ECC's core earnings power is deteriorating, with net interest income declining for four straight quarters to $32.7M and net interest margin compressing to 2.9%, while volatile non-interest income from unrealized CLO losses has driven net income to swing from $61.6M to -$109.9M in a single quarter.
Eagle Point Credit Company Inc. (ECC) annual income statement — 12-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Net Interest Income | 106.45M | 176.37M | 153.07M | 118.08M | 96.91M | 67.41M | 48.05M | 48.13M | 50.4M | 47.99M | -7.94M | -2.52M | 0 |
| NII Growth % | -152.07% | 15.22% | 29.63% | 21.85% | 43.75% | 40.31% | -0.18% | -4.5% | 5.01% | 704.76% | -215.28% | - | - |
| Net Interest Margin % | 9.34% | 12.64% | 10.17% | 12.37% | 12.75% | 8.78% | 9.37% | 10.14% | 10.57% | 9.36% | -1.77% | -0.94% | 0% |
| Interest Income | 124.55M | 203.98M | 171.41M | 131.72M | 111.04M | 81.88M | 58.54M | 61.59M | 65.2M | 60.92M | 7.94M | 2.52M | 0 |
| Interest Expense | 25.01M | 27.61M | 18.34M | 13.63M | 14.13M | 14.47M | 10.5M | 13.46M | 14.8M | 12.93M | 0 | 0 | 0 |
| Loan Loss Provision | 3.89M | 19.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.61M | 0 | 0 |
| Non-Interest Income | -116.58M | -87.9M | -55.46M | 4.6M | -189.64M | 73.43M | 16.01M | -53.5M | -100M | -12.9M | 49.82M | 39.83M | 23M |
| Non-Interest Income % | 1150.42% | -99.36% | -56.82% | 3.75% | 204.5% | 52.14% | 25% | 995.95% | 201.61% | -36.75% | 118.95% | 106.75% | 100% |
| Total Net Revenue | -10.13M | 88.47M | 97.61M | 122.69M | -92.73M | 140.84M | 64.06M | -5.37M | -49.6M | 35.1M | 41.88M | 37.31M | 23M |
| Revenue Growth % | -103.4% | -9.36% | -20.44% | 232.31% | -165.84% | 119.85% | 1292.43% | 89.17% | -241.33% | -16.21% | 12.25% | 62.25% | - |
| Non-Interest Expense | 92.06M | 155.95M | 12.12M | 3.94M | 9.08M | 8.98M | 3.17M | 3.32M | 5.25M | 3.96M | 15.36M | 13.2M | 2.4M |
| Efficiency Ratio | -908.4% | 176.28% | 12.42% | 3.21% | -9.79% | 6.38% | 4.95% | -61.79% | -10.58% | 11.3% | 36.68% | 35.38% | 10.43% |
| Operating Income | -112.99M | -87.39M | 85.49M | 118.75M | -101.81M | 131.86M | 60.89M | -8.69M | -54.85M | 31.13M | 40.48M | 29.15M | 20.6M |
| Operating Margin % | 1114.96% | -98.78% | 87.58% | 96.79% | 109.79% | 93.62% | 95.05% | 161.79% | 110.58% | 88.7% | 96.64% | 78.12% | 89.57% |
| Operating Income Growth % | - | -202.22% | -28.01% | 216.64% | -177.21% | 116.56% | 800.5% | 84.15% | -276.19% | -23.09% | 38.87% | 41.5% | - |
| Pretax Income | -148.24M | -115M | 85.49M | 118.75M | -101.81M | 131.86M | 60.89M | -8.69M | -54.85M | 31.13M | 90.58M | -40.96M | 8.34M |
| Pretax Margin % | 1462.83% | -129.99% | 87.58% | 96.79% | 109.79% | 93.62% | 95.05% | 161.79% | 110.58% | 88.7% | 216.27% | -109.77% | 36.29% |
| Income Tax | 169.17K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 384.79K | 0 | 0 |
| Effective Tax Rate % | -0.11% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.42% | 0% | 0% |
| Net Income | -166.61M | -134.44M | 80.31M | 118.75M | -101.81M | 131.86M | 60.89M | -8.69M | -54.85M | 31.13M | 90.96M | -40.96M | 8.34M |
| Net Margin % | 1644.09% | -151.95% | 82.28% | 96.79% | 109.79% | 93.62% | 95.05% | 161.79% | 110.58% | 88.7% | 217.19% | -109.77% | 36.29% |
| Net Income Growth % | -1353.64% | -267.4% | -32.37% | 216.64% | -177.21% | 116.56% | 800.5% | 84.15% | -276.19% | -65.78% | 322.09% | -590.84% | - |
| Net Income (Continuing) | -148.41M | -115M | 85.49M | 118.75M | -101.81M | 131.86M | 60.89M | -8.69M | -54.85M | 31.13M | 90.58M | -40.96M | 8.34M |
| EPS (Diluted) | -1.25 | -1.05 | 0.86 | 1.74 | -2.21 | 3.94 | 1.88 | -0.30 | -2.27 | 1.76 | 5.61 | -2.96 | 1.02 |
| EPS Growth % | -1210.12% | -222.09% | -50.57% | 178.73% | -156.09% | 109.57% | 726.67% | 86.78% | -228.98% | -68.63% | 289.53% | -389.35% | - |
| EPS (Basic) | - | -1.05 | 0.86 | 1.74 | -2.21 | 3.94 | 1.88 | -0.30 | -2.37 | 1.76 | 5.61 | -2.96 | 1.02 |
| Diluted Shares Outstanding | 133.01M | 128.03M | 93.38M | 67.18M | 46.89M | 33.43M | 32.35M | 28.63M | 24.16M | 17.69M | 16.21M | 13.82M | 8.16M |
Quick answers to the most common questions about buying ECC stock.
For fiscal year 2025, Eagle Point Credit Company Inc. (ECC) reported total revenue of $88.5M. This represents a 284.7% increase compared to $23.0M in 2014.
Eagle Point Credit Company Inc. (ECC) reported a net loss of $134.4M for the fiscal year ending 2025.
Eagle Point Credit Company Inc. (ECC) reported an operating income of $-87.4M, resulting in an operating profit margin of -98.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Eagle Point Credit Company Inc. (ECC) generated $68.6M in gross profit for the year, representing a gross profit margin of 77.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Unrealized losses driving volatility
Metrics are mathematically derived from official filings.
Net Interest Income Under Persistent Pressure
ECC's net interest income has contracted for four consecutive quarters, declining 15.8% year-over-year to $32.7M in 2026Q2, suggesting the company's loan portfolio is facing headwinds from either volume reductions or unfavorable rate dynamics.
The sustained NII decline from a peak of $45.4M in 2025Q1 to $32.7M in 2026Q2 represents a 28% erosion in core earnings power over five quarters. This trajectory appears inconsistent with a stable credit portfolio and may indicate either deliberate deleveraging, rising funding costs compressing spreads, or credit-related asset dispositions. The negative NII readings in 2025Q3 and 2024Q1 further suggest episodic stress events that warrant investigation into the underlying portfolio composition.
Net Interest Margin Compression Accelerates
ECC's net interest margin has deteriorated from 3.5% in 2024Q2 to 2.9% in 2026Q2, representing a 60 basis point contraction that suggests the company's asset-liability positioning is becoming increasingly challenged in the current rate environment.
The NIM compression appears driven by a combination of rising funding costs and potentially lower-yielding asset deployment, as evidenced by the margin declining even during periods of positive NII. The negative NIM readings in 2025Q3 (-0.4%) and 2024Q1 (-0.4%) indicate quarters where funding costs exceeded investment returns, creating a structural earnings deficit. This margin trajectory suggests ECC may be struggling to maintain adequate spreads on its CLO equity and debt positions.
Provision Volatility Signals Portfolio Stress
ECC's provision expense has swung dramatically from zero in multiple quarters to $4.6M in 2025Q4 and $3.3M in 2026Q1, suggesting the company is experiencing episodic credit deterioration in its underlying CLO investments.
The pattern of zero provisions followed by material charges indicates ECC's credit assessment may be reactive rather than proactive, with reserves being built only after deterioration becomes apparent. The $6.9M negative provision in 2025Q3 (likely a release) followed by $4.6M in charges suggests volatile credit conditions that are difficult to model consistently. This provision volatility creates earnings unpredictability that investors should monitor closely.
Non-Interest Income Driven by Unrealized Volatility
ECC's non-interest income has swung from -$136.1M in 2024Q2 to $58.9M in 2025Q3, indicating that reported earnings are heavily influenced by mark-to-market movements on CLO positions rather than recurring fee streams.
The extreme volatility in non-interest income suggests ECC's earnings quality is compromised by unrealized gains and losses on its CLO portfolio, which appear to dominate reported results. The negative non-interest income in four of the last ten quarters indicates periods of significant portfolio depreciation that overwhelm any recurring income streams. This pattern suggests ECC functions more as a trading vehicle than a traditional asset manager, with earnings driven by credit market sentiment rather than operational performance.
2025Q3 Marked a Structural Earnings Shift
The third quarter of 2025 represented a critical inflection point where ECC swung from consistent profitability to sustained losses, with net income declining from $61.6M in 2025Q2 to -$109.9M in 2025Q4.
This inflection appears driven by a combination of NII collapse (from $38.8M to -$6.9M) and negative non-interest income, suggesting a fundamental repricing of ECC's CLO portfolio. The subsequent quarters have failed to recover to pre-inflection profitability levels, indicating this may represent a structural shift rather than temporary volatility. The inflection coincides with broader CLO market stress, suggesting ECC's portfolio is particularly sensitive to credit cycle turns.
Unrealized Losses Mask Underlying Portfolio Weakness
ECC's reported earnings are heavily distorted by unrealized gains and losses on CLO positions, with non-interest income swinging by over $195M between quarters, suggesting the company's true economic performance is obscured by accounting volatility.
The most significant analytical challenge is determining ECC's sustainable earning power given the extreme volatility in non-interest income. The negative non-interest income in 2026Q2 (-$100.4M) and 2024Q2 (-$136.1M) suggests periods of significant portfolio depreciation that may indicate underlying credit deterioration rather than temporary market dislocations. Investors should focus on the trend in net investment income excluding unrealized gains/losses, as the reported figures appear to reflect mark-to-market volatility more than operational performance.