Eagle Point Credit Management LLC and its affiliated entities have recently sold shares in OFS Credit Company, Inc. (NASDAQ:OCCI), as indicated by the latest filings with the U.S. Securities and Exchange Commission. The transactions, which took place on April 10, 2024, involved the sale of OFS Credit Company's 6.125% Series C Term Preferred Stock due 2026 at a price of $24.16 per share, totaling $410.
The shares are directly held by certain private investment funds managed by Eagle Point Credit Management LLC. Eagle Point CIF GP I LLC and Eagle Point DIF GP I LLC, which serve as general partners to the funds, could be deemed to have an indirect pecuniary interest in the securities reported herein. However, the filing includes a disclaimer of beneficial ownership of the securities by the reporting entities, indicating that the inclusion of these securities in the report shall not be deemed an admission of beneficial ownership for Section 16 or any other purpose.
Kenneth P. Onorio, Chief Financial Officer of the Eagle Point entities, signed off on the filings, which were made public on April 12, 2024. The sales have reduced the entities' holdings in the 6.125% Series C Term Preferred Stock due 2026 to 42,245 shares following the transaction. Additionally, the entities hold 36,294 shares of the 5.25% Series E Term Preferred Stock due 2026, as per the records.
Investors often monitor such transactions by insiders and affiliated entities as they may provide insights into the sentiment of management and significant stakeholders with respect to the company's stock.
InvestingPro Insights
As investors assess the implications of Eagle Point Credit Management's recent sale of OFS Credit Company shares, it's vital to consider the current financial health and market performance of OFS Credit Company, Inc. (NASDAQ:OCCI). Here's a snapshot of key data and insights from InvestingPro:
- The company's adjusted market capitalization stands at $114.67 million, reflecting its valuation within the broader market.
- OFS Credit Company has demonstrated strong revenue growth, with a 15.8% increase over the last twelve months as of Q1 2024, and an even higher quarterly revenue growth rate of 17.32% for Q1 2024.
- The dividend yield as of the recent date is notably high at 16.57%, indicating a significant return to shareholders through dividends.
When considering these financial metrics, two InvestingPro Tips offer further insights:
- OFS Credit Company pays a significant dividend to shareholders, which may be attractive for income-focused investors.
- The company has been profitable over the last twelve months, which is a positive sign for potential investors looking for companies with a track record of generating earnings.
For investors intrigued by these insights, there are additional InvestingPro Tips available that delve deeper into the company's financials and performance metrics. For instance, the valuation implies a poor free cash flow yield, which is an important consideration for evaluating the company's investment potential. Moreover, OFS Credit Company's liquid assets exceed its short-term obligations, suggesting a strong liquidity position.
To explore these tips further and access more exclusive analysis, consider subscribing to InvestingPro. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are 3 more InvestingPro Tips listed on the site that could provide valuable context and guidance for your investment decisions.
Keep in mind the next earnings date for OFS Credit Company is set for June 4, 2024, which could provide further clarity on the company's financial trajectory and performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.