CLO holder Eagle Point Credit Co (ECC) has released their monthly update.
In the update which can be found here the company shows a Net Asset Value (NAV) of $6.07-$6.17 per share.
Last month the company showed a NAV of $9.80 to $9.90 per share–a loss of NAV of almost 40% during March. NAV was off 50.44% YTD through 3/31/2020. Ouch. While I didn’t go back and calculate leverage ratios the company must be getting close to the 200% minimum coverage ratio.
I took the opportunity to do a quick look at Oxford Lane (OXLC)–a company very similar to ECC and I am guessing they have broken their leverage requirement–by quite a bunch.
mREIT Dynex Capital (DX) released new information yesterday that for the moment looked pretty darned good. The company sold off a commercial mortgage backed security portfolio for a gain–this was agency paper. The company’s SEC filing can be read here.
Diversified mREIT Arbor Realty Trust (ABR) released a shareholder letter on Monday that was relatively positive. ABR dabbles in many different mREIT areas, but in particular multifamily and commercial mortgage backed securities. The company’s letter to shareholders can be found here.
The above is information today–will todays stronger company’s be tomorrows weak companies? No one knows.