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Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC have reported the sale of shares in OFS Credit Company, Inc. (NASDAQ:OCCI), a business development company specializing in collateralized loan obligations. The transactions, filed on August 12, 2024, indicate a combined sale of shares totaling over $23,000.
On August 8, 2024, the entities sold 375 shares at a price of $24.38 each. This was followed by the sale of 8 shares on August 9 and 565 shares on August 12, each at the same price of $24.38 per share. These sales resulted in a cumulative total of $23,112.
The shares sold by the entities are 6.125% Series C Term Preferred Stock due 2026, which indicates a fixed income investment with a specific maturity date. Following the sales, the entities' ownership in this series of preferred stock decreased, however, they still hold a significant number of shares.
According to the SEC filing footnotes, Eagle Point Credit Management LLC manages private investment funds that directly hold the securities, and Eagle Point DIF GP I LLC serves as the general partner to certain applicable funds. Both entities could be deemed to have an "indirect pecuniary interest" in the securities reported. Moreover, both entities have disclaimed beneficial ownership of the securities described in the report, and the inclusion of these securities in the report should not be viewed as an admission of beneficial ownership for any purpose.
The transactions were signed off by Kenneth P. Onorio, the Chief Financial Officer for both Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC. Investors and market watchers often scrutinize such filings for insights into how insiders are managing their holdings in the company.
InvestingPro Insights
OFS Credit Company, Inc. (NASDAQ:OCCI) continues to be a point of interest for investors, especially with the recent sale of shares by Eagle Point Credit Management LLC and Eagle Point DIF GP I LLC. A closer look at the company's financials through InvestingPro data reveals several metrics that could be influential in understanding OCCI's current market position.
With a market capitalization of $117.91 million, OCCI stands as a moderate-sized player in the business development space. The company's P/E ratio, which is a measure of the share price relative to its per-share earnings, stands at 13.25, potentially indicating a reasonable valuation compared to industry peers.
The company has demonstrated a robust revenue growth of 14.19% in the last twelve months as of Q2 2024, which is consistent with the quarterly revenue growth of 12.22% for the same period. This steady growth trajectory is a positive sign for investors looking for companies with consistent performance.
InvestingPro Tips further enhance our understanding of OCCI's financial health. The company pays a significant dividend to shareholders, with a noteworthy dividend yield of 18.92%, making it an attractive option for income-focused investors. Additionally, OCCI's liquid assets surpass its short-term obligations, which suggests a strong liquidity position that can reassure investors of the company's ability to meet its immediate financial liabilities.
While these insights offer a snapshot of OCCI's financial standing, there are additional InvestingPro Tips available that could provide a deeper analysis. For instance, the company's valuation implies a poor free cash flow yield, which is an important aspect to consider when evaluating the company's financial flexibility and growth potential. Furthermore, OCCI has been profitable over the last twelve months, reinforcing the company's financial stability.
For those interested in a comprehensive analysis, there are more InvestingPro Tips available on the platform, which can provide further guidance on OCCI's investment potential. Visit https://www.investing.com/pro/OCCI for additional insights.
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