Eagle Point Income Company Inc. Announces Second Quarter 2021 Financial Results
Eagle Point Income Company Inc. (the “Company”) (NYSE: EIC) today announced financial results for the quarter ended June 30, 2021, net asset value (“NAV”) as of June 30, 2021 and certain additional activity through July 31, 2021.
SECOND QUARTER 2021 HIGHLIGHTS
-
Net investment income (“NII”) and realized capital gains of
$0.28 per weighted average share.1 -
NAV per share of
$17.38 as of June 30, 2021, an increase of3% from March 31. -
Second quarter 2021 GAAP net income (inclusive of unrealized mark-to-market gains) of
$4.5 million , or$0.73 per weighted average share. -
Weighted average effective yield of the Company’s collateralized loan obligation (“CLO”) debt and equity portfolio, based on amortized cost, was
9.56% as of June 30, 2021. Weighted average expected yield of the Company’s CLO portfolio, based on fair market value, was9.95% as of June 30, 20212. -
Deployed
$11.4 million in gross capital in the second quarter of 2021.
SUBSEQUENT EVENTS
-
NAV per share estimated to be between
$17.44 and$17.48 as of July 31, 2021. -
As of July 31, 2021, the Company had approximately
$3.8 million of cash and capacity on its revolving credit facility available for investment. -
Declared
33% increase in monthly distributions to$0.12 per share beginning in October 2021.
“We had another excellent quarter, generating net investment income and realized capital gains of
SECOND QUARTER 2021 RESULTS
The Company’s NII and realized capital gains for the quarter ended June 30, 2021 was
For the quarter ended June 30, 2021, the Company recorded GAAP net income of
NAV as of June 30, 2021 was
During the quarter ended June 30, 2021, the Company deployed
As of June 30, 2021, the weighted average effective yield on the Company’s CLO debt and equity portfolio, based on amortized cost, was
PORTFOLIO STATUS
As of June 30, 2021, 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 1,327 unique corporate obligors. The largest look-through obligor represented
As of June 30, 2021, the Company had
THIRD QUARTER 2021 PORTFOLIO ACTIVITY THROUGH JULY 31, 2021 AND OTHER UPDATES
As of July 31, 2021, the Company had approximately
As previously published on the Company’s website, management’s estimate of the Company’s range of NAV per share as of July 31, 2021 was
DISTRIBUTIONS
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 2021 calendar year.
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 semiannual stockholder report for the period ended June 30, 2021 (which includes the Company’s unaudited consolidated financial statements as of and for the period ended June 30, 2021). The Company has also filed this report with the Securities and Exchange Commission (“SEC”). The Company also published on its website (in the presentations and events section) an investor presentation, which contains additional information about the Company and its portfolio as of and for the quarter ended June 30, 2021.
ABOUT EAGLE POINT INCOME COMPANY
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 SEC. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
1 “Per weighted 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 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 quarterly unaudited financial statements for additional disclosures.
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