105 0 Kommentare Eagle Point Income Company Inc. Announces First Quarter 2024 Financial Results; Awarded “Best Public Closed-End CLO Fund” by Creditflux

Eagle Point Income Company Inc. (the “Company”) (NYSE: EIC, EICA, EICB, EICC) today announced financial results for the quarter ended March 31, 2024 and certain additional activity through April 30, 2024.

“It was another excellent quarter for Eagle Point Income Company, as the portfolio continued to generate strong cash flows and income for our shareholders,” said Thomas P. Majewski, Chairman and Chief Executive Officer. “For the quarter, we generated net investment income and realized gains of $0.56 per share, while also growing our net asset value per share by over 5% from year-end 2023. We also significantly strengthened our balance sheet, utilizing our ‘at-the-market’ program to accretively issue shares of common stock at a premium to net asset value. In addition, we successfully issued our new 8.00% Series C Term Preferred Stock due 2029, providing us with net proceeds of $34 million.”

“We were also honored to be named last week by Creditflux as their Best Public Closed-End CLO Fund for 2023,¹ a testament to our entire team’s relentless efforts. Moving ahead, we remain well positioned in this elevated rate environment to deploy capital opportunistically into new CLO debt and equity investments in order to generate additional, sustainable net investment income,” concluded Mr. Majewski.

FIRST QUARTER 2024 RESULTS

Net asset value (“NAV”) per common share of $15.12 as of March 31, 2024, a 5.1% increase compared to $14.39 as of December 31, 2023.
Net investment income (“NII”) and realized gains of $0.56 per weighted average common share.² This is an increase from $0.54 of NII less realized losses per weighted average common share for the quarter ended December 31, 2023, and $0.49 of NII per weighted average common share for the quarter ended March 31, 2023.
GAAP net income (inclusive of unrealized mark-to-market gains) of $17.0 million, or $1.40 per weighted average common share.
Received $10.7 million in recurring cash distributions³ from the Company’s investment portfolio or $0.88 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.
Deployed $45.1 million in net capital into collateralized loan obligation (“CLO”) debt and equity and other investments.
As of March 31, 2024:
- The weighted average effective yield of the Company’s CLO debt and equity portfolio, based on amortized cost, was 13.28%. This compares to 13.29% as of December 31, 2023 and 12.28% as of March 31, 2023.⁴
- Weighted average expected yield of the Company’s portfolio, based on fair market value, was 15.35%. This compares to 17.21% as of December 31, 2023 and 18.80% as of March 31, 2023.⁴
Issued approximately 1.9 million shares of common stock and approximately 113,600 shares of the Company’s 7.75% Series B Term Preferred Stock due 2028 (the “Series B Term Preferred Stock”) pursuant to the Company’s “at-the-market” offering program. The common stock issuance resulted in $0.05 per share of NAV accretion for the quarter ended March 31, 2024.
As of March 31, 2024, the Company’s aggregate indebtedness and preferred equity securities (including outstanding borrowings from the revolving credit facility, the Company’s 5.00% Series A Term Preferred Stock due 2026 (the “Series A Term Preferred Stock”) and Series B Term Preferred Stock) totaled approximately 32.7% of total assets (less current liabilities).⁵
As of March 31, 2024, on a look-through basis, and based on the most recent CLO trustee reports received by such date:
- The Company, through its CLO investments, had indirect exposure to approximately 1,414 unique corporate obligors.
- The largest look-through obligor represented 0.7% of the loans underlying the Company’s CLO debt and equity portfolio.
- The top-ten largest look-through obligors together represented 5.4% of the loans underlying the Company’s CLO debt and equity portfolio.
GAAP net income was comprised of total investment income of $9.1 million, net unrealized appreciation on investments of $9.5 million, net realized gain on investments of $0.2 million and net unrealized depreciation on certain liabilities recorded at fair value of $0.7 million, partially offset by financing costs and operating expenses of $2.5 million.
Recorded other comprehensive loss of $1.4 million.