Eagle Point Income Company Inc. Announces Increase In Common Stock Distributions For First Quarter 2024 From $0.18 To $0.20 Per Share
Eagle Point Income Company Inc. (the "Company") (NYSE:EIC, EICA, EICB))))) today is pleased to announce the declaration of distributions on shares of the Company's common stock.
The Company has declared three separate distributions of $0.20 per share on its common stock payable on each of January 31, 2024, February 29, 2024 and March 28, 2024 to stockholders of record as of January 11, 2024, February 9, 2024 and March 8, 2024, respectively. This reflects an increase of 11% from the monthly distributions during the fourth quarter of 2023.
The following schedule applies to the distributions:
| Record Date | Payable Date | Amount per common share |
| January 11, 2024 | January 31, 2024 | $0.20 |
| February 9, 2024 | February 29, 2024 | $0.20 |
| March 8, 2024 | March 28, 2024 | $0.20 |
Distributions on common stock are generally paid from net investment income (regular interest and dividends) and may also include capital gains and/or a return of capital. The specific tax characteristics of the distributions will be reported to the Company's stockholders on Form 1099 after the end of the 2024 calendar year.
"Given our sustained confidence in the Company's outlook we are delighted to increase our monthly common distribution by 11% to $0.20 per common share," said Thomas P. Majewski, Chairman and Chief Executive Officer. "This is our eighth increase in common distributions since the end of 2020 and the highest monthly common distribution in the Company's history."
"The Company's prudently constructed portfolio was designed to generate robust cash flows in elevated rate environments," added Daniel Ko, Senior Principal and Portfolio Manager.
The Company is also pleased to announce the declaration of distributions on shares of the Company's 5.00% Series A Term Preferred Stock due 2026 (the "Series A Term Preferred Stock") and the Company's 7.75% Series B Term Preferred Stock due 2028 (the "Series B Term Preferred Stock") as follows:
| Preferred Stock Type | Amount per Share of Preferred Stock | Record Dates | Payable Dates |
| 5.00% Series A Term Preferred Stock due 2026 | $0.104167 | January 11, 2024, February 9, 2024, March 8, 2024 | January 31, 2024, February 29, 2024, March 28, 2024 |
| 7.75% Series B Term Preferred Stock due 2028 | $0.161459 | January 11, 2024, February 9, 2024, March 8, 2024 | January 31, 2024, February 29, 2024, March 28, 2024 |
The distributions on the Series A Term Preferred Stock reflect an annual distribution rate of 5.00% of the $25 liquidation preference per share of the Series A Term Preferred Stock. The distributions on the Series B Term Preferred Stock reflect an annual distribution rate of 7.75% of the $25 liquidation preference per share of the Series B Term Preferred Stock.