Eagle Point Credit (ECC) Q3 2026 earnings summary

Executive summary

• Q3 2026 NII was $0.31/share; NAV fell to $4.17/share from $4.51, and GAAP net loss was $16.4mm, or $0.12/share.

• Private credit represented 38% of the portfolio; $812mm invested capital generated 18.3% total gross IRR.

Financial highlights

• Total investment income was $63.745mm, expenses were $21.860mm and NII was $41.886mm; net realized and unrealized loss was $52.248mm.

• NII less realized investment losses was $0.29/share and exceeded common distributions; normalized NII plus realized gains was $0.18/share, excluding $0.11/share from an early private-credit repayment.

• Portfolio investment cash flows were $46.2mm, or $0.35/share; net investment income exceeded common distributions by $0.13/share.

• GAAP loss included $55.8mm of net unrealized investment losses and $3.1mm of realized investment losses, partly offset by currency-contract gains and unrealized gains on certain liabilities.

Outlook and guidance

• 9.9% of CLO equity was callable and 22.5% was expected to become callable within six months; weighted average remaining reinvestment period was 3.6 years, versus 3.0 years for the US BSL CLO market.

• Estimated NAV per common share at October 31, 2026 was $3.73–$3.83; three monthly common distributions of $0.06/share were declared for Q1 2027.

• Expected long-term leverage under normal market conditions was 27.5%–37.5% of total assets less current liabilities, subject to regulatory limits.