Eagle Point Income Company (EIC) has released their monthly update.
The company which is a CLO (Collateralized Loan Obligation) owner is geared to owning the less risky part of the CLO tranches–mostly debt tranches (instead of the riskier equity tranchs) has 1 income issue outstanding–the 5% EICA term preferred issue which is trading at $22.42 for a current yield of 5.58% and a yield to maturity (in 2026) of around 8%.
Tim,
Are you sure that Eagle Point Income Company (EPIC) is geared towards owning mostly the credit portion instead of the riskier equity portion. EPIC’s most recent balance sheet doesn’t appear to support that claim. See https://www.sec.gov/Archives/edgar/data/1754836/000110465922091535/tm2223389d1_ncsrs.htm
The update that you attached does claim that EPIC has about 97% indirect exposure to senior secured loans- though indirect exposure strikes me as very murky, and I’m not certain what legal protections come with indirect exposure- as always I willing to be educated.
I love what you do here.
Thanks
Mark
Tim, I believe EICA is priced incorrectly on your preferred list.
Thanks for your excellent resource.
Jim
Thanks Jim—I checked all the various spreadsheets (it is on 5 of them) and there was 1 incorrect which I fixed. Thanks for the heads up.
And you are most welcome.