Eagle Point Credit Company Common Share of Beneficial Interest

Greetings and welcome to Ecopoint Credit Company's third quarter 2025 financial results conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. At this time, I will turn the conference over to Mr. Darren Doherty from ProTech Partners. Please go ahead.

Thank you, operator, and good morning. Welcome to Eagle Point Credit Company's earnings conference call for the third quarter of 2025. Speaking on the call today are Thomas Pajewski, Chief Executive Officer, and Ken Onorio, Chief Financial Officer and Chief Operating Officer. Before we begin, I would like to remind everyone that the matters discussed on this call include forward-looking statements or projected financial information that involve risks and uncertainties that may cause the company's actual results to differ materially from such projections. For 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 the 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. Earlier today, we filed our third quarter 2025 financial statements and investor presentation with the Securities and Exchange Commission. These are also available in the investor relations section of the company's website, eaglepointcreditcompany.com. A replay of this call will also be made available later today. I will now turn the call over to Thomas Majewski, Chief Executive Officer of Eagle Point Credit Company. Tom?

Thomas Majewski, Chief Executive Officer of Eagle Point Credit Company Thanks, Darren, and good morning, everyone. We're glad you've joined the call today. We were very active in managing our portfolio during the quarter, both through deployment into new investments and rotation and optimization of portfolio investments already on the ground. We deployed almost $200 million into new investments, taking advantage of attractive opportunities in both the primary and secondary markets. The CLO equity investments that we made during the quarter had a weighted average effective yield of 16.9%. Additionally, during the quarter, we proactively completed 16 refinancings and 11 resets. which strengthened our CLO equity portfolio's earning power and helped partially offset the loan repricings that we faced throughout the year. Importantly, we still have a robust pipeline of additional resets and refinancings planned into 2026. Third quarter recurring cash flows came in at $77 million, or 59 cents per share. This is a decrease from $85 million, or 69 cents per share, in the second quarter. During the quarter, the company generated net investment income, less realized losses from investments of $0.16 per share, consisting of $0.24 of net investment income and offset by $0.08 of realized losses from sales on certain investments. The realized losses from investments were primarily driven by rotating some of our underperforming CLO equity positions. These marks were largely already reflected in NAV as unrealized mark-to-market losses and did not have a meaningful impact on our NAV. As of September 30th, our NAV stood at $7 per share, which is down 4.2% from $7.31 per share as of June 30th. For the third quarter, the company generated a gap return on equity of 1.6%. Our portfolio's weighted average remaining reinvestment period, or WARP, ended the quarter at 3.4 years, roughly 26% above the market average of 2.7 years. This is slightly higher than the 3.3 years as of June 30th and reflects our long-term strategy to seek to maximize our portfolio's WARP when the reset market is open. As I mentioned at the beginning of the call, we focused efforts during the quarter on portfolio rotation and optimization, which should ultimately enhance our cash flows and earning power going forward. Our position as a majority COO equity holder in most cases gives us multiple levers to pull to unlock value for the company over time. As many of you know, the loan market has been facing pressure from loan repricings in recent quarters. We did see repricing activity slow down when the credit markets were spooked recently by the idiosyncratic bankruptcy of First Brands. However, 42% of loans are trading above par again, and we may see repricing activity return. I'd also like to point out that ECC's exposure to First Brands was small, and the losses related to the name were well within our annual credit loss assumptions. In addition, We saw a pickup in LBO activity during September, which is healthy for the market overall and supportive of loan spreads. In other words, an increased supply of new issue loans should help mitigate spread compression pressure, which is ultimately a good thing for our cash flows and our NAV trajectory. During the quarter, we utilized our at-the-market program, selectively issuing $26 million of common stock at a premium to NAV. We also issued approximately $13 million of our 7% Series AA and AB convertible perpetual preferred stock as part of our continuous public offering. We believe this is a highly attractive cost of capital for the company and presents a real competitive advantage for us. We are unaware of any other publicly traded entity focused primarily on investing in CLO equity that has such an attractive program. During the quarter, we paid 42 cents per share in cash distribution to our common shareholders across three monthly distributions of 14 cents per share. Earlier today, we declared regular monthly distributions of 14 cents per share for the first quarter of 2026. The company's board of directors considers numerous factors when setting the monthly distribution level. including cash flow generated from the company's investment portfolio, gap earnings, and the company's requirement to distribute substantially all of its taxable income. Before I hand the call off to Ken, I'd like to highlight Eagle Point Income Company, which also trades on the New York Stock Exchange. It trades under the symbol EIC. That entity principally invests in junior CLO debt securities. We'll be hosting EIC's investor call today at 11.30 a.m. Eastern and invite you to join us for that call as well. Ken will now provide details on our financial results. After his remarks, I'll share additional insights on the loan and CLO markets broadly.