Eagle Point Income Company (EIC) Reports Q3 EPS of $0.26

Eagle Point Income Company (NYSE: EIC) reported Q3 EPS of $0.26.

THIRD QUARTER 2019 HIGHLIGHTS

• Completed initial public offering of 1,362,114 shares of common stock, including exercise of overallotment, for total net proceeds to the Company of approximately $26.3 million. Commenced trading on the New York Stock Exchange under the ticker symbol EIC.
• Net investment income (“NII”) of $0.26 per weighted average common share1 for the third quarter of 2019.
• NAV per common share of $19.27 as of September 30, 2019.
• Third quarter 2019 GAAP net loss (inclusive of unrealized mark-to-market losses) of $1.6 million, or $0.28 per weighted average common share.
• Weighted average effective yield of the Company’s collateralized loan obligation (“CLO”) debt and equity portfolio was 8.79% as of September 30, 2019.
• Deployed $30.7 million in gross capital in the third quarter of 2019.
• Entered into a credit agreement with Societe Generale that established a revolving credit facility of up to $30 million.

“We were pleased with our first quarter as a publicly traded entity. We completed our initial public offering and are excited that investors have an opportunity to invest primarily in junior CLO debt via an NYSE-listed company,” said Thomas Majewski, Chairman and Chief Executive Officer. “During the third quarter, we recorded NII of $0.26 per share and we have completed our deployment of the initial public offering proceeds in what we viewed as an attractive market. We also entered into a $30 million revolving credit facility, providing us expanded capacity for additional CLO investments. As of November 12, 2019, $27.3 million remained undrawn, providing the Company with dry powder to take advantage of current market opportunities.”

For earnings history and earnings-related data on Eagle Point Income Company (EIC) click here.

You May Also Be Interested In

• Nomura/Instinet Upgrades Genting Singapore (GENS:SP) (GIGNY) to Neutral
• Diginex reports 77% revenue rise but $31M net loss in FY2026
• CaliberCos Inc (CWD) Misses Q2 EPS by 43c; Offers Guidance