EIC - Eagle Point Income Issues 3rd Term Preferred Stock
2024-05-08 09:00:00 ET
Summary
- This article discusses three Term Preferreds issued by Eagle Point Income Company, focusing on their investment objectives and portfolio composition.
- Eagle Point Income Management is the advisor for EIC, which has over $9 billion in assets under management.
- The three Term Preferreds have a high likelihood of repayment and offer yields and YTC that can be compared to a 15+% yield for common stockholders.
- While all rate a Buy, my preference is EICC as it has the longest Call protection and maturity length.
Introduction
After a series of articles on preferred stocks that reviewed numerous issuers and both fixed- and floating-rate choices, I thought some attention to fixed income options with maturity dates should be back on my radar as I have several that mature this year that will need to be replaced on my fixed-income ladder. This article covers three Term Preferreds issued by Eagle Point Income Company ( EIC ), of which I own one already, the Eagle Point Income Company Inc. CAL NT 26 ( EICA ). The other two are:
- Eagle Point Income Company Inc. NT 7.75% 28 ( EICB )
- Eagle Point Income Company Inc. NT 29 ( EICC ), which is the newest one