sure it And these. for get they stuff other space or typically of of a and

you're that a One getting very AAA the nice themselves. that of always there's and is a these of banks call. other things one And of other the good, second that's are good these second proverbial funding the that nice sudden, when market a That's sign. was concept of -- then so about call, already no all a

to insurance the way company place this which coupon a not AAAs. tranche, is deal a bank to Coupa stated to having owning the and we're with it's And we're or paper quoted, residual go

relief the solution and capital with typically a us their very we're track record NDAs. of very for degree They elegant some for of subject provide to experience. they're as investing a issuers alongside years it's investor, bank, us of So an the XX loss plus getting strict

the in to been they've long. So extent business is that the

equity not that typically assets, the attractiveness are think stable more and these and a opinion, assets overlay which jewel transactions. the then needing my then to And CLO with CLO more market AAA SRT I very than trades to are from these perspective of And rapidly, in debt, good. their frankly, little valuation deal crown the frankly, a compared are

for So But years, fairly been of what broader of a number the volatility. than less they see having with price assets mark involved we'll we displayed CLOs. everything. course, is --

an of mix. it interesting cash it don't portfolio, opportunities when had part a few but we it's were available. anticipate frankly, our So I some And being presented interesting very large others buying.

quality underlying assets, form another if CLO Just with of higher typically anything.

Paul Johnson

over Yes, of very -- you supplemental as that My distributions interesting. tax of levels excise or I you took be as very number later call. spill gave similar taking do well you Or I to some guess, year. out the the it to this do interesting. like so expense a $X.XX you, Thanks then But this and large for paid over guess that charge that, year. missed excise you the have you mean, quarter quarter? declared guys again around this tax of on for a you to with sort for you in be here, this question, Tom. any fourth guys you'd be, out that clear income the spillover kind carrying additional a I the had enough guess, I of to guys That's quarter. last expect I may expect

Thomas Majewski

year, supplemental say call, the in may of One that. variable sentence balance vary. and distributions around expects continue Well, the management the amounts actual so a couple things though timing of I for monthly of to distributions did

Cash So be equity mystery CLO versus the that versus never and will great we is GAAP the -- resolved. tax case. remains certainly that

given We large, representative a There XXXX, all the and And any presentation equals, have I over in profit but stuff our nondeductible cash website my of which of never think, transaction. it small on be and experience, equal. out substantially from, profit, GAAP tax. profit equals an a for it life a all lays in tax bit year. investment, may By

GAAP we taxable of history, our we've was almost which with years of our back vast is the years the last had even but where and swimmingly, because of -- though difficult majority no could GAAP on because taxable earnings very going other you had where income to the year. income, in common If we losses even look and can when realized losses it's gobs if distributions, everything have outlook change in and of bunch there predict income no month tax a taxable were perhaps return-of-capital that be tax

the change. you're way, if kaboom, even the things last predicting accurately So along month,

year you be. estimate for this, do we make the of end at taxable or was we when taxable only you kind take that year expense, your what took and the it really the the reserve charge of once a $X.XX when take that income you're and will your of your So ECC best

have Would something next to So or note we would the a be would tax us of that it's struggle I that of numbers final prior $X.XX we not as but might having I to see fair, Ken? get this adjustment to $X.XX in struggle any excise see any another -- to time year.

Kenneth Onorio

Yes.

Thomas Majewski

Okay.

variability what reward everyone is in year. extra is couple like higher we're start to me estimate, be investors, went month pay it periods, well. of And the handle long-term spillover nice Ken certainly definitive of loves that. smiling, to lower -- on keep others. it's special. Obviously, basis much the shareholders. our not thought some might looking nice we much kind than little trying is shareholder. a and -- I'm like a pennies the a out as kind the was a still honestly, way get of income, and and a to $X.XX of But at Just and to investors, It's we which a we the That's of to reward reason of we best a been long-term better to monthly to long-term kind to some way

that expect rest We things point, go is, this the each will our so we'd up quarter, number plan of But for it could revisit or at year. down. the

Operator

from line of next Our question is B. Instructions] the Riley. Matthew [Operator Howlett with

Matthew Howlett

fourth look the it a I ATM money was of deployment, looked quarter. Q, sort to of looked just want raised like deployed capital January, obviously. -- in lot fourth in the got it it a lag through the It you like

rate? will, assuming drag, in capital on NII, a look you we lag going bit was So if deployment. a the be at could run there and that what higher it's at adjusted given the forward NII $X.XX I'm look

Thomas Majewski

it's raise time at very opportunities, capital, premium have yes. day raise raise it's long to Usually you you just a best there's the capital. when but a the Yes. answers, capital It's dilemma, hardest the

the of So there we'd relationship it's it's not between was probably -- a in a there And the were the an year. opportunities science, X. art, like very the -- fewer than end

You know. never

year, weren't. this time Turned there most proved for the ripe Sometimes there's to deployment. be year-end January specials out

be the to on measured ATM. try We

I about had X% kind think month you to through But accretion, which If of is covered If of distribution -- judgmentally there almost NAV X of it. that's had that, $X.XX nice. we over obviously cash. say

drag that So XX% for yes, there some was in sure.

Matthew Howlett

common, -- and now shares like look you've D. done you're you -- -- when And the I post at of then what Series when the year-end, look at the looks tapping X.X million I into

put now how I accretive think mean forward I today can is or sort mean, that's somewhere going going over in the around high incidence, -- or secondary at cost yields of is going on continue can I you issue to NII? now new model to -- your in is all is -- this little market teens bit this digits mean, purchase of to this I double how of low When issue mean -- I they're our NAV. I look is we -- it mean something? are above that continues, bit accretive where trading a capital that just at preferred you down leverage synthetic to that little your sort say is TAM an this mean, the how can and yield. of X% things a I we I forward, -- look

I we think the markets point? accretion NII capital should mean the about how at through to this

Thomas Majewski

Yes.

through raising. X/X of at I those debt. flat And had we those. basically, at look a is basis. where know cost is of Vs, kind and factor we all NAV capital, nearly of And There's raising is point more we I be we're X blended And time capital this the on or look the frame kind mean, -- wish preferreds, treasury I that with So able I we new those have we And obviously basis. our the had accretive, an we and of I those and the to going wish that that's XX% I reasonable common. kind of we of to and average easy the of can range and if around capital are math at income stack, the governors distribution within the both is and kind are way we the we we of all what bogey more we each be midpoint is. on neutral deploy our look accretive equity look said Then of in perpetual a at use weighted to these.

line would mid-upper the one, right a able expenses we're blended company, single are all of of our to with accretion. mid- capital of of to -- many a teens bit in And not but above of the mid-teen now. quite that, the find, a them So or NII investments of cost which -- few it's little including kind every suggest

a said, approach. portfolio That it's

some too Some just are careful. average of investments to a you are you that that be risk portfolio point, your -- very got that issue can because higher-yield, the look same you're it find you can't between just due At if between then be premium way high But issue. so investments lower-yield. the you when into above the at going to carefully eventually, is we you the to are time, risky buy be portfolio don't service distribution you there. We some at going it, great, think

something us very said this and it's So any And the maximum investors, we probably not given sold being earlier, per conscious always around best for but in day it's want stock. and is we're be day being NII is art earnings common new an quarter, stuff about. the given to this, I the share while that away long-term issuing

So little that is little that to the is it, necessarily to is capital can day -- day sometimes not raise best is the probably deploy there's of very day a probably in day not best you deploy the -- there raise. the to the mismatch a to tough be stage going but bit

of So factors. these it's all a collage of

Matthew Howlett

what these And shake at forward learned sort forward and where going a dust when on you expenses setting for sort without that dividend, the you your look asking NII, run board when GAAP you. Got you're you out your you being at at that assuming asking guidance, rate were things going NII mean, onetime is -- and above look the thinking the settles out. sort you're sort mid-XXs of the I look -- ex of I'm basis when in of of probably probably

Thomas Majewski

on Yes. guidance I obviously, NAV have be guidance. mean, the careful Obviously, see or things we have yield to you ground NII very we of can in the today.

Kenneth Onorio

subsequent one average portfolio portfolio, quarter, cash that amortization the yield in equity the effective consider the weighted our they're of down recurring a to because would be another cash recalibrates down the prospective the also also flows on of effective from quarter if the flows dynamic basis. And of CLO is yield cost that portfolio,

not issuance, stuff but something to is So considered capital needs only NII. to have we the be point the Tom's already also in ground for

Matthew Howlett

X% was is some Got reading it junior sensitivity. gave in -- X.X% think the about could I XX of Great. us the I the easily And on sense Got -- sort your default bps I you every CLOs that sensitivity? you sense the a you. assume accounting mean -- second remind defaults. that of withstand withstand in you just could could you improvement -- some I extra question of that -- XX bps improvement what makes sort can Is letter of remind That was would you. was mean OC I is, can rate. guess just could that

Thomas Majewski

Yes. sure. the is deck. sure, again, to our And investor Page XX at this looking just of Yes, just it, CLO, average and frame on

X.XX%. is Our cushion average OC

average. default our assuming corrective actions CLO, should on and to the just average the let's say off have CLO, all collateral equity So other managers wouldn't were We average recovery no could X% and XXX% our CLOs X distributions. cut

the of recovery rate assume. to you Now kind it use, sensitivity what we depends on want

of just here. loans illustration for a as recovery assume Let's for XX% point

So of again, recoveries, lose holding all XX else constant XX in a portfolio, par. points if we had default X% basis you at

average default that on at would at at that could par cushion suggest so So and still still we our math, have have bps CLO, recovery XX% XX% OC some XXX only left. decay we'd

OC probably even the hard a X.X% scenario hurt where could defaulting, corporate XX% day in of threshold in pretty see America's start up, the where that to CLOs XXX anything on are XX% to is loans the defaulting where is are other XX CCCs going secret of over Now par to the corporate at which America numerator is as go could buy the over much you further. the Against in such that, that test. count day little

X XXXX, can ton discounted March the build buy were you the again, to -- April can of you quickly. a minutes So things many buy are year. very in which again, the paper, And par in very, these low these world kind of only and that loans of loans picture mid-XXs, tests of in matter the good OC and of the

test the surprise there's when coming, know test. no You is

passing and potentially managing got you've and call. it's to that CLO even when your a test position if prepare such when you're pounce a close ability So the you're portfolio the

Matthew Howlett

Obviously, mean, so right? guess that still, this others, there in I -- there's better managers managers equity. that somewhat tiering do managers? is among is important it's correct? the -- the some Is the I And guess, there's priced why than that buy when that that's you tiering, And I

Thomas Majewski

what prowess investors' tiering greater Absolutely. been. principally of returns. the ever in riskiness manager delivering side, does, the collateral a it's perception Yes. based The tiering probably the of on than And AAA driven is is equity not their flip necessarily

get probably them, are a X there naming the So consider don't a might on into Tier our that some portfolio want recorded call, market manager. collateral collateral matters I in to, but

to IRR But Tier from deliver we call how a "knows to X. the unambiguously them equity",

AAA when and same At if it's might gotten AAAs if in issuing to the cheap, a collateral and and X -- market very secondary find today. there's very expensive to you was stuff new get Tier challenge issuing CLO, so the could the comes on time, done you're and when manager, done. bid XXXX the fire equity be might like CLO that So they a what have open you're a a a is

managers So prices, market. -- we're But there's -- there's and what we're dollar-for-dollar. to few Tier exceptions, a of but would bonds, no the X, focus a few call the Tier to large, equity, collateral a just does returns the on very perhaps bad record some up bad no in in generating who line which, commonly bad but market and with have means X, cases, bonds proven by by going track

Matthew Howlett

Well, great.

orchestrating assets, do I think very you what equity investors. certainly a for complex great explaining and job highly

I So of value the in there's agree that by is lot certainly market. think a CLO I that I think the just misunderstood equity

Thomas Majewski

it's IPO, out, at what Thanks portfolio been look X down, are what think markets trouble own flow. of still game. China, you up, I Paul I soon. your at in company. if right, our And XXX% we you name there the Matt. invested mentioned it's to And expect the the back I that -- left you, money can just and you in you cross that's thank you've got years, generating mean I call, tell cash and over of distributions, Well, COVID, when keeps the the portfolio in over the been trouble here, XX% And you

of lower be the continue. defaults, to questions least the look historically that's our habit expect continuing at pretty of that's had up, higher you at thing the to going there's good And if that -- going sometimes portfolio, cash has defaults, but the down. to of real we There's to going and the that be keeps a cash generation coming,

Operator

Our question Income Stephen Bavaria, the from line Factory. The is next with of

Steven Bavaria

then I which reinvestment to talked period we've your And year. many but at great the discounts the you're you've question. Quick times your Congrats keep managed average so years, continue secondary and out during on great. -- got I CLOs is reinvestment when certainly good market guess, really market. I for past little great work to the about new continued discounts has funds. still out to how shrunk both market make rate that secondary can your loans, see reinvest bit, probably they collect in prices have par a in which, at And on guess, X

expensive question its So point, obviously, repayments like runs is on those a its out reinvestment what even has debt CLO funding debt. itself on At shrinks most when as disappear an individual its cheapest off and taking shrinks certain start my and first. it's its then and margin, could it period paying now only happens to and

that CLO a be at off sort assets has may to what that into assume selling of market. point, start its I So declining

you're So turns disinvesting, a the speak, now into the advantage have reinvesting a disadvantage you so life. is end of CLO to if its at when

so -- into that's -- turns And that of an an individual point. certain CLO so a a if correctly, if I'm annuity assuming sort at

in always you a makes are annuity itself confident an as of that you'll sort you the that a CLOs in individual fund opposed the can fund sense? it? that reinvestment into have Does asset-manage such the that way are never positive that to period so entire continue turns to But

Thomas Majewski

reinvestment the in more it's period, market. certainly investor the No, question, Steve. very Yes. We value good than average a probably

much most focus in in don't new there's CLO reinvestment to been remaining it think we I non-call right, periods we're we or while of in no the CLO you wouldn't always if the costs mindful who who call call too -- after it. obviously, in sense ground your a have the one the that's even with the debt been a going if high. period, think have and secondary said, ever I CLO "I CLOs to even we're do market, from market. said. But longer makes And too are if manages continue period." things -- In reinvestment the general, secondary on seeking can

face hands X.XX we we the measure of would that a if end next of quarter. be And quarter, decay, the so sat on X-year quarter every our just at

assure keeps happen. such that long longer. try everything average reinvestment in it paper remaining keep do find putting will we life to I you what happen, weighted to period it can't ECC going that will will to its our best make We doesn't into power its sure but our --

know time. to monthly down deck, approach certainly in that probably on might have any one what And that's I few low can did get I've portfolio of have up It management got know even at the And to Xs, last significantly. point it key of for don't seen a of somewhere. single a every get it to if see at the able were the ECC. one not It here. it our it you but part point. down at our We it years, some chart we but I tearsheets, quarter. Xs we reinvestment the is publish given in we period in

in keep work To let's your part a got rule. happens say, other there how What certain of is, question, apologize. manager is the CLO? It's a a it it many the CLOs, within end the given then, collateral second ability it name. for are your ends -- --oh, the hard period. So of period There does It's XXXX. get to to a right the not I an reinvestment its it. weighted I CLO reinvestment We've reinvesting have Ken page chart of internal X.X% down It reinvestment of got has QX it. here, reinvestment did it's -- sorry, remaining average the the is chart do goes. this of as tearsheets stat as far include which fund. the in it's lowest 'XX, been every the That's since month for QX We back period monthly the

you can at right and now. Again, see we're back go So X the years data.

to the get shorter that ability to the it same rating more period, the or but are loan maturity after or be same there's actually the off, even additional CLOs, and certain has be has there reinvesting to keep to reinvestment the of It gets certain does when provisions the period, the reinvestment paid reinvest unscheduled better that after amounts, criteria. limited. proceeds, some Within managers the to end there's of reinvestment it period, but allow collateral

lowest dollars funding. -- repay are To of indeed, there then to principal extent there opportunities, cost your are using the than you're more your AAA, reinvestment paydowns

So and your now is delevering you're up. of cost going capital

So that's bad.

question never to the sell, you're important. forced And about, that's but comes then and

get reset to we CLO, thing. we period we nice might So non-call But every and or called. a just do thing will If expect -- can't when darn the X-year typical can -- is sell the period, the call would there's reinvestment expect be don't to is final. option. either or either be XX-year we reset we CLO -- will them, of we either control non-call, we or X-year would Obviously, what legal a think

kind maybe the delevering the increase of reinvestment a the a debt after of And becomes so X cost and little the really painful in of kind X in of year end more of CLO. year period,

a the you average funding, -- a cost We get period. XXXX. pay your in of plus your the it, window off kind So that where decision, period reset lengthen it, reinvestment you the X, we hopefully, Do market, make non-call reinvestment debt, the you lower what sell reset do when ends the it, that lower X-year means into we this? the is if -- we get we new have spades collateral price the in did of get weighted X years the period best call call can you we to of

reset will And is we've did I X-year the the a to window of tomorrow. future -- once started. them know wherever going it know here for at exactly when, it Eagle Point. reasonably don't years, the to certainly some And that reset the nearly refi the I is. mania Ukraine do reset, highly turn like last confident bring of time X year will. had refi, be but to in I in mean on kind able I'm back point next much I'm dozens which decision. But But to make got the XXXX, in buying refi, attractive pretty opportunity again. confident it or an investment our market was being be pivot just we're stuff year, it is thing actions, it nice things. to going the be these every off issue, new secondary, don't And departments at we what there's

CLO a specific betting we We've We're was early, an there every X-year -- a a cash that like fixed And what's it had find is low don't, never hold of one -- we would to where like just such even little me. the situation and window. for seller, in so forced But go but right -- ability day like we it's expensive maturity we're to more we've a would a part got important gets our frighten those. got down program. bullet time we a important going that's this flows had little, of not not a one if if to maturity, got and it investment we're no do on and

Steven Bavaria

That's I your very important to lot base. of retail investment a reassurance. that appreciate

Thomas Majewski

Gladly. Perfect. Steve. Thank you,

Okay.

Operator

no would are time, As you. for this like I further Over to comments. there over floor back questions at to turn Majewski, Thomas the closing to

Thomas Majewski

everyone's you I interest and your minutes Company. and join, Point you. continued do for If questions. it with Company. Eagle with welcome We're much, going are interest do Thank Lena again Thank it and then. time, very to speaking Point for and Great. a in Ken in Eagle Credit to anyone appreciate new going I Income we again XX to like would participant you everyone,

Operator

Thank you. This concludes today's teleconference.

lines at Thank time. your You your participation. may you for disconnect this

Eagle Point Credit (ECC) 22 Feb 232022 Q4 Earnings call transcript