Eagle Point Credit : ECC Semiannual Report 1H23

Eagle Point Credit Company Inc.

Semiannual Report - June 30, 2023

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We believe our portfolio continues to have the potential for further meaningful upside. The weighted average expected yield of our CLO equity portfolio (excluding called CLOs), based on current market values and expected future cash flows, was 27.46% as of June 30, 2023 which we believe represents an attractive value. This compares to 27.86% as of December 31, 2022.

Loans had overall strong performance in the first six months of 2023, and our portfolio continued to perform as designed - generating strong and consistent cash flows. With our portfolio's long WARRP, we believe our portfolio of CLOs remains well positioned to capitalize on opportunities presented during periods of future market volatility.

We continue to prudently and actively manage the Company's capital structure while raising capital to take advantage of available investment opportunities. During the first half of 2023, the Company raised $70.9 million of additional common equity through our "at-the-market" ("ATM") program. The equity issuances were beneficial to the Company as common shares were issued at a premium to NAV, resulting in $0.17 per weighted average common share of NAV accretion. The net proceeds were utilized, among other things, to expand our investment portfolio. Thanks to our capital raising activity, we actively deployed $113.5 million into new CLO equity, CLO debt and other investments in the first half of 2023.

We continue to have no financing maturities prior to April 2028. All of our debt and preferred stock is fixed rate and we have no secured or "repo"-style financing. The weighted average maturity of our outstanding financing stood at 6.7 years3, and our weighted average cost of capital was only 6.18% as of June 30, 2023. We believe this attractive financing, which was put in place prudently over the past five years, couldn't be recreated in today's interest rate environment.

As of July 31, 2023, management's unaudited estimate of the range of the Company's NAV per common share was between $9.08 and $9.18. The midpoint of this range represents an increase of 4.7% compared to the NAV per common share as of June 30, 2023. As of July 31, 2023, we have over $83 million in cash available for investment.

Past performance is not indicative of, or a guarantee of, future performance.

Please see page 13 for endnotes.

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COMPANY OVERVIEW

Common Stock

The Company's common stock trades on the New York Stock Exchange ("NYSE") under the symbol "ECC." As of June 30, 2023, the NAV per share of the Company's common stock was $8.72. The trading price of our common stock may, and often does, differ from NAV per share. The closing price per share of our common stock was $10.16 on June 30, 2023, representing a 16.51% premium to NAV per share.4 For the six months ended June 30, 2023, the Company's non-annualized total return to common stockholders, on a market price basis and assuming reinvestment of distributions (including the special distribution paid in January 2023), was approximately 14.98%.5

From our IPO on October 7, 2014 through June 30, 2023, our common stock has traded on average at a 10.9% premium to NAV. As of July 31, 2023, the closing price per share of common stock was $10.36, a premium of 13.47% compared to the midpoint of management's unaudited and estimated NAV range of $9.08 to $9.18 as of July 31, 2023.

In connection with our ATM offering program, the Company sold 6.9 million shares of our common stock at a premium to NAV during the six months ended June 30, 2023 for total net proceeds to the Company of approximately $70.9 million. These sales resulted in $0.17 per weighted average common share of NAV accretion.

During the first half of 2023, the Company paid to common stockholders aggregate distributions totaling $1.40 per share of common stock, inclusive of a $0.50 per share special distribution in January. Through July 31, an investor who purchased common stock as part of our IPO at $20.00 per share has received total cash distributions of $19.19 per share since the IPO. A certain portion of these distributions was comprised of a return of capital as described at the time of the applicable distribution.6

For the quarters ended March 31, 2023 and June 30, 2023, the Company recorded net investment income ("NII"), less realized losses, of $0.32 and $0.05 per weighted average common share for each quarter, respectively. The second quarter realized losses were principally driven by the writedown of the amortized cost to fair value of certain late-in-life CLOs within our portfolio. There was little (if any) NAV impact from this realized loss as it had already been substantially reflected in NAV through unrealized depreciation in prior quarters. Excluding the writedown, our second quarter NII, less realized losses per weighted average common share, would have been $0.27.

Given the strength of the Company's 2022 performance, which led to an excess of estimated taxable income for the tax year ended November 30, 2022 over the aggregate amount distributed to common stockholders for the same time period, the Company was pleased to declare a

Past performance is not indicative of, or a guarantee of, future performance.

Please see page 13 for endnotes.

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