Eagle Point Income Company Series C Preferred Boasts 8% Coupon and 285% Coverage Ratio, Poised for Early Refinancing
Eagle Point Income Company’s Series C Preferred shares carry an 8% coupon after refinancing that redeemed Series B and secured cheaper capital. With a 285% asset coverage ratio, expected rate cuts and a new Fed Chair in 2026, the fund likely will call or refinance Series C pre-2029.
1. EICC Series C Preferred Offers Attractive 8% Coupon and Strong Coverage
Eagle Point Income Company Inc. Series C Preferred shares stand out with an 8% coupon and a robust 285% asset coverage ratio following recent refinancing activity. Since redeeming its higher-cost Series B preferreds, EICC has demonstrated access to lower-cost funding, lowering its weighted average cost of capital. With Federal Reserve rate cuts anticipated in 2026 and a new Board Chair slated to assume office the same year, EICC’s management has signaled intent to call or refinance the Series C obligations well ahead of their 2029 maturity. Investors benefit from a combination of enhanced credit metrics and potential price appreciation should the call feature be exercised at a premium to current market levels.