Eagle Point Income Company Inc. Announces Fourth Quarter 2020 and Year-End 2020 Financial Results
Eagle Point Income Company Inc. (the “Company”) (NYSE: EIC) today announced financial results for the quarter and fiscal year ended December 31, 2020, net asset value (“NAV”) as of December 31, 2020 and certain additional activity through February 9, 2021.
FOURTH QUARTER 2020 HIGHLIGHTS
- Net investment income (“NII”) and realized gain on investments of $0.29 per weighted average common share.1
- NAV per common share of $16.89 as of December 31, 2020, a 14% increase from September 30, 2020.
- Fourth quarter 2020 GAAP net income (inclusive of unrealized mark-to-market gains) of $15.1 million, or $2.48 per weighted average common share.
- Weighted average effective yield of the Company’s collateralized loan obligation (“CLO”) debt and equity portfolio, based on amortized cost, was 9.03% as of December 31, 2020.
- Deployed $2.5 million in net capital in the fourth quarter of 2020.
- NAV per common share estimated to be between $17.22 and $17.26 as of January 31, 2021.
- All investments in the Company’s portfolio that were scheduled to make distributions in January did so.
- The Company increased its monthly common distribution rate by 6.25% beginning in April.
- From January 1, 2021 through February 9, 2021, the Company deployed $6.0 million in net capital.
- As of February 9, 2021, the Company had approximately $11.0 million of cash and capacity on its revolving credit facility available for investment.
“Our fourth quarter performance was very strong, further validating the resiliency and attractiveness of the CLO asset class and CLO junior debt in particular,” said Thomas Majewski, Chairman and Chief Executive Officer. “For the quarter, we generated net investment income and realized gains of $0.29, well above our distribution level. Our portfolio’s value increased by 14% from the prior quarter end and 100% of our investments continue to make their regularly scheduled payments. Owing to the strength of the Company’s recent financial performance, we were pleased to increase our monthly distributions by 6.25% beginning in April.”
FOURTH QUARTER 2020 RESULTS
The Company’s NII and realized gain on investments for the quarter ended December 31, 2020 was $0.29 per weighted average common share. This compared to $0.28 of NII per weighted average common share for the quarter ended September 30, 2020 and $0.31 of NII per weighted average common share for the quarter ended December 31, 2019.