Eagle Point Income Company Inc., a diversified investment company, has reported strong financial results for the second quarter of 2023 and has announced an increase in its monthly distribution by 13%. The company stated that it is pleased with its performance in the second quarter, with its tailored portfolio benefitting from the elevated rate environment and generating strong cash flows.
During the second quarter, the company produced net investment income (NII) of $0.49 per common share, exceeding the common distributions paid. This positive performance has led to a 13% increase in the monthly common distribution. The company remains confident in its outlook and believes that the increase in distribution is sustainable.
In addition to the strong second quarter results, Eagle Point Income Company further strengthened its balance sheet by issuing new 7.75% Series B Preferred Stock due 2028. This issuance provided the company with net proceeds of $31 million. The company plans to deploy these proceeds opportunistically into additional collateralized loan obligation (CLO) debt and equity investments, in order to further increase NII on a sustainable basis.
Looking at the third quarter of 2023, the company has declared monthly distributions to its Common Stock, Series A Term Preferred Stock, and Series B Term Preferred Stock, as previously announced. The details of these distributions can be found in the company’s official statement.
To discuss the financial results for the second quarter, as well as provide a portfolio update, Eagle Point Income Company will host a conference call today at 11:30 a.m. Eastern Time. Interested parties can participate in the call by dialing the provided numbers or by accessing the live webcast on the company’s website.
The company has also made its semiannual stockholder report and investor presentation available on its website, providing additional information about its financial performance and portfolio.
Eagle Point Income Company is a diversified, closed-end management investment company with the primary objective of generating high current income. It primarily invests in junior debt tranches of CLOs and may also invest in CLO equity securities. The company is externally managed and advised by Eagle Point Income Management LLC.
This press release may contain forward-looking statements, and the actual results may differ materially from those stated due to various factors. The company takes no obligation to update any forward-looking statement made herein.
Overall, Eagle Point Income Company Inc. has reported strong financial results for the second quarter of 2023 and has increased its monthly distribution by 13%. The company remains confident in its outlook and plans to deploy its recent proceeds into additional CLO debt and equity investments to further increase its net investment income.
