Eagle Point Income (EIC) said Monday it launched a continuous public offering of up to 4 million shares of its 6% series AA and AB convertible perpetual preferred stock at $25 per share, for net proceeds of about $91 million.

The preferred shares pay a 6% annual dividend monthly, carry a BBB rating from Egan-Jones Ratings, and are convertible into Eagle Point Income common stock or cash, the company said.

Price: 9.55, Change: +0.01, Percent Change: +0.10