Eagle Point Income Company Inc.

Greetings and welcome to the Eagle Point Income Company's second quarter 2024 financial results conference. At this time, all participants are on a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Peter Scusa of ICR. Please go ahead.

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 followed our form NCSR Half-Year 2024 Financial Statements in our second quarter investor presentation with the Securities and Exchange Commission. The financial statements in our second 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, and the investor presentation can be found by following the presentations and events link. I will now turn the call over to Tom Majewski, Chairman and Chief Executive Officer of Eagle Point Income Company.

Thank you, Peter, and welcome everyone to Eagle Point Income Company's second 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. This presentation contains detailed information about the company and our investment portfolio. The company's strong momentum from the first quarter continued into the second quarter. We had yet another quarter-over-quarter increase in gross portfolio cash flows and We grew our NAV from the prior quarter end and continued to strengthen our balance sheet. Our portfolio, designed specifically for elevated rate environments, continues to generate robust cash flows. Among our highlights, recurring cash flows were again comfortably in excess of our regular common distributions and operating expenses. The company received recurring cash flows of $12.4 million, or 87 cents per share, during the quarter. This compares to cash flows in the prior quarter of $10.7 million, or $0.88 per share. A driver of the one-penny decline in the per share amount was that many of the securities we purchased during the quarter, using the preferred issuance proceeds and ATM proceeds, didn't make payments until the third quarter. The company generated net investment income plus realized gains, excluding non-recurring expenses related to our 8%, EREC term preferred offering in April of $0.54 per share. Similar to the first quarter, we played three monthly common distributions of $0.20 per share in the second quarter. Our NAV as of June 30th was $15.24, and that's an increase of about 1% from March 31st. We continue to strengthen our balance sheet. As I mentioned earlier, in April, we issued our Series C term preferred and received net proceeds of about $33.6 million during the second quarter. Through our At the Market program, or ATM, we issued approximately 2.7 million common shares at a premium to NAV, generating NAV accretion of $0.07 per share during the quarter. We also realized about 100,000 of additional proceeds from sales of Series B and Series C term preferred stock via the ATM. Daily average trading volume for our common stock continued to increase with volumes in the second quarter 15% higher than the first quarter and nearly quintupling the average trading volume on a year-over-year basis. We're very happy to see the increased volume for our shareholders. I'd quickly like to add some highlights before I turn the call over to Dan Coe for his market commentary. Subsequent to the end of the quarter, we declared monthly common distributions of 20 cents per share through the end of 2024. As of July 31st, we have over $41 million of cash and revolver borrowing capacity available to us, ample dry powder with which to invest and further expand our portfolio. All of our CLO BB coupons are in the double digits, with some CLO BBs having the potential to yield even more if the CLOs are called early. Further, the portfolio's CLO equity exposure continues to further enhance our portfolio's earnings ability. You've heard us reiterate our long-term focus as investors. We remain consistent in our approach to construct a portfolio to weather any economic cycle and believe the portfolio is strongly positioned for continued performance. For additional commentary on the overall market and our recent portfolio activity, I'd like to turn the call over to Senior Principal and Portfolio Manager Dan Coe.