The Eagle Point Income Company (EIC) killed it today with a 6.5% jump on the back of a big rise in the monthly NAV (the fund only provides NAVs on a monthly basis).
The market reaction tells us that the vast majority of investors didn’t have much of a clue of where the NAV of the fund was. Not us. By calculating daily estimates we had a good gauge of the fund’s value. On the day of the release we estimated the NAV to be $16.22 versus the official $16.05. Not bad.
The chart, which we update daily, showed clearly how attractive the fund’s discount was. And now the market agrees.
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