In a recent transaction, Eagle Point Credit Management LLC along with its related entities, Eagle Point CIF GP I LLC and Eagle Point DIF GP I LLC, have sold shares of OFS Credit Company, Inc. (NASDAQ:OCCI), a business development company specializing in collateralized loan obligations. The sale was conducted at a price of $24.16 per share, totaling $3,793.
The shares sold were the 6.125% Series C Term Preferred Stock due 2026, a non-derivative security of OFS Credit Company. The transactions took place over two consecutive days, with 74 shares sold on April 16, 2024, and an additional 83 shares on April 17, 2024. Following these transactions, the entities continue to hold a significant number of shares in the company.
According to footnotes in the filing, the shares are directly held by private investment funds managed by Eagle Point Credit Management LLC. The General Partners, Eagle Point CIF GP I LLC and Eagle Point DIF GP I LLC, serve as the general partner to the applicable funds. The filing also noted that Eagle Point Credit Management LLC and the General Partners could be deemed to have an "indirect pecuniary interest" in the securities reported.
The entities have disclaimed beneficial ownership of the reported securities, stating that the inclusion of these securities in the report should not be deemed an admission of beneficial ownership for the purposes of Section 16 or any other purpose.
Kenneth P. Onorio, the Chief Financial Officer for all three entities, signed the filing on April 18, 2024. The sale of shares by significant stakeholders such as these entities is a standard market transaction and provides investors with insights into the actions of major insiders within OFS Credit Company, Inc.
InvestingPro Insights
Amid the recent share transactions by Eagle Point Credit Management LLC and related entities, OFS Credit Company, Inc. (NASDAQ:OCCI) continues to present a mixed financial outlook. With a market capitalization of $112.12 million, OFS Credit Company appears to be maintaining a solid position in the market. The company's P/E ratio stands at 15.49, which can offer investors a perspective on the relative value of the shares at the current earnings rate.
Investors may also take note of the company's dividend yield, which at 16.93% as of the latest data, is significant and could be attractive for those seeking income-generating investments. This aligns with one of the InvestingPro Tips highlighting that OFS Credit Company pays a considerable dividend to its shareholders. For investors looking for more insights, there are additional InvestingPro Tips available on the InvestingPro platform, which further analyze the company's financial health and investment potential.
On the revenue front, OFS Credit Company has reported a revenue of $31.94 million over the last twelve months as of Q1 2024, with a growth rate of 15.8% during the same period. This indicates a solid performance in terms of sales, which is a positive sign for potential investors. Moreover, the company's liquid assets surpass its short-term obligations, as per another InvestingPro Tip, which suggests a strong liquidity position that could appeal to cautious investors.
For those interested in diving deeper into the financials and future prospects of OFS Credit Company, Inc., the InvestingPro platform offers a comprehensive suite of tools and analytics. By using the promo code PRONEWS24, investors can enjoy an additional 10% off a yearly or biyearly Pro and Pro+ subscription, gaining access to a wealth of investment knowledge and data.
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