\nEagle Point Income Company Inc. (the \u201cCompany\u201d) (NYSE: EIC) today announced financial results for the quarter ended June 30, 2021, net asset value (\u201cNAV\u201d) as of June 30, 2021 and certain additional activity through July 31, 2021.\n<\/p>\n
SECOND QUARTER 2021 HIGHLIGHTS<\/b><\/p>\n SUBSEQUENT EVENTS<\/b><\/p>\n \n\u201cWe had another excellent quarter, generating net investment income and realized capital gains of $0.28 per share, comfortably above our distribution level during the quarter,\u201d said Thomas Majewski, Chairman and Chief Executive Officer. \u201cWe have been slowly increasing the portfolio\u2019s exposure to CLO equity as we see an attractive opportunity to further increase NII on a sustainable basis. Given our recent financial performance and our continued confidence in the Company\u2019s future outlook, we were pleased to further increase our monthly distributions by 33%, to $0.12 per share, beginning in October.\u201d\n<\/p>\n SECOND QUARTER 2021 RESULTS<\/b><\/p>\n \nThe Company\u2019s NII and realized capital gains for the quarter ended June 30, 2021 was $0.28 per weighted average share. This compared to $0.32 of NII and realized capital gains per weighted average share for the quarter ended March 31, 2021 and $0.34 of NII and realized capital gains per weighted average share for the quarter ended June 30, 2020.\n<\/p>\n \nFor the quarter ended June 30, 2021, the Company recorded GAAP net income of $4.5 million, or $0.73 per weighted average share. The net gain was comprised of total investment income of $2.6 million, unrealized appreciation on investments of $2.7 million and de minimis net realized gain on investments, partially offset by total expenses of $0.8 million.\n<\/p>\n \nNAV as of June 30, 2021 was $106.1 million, or $17.38 per share, which is $0.48 higher than the Company\u2019s NAV per share as of March 31, 2021, and $3.24 higher than the Company\u2019s NAV per share as of June 30, 2020.\n<\/p>\n \nDuring the quarter ended June 30, 2021, the Company deployed $11.4 million in gross capital.\n<\/p>\n \nAs of June 30, 2021, the weighted average effective yield on the Company\u2019s CLO debt and equity portfolio, based on amortized cost, was 9.56%, compared to 9.53% as of March 31, 2021 and 8.94% as of June 30, 2020.\n<\/p>\n PORTFOLIO STATUS<\/b><\/p>\n \nAs 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 0.9% of the Company\u2019s CLO debt and equity portfolio. The top-ten largest look-through obligors together represented 6.3% of the Company\u2019s CLO debt and equity portfolio.\n<\/p>\n \nAs of June 30, 2021, the Company had $28.4 million in outstanding borrowings from the revolving credit facility, representing leverage of 21.1% of total assets (less current liabilities).Over the long term, management expects the Company to operate under normal market conditions generally with leverage between 25% and 35% of total assets (less current liabilities). Based on applicable market conditions at any given time, or should significant opportunities present themselves, the Company may incur leverage in excess of this amount, subject to applicable regulatory and contractual limits.\n<\/p>\n THIRD QUARTER 2021 PORTFOLIO ACTIVITY THROUGH JULY 31, 2021 AND OTHER UPDATES<\/b><\/p>\n \nAs of July 31, 2021, the Company had approximately $3.8 million of cash and capacity on its revolving credit facility available for investment.\n<\/p>\n \nAs previously published on the Company\u2019s website, management\u2019s estimate of the Company\u2019s range of NAV per share as of July 31, 2021 was $17.44 to $17.48.\n<\/p>\n DISTRIBUTIONS<\/b><\/p>\n \nThe Company paid a monthly distribution of $0.09 per share on July 30, 2021 to stockholders of record as of July 12, 2021. Additionally, and as previously announced, the Company declared distributions of $0.09 per share of stock payable on August 31, 2021 and September 30, 2021 to stockholders of record as of August 11, 2021 and September 10, 2021, respectively; and distributions of $0.12 per share of stock payable on October 29, 2021, November 30, 2021 and December 31, 2021 to stockholders of record as of October 12, 2021, November 10, 2021 and December 13, 2021, respectively. The ability of the Company to declare and pay distributions is subject to a number of factors, including the Company\u2019s results of operations.\n<\/p>\n \nDistributions 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\u2019s stockholders on Form 1099 after the end of the 2021 calendar year.\n<\/p>\n ADDITIONAL INFORMATION<\/b><\/p>\n \nThe Company has made available on the investor relations section of its website, www.eaglepointincome.com<\/a> (in the financial statements and reports section), its semiannual stockholder report for the period ended June 30, 2021 (which includes the Company\u2019s 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 (\u201cSEC\u201d). 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.\n<\/p>\n ABOUT EAGLE POINT INCOME COMPANY<\/b><\/p>\n \nThe Company is a non-diversified, closed-end management investment company. The Company\u2019s 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 35% of its total assets (at the time of investment) in CLO equity securities. The Company is externally managed and advised by Eagle Point Income Management LLC.\n<\/p>\n \nThe 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<\/a>). This information includes (1) an estimated range of the Company\u2019s net investment income (\u201cNII\u201d) 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\u2019s net asset value (\u201cNAV\u201d) 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\u2019s NII and realized capital gains or losses per share for the applicable quarter, if available.\n<\/p>\n FORWARD-LOOKING STATEMENTS<\/b><\/p>\n This press release may contain \u201cforward-looking statements\u201d 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\u2019s 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.<\/i><\/p>\n 1<\/sup> \u201cPer weighted average share\u201d data are on a weighted average basis based on the average daily number of shares of common stock outstanding for the period and \u201cper share\u201d refers to per share of the Company\u2019s common stock. View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210817005240\/en\/<\/a><\/span><\/p>\n \nInvestor and Media Relations: KEYWORDS:<\/b> United States North America Connecticut<\/p>\n INDUSTRY KEYWORDS:<\/b> Banking Professional Services Finance<\/p>\n MEDIA:<\/b><\/p>\n Eagle Point Income Company Inc. Announces Second Quarter 2021 Financial Results GREENWICH, Conn.–(BUSINESS WIRE)– Eagle Point Income Company Inc. (the \u201cCompany\u201d) (NYSE: EIC) today announced financial results for the quarter ended June 30, 2021, net asset value (\u201cNAV\u201d) as of June 30, 2021 and certain additional activity through July 31, 2021. SECOND QUARTER 2021 HIGHLIGHTS Net investment income (\u201cNII\u201d) 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 of 3% 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\u2019s collateralized loan obligation (\u201cCLO\u201d) debt and equity … <\/p>\n\n
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2<\/sup> Weighted average effective yield is based on an investment\u2019s amortized cost whereas weighted average expected yield is based on an investment\u2019s fair market value as of the applicable period end as disclosed in the Company\u2019s financial statements, which is subject to change from period to period. Please refer to the Company\u2019s quarterly unaudited financial statements for additional disclosures.\n<\/p>\n<\/p>\n
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203-340-8510
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IR@EaglePointIncome.com
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www.eaglepointincome.com<\/a><\/p>\n\n","protected":false},"excerpt":{"rendered":"