Solid Performance in Second Quarter
The portfolio delivered strong cash flow from investments and investment income, generating net investment income and realized gains of $0.39 per share. The company achieved a non-annualized GAAP return of 3.5%.
Opportunistic Investments
Eagle Point Income Company deployed $40 million into attractive investments, particularly in discounted CLO debt and equity, capitalizing on market-wide price dislocation.
Successful Stock Repurchase Program
The company announced a $50 million share repurchase program, repurchasing $6.5 million of common stock at an average discount to NAV of 6.4%, resulting in NAV accretion of $0.02 per share.
Strong Liquidity Position
As of June 30, the company had over $20 million of cash and undrawn revolver capacity available for investment and common stock repurchases.
Improved Market Conditions
The S&P UBS Leveraged Loan Index had a total return of 2.3% during the second quarter, with continued strong performance through July.