Eagle Point Income Company Inc. reports developments for a diversified closed-end management investment company focused on high current income and capital gains. The company invests primarily in junior debt tranches of collateralized loan obligations, with the ability to allocate a portion of assets to CLO equity securities, and is externally managed and advised by Eagle Point Income Management LLC.
Recurring updates include financial results, monthly common and preferred distributions, net asset value estimates, net investment income ranges, and portfolio-related disclosures. News also covers capital-structure actions such as common stock offerings, preferred stock issuances, preferred stock redemptions, ratings on preferred securities, revolving credit arrangements, and exchange-traded securities tied to the company’s common and preferred stock.
Eagle Point Income Company announced the full exercise of underwriters' option to purchase an additional 180,000 shares of its Series A Term Preferred Stock, generating approximately $4.4 million in net proceeds. The offering, initially comprising 1,220,000 shares at $25 each, closed on October 22, 2021. The Series A Preferred Stock is rated 'BBB' and trades under the symbol EICA on the NYSE. Investors are advised to review the prospectus dated October 18, 2021, for detailed information about investment risks and objectives.
Eagle Point Income Company announced the pricing of an underwritten public offering of 1,220,000 shares of its 5.00% Series A Term Preferred Stock due 2026 at a public offering price of $25 per share. This offering is expected to yield net proceeds of approximately $29.3 million after expenses. The Preferred Stock, rated 'BBB' by Egan-Jones Ratings, is expected to close on October 22, 2021. The Company aims to list the shares on the NYSE under the symbol 'EICA'. A 30-day option to purchase an additional 180,000 shares has been granted to underwriters.
Eagle Point Income Company has initiated an underwritten public offering of its Series A Term Preferred Stock. The offering's pricing and other details will be finalized through negotiations with underwriters. The Preferred Stock has received a 'BBB' rating from Egan-Jones Ratings Company and is expected to be listed on the New York Stock Exchange within 30 days of issuance. Ladenburg Thalmann & Co. Inc. is the lead bookrunner for this offering, which may include a 30-day option for underwriters to purchase additional shares.
Eagle Point Income Company (EIC) reported financial results for Q2 2021, highlighting a net investment income (NII) of $0.28 per share and a GAAP net income of $4.5 million, or $0.73 per share. The NAV per share stood at $17.38, reflecting a 3% increase from March 31, 2021. The company deployed $11.4 million in gross capital during the quarter. Significant subsequent developments include an estimated NAV range of $17.44 to $17.48 as of July 31 and a 33% increase in monthly distributions to $0.12 per share, effective October 2021.
Eagle Point Income Company (NYSE:EIC) announces a 33% increase in monthly distributions, raising it to $0.12 per share from $0.09. The distributions are set for October 29, November 30, and December 31, 2021, with record dates of October 12, November 10, and December 13, 2021, respectively. This declaration reflects strong financial performance and confidence in future earnings, according to CEO Thomas Majewski. The distributions will be funded by net investment income, and tax characteristics will be reported on Form 1099 at year-end.
Eagle Point Income Company reported its first-quarter 2021 results with a net investment income of $0.32 per share and a GAAP net income of $1.6 million, or $0.25 per share. The company’s net asset value (NAV) stood at $16.90 per share as of March 31, 2021, reflecting a slight increase from the previous quarter. With a weighted average yield of 9.53% in its CLO portfolio, the company deployed $4.9 million in capital during the quarter. A subsequent estimated NAV range for April 30, 2021, is $17.36 to $17.40, and a 6% increase in monthly distributions to $0.09 per share will begin in July 2021.
The Eagle Point Income Company (NYSE:EIC) has declared a 5.9% increase in its monthly distribution rate, raising it to $0.09 per share from $0.085. Three distributions are scheduled for July 30, August 31, and September 30, 2021, with record dates on July 12, August 11, and September 10, 2021, respectively. The increase in distributions reflects strong portfolio performance, as indicated by CEO Thomas Majewski. Distributions primarily stem from net investment income and may also include capital gains or return of capital.
Eagle Point Income Company (NYSE:EIC) plans to announce its financial results for Q1 2021 on May 18, 2021, before market opening. A conference call will be held at 11:30 a.m. Eastern Time, hosted by Chairman and CEO Thomas P. Majewski, along with CFO Kenneth P. Onorio. Participants can join via phone or internet, with details available in the press release.
The Company aims to generate high current income primarily through junior debt tranches of CLOs and may invest 20% of its assets in CLO equity securities.
Eagle Point Income Company reported strong financial results for the quarter and fiscal year ending December 31, 2020.
Highlights include a net investment income of $0.29 per share and a NAV of $16.89, reflecting a 14% increase from the prior quarter.
GAAP net income stood at $15.1 million, or $2.48 per share, while the yield on the CLO portfolio increased to 9.03%.
Subsequently, NAV is estimated to rise to between $17.22 and $17.26 by January 31, 2021, and a distribution increase of 6.25% is set for April.
Eagle Point Income Company (NYSE:EIC) has declared three distributions of $0.085 per share, marking a 6.25% increase from the prior rate of $0.08. These distributions are scheduled for April 30, May 28, and June 30, 2021, with record dates of April 12, May 10, and June 10, respectively. Chairman Thomas Majewski expressed confidence in the company's future prospects with this increase. The distributions will be funded primarily from net investment income, along with potential capital gains and returns of capital, with tax implications provided to shareholders in 2022.