Eagle Point Credit Company announced net income for the second quarter ended June 30, 2015 and net asset value as of June 30, 2015.
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For the quarter ended June 30, 2015, the company had net income of $6.4 million, or $0.46 per share of common stock. The net asset value ("NAV") of the company as of June 30, 2015 was $257.2 million, or $18.62 per share of common stock.
The company's net income of $6.4 million was comprised of total investment income of $10.2 million and a net gain on investments of $0.1 million, offset by total expenses of ($3.9) million. Expenses include ($0.5) million of interest expense related to the company's recently issued Series A Term Preferred Stock.
During the quarter, the company received $20.1 million of cash flow from its investment portfolio, or $1.46 per share of common stock.
During the second quarter, the company invested in 5 collateralized loan obligation (CLO) equity positions, 2 new loan accumulation facility investments and additional follow-on loan accumulation facility investments. The total amount of net capital invested in the period was $25.1 million.
The company also purchased several small CLO debt positions, in each case in conjunction with a CLO equity purchase. 3 loan accumulation facilities were monetized as their associated CLOs priced and closed.
As of June 30, 2015, the weighted average effective yield on the company's CLO equity portfolio was 16.47%. The weighted average effective yield of these CLO equity investments includes a provision for credit losses.
The closing price per share of the company's common stock on June 30, 2015 was $20.23, representing an 8.65% premium to net asset value as of such date.
As of June 30, 2015 on a look-through basis, the company had exposure to approximately 1,048 unique corporate obligors.
The largest look-through obligor represented 0.87% of the company's CLO equity and loan accumulation facility portfolio.
The top-ten largest look-through obligors represented 6.74% of the company's CLO equity and loan accumulation facility portfolio. ■