Yahoo Finance Eagle Point Income Company Inc. (NYSE:EIC) Q4 2023 Earnings Call Transcript
Eagle Point Income Company Inc. (NYSE:EIC) Q4 2023 Earnings Call Transcript February 22, 2024
Eagle Point Income Company Inc. isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good morning, and welcome, everyone, to Eagle Point Income Company's Fourth Quarter Earnings Call. I will now turn the call over to Peter Sceusa at ICR. Please begin.
Peter Sceusa: Thank you, and good morning. As a reminder, before we begin our formal remarks, 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 Form N-CSR, our full year 2023 audited financial statements and our fourth quarter investor presentation with the Securities and Exchange Commission. The financial statements and our fourth quarter investor presentation are also available within the Investor Relations section of the company's website. The financial statements can be found by following the Financial Statements and Reports link, the investor presentation can be found by following the Presentations and Events link. I will now turn it over to Tom Majewski, Chairman and Chief Executive Officer of Eagle Point Income Company.
Tom Majewski: Thank you, Peter, and welcome, everyone, to Eagle Point Income Company's fourth 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'll refer to in a portion of my remarks. I'd like to start off by saying that the fourth quarter capped off a great 2023 for the company. We had another quarter-over-quarter increase in our portfolio cash flows, our NAV increased and our net investment income, again, comfortably exceeded the monthly common distributions that we paid. Frankly, our portfolio is doing exactly what it's designed to do in an elevated rate environment, generate more cash for our shareholders.
This all translates directly into strong returns for our shareholders. Our GAAP return on equity for 2023 was 25.93% and the total return on our common stock, assuming reinvestment of distributions, was 21.37% for the year, good returns by any measure. Given our confidence in our portfolio and our overall outlook, beginning last month, we increased our regular monthly common distribution by another 11% to $0.20 per share per month. This is the highest monthly common distribution per share in our history and represents our eighth increase since the beginning of 2021. Among our other highlights for the fourth quarter, our net investment income, less some de minimis realized capital losses, was $0.56 per share, which does exclude $0.02 per share of nonrecurring expenses related to excise tax estimates.
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