Eagle Point Income Company Inc. (NYSE:EIC) Q3 2023 Earnings Call Transcript
Eagle Point Income Company Inc. (NYSE:EIC) Q3 2023 Earnings Call Transcript November 14, 2023
Operator: Good morning. And welcome everyone to Eagle Point Income Company’s Third Quarter Earnings Call. I will now turn the call over to Peter Sceusa at ICR.
Peter Sceusa: Thank you and good morning. Before we begin our formal remarks, we need to remind everyone that the matters discussed in this call include forward-looking statements or projected financial information that involve risks and uncertainties that may cause the company’s actual results to differ materially from those projected in such forward-looking statements and projected financial information. For further information on factors that could impact the company and the statements and projections contained herein, please refer to the company’s filings with the Securities and Exchange Commission. Each forward-looking statement and projection of financial information made during this call is based on information available to us as of the date of this call.
We disclaim any obligation to update our forward-looking statements unless required by law. A replay of this call can be accessed for 30 days via the company’s website, www.eaglepointincome.com. Earlier today, we filed our third quarter 2023 financial statements and our third quarter investor presentation with the Securities and Exchange Commission. The financial statements and our third quarter investor presentation are also available within the Investor Relations section of the company’s website. Financial statements can be found by following the Financial Statements and Reports link and the investor presentation can be found by following the Presentations and Events link. I would now like to introduce Tom Majewski, Chairman and Chief Executive Officer of Eagle Point Income Company.
A busy investor on a trading floor, monitoring the performance of their commodity market investments.
Tom Majewski: Thank you, Peter. And welcome everyone to Eagle Point Income Company’s third quarter earnings call. We appreciate your interest in Eagle Point Income Company or EIC. If you haven’t done so already, we invite you to download our investor presentation from our website at eaglepointincome.com, which I will refer to in a portion of my remarks. The company continued its strong momentum from the first half of the year, as it generated another quarter-over-quarter increase in portfolio cash flows. Our portfolio is doing what we designed it to do in a rising rate environment generate more cash for our investors. Given our continued confidence in the portfolio, we were pleased last week to again increase our regular common distribution, the monthly distribution and beginning in January 2024.
This time, we increased our monthly distribution by 11% to $0.20 per share per month. This is the highest monthly common distribution per share in our history. To share a few highlights from the quarter, net investment income was $0.51 per share, which is excluding $0.13 per share of non-recurring expenses. Our recurring cash flows were $7.1 million or $0.76 per share comfortably in excess of our regular common distributions and operating expenses, excluding non-recurring items. We paid three monthly common distributions of $0.16 per share during the third quarter and are paying three monthly common distributions of $0.18 per share in the fourth quarter. And as I just noticed, we declared another increase in our monthly common distributions to $0.20 per common share for the first quarter beginning in January.
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