Eagle Point Income Company Inc. Announces Fourth Quarter 2021 and Year-End 2021 Financial Results
Eagle Point Income Company announced its financial results for the quarter and fiscal year ending December 31, 2021. The company reported a net investment income (NII) and realized capital gains of $0.14 per common share. The net asset value (NAV) per common share was $16.76, down from $17.69 in the previous quarter. A GAAP net loss of $1.6 million was recorded for the fourth quarter. The company raised approximately $45 million through various capital offerings. Looking ahead, the NAV is estimated to be between $16.89 and $16.93 as of January 31, 2022.
- NII and realized capital gains of $0.14 per share despite non-recurring expenses of $0.23 per share.
- Raised approximately $45 million through capital offerings in Q4 2021.
- NAV estimated to be between $16.89 and $16.93 as of January 31, 2022.
- 4% increase in common stock monthly distributions to $0.125 starting April 2022.
- GAAP net loss of $1.6 million for Q4 2021.
- NAV per common share decreased by $0.93 compared to September 30, 2021.
- Total expenses of $2.9 million for the fourth quarter exceeded investment income.
FOURTH QUARTER AND FULL YEAR 2021 HIGHLIGHTS
-
Net investment income (“NII”) and realized capital gains of
per weighted average common share.1 The Company’s NII and realized gain per common share for the quarter ended$0.14 December 31, 2021 is net of non-recurring expenses of per common share.2$0.23 -
NAV per common share of
as of$16.76 December 31, 2021 . -
Fourth quarter 2021 GAAP net loss (inclusive of unrealized mark-to-market losses) of
, or ($1.6 million ) per weighted average common share.$0.24 -
Weighted average effective yield of the Company’s collateralized loan obligation (“CLO”) debt and equity portfolio, based on amortized cost, was
10.77% as ofDecember 31, 2021 . Weighted average expected yield of the Company’s CLO portfolio, based on fair market value, was11.10% as ofDecember 31, 2021 .3 -
Deployed
in net capital in the fourth quarter of 2021.$34.9 million -
Completed an underwritten public offering, including a full exercise of the underwriters’ over-allotment option, of 1.4 million shares of
5.00% Series A Term Preferred Stock due 2026 (NYSE: EICA) (the “Series A Term Preferred Stock”), resulting in net proceeds of approximately .$33.6 million -
Completed an underwritten public offering of 648,000 shares of common stock at a public offering price of
per share, including a partial exercise of the underwriters’ overallotment option, resulting in net proceeds of approximately$18.45 .$11.2 million
SUBSEQUENT EVENTS
-
NAV per common share estimated to be between
and$16.89 as of$16.93 January 31, 2022 . -
As of
February 11, 2022 , the Company had approximately of cash and capacity on its revolving credit facility available for investment.$7.2 million -
From
January 1, 2022 toFebruary 11, 2022 , issued 38,773 shares of common stock and 121,649 shares of Series A Term Preferred Stock pursuant to the Company’s “at-the-market” offering program for total net proceeds of approximately .$3.7 million -
Paid a special distribution to common stockholders of
per share on$0.20 January 24, 2022 to stockholders of record as ofDecember 23, 2021 . -
Declared a
4% increase in common stock monthly distributions to per share beginning in$0.12 5April 2022 .
“Our fourth quarter performance capped off a successful year for the Company. We continued to generate strong cash flows during the quarter, and raised nearly
FOURTH QUARTER 2021 RESULTS
The Company’s NII and realized capital gains for the quarter ended
NII and realized capital gains for the quarter ended
For the quarter ended
NAV as of
During the quarter ended
As of
PORTFOLIO STATUS
As of
As of
FIRST QUARTER 2022 PORTFOLIO ACTIVITY THROUGH
As of
Pursuant to the Company’s “at-the-market” offerings, the Company issued 38,773 shares of common stock and 121,649 shares of Series A Term Preferred Stock from
As previously published on the Company’s website, management’s estimate of the Company’s range of NAV per common share as of
DISTRIBUTIONS
The Company paid a monthly distribution of
The Company paid a monthly distribution of
Distributions on stock are generally paid from net investment income (regular interest and dividends) and may also include capital gains and/or a return of capital. The specific tax characteristics of the distributions will be reported to the Company’s stockholders on Form 1099 after the end of the calendar year.
SPECIAL DISTRIBUTION
For the Company’s tax year ended
CONFERENCE CALL
The Company will host a conference call at
All interested parties may participate in the conference call by dialing (877) 407-0789 (domestic) or (201) 689-8562 (international). Please reference Conference ID 13726314 when calling and you are invited to dial in approximately 10 to 15 minutes prior to the start of the call.
A live webcast will also be available on the Company’s website (www.eaglepointincome.com). Please go to the Investor Relations section at least 15 minutes prior to the call to register, download and install any necessary audio software.
An archived replay of the call will be available shortly afterwards until
ADDITIONAL INFORMATION
The Company has made available on the investor relations section of its website, www.eaglepointincome.com (in the financial statements and reports section), its 2021 Annual Report, which includes the Company’s audited financial statements as of and for the period ended
ABOUT
The Company is a non-diversified, closed-end management investment company. The Company’s primary investment objective is to generate high current income, with a secondary objective to generate capital appreciation, by investing primarily in junior debt tranches of CLOs. In addition, the Company may invest up to
The Company makes certain unaudited portfolio information available each month on its website in addition to making certain other unaudited financial information available on its website (www.eaglepointincome.com). This information includes (1) an estimated range of the Company’s net investment income (“NII”) and realized capital gains or losses per share of common stock for each calendar quarter end, generally made available within the first fifteen days after the applicable calendar month end, (2) an estimated range of the Company’s net asset value (“NAV”) per share of common stock for the prior month end and certain additional portfolio-level information, generally made available within the first fifteen days after the applicable calendar month end, and (3) during the latter part of each month, an updated estimate of NAV, if applicable, and, with respect to each calendar quarter end, an updated estimate of the Company’s NII and realized capital gains or losses per share for the applicable quarter, if available.
FORWARD-LOOKING STATEMENTS
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the prospectus and the Company’s other filings with the
Source:
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1 “Per weighted common average share” data are on a weighted average basis based on the average daily number of shares of common stock outstanding for the period and “per share” refers to per share of the Company’s common stock.
2 Includes
3 Weighted average effective yield is based on an investment’s amortized cost whereas weighted average expected yield is based on an investment’s fair market value as of the applicable period end as disclosed in the Company’s financial statements, which is subject to change from period to period. Please refer to the Company’s 2021 Annual Report for additional disclosures.
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Investor and Media Relations:
ICR
203-340-8510
IR@EaglePointIncome.com
www.eaglepointincome.com
Source:
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