Eagle Point Income Company (EIC) Reports Q2 EPS of $0.34

Eagle Point Income Company (NYSE: EIC) reported Q2 EPS of $0.34.

SECOND QUARTER 2020 HIGHLIGHTS

• Net investment income (“NII”) and realized gains of $0.34 per weighted average common share1 for the second quarter of 2020.
• NAV per common share of $14.14 as of June 30, 2020.
• Second quarter 2020 GAAP net income (inclusive of unrealized mark-to-market gains) of $32.8 million, or $5.40 per weighted average common share.
• Weighted average effective yield of the Company’s collateralized loan obligation (“CLO”) debt and equity portfolio (based on amortized cost) was 8.94% as of June 30, 2020.
• Deployed $4.1 million in gross capital and received $4.5 million in proceeds from the sale of investments in the second quarter of 2020.
• Issued 88,185 shares of common stock at a premium to NAV during the second quarter for total net proceeds to the Company of approximately $0.9 million pursuant to the Company’s “at-the-market” offering program.
• SUBSEQUENT EVENTS
• NAV per common share estimated to be between $14.28 and $14.32 as of July 31, 2020.
• As of August 7, 2020, the Company had approximately $23.2 million of cash and capacity on its revolving credit facility available for investment.

“The value of our portfolio increased dramatically during the second quarter, with our NAV up 57% from its March lows,” said Thomas Majewski, Chairman and Chief Executive Officer. “Every investment we held paid as scheduled during the second quarter. We were also able to opportunistically trade our portfolio, realizing some gains during the quarter. As of August 7, the Company had over $23 million of cash and undrawn committed capital on its credit facility.”

“We were pleased to generate net investment income and realized gains of $0.34, materially above our distribution level for the second quarter,” added Mr. Majewski. “The upward momentum in valuations that we saw in the second quarter continued in July, with management estimating our July NAV up an additional 2.5% before giving effect to the special distribution paid in July.”

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

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