101 0 Kommentare Eagle Point Income Company Inc. Announces Second Quarter 2023 Financial Results

Eagle Point Income Company Inc. (the “Company”) (NYSE: EIC, EICA, EICB) today announced financial results for the quarter ended June 30, 2023 and certain additional activity through July 31, 2023.

“We are very pleased with our second quarter performance. Our tailored portfolio continues to benefit from the elevated rate environment, generating strong cash flows,” said Thomas Majewski, Chairman and Chief Executive Officer. “In the second quarter, we produced NII of $0.49 per common share, in excess of common distributions paid. Given the continued positive performance and our confidence in the Company’s outlook, last week we were pleased to announce an increase to our monthly common distribution by an additional 13%.”

“Subsequent to the quarter end, we further strengthened our balance sheet by issuing new 7.75% Series B Preferred Stock due 2028, providing us with net proceeds of $31 million,” added Mr. Majewski. “We are well positioned to deploy the proceeds opportunistically into additional CLO debt and equity investments to further increase NII on a sustainable basis.”

SECOND QUARTER 2023 RESULTS

Net asset value (“NAV”) per common share of $13.00 as of June 30, 2023, compared to $13.20 as of March 31, 2023.
Net investment income (“NII”) of $0.49 per weighted average common share.¹ This compared to $0.49 of NII per weighted average common share for the quarter ended March 31, 2023, and $0.41 of NII and realized capital gains per weighted average common share for the quarter ended June 30, 2022.
GAAP net income (inclusive of unrealized mark-to-market losses) of $3.0 million, or $0.35 per weighted average common share.
Received $6.9 million in recurring cash distributions² from the Company’s investment portfolio or $0.81 per weighted average common share, which was in excess of the Company’s aggregate distributions on its common stock and operating costs for the quarter.
As of June 30, 2023:
- The weighted average effective yield of the Company’s collateralized loan obligation (“CLO”) debt and equity portfolio, based on amortized cost, was 12.31%. This compares to 12.28% as of March 31, 2023 and 12.08% as of June 30, 2022.³
- Weighted average expected yield of the Company’s portfolio, based on fair market value, was 19.98%. The compares to 18.80% as of March 31, 2023 and 16.22% as of June 30, 2022.³
Issued 544,646 shares of common stock pursuant to the Company’s “at-the-market” offering program and its committed equity financing program for total net proceeds of approximately $7.3 million. The common stock issuance resulted in $0.03 per share of NAV accretion for the quarter ended June 30, 2023.
As of June 30, 2023, the Company had outstanding borrowings from the Company’s 5.00% Series A Term Preferred Stock due 2026 (the “Series A Term Preferred Stock”) which totaled approximately 24.9% of total assets (less current liabilities).⁴
As of June 30, 2023, on a look-through basis, and based on the most recent CLO trustee reports received by such date:
- The Company had indirect exposure to approximately 1,381 unique corporate obligors.
- The largest look-through obligor represented 0.8% of the loans underlying the Company’s CLO debt and equity portfolio.
- The top-ten largest look-through obligors together represented 5.8% of the loans underlying the Company’s CLO debt and equity portfolio.
GAAP net income was comprised of total investment income of $5.8 million and net unrealized depreciation on certain liabilities recorded at fair value of $0.6 million, offset by net unrealized depreciation on investments of $1.8 million, and financing costs and operating expenses of $1.5 million.
Recorded an other comprehensive loss of $0.8 million.