Form 4: Eagle Point Credit Management Reduces Holdings in OFS Credit Company

Eagle Point Credit Management LLC reports a disposition of OFS Credit Company preferred stock, while maintaining significant indirect ownership through managed funds.

Summary

• On March 7, 2024, Eagle Point Credit Management LLC, along with Eagle Point CIF GP I LLC and Eagle Point DIF GP I LLC, reported a change in beneficial ownership of OFS Credit Company, Inc. securities.
• The transaction involved the disposal of 100 shares of 5.25% Series E Term Preferred Stock due 2026 at a price of $24.03 per share.
• Following the transaction, Eagle Point Credit Management LLC indirectly owns 36,294 shares of the 5.25% Series E Term Preferred Stock due 2026 and 42,371 shares of 6.125% Series C Term Preferred Stock due 2026.
• The securities are held by private investment funds managed by Eagle Point Credit Management LLC, with the General Partners serving as general partners to certain applicable Funds.
• Eagle Point Credit Management LLC and the General Partners disclaim beneficial ownership of the securities, except to the extent of any indirect pecuniary interest.

Sentiment

Score: 5

Explanation: Neutral sentiment as it reports a transaction without indicating positive or negative outlook.

Negatives

• Eagle Point Credit Management LLC disposed of 100 shares of OFS Credit Company's 5.25% Series E Term Preferred Stock.

Management Comments

• Each of the Reporting Persons hereby disclaims beneficial ownership of the securities described in this report pursuant to Rule 16a-1(a)(4) under the Securities Exchange Act of 1934 and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of any of the reported securities for purposes of Section 16 or for any other purpose.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by insiders, providing transparency to the market.

Stakeholder Impact

• The transaction may have a minor impact on shareholders due to the change in ownership, but the overall impact is likely minimal given the relatively small number of shares disposed of.

Key Dates