Eagle Point Credit Company Common Share of Beneficial Interest

remain on the line. Today's Eagle Point Credit Conference will be starting shortly. Again, we do thank you for your patience and ask that you please remain on the line. Today's conference will be beginning shortly. Thank you. Greetings and welcome to the Equal Point Credit Company Third Quarter 2022 Financial Results Conference. At this time, all participants are on a listen-only mode. A question and answer session will follow the formal presentation. If you would like to ask a question, please press star 1 on your telephone keypad. If anyone should require operator assistance during the conference, please press star 0 on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Garrett Edson of ICR. Thank you. Please go ahead.

Thank you, Donna, and good morning. By now, everyone should have access to our earnings announcing investor presentation, which was released prior to this call, which may also be found on our website at eaglepointcreditcompany.com. Before we begin our formal remarks, we need to remind everyone that the matters discussed on this call include forward-looking statements and projected financial information that involve risks and uncertainties that may cause the company's actual results to differ materially from those projected in such forward-looking statements and projected financial information. Further information on factors that could impact the company and the statements and projections contained herein, please refer to the company's filings with the Securities and Exchange Commission. Each forward-looking statement or projection of financial information made during this call is based on information available to us as of the date of this call. We disclaim any obligation to update our forward-looking statements unless required by law. A replay of this call can be accessed for 30 days via the company's website, EaglePointCreditCompany.com. Earlier today, we filed our third quarter 2022 financial statements and our third quarter investor presentation with the Securities and Exchange Commission. Financial statements and our third quarter investor presentation are also available in the investor relations section of the company's website. Financial statements can be found by following the financial statements and reports link, and the investor presentation can be found by following the presentation and events link. I would now like to introduce Tom Majewski, Chief Executive Officer of Eagle Point Credit Company.

Great. Thank you, Garrett, and welcome everyone to Eagle Point Credit Company's third quarter earnings call. If you haven't done so already, we invite you to download our investor presentation from our website, which provides additional information about the company and our portfolio. The company's portfolio performed well again in the third quarter despite the challenging macroeconomic environment. During the quarter, we generated net investment income and realized gains above our regular common distributions and modestly increased our NAV. CLO equity continues to prove its overall resilience compared to many other risk assets. With a meaningful percentage of the loan market trading in the low to mid-90s, it has been a great time to opportunistically deploy capital into both the secondary and primary CLO markets. We believe our diverse CLO equity portfolio, with a 3.2-year weighted average remaining reinvestment period, would be very difficult to recreate and remains well-positioned to thrive in the current environment. For the third quarter, our net investment income and realized gains totaled 47 cents per share, exceeding our regular common stock distributions of 42 cents per share for the quarter. We actively managed our portfolio, deploying over 60 million in net new capital into new portfolio investments during the quarter. We had strong recurring cash flows on our portfolio in the third quarter of 40.8 million, or 89 cents per share. which was 21 cents above our total expenses and regular common distributions paid during the quarter. NAV per share ended the third quarter at $10.23. Since the end of the quarter, we estimate our NAV at the end of October to be between $9.66 and $9.76. We also continued to raise capital through our At the Market program and issued over 4 million common shares at a premium to NAV, generating an accretion of $0.06 per share for all shareholders. We also used the ATM to issue approximately 2,600 Series C preferred shares. Together, these sales generated net proceeds of approximately $47.5 million during the third quarter. Importantly, all of our financing remains fixed rate and unsecured. This gives us a strong measure of protection in a rising rate environment, and we have no financing maturities prior to April 2028. We paid a special distribution of 25 cents per common share in October, and just yesterday we declared an additional special distribution of 50 cents per common share, our second special distribution declared this year, to be paid in January of 2023. We were able to do this because of the strong cash flow from our portfolio and it reflects our proactive portfolio management in a challenging market. We believe there may be more spillover income in 2023 as well. As of September 30th, the weighted average effective yield of our overall portfolio was 16.29%, down slightly from 16.71% at the end of June. Our portfolio's weighted average effective yield was aided by our ability to put new investments in the ground at attractive levels, few borrowers defaulting, and very muted levels of loan repricing. As I mentioned, during the quarter, we deployed over $60 million of net capital into a broad number of CLO and other investments. Across the eight CLO equity purchases we made during the third quarter, the weighted average effective yield was approximately 17%. We continue to find attractive opportunities in both the primary market and selectively in the primary market. And in October, we deployed an additional $16 million of net capital into CLOs and other investments. As of the end of the third quarter of 2022, our CLO equities weighted average remaining reinvestment period stood at 3.2 years. And this is just a small reduction from the 3.3 years this measure stood at as of June 30th. Our current weighted average remaining reinvestment period is well above the 2.4 years that it stood at at the beginning of 2021. And what that means is despite the passage of 21 months through our proactive portfolio management, the reinvestment period on our CLO equity positions actually increased meaningfully. And we believe this strategy helps our portfolio during times of market volatility like today. Even in the secondary market, when we're looking to buy secondary CLO positions, we remain very focused on finding opportunities to invest in CLO equity with generally longer reinvestment periods, which enable us to deftly navigate through today's and the inevitable future bouts of market volatility. I would also like to take a moment to highlight Eagle Point Income Company, which trades under the symbol EIC. EIC invests primarily in CLO junior debt, specifically the double B tranche of CLOs. For the third quarter, EIC generated net investment income of 47 cents per share, excluding non-recurring items. Last week, EIC announced that it was raising its monthly common distribution by 14% to $0.16 per share for the first quarter of 2023. And since the first quarter of 2021, EIC has now doubled its monthly common distributions. And with the rising rate environment, EIC remains very well to continue increasing NII given that the performance of CLO Junior Debt, which plays a floating rate coupon linked to either LIBOR or SOFR, is heavily correlated with rising rates. We invite you to join EIC's investor call at 1130 a.m. today and also to visit the company's website at www.eaglepointincome.com to earn more. Overall, we continue to keep a watchful eye on our portfolio and the broader economy. After Ken's remarks, I'll take you through the current state of the corporate loan and CLO markets, and I'll share our outlook as we wrap up 2022. I'll now turn the call over to Ken.