Eagle Point Income Company Inc. Announces Fourth Quarter and Full Year 2023 Financial Results
2024年2月22日 - 10:00PM
ビジネスワイヤ（英語）
Eagle Point Income Company Inc. (the “Company”) (NYSE: EIC,
EICA, EICB) today announced financial results for the quarter and
full year ended December 31, 2023 and certain additional activity
through February 15, 2024.
“Eagle Point Income Company capped off an outstanding 2023 with
another quarter of strong cash flows and growing net assets,” said
Thomas P. Majewski, Chairman and Chief Executive Officer. “During
the quarter, we generated net income comfortably in excess of our
common distributions. We grew our net asset value per share by over
2% for the quarter and 11% for the full year. We also recently
increased our monthly common distribution beginning in January 2024
by an additional 11% to $0.20 per share. This is the highest
monthly common distribution amount in our history. With many
investors focused on ‘higher for longer’ rate scenarios, we believe
the Company is very well positioned for a strong 2024.”
FOURTH QUARTER 2023 RESULTS
- Net asset value (“NAV”) per common share of $14.39 as of
December 31, 2023, a 2.2% increase compared to $14.08 as of
September 30, 2023.
- Net investment income (“NII”) less realized losses of $0.54 per
weighted average common share,1 net of $0.02 per weighted average
common share of non-recurring expenses.2 This is an increase from
$0.38 of NII per weighted average common share for the quarter
ended September 30, 2023, and $0.49 of NII per weighted average
common share for the quarter ended December 31, 2022.
- GAAP net income (inclusive of unrealized mark-to-market gains)
of $7.5 million, or $0.74 per weighted average common share.
- Received $9.3 million in recurring cash distributions3 from the
Company’s investment portfolio or $0.91 per weighted average common
share, which was in excess of the Company’s aggregate distributions
on its common stock and operating costs for the quarter.
- Deployed $26.0 million in net capital into collateralized loan
obligation (“CLO”) debt and equity and other investments.
- As of December 31, 2023:
- The weighted average effective yield of the Company’s CLO debt
and equity portfolio, based on amortized cost, was 13.29%. This
compares to 13.27% as of September 30, 2023 and 12.82% as of
December 31, 2022.4
- Weighted average expected yield of the Company’s portfolio,
based on fair market value, was 17.21%. This compares to 17.91% as
of September 30, 2023 and 19.39% as of December 31, 2022.4
- Issued approximately 1 million shares of common stock and
approximately 57,000 shares of the Company’s 7.75% Series B Term
Preferred Stock due 2028 (the “Series B Term Preferred Stock”)
pursuant to the Company’s “at-the-market” offering program for
total net proceeds of approximately $15.6 million. The common stock
issuance resulted in $0.03 per share of NAV accretion for the
quarter ended December 31, 2023.
- As of December 31, 2023, the Company’s aggregate indebtedness
and preferred equity securities (including outstanding borrowings
from the revolving credit facility, the Company’s 5.00% Series A
Term Preferred Stock due 2026 (the “Series A Term Preferred Stock”)
and Series B Term Preferred Stock) totaled approximately 35.9% of
total assets (less current liabilities).5
- As of December 31, 2023, on a look-through basis, and based on
the most recent CLO trustee reports received by such date:
- The Company, through its CLO investments, had indirect exposure
to approximately 1,419 unique corporate obligors.
- The largest look-through obligor represented 0.7% of the loans
underlying the Company’s CLO debt and equity portfolio.
- The top-ten largest look-through obligors together represented
5.6% of the loans underlying the Company’s CLO debt and equity
portfolio.
- GAAP net income was comprised of total investment income of
$8.5 million and net unrealized appreciation on investments of $3.9
million, partially offset by financing costs and operating expenses
of $3.0 million, net unrealized appreciation on certain liabilities
recorded at fair value of $1.9 million and de minimis net realized
capital losses on investments.
- Recorded other comprehensive income of $1.3 million.
FULL YEAR 2023 HIGHLIGHTS
- For the fiscal year ended December 31, 2023, the Company
recorded GAAP net income of $29.3 million. Fiscal year GAAP net
income was comprised of total investment income of $26.7 million
and net unrealized appreciation on investments of $13.2 million,
partially offset by financing costs and operating expenses of $9.4
million, net unrealized appreciation on certain liabilities
recorded at fair value of $1.2 million and de minimis net realized
capital losses on investments.
- For the fiscal year ended December 31, 2023, the Company
received $29.0 million of recurring cash distributions from its
investment portfolio, or $3.17 per weighted average common
share.
- Recorded other comprehensive income of $2.3 million.
FIRST QUARTER 2024 PORTFOLIO ACTIVITY THROUGH FEBRUARY 15,
2024 AND OTHER UPDATES
- As previously published on the Company’s website, management’s
estimate of the range of the Company’s NAV per common share is
estimated to be between $14.94 and $15.04 as of January 31, 2024.
At the midpoint of the range, this represents a 4.2% increase from
year-end.
- Received $10.3 million of recurring cash distributions from the
Company’s investment portfolio. As of February 15, 2024, some of
the Company’s investments had not yet reached their payment date
for the quarter.
- Deployed $8.9 million of net capital into CLO debt, CLO equity
and other investments.
- As of February 15, 2024, the Company had $26.6 million of cash
and capacity on its revolving credit facility available for
investment.
DISTRIBUTIONS
As previously announced, the Company declared the following
monthly distributions to its common stock, Series A Term Preferred
Stock and Series B Term Preferred Stock.6
Security
Amount per Share
Record Dates
Payable Dates
Common Stock
$0.20
February 9, 2024,
March 8, 2024,
April 10, 2024,
May 13, 2024,
June 10, 2024
February 29, 2024
March 28, 2024
April 30, 2024
May 31, 2024
June 28, 2024
Series A Term Preferred Stock
$0.104167
February 9, 2024,
March 8, 2024,
April 10, 2024,
May 13, 2024,
June 10, 2024
February 29, 2024
March 28, 2024
April 30, 2024
May 31, 2024
June 28, 2024
Series B Term Preferred Stock
$0.161459
February 9, 2024,
March 8, 2024,
April 10, 2024,
May 13, 2024,
June 10, 2024
February 29, 2024
March 28, 2024
April 30, 2024
May 31, 2024
June 28, 2024
CONFERENCE CALL
The Company will host a conference call at 11:30 a.m. (Eastern
Time) today to discuss the Company’s financial results for the
quarter and full year ended December 31, 2023, as well as a
portfolio update.
All interested parties may participate in the conference call by
dialing (877) 704-4453 (domestic) or (201) 389-0920
(international). Please reference Conference ID 13743437 when
calling and you are invited to dial in approximately 10 to 15
minutes prior to the start of the call.
A live webcast will also be available on the Company’s website
(www.eaglepointincome.com). Please go to the Investor Relations
section at least 15 minutes prior to the call to register, download
and install any necessary audio software.
An archived replay of the call will be available shortly
afterwards until March 22, 2024. To hear the replay, please dial
(844) 512-2921 (toll-free) or (412) 317-6671 (international). For
the replay, enter Conference ID 13743437.
ADDITIONAL INFORMATION
The Company has made available on the investor relations section
of its website, www.eaglepointincome.com (in the financial
statements and reports section), its 2023 Annual Report, which
includes the Company’s audited consolidated financial statements as
of and for the period ended December 31, 2023. 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 and
year ended December 31, 2023. The Company has filed these reports
with the U.S. Securities and Exchange Commission (“SEC”).
ABOUT EAGLE POINT INCOME COMPANY
The Company is a diversified, closed-end management investment
company. The Company’s 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.
The 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). This information includes (1) an
estimated range of the Company’s NII 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’s NAV 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’s NII and
realized capital gains or losses per share for the applicable
quarter, if available.
FORWARD-LOOKING STATEMENTS
This press release may contain “forward-looking statements”
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’s 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.
1 “Per weighted average common share” is based on the average
daily number of shares of common stock outstanding for the period
and “per share” refers to per share of the Company’s common stock.
2 Non-recurring expenses reflects a liability for estimated excise
tax of $0.02 per weighted average common share. 3 “Recurring cash
distributions” refers to the quarterly distributions received by
the Company from its CLO debt, CLO equity and other investments. 4
Weighted average effective yield is based on an investment’s
amortized cost whereas weighted average expected yield is based on
an investment’s fair market value as of the applicable period end
as disclosed in the Company’s financial statements, which is
subject to change from period to period. Please refer to the
Company’s audited financial statements for additional disclosures.
5 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. 6 The ability of the Company to declare and
pay distributions on stock is subject to a number of factors,
including the Company’s results of operations. Distributions 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 actual components of the Company’s
distributions for U.S. tax reporting purposes can only be finally
determined as of the end of each fiscal year of the Company and are
thereafter reported on Form 1099-DIV.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240222560177/en/
Investor and Media Relations: ICR 203-340-8510
IR@EaglePointIncome.com www.eaglepointincome.com
Eagle Point Income (NYSE:EICA)
過去 株価チャート
から 10 2024 まで 11 2024
Eagle Point Income (NYSE:EICA)
過去 株価チャート
から 11 2023 まで 11 2024
