NYSE:EIC Eagle Point Income Q1 2023 Earnings Report $13.98 -0.03 (-0.21%) As of 11:26 AM Eastern This is a fair market value price provided by Polygon.io. Learn more. Earnings HistoryForecast Eagle Point Income EPS ResultsActual EPS$0.49Consensus EPS N/ABeat/MissN/AOne Year Ago EPSN/AEagle Point Income Revenue ResultsActual Revenue$5.50 millionExpected RevenueN/ABeat/MissN/AYoY Revenue GrowthN/AEagle Point Income Announcement DetailsQuarterQ1 2023Date5/23/2023TimeN/AConference Call DateTuesday, May 23, 2023Conference Call Time11:30AM ETUpcoming EarningsEagle Point Income's Q1 2025 earnings is scheduled for Monday, May 19, 2025, with a conference call scheduled on Tuesday, May 20, 2025 at 11:30 AM ET. Check back for transcripts, audio, and key financial metrics as they become available.Conference Call ResourcesConference Call AudioConference Call TranscriptSlide DeckPress Release (8-K)Earnings HistoryCompany ProfileSlide DeckFull Screen Slide DeckPowered by Eagle Point Income Q1 2023 Earnings Call TranscriptProvided by QuartrMay 23, 2023 ShareLink copied to clipboard.There are 5 speakers on the call. Operator00:00:00Greetings, and welcome to Eagle Point Income Company First Quarter 2023 Financial Results Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Garrett Edson of ICR. Operator00:00:27Thank you. You may begin. Speaker 100:00:29Thank you, Doug, and good morning. Before we begin our formal remarks, we need to remind everyone that the discussed on 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 This 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. Speaker 100:01:15Earlier today, we filed our Q1 2023 financial statements in our Q1 investor presentation with Securities and Exchange Commission. Financial statements and our Q1 investor presentation are also available within the Investor Relations section of the company's website. Financial statements can be found by following the I would now like to introduce Tom Majewski, Chairman and Chief Executive Officer of Eagle Point Income Company. Speaker 200:01:44Thank you, Garrett, and welcome everyone to Eagle Point Income Company's 1st 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. I'll refer to this presentation during a portion of my remarks. Despite the turmoil in the banking world, the company did very well during the Q1. Speaker 200:02:10EIC's investment portfolio generated increased cash flows, Thanks to the rising rate environment and the floating rate nature of our CLO Junior Debt. In the Q1, NII was above our increased monthly Given rates are still elevated and will likely remain so for the near future, We believe our portfolio remains very well positioned to continue generating significant income and cash flow for the benefit of our investors. To share a few highlights from the quarter, net investment income was $0.49 per common share, exceeding our newly Regular level of common distributions, our recurring cash flows were $5,600,000 or $0.67 per common share In excess of our regular common distributions and expenses, our NAV as of March 31 was $13.20 per share, An increase of 2.2 percent from year end 2020. Our NAV midpoint as of April 30, which is an estimate, was Essentially unchanged from that March 31 figure. We paid 3 monthly common distributions at our new level of $0.16 per share and have declared monthly common distributions of $0.16 per share through September 2023. Speaker 200:03:28This monthly distribution rate reflects a 14% increase from our distribution rate in the Q4. We also opportunistically raised capital through our at the market and committed equity programs, Issuing over 500,000 common shares at a premium to NAV, generating NAV accretion of $0.05 per share during the quarter. These sales generated net proceeds of approximately $7,400,000 during the Q1. We also continue to raise capital selectively during the Q2. April cash flows were further favorably impacted by increases in LIBOR and SOFR. Speaker 200:04:06As clearly evident, our portfolio continues to benefit from the floating rate nature of CLOs given that 100 percent of our CLO debt investments are In fact, many CLO BB yields are now comfortably into the double digits, with some CLOs yielding north of 20% In an early call scenario, as long term focused investors, we seek to construct our portfolio to manage through periods of dislocation And our consistently strong performance with respect to cash flow and income is validation that we're executing on that playbook. We also continue to seek to lengthen the weighted average remaining reinvestment periods of our CLO debt and equity portfolios through vintage diversification. We continue to have a significant amount of dry powder available on our revolver where we see investment opportunities. We're excited for our portfolio's potential for the remainder of 2023 and beyond. For additional commentary on the overall markets and recent portfolio activity, I'd like to turn the call over to one of Eagle Point's Senior Principal and our Portfolio Manager, Dan Coe. Speaker 300:05:09Thank you, Tom. Despite the turmoil related to regional banks and the general macro uncertainty, it remains an exciting time to be investing in CLOs, especially at the junior debt and equity portion of the capital structure. While we saw overall liquidity affected in the markets, we've not seen much of an impact with respect to Credit expense. Loans and CLOs continue to have little to no direct exposure to the regional banks in the news. This allowed our CLO collateral managers to build par through relative value swaps or by reinvesting prepayments. Speaker 300:05:42With nearly all loans continuing to trade below par, repricing activity is effectively non existent, rather we've seen refinancing activity pick up. CFOs and many loan issuers have sought to refinance their 2024 2025 loan maturities despite the lower spreads they have locked in currently. In order to extend the runway on their financing, loan issuers have offered lenders higher spreads along with OID, which ultimately benefits the CLO par build and excess spread. The floating rate asset class is one of the most resilient asset classes in existence. Indeed, the Credit Suisse Leveraged Loan Index has posted a 3.11% gain for the Q1 and its positive momentum continued further into April. Speaker 300:06:28While it's still early in the year, it is a good sign that 2023 may follow precedent whereby a down year in terms of performance was followed by a Strong rebound the next year. This is a testament to the robust nature of the loan asset class. In the CLO market, we saw $34,000,000,000 of NuVishu CLOs in the Q1 of 2023, a strong start to the year, especially considering the volatility in the broader economy. We believe a significant majority of this volume was backed by captive CLO funds, which are generally far less return sensitive. CLO refinancing and reset activity has been negligible as CLO financing spreads have widened. Speaker 300:07:08As expected, we began to see defaults gradually rise during the Q1. There were a total of 10 defaults in the Q1. As a result, the trailing 12 month default rate stood at 1.32% as of March 31, up from year end 2022, but still well below the Given the volatility with respect to regional banks and the overall macro economy, Most bank research desks now expect defaults to end up around 3% by the end of 2023 due to the higher rate environment and certain stress companies inability to access the capital markets. That said, we continue to believe our portfolio is well positioned for environments like these. No asset in our portfolio is on non accrual and we currently don't foresee any issues with securities in our portfolio this year. Speaker 300:07:58As we noted on our prior call, CLO BB Debt has withstood multiple economic downturns in the past, experiencing very low long term default rates. We believe it would take a significant amount of loan defaults, well above the historic average for EIC to be materially impacted by a default wave. While past performance is obviously not a guarantee of future results, we believe the performance of our portfolio over the past couple of years has demonstrated The resilience of the company's investment strategy. We are currently in a strong position with plenty of dry powder to deploy into new investments via our revolver capacity. Given the uncertainty ahead, we will remain highly selective when evaluating investment opportunities, which we ultimately believe will lead to attractive risk With that, I will now turn the call over to our advisors' Chief Accounting Officer, Leena Umnova. Speaker 400:08:51Thanks, Dan. For the Q1, the company recorded net investment income or NII of $4,100,000 or $0.49 per This is consistent with NII of $0.49 per share recorded for the Q4 of 2022 And compares favorably to NII and realized gains of $0.33 per share for the quarter ended March 31, 2020 When unrealized portfolio appreciation is included, the company recorded GAAP net income of $4,600,000 or 0.56 The company's Q1 net income was comprised of total investment income of 5,500,000 unrealized appreciation of investments of $1,200,000 partially offset by net unrealized appreciation on certain liabilities held at fair value of $700,000 and financing costs and operating expenses of $1,400,000 During the Q1, we paid 3 monthly distributions of $0.16 per share and declared additional monthly distribution of $0.16 per share through September 2023. As of March 31, the company had outstanding borrowings from the revolving credit Facility and preferred equity, which totaled 27% of total assets less current liabilities. This is within our long term target leverage ratio range of 25% to 35%, at which we expect to operate the company under normal market conditions. The company's asset coverage ratios at the quarter end for preferred stock and the credit facility calculated in accordance with Investment Company requirements were 366% and 5,155%, respectively. Speaker 400:10:41These measures are comfortably above the statutory requirements of 200% 300%. As of March month end, the company's net assets value was $111,000,000 or $13.20 per share, a 2.2% increase from the year end 2022. Moving on to our portfolio activity in the Q2 through April month end, The company received recurring cash flows on its investment portfolio of $6,600,000 This reflects an increase of 19% from the Q1. Note that some of the company's investments are still expected to make payments later in the quarter. As of April month end, net of pending investment transactions, The company has over $23,000,000 of cash and revolver capacity available for investments. Speaker 400:11:30Management's unaudited The estimate of the company NAV as of April month end was between $13.11 $13.21 per share. I will now turn the call back over to Tom. Speaker 200:11:43Great. Thank you, Lino. It was definitely another very strong quarter for EIC and the rising rate environment has helped us Continue to grow and maintain NII at a high level. Loans continue to meaninglessly outperform nearly all other risk classes Attributable to the senior secured nature of their structure as well as their floating rates. Our portfolio As well as the right side of our balance sheet, we're intentionally designed for markets like these and this is clearly benefiting our shareholders through increasing cash distributions. Speaker 200:12:16The three attributes as to why we remain excited to be managing a BB rated CLO debt focused fund continue to ring true today As they did back at our IPO a bunch of years ago. The potential for low credit expense as reflected The low default rates of BB rated CLO debt over the last 20 plus years, the potential for high returns compared to similarly rated corporate securities And the benefits of BB rated CLO debt in markets with high interest rates. Along with the locked in nature of the CLO financing that is longer than its assets, We remain very confident that EIC is well positioned to generate compelling risk adjusted returns for our shareholders. We thank you for your time and interest in Eagle Point Credit Company Eagle Point Income Company. Lena, Dan and I will now open the call to your questions. Operator00:13:08Thank you. Ladies and gentlemen, at this time, we will be conducting a question and answer There are no questions in the queue at this time. I'd like to turn the call back to Thomas Majewski for closing remarks. Speaker 200:14:03Great. Thank you very much for your time and interest in Eagle Point Income Company. Dan, Lina and I will be available later today should anyone have any follow-up questions. Thank Operator00:14:13you. Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation.Read morePowered by Conference Call Audio Live Call not available Earnings Conference CallEagle Point Income Q1 202300:00 / 00:00Speed:1x1.25x1.5x2x Earnings DocumentsSlide DeckPress Release(8-K) Eagle Point Income Earnings HeadlinesB. Riley Forecasts Lower Earnings for Eagle Point IncomeApril 25 at 2:35 AM | americanbankingnews.comEagle Point Income Company: Assessing Yield SustainabilityApril 3, 2025 | seekingalpha.comCrypto’s crashing…but we’re still profitingMost traders are panicking right now. Bitcoin’s dropping. Altcoins are bleeding. The stock market’s a mess. The news is screaming fear. But while most traders watch their portfolios tank…April 25, 2025 | Crypto Swap Profits (Ad)Eagle Point Income: CLO Funds Are Still On The MenuMarch 26, 2025 | seekingalpha.comEIC Stock: A Monthly Dividend Company with Big Insider OwnershipMarch 5, 2025 | incomeinvestors.comQ4 2024 Eagle Point Income Company Inc Earnings CallFebruary 21, 2025 | finance.yahoo.comSee More Eagle Point Income Headlines Get Earnings Announcements in your inboxWant to stay updated on the latest earnings announcements and upcoming reports for companies like Eagle Point Income? Sign up for Earnings360's daily newsletter to receive timely earnings updates on Eagle Point Income and other key companies, straight to your email. Email Address About Eagle Point IncomeAbout Eagle Point Income (NYSE:EIC) Company is a non-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 20% of its total assets (at the time of investment) in CLO equity securities and related securities and instruments. The Company is externally managed and advised by Eagle Point Income Management LLC.View Eagle Point Income ProfileRead more More Earnings Resources from MarketBeat Earnings Tools Today's Earnings Tomorrow's Earnings Next Week's Earnings Upcoming Earnings Calls Earnings Newsletter Earnings Call Transcripts Earnings Beats & Misses Corporate Guidance Earnings Screener Earnings By Country U.S. Earnings Reports Canadian Earnings Reports U.K. Earnings Reports Latest Articles Market Anticipation Builds: Joby Stock Climbs Ahead of EarningsIs Intuitive Surgical a Buy After Volatile Reaction to Earnings?Seismic Shift at Intel: Massive Layoffs Precede Crucial EarningsRocket Lab Lands New Contract, Builds Momentum Ahead of EarningsAmazon's Earnings Could Fuel a Rapid Breakout Tesla Earnings Miss, But Musk Refocuses and Bulls ReactQualcomm’s Range Narrows Ahead of Earnings as Bulls Step In Upcoming Earnings Cadence Design Systems (4/28/2025)Welltower (4/28/2025)Waste Management (4/28/2025)AstraZeneca (4/29/2025)Booking (4/29/2025)DoorDash (4/29/2025)Honeywell International (4/29/2025)Mondelez International (4/29/2025)PayPal (4/29/2025)Regeneron Pharmaceuticals (4/29/2025) Get 30 Days of MarketBeat All Access for Free Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools. 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There are 5 speakers on the call. Operator00:00:00Greetings, and welcome to Eagle Point Income Company First Quarter 2023 Financial Results Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Garrett Edson of ICR. Operator00:00:27Thank you. You may begin. Speaker 100:00:29Thank you, Doug, and good morning. Before we begin our formal remarks, we need to remind everyone that the discussed on 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 This 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. Speaker 100:01:15Earlier today, we filed our Q1 2023 financial statements in our Q1 investor presentation with Securities and Exchange Commission. Financial statements and our Q1 investor presentation are also available within the Investor Relations section of the company's website. Financial statements can be found by following the I would now like to introduce Tom Majewski, Chairman and Chief Executive Officer of Eagle Point Income Company. Speaker 200:01:44Thank you, Garrett, and welcome everyone to Eagle Point Income Company's 1st 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. I'll refer to this presentation during a portion of my remarks. Despite the turmoil in the banking world, the company did very well during the Q1. Speaker 200:02:10EIC's investment portfolio generated increased cash flows, Thanks to the rising rate environment and the floating rate nature of our CLO Junior Debt. In the Q1, NII was above our increased monthly Given rates are still elevated and will likely remain so for the near future, We believe our portfolio remains very well positioned to continue generating significant income and cash flow for the benefit of our investors. To share a few highlights from the quarter, net investment income was $0.49 per common share, exceeding our newly Regular level of common distributions, our recurring cash flows were $5,600,000 or $0.67 per common share In excess of our regular common distributions and expenses, our NAV as of March 31 was $13.20 per share, An increase of 2.2 percent from year end 2020. Our NAV midpoint as of April 30, which is an estimate, was Essentially unchanged from that March 31 figure. We paid 3 monthly common distributions at our new level of $0.16 per share and have declared monthly common distributions of $0.16 per share through September 2023. Speaker 200:03:28This monthly distribution rate reflects a 14% increase from our distribution rate in the Q4. We also opportunistically raised capital through our at the market and committed equity programs, Issuing over 500,000 common shares at a premium to NAV, generating NAV accretion of $0.05 per share during the quarter. These sales generated net proceeds of approximately $7,400,000 during the Q1. We also continue to raise capital selectively during the Q2. April cash flows were further favorably impacted by increases in LIBOR and SOFR. Speaker 200:04:06As clearly evident, our portfolio continues to benefit from the floating rate nature of CLOs given that 100 percent of our CLO debt investments are In fact, many CLO BB yields are now comfortably into the double digits, with some CLOs yielding north of 20% In an early call scenario, as long term focused investors, we seek to construct our portfolio to manage through periods of dislocation And our consistently strong performance with respect to cash flow and income is validation that we're executing on that playbook. We also continue to seek to lengthen the weighted average remaining reinvestment periods of our CLO debt and equity portfolios through vintage diversification. We continue to have a significant amount of dry powder available on our revolver where we see investment opportunities. We're excited for our portfolio's potential for the remainder of 2023 and beyond. For additional commentary on the overall markets and recent portfolio activity, I'd like to turn the call over to one of Eagle Point's Senior Principal and our Portfolio Manager, Dan Coe. Speaker 300:05:09Thank you, Tom. Despite the turmoil related to regional banks and the general macro uncertainty, it remains an exciting time to be investing in CLOs, especially at the junior debt and equity portion of the capital structure. While we saw overall liquidity affected in the markets, we've not seen much of an impact with respect to Credit expense. Loans and CLOs continue to have little to no direct exposure to the regional banks in the news. This allowed our CLO collateral managers to build par through relative value swaps or by reinvesting prepayments. Speaker 300:05:42With nearly all loans continuing to trade below par, repricing activity is effectively non existent, rather we've seen refinancing activity pick up. CFOs and many loan issuers have sought to refinance their 2024 2025 loan maturities despite the lower spreads they have locked in currently. In order to extend the runway on their financing, loan issuers have offered lenders higher spreads along with OID, which ultimately benefits the CLO par build and excess spread. The floating rate asset class is one of the most resilient asset classes in existence. Indeed, the Credit Suisse Leveraged Loan Index has posted a 3.11% gain for the Q1 and its positive momentum continued further into April. Speaker 300:06:28While it's still early in the year, it is a good sign that 2023 may follow precedent whereby a down year in terms of performance was followed by a Strong rebound the next year. This is a testament to the robust nature of the loan asset class. In the CLO market, we saw $34,000,000,000 of NuVishu CLOs in the Q1 of 2023, a strong start to the year, especially considering the volatility in the broader economy. We believe a significant majority of this volume was backed by captive CLO funds, which are generally far less return sensitive. CLO refinancing and reset activity has been negligible as CLO financing spreads have widened. Speaker 300:07:08As expected, we began to see defaults gradually rise during the Q1. There were a total of 10 defaults in the Q1. As a result, the trailing 12 month default rate stood at 1.32% as of March 31, up from year end 2022, but still well below the Given the volatility with respect to regional banks and the overall macro economy, Most bank research desks now expect defaults to end up around 3% by the end of 2023 due to the higher rate environment and certain stress companies inability to access the capital markets. That said, we continue to believe our portfolio is well positioned for environments like these. No asset in our portfolio is on non accrual and we currently don't foresee any issues with securities in our portfolio this year. Speaker 300:07:58As we noted on our prior call, CLO BB Debt has withstood multiple economic downturns in the past, experiencing very low long term default rates. We believe it would take a significant amount of loan defaults, well above the historic average for EIC to be materially impacted by a default wave. While past performance is obviously not a guarantee of future results, we believe the performance of our portfolio over the past couple of years has demonstrated The resilience of the company's investment strategy. We are currently in a strong position with plenty of dry powder to deploy into new investments via our revolver capacity. Given the uncertainty ahead, we will remain highly selective when evaluating investment opportunities, which we ultimately believe will lead to attractive risk With that, I will now turn the call over to our advisors' Chief Accounting Officer, Leena Umnova. Speaker 400:08:51Thanks, Dan. For the Q1, the company recorded net investment income or NII of $4,100,000 or $0.49 per This is consistent with NII of $0.49 per share recorded for the Q4 of 2022 And compares favorably to NII and realized gains of $0.33 per share for the quarter ended March 31, 2020 When unrealized portfolio appreciation is included, the company recorded GAAP net income of $4,600,000 or 0.56 The company's Q1 net income was comprised of total investment income of 5,500,000 unrealized appreciation of investments of $1,200,000 partially offset by net unrealized appreciation on certain liabilities held at fair value of $700,000 and financing costs and operating expenses of $1,400,000 During the Q1, we paid 3 monthly distributions of $0.16 per share and declared additional monthly distribution of $0.16 per share through September 2023. As of March 31, the company had outstanding borrowings from the revolving credit Facility and preferred equity, which totaled 27% of total assets less current liabilities. This is within our long term target leverage ratio range of 25% to 35%, at which we expect to operate the company under normal market conditions. The company's asset coverage ratios at the quarter end for preferred stock and the credit facility calculated in accordance with Investment Company requirements were 366% and 5,155%, respectively. Speaker 400:10:41These measures are comfortably above the statutory requirements of 200% 300%. As of March month end, the company's net assets value was $111,000,000 or $13.20 per share, a 2.2% increase from the year end 2022. Moving on to our portfolio activity in the Q2 through April month end, The company received recurring cash flows on its investment portfolio of $6,600,000 This reflects an increase of 19% from the Q1. Note that some of the company's investments are still expected to make payments later in the quarter. As of April month end, net of pending investment transactions, The company has over $23,000,000 of cash and revolver capacity available for investments. Speaker 400:11:30Management's unaudited The estimate of the company NAV as of April month end was between $13.11 $13.21 per share. I will now turn the call back over to Tom. Speaker 200:11:43Great. Thank you, Lino. It was definitely another very strong quarter for EIC and the rising rate environment has helped us Continue to grow and maintain NII at a high level. Loans continue to meaninglessly outperform nearly all other risk classes Attributable to the senior secured nature of their structure as well as their floating rates. Our portfolio As well as the right side of our balance sheet, we're intentionally designed for markets like these and this is clearly benefiting our shareholders through increasing cash distributions. Speaker 200:12:16The three attributes as to why we remain excited to be managing a BB rated CLO debt focused fund continue to ring true today As they did back at our IPO a bunch of years ago. The potential for low credit expense as reflected The low default rates of BB rated CLO debt over the last 20 plus years, the potential for high returns compared to similarly rated corporate securities And the benefits of BB rated CLO debt in markets with high interest rates. Along with the locked in nature of the CLO financing that is longer than its assets, We remain very confident that EIC is well positioned to generate compelling risk adjusted returns for our shareholders. We thank you for your time and interest in Eagle Point Credit Company Eagle Point Income Company. Lena, Dan and I will now open the call to your questions. Operator00:13:08Thank you. Ladies and gentlemen, at this time, we will be conducting a question and answer There are no questions in the queue at this time. I'd like to turn the call back to Thomas Majewski for closing remarks. Speaker 200:14:03Great. Thank you very much for your time and interest in Eagle Point Income Company. Dan, Lina and I will be available later today should anyone have any follow-up questions. Thank Operator00:14:13you. Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation.Read morePowered by