Eagle Point executives sell $128,554 in OFS Credit Company preferred stock By Investing.com

Executives at Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC have sold a combined total of $128,554 worth of preferred stock in OFS Credit Company, Inc. (NASDAQ:), according to recent SEC filings. The transactions, which took place between June 28 and July 2, involved the sale of shares in two different series of preferred stock.

The sales included 6.125% Series C Term Preferred Stock due 2026 and 5.25% Series E Term Preferred Stock due 2026. The price per share for the Series C stock ranged from $24.20, with a total of 5,216 shares sold over the period. Meanwhile, 100 shares of the Series E stock were sold at $23.27 each. These transactions reflect a consistent selling price for the Series C shares, while the Series E shares were sold at a slightly lower price point.

Following these transactions, the filings indicated that the executives still held a significant number of shares in OFS Credit Company. The remaining shares owned after the sales were 28,659 for the Series C Term Preferred Stock and 33,003 for the Series E Term Preferred Stock.

The SEC filings included footnotes stating that the securities are directly held by private investment funds managed by Eagle Point Credit Management LLC, with Eagle Point DIF GP I LLC serving as general partner to certain applicable funds. Both entities could be deemed to have an “indirect pecuniary interest” in the securities, as defined under the Securities Exchange Act of 1934. Moreover, they disclaimed beneficial ownership of the reported securities, emphasizing that the inclusion of these securities in the report should not be considered an admission of beneficial ownership for any purposes.

The transactions were signed off by Kenneth P. Onorio, the Chief Financial Officer of both Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC, as of July 2, 2024.

In other recent news, OFS Credit Company, Inc. has disclosed an estimated net asset value (NAV) per share for the end of March 2024. According to management’s unaudited figures, the NAV per share of common stock is projected to be between $7.42 and $7.52. However, the company emphasized that these are preliminary estimates and have not undergone the usual quarter-end financial closing procedures. Therefore, the actual NAV per share could materially differ from these current estimates.

OFS Credit also noted that its NAV and financial position may be significantly influenced by various factors beyond the current reporting period. These include the potential effects of heightened interest and inflation rates, geopolitical tensions, uncertainties within the U.S. and global banking systems, and risks of a U.S. recession or government service shutdown.

The preliminary financial data presented is the responsibility of OFS Credit’s management and has not been audited or reviewed by KPMG LLP. These are among the recent developments concerning OFS Credit Company.

InvestingPro Insights

As executives at Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC navigate their holdings in OFS Credit Company, Inc. (NASDAQ:OCCI), investors and market watchers may find it useful to consider a broader financial perspective on the company. OFS Credit Company’s current market capitalization stands at $114.35 million, and the stock is trading with a P/E ratio of 13, reflecting market sentiments on its earnings capacity.

An attractive feature for income-focused investors is OCCI’s dividend yield, which is notably high at 17.55%. This aligns with an InvestingPro Tip that highlights OCCI’s significant dividend payments to shareholders. Additionally, the company’s stock has been characterized by low price volatility, a trait that might appeal to investors seeking stability in their portfolio.

From a financial performance standpoint, OFS Credit Company has demonstrated a robust revenue growth of 14.19% over the last twelve months as of Q2 2024. This growth is further emphasized by a solid gross profit margin of 100% for the same period, indicating the company’s effectiveness in managing its cost of goods sold and maintaining profitability. Furthermore, OCCI has been profitable over the last twelve months, reinforcing its financial health.

For those interested in further insights, InvestingPro offers additional tips on OCCI, which can be accessed through the dedicated page at https://www.investing.com/pro/OCCI. Readers considering a deeper analysis can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking access to a total of 5 InvestingPro Tips that can guide investment decisions regarding OFS Credit Company.

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