Slides
Page 1
1 Eagle Point Credit Company QUARTERLY UPDATE – Q2 2025 August 12, 2025
Page 2
2 “Eagle Point” and “Eagle Point Credit” are registered trademarks of Eagle Point Credit Management LLC. © 2025. Eagle Point Credit Management LLC. All Rights Reserved. Important Information This presentation and the information and views included herein do not constitute investment advice, or a recommendation or an offer to enter into any transaction with Eagle Point Credit Company Inc. (“ECC” or the “Company”) or any of its affiliates. This presentation is provided for informational purposes only, does not constitute an offer to sell securities of the Company or a solicitation of an offer to purchase any such securities, and is not a prospectus. From time to time, the Company may have a registration statement relating to one or more of its securities on file with the Securities and Exchange Commission (“SEC”). Any registration statement that has not yet been declared effective by the SEC, and any prospectus relating thereto, is not complete and may be changed. Any securities that are the subject of such a registration statement may not be sold until the registration statement filed with the SEC is effective. This presentation is solely for the use of the intended recipient(s). The information and its contents are the property of Eagle Point Credit Management LLC (the “Adviser”) and/or the Company. Any unauthorized dissemination, copying or use of this presentation is strictly prohibited and may be in violation of law. Investors should read the Company’s prospectus and SEC filings (which are publicly available on the EDGAR Database on the SEC website at http://www.sec.gov) carefully and consider their investment goals, time horizons and risk tolerance before investing in the Company. Investors should consider the Company’s investment objectives, risks, charges and expenses carefully before investing in securities of the Company as described in the prospectus. There is no guarantee that any of the goals, targets or objectives described in this presentation will be achieved. An investment in the Company is not appropriate for all investors. The investment program of the Company is speculative, entails substantial risk and includes investment techniques not employed by traditional mutual funds. An investment in the Company is not intended to be a complete investment program. Shares of closed-end investment companies, such as the Company, frequently trade at a discount from their net asset value (“NAV”), which may increase investors’ risk of loss. Past performance is not indicative of, or a guarantee of, future performance. The performance and certain other portfolio information quoted herein represents information as of dates noted herein. Nothing herein shall be relied upon as a representation as to the future performance or portfolio holdings of the Company. Investment return and principal value of an investment will fluctuate, and shares, when sold, may be worth more or less than their original cost. The Company’s performance is subject to change since the end of the period noted in this report and may be lower or higher than the performance data shown herein. Neither the Adviser nor the Company provides legal, accounting or tax advice. Any statement regarding such matters is explanatory and may not be relied upon as advice. Investors should consult with their legal, accounting and tax advisers regarding any potential investment. The information presented herein is as of the dates noted and is derived from financial and other information of the Company, and, in certain cases, from third party sources and reports (including reports of third party custodians, collateralized loan obligation (CLO) collateral managers and trustees) that have not been independently verified by the Company. As noted herein, certain of this information is estimated and unaudited, and therefore subject to change. The Company does not represent that such information is accurate or complete, and it should not be relied upon as such. This report does not purport to be complete and no obligation to update or revise any information herein is being assumed. Information contained on our website is not incorporated by reference into this report and you should not consider information contained on our website to be part of this report or any other report we file with the SEC. ABOUT EAGLE POINT CREDIT COMPANY The Company is a non-diversified, closed-end management investment company. The Company’s primary investment objective is to generate high current income, with a secondary objective to generate capital appreciation. The Company seeks to achieve its investment objectives by investing primarily in equity and junior debt tranches of CLOs. The Company is externally managed and advised by Eagle Point Credit Management LLC. The Company makes certain unaudited portfolio information available each month on its website in addition to making certain other unaudited financial information available on its website (www.eaglepointcreditcompany.com). This information includes (1) an estimated range of the Company’s net investment income (“NII”) and realized capital gains or losses per share of common stock for each calendar quarter end, generally made available within the first fifteen days after the applicable calendar month end, (2) an estimated range of the Company’s NAV per share of common stock for the prior month end and certain additional portfolio-level information, generally made available within the first fifteen days after the applicable calendar month end, and (3) during the latter part of each month, an updated estimate of NAV, if applicable, and, with respect to each calendar quarter end, an updated estimate of the Company’s NII and realized capital gains or losses per share for the applicable quarter. FORWARD-LOOKING STATEMENTS These materials may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this presentation may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the prospectus and the Company’s other filings with the SEC. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this presentation.
Page 3
3 Table of Contents 1. Introduction to Eagle Point Credit Company (ECC) 2. CLO Equity Overview 3. ECC Supplemental Information 4. Selected Market Data 5. Appendix: Endnotes
Page 4
4 Introduction to Eagle Point Credit Company (ECC)
Page 5
5 See the slide titled “Introduction to Eagle Point Credit Company (ECC)” in the Appendix: Endnotes section of this presentation for footnotes. Introduction to ECC Company and Adviser Overview The Company: Eagle Point Credit Company Inc. (ECC) History Eagle Point Credit Management LLC (“Eagle Point” or the “Adviser”) was formed in 2012 by Thomas Majewski and Stone Point Capital Eagle Point is headquartered in Greenwich, CT and has 111 professionals3 Assets Under Management Over $12 billion AUM across the Eagle Point platform on behalf of institutional, high net worth and retail investors 4 IPO Date October 7, 2014 Primary Investment Objective To generate high current income by investing primarily in equity and junior debt tranches of collateralized loan obligations, or “CLOs” Total Market Capitalization $1,409.3 million1 Distributions Monthly distribution of $0.14 per share of common stock beginning in January 2025 (distribution rate of 24.4%) 2 $22.75 cumulative common distributions per share since IPO2 The Adviser: Eagle Point Credit Management LLC
Page 6
6 Past performance is not indicative of, or a guarantee of, future performance. See Important Information on page 2. See the slide titled “Introduction to Eagle Point Credit Company (ECC)” in the Appendix: Endnotes section of this presentation for footnotes. Introduction to ECC ECC Highlights CLO Equity is an Attractive Asset Class The S&P UBS Leveraged Loan Index has generated positive total returns in 30 of the past 33 full calendar years5 Eagle Point believes CLO equity provides an attractive way to obtain exposure to senior secured loans Specialized Investment Team Eagle Point is focused on CLO securities and related investments (as well as other income-oriented investments) Each member of the Senior Investment Team is a CLO industry specialist who has been directly involved in the CLO market for the majority of their career Differentiated Investment Strategy and Process The Company pursues a differentiated private equity style investment approach focused on proactively sourcing investment opportunities in CLO equity, seeking to take significant stakes and to influence key terms and conditions Alignment of Interests Adviser and Senior Investment Team have approximately $10.8 million invested in securities issued by the Company 6
Page 7
7 Note: Reflects the Adviser's current opinions and investment process only, which are subject to change without notice. There is no assurance that the Company will achieve its objectives or that the Adviser's investment process will achieve its desired results Eagle Point employs a process that we believe is more akin to a private equity-style investment approach than the typical process used by many investors in fixed income securities Introduction to ECC Private Equity Approach to Fixed Income Investing Investment Strategy and Process Proactive sourcing of investment opportunities Utilization of our methodical and rigorous investment analysis and due diligence process Involvement at the CLO formation and structuring stage enables us to influence the key terms and conditions of the investment for significant primary market investments Ongoing monitoring and diligence Objective of the Process Outperformance relative to the CLO market – In the primary market, Eagle Point seeks to invest in CLO securities that have the potential to outperform other similar CLO securities issued within the respective vintage period
Page 8
8 29 Years of Experience Direct experience financing and advising asset managers and funds dating back to the 1990s Portfolio Manager for the Defensive Income Strategy Former Investment Analyst at the 1199SEIU Pension responsible for the private equity, real estate and special opportunities credit portfolios Credit trained in 1996 at Chase Manhattan Bank Introduction to ECC Senior Investment Team 19 Years of Experience Direct experience in fixed income markets dating back to 2006 Portfolio Manager for the CLO Strategy Specialized exclusively in structured finance throughout entire career Former Vice President at Bank of America Merrill Lynch in the CLO structuring group responsible for modeling deal cash flows, negotiating deal terms with both debt and equity investors and coordinating the rating process 30 Years of Experience Direct experience in the credit markets dating back to the 1990s Spent his entire career in the credit and structured finance markets Formerly responsible for managing diverse credit portfolio for AMP Capital/AE Capital Led the creation of some of the earliest refinancing CLOs, pioneering techniques that are now commonplace in the market Unique background as both a CLO investor and investment banker including Former Head of CLO Banking at Merrill Lynch and RBS EY Entrepreneur of the Year Award (2017) THOMAS MAJEWSKI Managing Partner – Lead Portfolio Manager DANIEL KO Portfolio Manager – CLO Equity / Debt DANIEL SPINNER Portfolio Manager – Defensive Income
Page 9
9 See the slide titled “Introduction to Eagle Point Credit Company (ECC)” in the Appendix: Endnotes section of this presentation for footnotes. ECC currently pays a monthly regular distribution of $0.14 per share7 Introduction to ECC Cumulative Common Stock Distributions 2 $2.35 $4.75 $8.00 $10.40 $12.80 $14.12 $15.76 $18.13 $19.99 $21.91 $22.75 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD 2025 $0 $5 $10 $15 $20 $25 Regular and Supplemental Distributions Special Distributions Declared During Year IPO Price IPO Price: $20.00 ECC Cumulative Distributions Per Share8
Page 10
10 Past performance is not indicative of, or a guarantee of, future performance. See Important Information on page 2. See the slide titled “Introduction to Eagle Point Credit Company (ECC)” in the Appendix: Endnotes section of this presentation for footnotes. Advisor and Senior Investment Team have approximately $10.8 million invested in ECC, ECCC, ECCX and ECC AA6 Introduction to ECC Securities Outstanding Common Stock Preferred Stock and Unsecured Notes NYSE Ticker ECC NYSE Ticker / Series Name ECCC ECC AA/AB ECC PRD ECCF ECCU ECCV ECCW ECCX Description Common Stock Description Series C Term Preferred Stock Due 2031 ($25 Liquidation Preference) ECC AA/AB Convertible Perpetual Preferred Stock Series D Perpetual Preferred Stock ($25 Liquidation Preference) Series F Term Preferred Stock Due 2029 ($25 Liquidation Preference) Unsecured Notes Due 2030 ($25 Par Denomination) Unsecured Notes Due 2029 ($25 Par Denomination) Unsecured Notes Due 2031 ($25 Par Denomination) Unsecured Notes Due 2028 ($25 Par Denomination) Market Cap9 $869.2mm Principal $54.3mm $67.3mm $105.5mm $62.2mm $115.0mm $93.3mm $44.9mm $32.4mm Price per Share9 $6.88 Price per Share9 $23.80 $25.00 $19.66 $25.06 $24.82 $23.32 $23.57 $25.00 Distribution2 $0.14 Coupon 6.50% 7.00% 6.75% 8.00% 7.75% 5.375% 6.75% 6.69% Current Distribution Rate2 24.4% Yield to Maturity9 7.5% 7.0% 8.6% 7.9% 8.1% 7.7% 8.1% 6.9% Payment Frequency Monthly Payment Frequency Monthly Monthly Monthly Monthly Quarterly Quarterly Quarterly Quarterly Maturity Date N/A Maturity Date 6/30/2031 Perpetual Perpetual 1/31/2029 6/30/2030 1/31/2029 3/31/2031 4/30/2028 Callable Date N/A Callable Date Callable 2-years from Issuance 11/29/2026 1/18/2026 6/30/2027 Callable Callable Callable Market Value Held by Adviser and Senior Investment Team6 $10.6mm Market Value Held by Adviser and Senior Investment Team6 $71.4K $27.2K N/A N/A N/A N/A N/A $108.0K
Page 11
11 For the period of October 7, 2014 – July 31, 2025: ECC generated a total return10 of 95.68% versus 139.20% for the S&P BDC Index11 (annualized net total return of 6.40% for ECC versus 8.39% for the S&P BDC Index) ECC traded at an average premium to book value of 10.6% while the BDCs comprising the S&P BDC Index11 traded at an average discount of -4.9% Past performance is not indicative of, or a guarantee of, future performance. See Important Information on page 2. Source: Bloomberg. See the slide titled “Introduction to Eagle Point Credit Company (ECC)” in the Appendix: Endnotes section of this presentation for footnotes. Introduction to ECC Track Record: Common Stock Total Return and Price to Book Ratio 2 $23,920 $19,568 $0 $3,000 $6,000 $9,000 $12,000 $15,000 $18,000 $21,000 $24,000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 SPBDC ECC 102.06% 95.12% 93.99% 110.63% 40% 60% 80% 100% 120% 140% 160% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 SPBDC P/B Average SPBDC P/B ECC P/B Average ECC P/B Price to Book Ratio12Value of $10,000 Invested
Page 12
12 As of June 30, 2025. Past performance is not indicative of, or a guarantee of, future performance. See Important Information on page 2. See the slide titled “Introduction to Eagle Point Credit Company (ECC)” in the Appendix: Endnotes section of this presentation for footnotes. Introduction to ECC ECC By The Numbers 24.4% Current Distribution Rate2 204 Number of Resets, Refis, Re-Pricings and Calls13 $0.14 Monthly Distribution2 21 Average Years of CLO Experience of Senior Investment Team 95.7% Exposure to Floating Rate Senior Secured Loans 1,906 Number of Underlying Loan Obligors 213 Number of CLO Equity Securities 44 Number of CLO Collateral Managers 3.3 Weighted Average Reinvestment Period (years)
Page 13
13 CLO Equity Overview
Page 14
14 Past performance is not indicative of, or a guarantee of, future performance. See Important Information on page 2. Source: Compiled by Eagle Point based on data from Intex, Bloomberg and Moody’s Investors Service. As of November 2, 2017. See the slide titled “CLO Equity Overview” in the Appendix: Endnotes section of this presentation for footnotes. CLO Equity Overview Why Invest in CLO Equity? Positive IRRs up to 15%IRRs over 15% Eagle Point believes that CLO equity provides an attractive way to obtain exposure to loans Potential for strong absolute and risk-adjusted returns Expected shorter duration high-yielding credit investment with potential for high quarterly cash distributions Expected protection against rising interest rates2 Expected low-to-moderate correlation over the long- term with fixed income and equity Distribution of CLO Equity IRRs U.S. CLOs (2002 – 2011 Vintages)1 CLO Equity Attributes CLO equity has historically generated strong absolute returns with a low loss rate CLOs with positive equity returns CLOs with negative equity returns 4 % 96%
Page 15
15 The CLO structure highlighted on this page is a hypothetical structure, and the structure of CLOs in which the Company invests may vary from this example. See the slide titled “CLO Equity Overview” in the Appendix: Endnotes section of this presentation for footnotes. CLO Equity Overview CLOs are Securitizations of a Portfolio of Senior Secured Loans The Company invests primarily in the equity and subordinated debt tranches Assets Liabilities + Equity Primarily Floating Rate Loan Collateral Portfolio of primarily senior secured loans Rated B on average Typically 5-7 year maturity Senior Debt Typically AAA rated Primarily Floating Rate CLO Debt Key CLO Structural Features 1. Actively managed portfolio 2. Match funded (i.e., limited refinancing risk) 3 3. No mark to market triggers (i.e., no margin calls or forced sales) 4. Equity optionality over debt for majority holder due to protective rights Subordinated Debt Various tranches typically rated from AA to B Equity Tranche Not rated
Page 16
16 Past performance is not indicative of, or a guarantee of, future performance. See Important Information on page 2. See the slide titled “CLO Equity Overview” in the Appendix: Endnotes section of this presentation for footnotes. CLO Equity Overview Senior Secured Loans are the Raw Materials of CLOs Assets Liabilities and Equity % of Capital Structure Cash Receivables Inventory Property Plant Equipment Brands/Logos Intangibles Subsidiaries Senior Secured Loans First priority pledge of assets 40-60% Subordinated Bonds Generally unsecured 10-20% Equity 30-50% Senior Senior position in a company’s capital structure Secured First lien security interest in a company’s assets Floating Rate Mitigates interest rate risk associated with fixed rate bonds4 Low LTV Senior secured loans often have a loan-to-value ratio of approximately 40-60%5 Consistent Returns Since 1992, the S&P UBS Leveraged Loan Index experienced only three years of negative total returns Reflects general market terms as of the date hereof; actual terms of any loan will vary 0% 20% 40% 60% 80% Senior Secured Loans and Revolvers Senior Secured Bonds Senior Unsecured Bonds Senior Subordinated Bonds Senior Secured Loans Represent “Pure” Credit Exposure Illustrative Underlying Loan Obligors In CLOs6 Representative Company Capital Structure Average Recovery Rates (1973–2023)7
Page 17
17 $1,150 $1,198 $1,204 $1,351 $1,416 $1,399 $1,418 $1,494 $100 $300 $500 $700 $900 $1,100 $1,300 $1,500 $1,700 2018 2019 2020 2021 2022 2023 2024 YTD 2025 Leveraged Loans Outstanding ($B) Reflects Eagle Point’s current views based on historical information and Eagle Point’s knowledge and discussion with market participants. Eagle Point’s opinions are subject to change without notice. See the slide titled “CLO Equity Overview” in the Appendix: Endnotes section of this presentation for footnotes. The CLO market is the largest source of capital for the US senior secured loan market8 CLO Equity Overview The CLO Market is Large and Important to the Loan Market US Leveraged Loans Outstanding8 US CLOs Outstanding9 US Leveraged Loans Fund Flows ($Billions)11 ($4.2) ($0.6) $14.1 $13.6 $8.0 $10.8 $19.6 ($4.5) ($15.2) ($12.7) ($11.0) ($8.1) $0.9 $0.5 $4.2 $7.9 ($2.6) $11.9 $9.9 ($7.7) ($25) ($20) ($15) ($10) ($5) $0 $5 $10 $15 $20 $25 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Fund Flows ($B) $586 $673 $731 $883 $968 $1,030 $1,088 $1,116 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 $1,100 $1,200 2018 2019 2020 2021 2022 2023 2024 YTD 2025 CLOs Count (#) CLOs Outstanding ($B) CLOs Oustanding ($B) CLO Count (#)
Page 18
18 6.8% 11.2% 10.3% 8.9% 7.5% 8.3% 5.3% 4.7% 4.9% 2.7% 1.1% 11.0% 5.6% 5.7% 7.3% 1.9% -28.8% 44.9% 10.0% 1.8% 9.4% 6.2% 2.1% -0.4% 9.9% 4.2% 1.1% 8.2% 2.8% 5.4% -1.1% 13.0% 9.1% 3.0% 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD Past performance is not indicative of, or a guarantee of, future performance. See Important Information on page 2. Source: S&P UBS. As of June 30, 2025. See the slide titled “CLO Equity Overview” in the Appendix: Endnotes section of this presentation for footnotes. From 1992 through 2024, the S&P UBS Leveraged Loan Index generated positive total returns in 30 of the 33 full calendar years CLO Equity Overview The Spread in Loan Market Remains at High End of Historical Range S&P UBS Leveraged Loan Index Annual Total Return12 Annualized Return: 5.6%
Page 19
19 Past performance is not indicative of, or a guarantee of, future performance. See Important Information on page 2. Source: S&P UBS. As of June 30, 2025. See the slide titled “CLO Equity Overview” in the Appendix: Endnotes section of this presentation for footnotes. Historical Leveraged Loan Spreads12 CLO Equity Overview The Spread in Loan Market Remains at High End of Historical Range 247 244 233 229 254 240 238 264 284 287 303 317 286 256 255 258 270 307 352 376 409 386 386 387 391 357 348 359 358 361 369 398 376 339 150 bps 200 bps 250 bps 300 bps 350 bps 400 bps 450 bps 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 Spread Long Term Average Ten Year Average Long Term Average: 315 bps Ten Year Average: 370 bps 2025 YTD
Page 20
20 Source: Pitchbook LCD. Data as of June 30, 2025. CLO Equity Overview Loan Market Repayment Rate 48.9% 56.4% 48.2% 44.7% 37.3% 8.8% 14.8% 26.9% 40.1% 38.7% 46.9% 27.6% 21.1% 29.6% 38.1% 24.1% 21.7% 18.3% 30.0% 13.6% 17.6% 27.9% 20.9% 0% 20% 40% 60% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD Annual Repayment Rate Average Average: 30.5% 23.6% Cumulative Repayments Loan repayments provide capital for reinvestment within CLOs Annual Repayment Rate
Page 21
21 ECC Supplemental Information
Page 22
22 See the slide titled “ECC Supplemental Information” in the Appendix: Endnotes section of this presentation for footnotes. ECC Supplemental Information 1 Quarterly Snapshot Trend Q2 2025 (Unaudited) Q1 2025 (Unaudited) Q4 2024 (Unaudited) Q3 2024 (Unaudited) Q2 2024 (Unaudited) (Figures below are in millions, except for per share amounts and shares outstanding) Distributions Received From CLO Equity2,3 $74.66 $72.19 $72.95 $55.17 $62.53 Distributions Received From Other Investments3 13.49 12.81 10.03 13.22 9.92 Total Portfolio Cash Distributions Received3 $88.15 $85.00 $82.98 $68.39 $72.45 Investment Income From CLO Equity $36.73 $39.70 $37.27 $33.69 $31.13 Investment Income From CLO Debt 1.47 2.45 3.97 5.22 5.80 Investment Income From Loan Accumulation Facilities 0.97 2.00 1.25 2.62 1.37 Investment Income From Regulatory Capital Relief Securities 1.83 1.64 1.59 1.51 1.52 Investment Income from Other Assets 7.32 6.56 5.46 4.09 2.46 Total Gross Income $48.32 $52.35 $49.54 $47.13 $42.28 Cash Flow Treated as Return of Capital $33.60 $37.71 $36.39 $25.72 $28.46 Operational and Administrative Expense4 $2.29 $1.01 $2.10 $1.20 $1.17 Portfolio Cash Distributions Received: Recurring CLO Equity Distributions3 $71.75 $67.08 $72.02 $54.94 $61.47 Called CLO Equity Distributions3 2.91 5.11 0.93 0.23 1.06 Distributions Received From CLO Equity2,3 $74.66 $72.19 $72.95 $55.17 $62.53 Distributions Received From CLO Debt3 1.66 3.40 5.03 5.43 5.35 Distributions Received From Loan Accumulation Facilities3 2.55 1.29 0.12 3.74 0.75 Distributions Received From Regulatory Capital Relief Securities3 1.88 1.59 1.90 1.52 1.54 Distributions Received From Non CLO Assets3 7.40 6.53 2.98 2.53 2.28 Total Portfolio Cash Distributions Received3 $88.15 $85.00 $82.98 $68.39 $72.45 Portfolio Cash Distributions Received per Common Share2,3,5 $0.72 $0.73 $0.75 $0.66 $0.80 GAAP NII and Realized Gain/(Loss) per Common Share6 $0.16 $0.33 $0.12 $0.23 $0.16 Weighted Avg of Common Shares for the period 122,836,051 116,442,311 110,213,981 102,954,201 91,075,195 Common Shares Outstanding at end of period 126,331,691 120,183,480 111,835,004 105,932,755 97,780,562
Page 23
23 See the slide titled “ECC Supplemental Information” in the Appendix: Endnotes section of this presentation for footnotes. ECC Supplemental Information 1 Income Statement and Balance Sheet Highlights Q2 2025 (Unaudited) Q1 2025 (Unaudited) Q4 2024 (Unaudited) Q3 2024 (Unaudited) Q2 2024 (Unaudited) GAAP Net Investment Income ("NII") before Non-Recurring Expenses2 $0.23 $0.28 $0.27 $0.29 $0.28 GAAP Realized Gain/(Loss) from Investments2 (0.07) 0.05 (0.12) (0.06) (0.12) Total GAAP NII and Realized Gain/(Loss) from Investments before Non-Recurring Expenses2 $0.16 $0.33 $0.15 $0.23 $0.16 Non-Recurring Losses and Expenses2,3 $0.00 $0.00 ($0.03) $0.00 $0.00 Foreign Currency Contract Realized Gain/(Loss)2,3 (0.08) 0.00 0.00 0.00 0.00 Total GAAP NII and Realized Gain/(Loss), inclusive of Non-Recurring Expenses and Foreign Currency Contract Realized Gain/(Loss)2 $0.08 $0.33 $0.12 $0.23 $0.16 GAAP Temporary Equity Distributions Paid and Amortization2,7 ($0.03) ($0.03) ($0.01) ($0.03) $0.00 Total Portfolio Cash Distributions Received2,4 $0.72 $0.73 $0.75 $0.66 $0.80 Less Cash Received on CLOs called2 (0.03) (0.04) (0.01) (0.00) (0.01) Recurring Portfolio Cash Distributions Received2,5 $0.69 $0.69 $0.74 $0.66 $0.79 Common Share Distributions Paid8 ($0.42) ($0.42) ($0.48) ($0.48) ($0.48) Total Company Expenses and Distributions on Temporary Equity2,6 (0.19) (0.19) (0.23) (0.18) (0.18) Total Common Share Distributions, Expenses and Distributions on Temporary Equity ($0.61) ($0.61) ($0.71) ($0.66) ($0.66) Common Share Market Price (period end) $7.66 $8.10 $8.88 $9.86 $10.05 Net Asset Value (period end) $7.31 $7.23 $8.38 $8.44 $8.75 $ Premium / (Discount) $0.35 $0.87 $0.50 $1.42 $1.30 % Premium / (Discount) 4.8% 12.0% 6.0% 16.8% 14.9% (Figures below are in millions, except shares outstanding) Assets CLO Equity $1,128.68 $1,078.51 $1,112.87 $929.83 $788.87 CLO Debt 43.55 57.68 106.24 135.18 171.65 Loan Accumulation Facilities 32.15 18.19 30.96 12.32 14.29 Regulatory Capital Relief Securities 54.42 48.87 44.30 36.51 37.15 Other Non CLO Assets 134.08 143.56 108.68 100.54 56.60 Cash and Restricted Cash 79.89 29.66 42.22 23.82 85.93 Receivables and Other Assets 45.50 78.17 60.17 44.33 56.63 Liabilities Notes (274.42) (273.84) (271.96) (162.49) (159.88) Term Preferred Stock (112.77) (112.46) (111.75) (109.50) (100.99) Payables and Other Liabilities (19.96) (50.90) (59.89) (30.01) (47.88) Temporary Equity Preferred Stock (187.18) (148.43) (124.97) (86.98) (47.24) Net Assets of Common Shares $923.94 $869.01 $936.87 $893.55 $855.13 Weighted Avg of Common Shares for the period 122,836,051 116,442,311 110,213,981 102,954,201 91,075,195 Common Shares Outstanding at end of period 126,331,691 120,183,480 111,835,004 105,932,755 97,780,562
Page 24
24 See the slide titled “ECC Supplemental Information” in the Appendix: Endnotes section of this presentation for footnotes. ECC Supplemental Information 1 Distribution and Expense Coverage $0.79 $0.66 $0.74 $0.69 $0.69 $0.18 $0.18 $0.23 $0.19 $0.19 $0.13 $0.03 $0.48 $0.48 $0.48 $0.42 $0.42 ($0.0) $0.2 $0.4 $0.6 $0.8 $1.0 $1.2 $1.4 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Recurring Portfolio Cash Distributions Received3 Cash Received in Excess of Common Share Distributions and Total Company Expenses Total Company Expenses and Distributions on Temporary Equity Common Share Regular and Supplemental Distributions Paid $0.08 $0.08 ECC Portfolio Recurring Cash Flows2 4 5
Page 25
25 See the slide titled “ECC Supplemental Information” in the Appendix: Endnotes section of this presentation for footnotes. ECC Supplemental Information 1 Portfolio Details – Q2 2025 CLO Equity Holdings (as of June 30, 2025) Vintage Refi/Reset/Call Years Remaining in Non-Call Period Years Remaining in Reinvestment Period Income Accrued During Q2 2025 Cash Received During Q2 2025 Income Accrued During Q1 2025 Return of Capital in Q2 2025 Q2 Cash Received as % of Prior Qtr Accrual CCC+ or Lower Junior OC Cushion Senior AAA Spread Weighted Average Portfolio Spread Weighted Average Rating Factor Diversity Score Alcentra Shackleton 2019-XIV 2019 1.0 1.1 $115 $256 $152 $106 168% 7.04% 4.23% 1.13% 3.30% 2,815 84 AMMC 28 2024 1.1 4.1 $553 $930 $374 $430 249% 1.19% 5.53% 1.55% 3.47% 2,668 93 AMMC 30 2024 0.5 3.5 $95 $128 $97 $28 132% 2.70% 5.22% 1.69% 3.52% 2,714 93 Anchorage Credit Funding 12 2020 RF Q4-24 0.0 0.3 $172 $171 $197 $0 86% 23.69% 1.30% 0.35% 4.15% 2,642 66 Anchorage Credit Funding 13 2021 0.0 1.1 $27 $36 $29 $8 124% 23.00% 2.12% 0.00% 4.20% 2,759 68 Apollo RR 23 2022 RS Q2-25 2.0 5.0 $60 $153 $92 $65 166% 4.19% 3.54% 1.77% 3.08% 2,837 72 Apollo RR 25 2023 0.7 3.8 $236 $480 $294 $195 163% 4.07% 4.27% 1.55% 3.10% 2,873 71 Ares XXXIV 2015 RF Q1-24 0.0 0.0 $70 $593 $205 $392 289% 5.68% 2.06% 1.32% 3.23% 2,927 78 Ares XXXIX 2016 1.0 4.1 $139 $267 $163 $107 164% 5.65% 4.71% 1.42% 3.26% 2,854 78 Ares XLI 2016 RF Q3-19 / RS Q1-21 0.0 0.8 $277 $96 $376 $402 26% 6.72% 4.17% 1.33% 3.26% 2,893 80 Ares XLIII 2017 RS Q2-21 / RS Q4-24 1.5 4.5 $452 $848 $532 $338 159% 4.67% 5.72% 1.36% 3.26% 2,854 80 Ares XLIV 2017 0.0 0.8 $112 $347 $161 $187 216% 6.49% 3.13% 1.35% 3.27% 2,862 81 Ares LI 2019 RS Q3-21 / RS Q4-24 1.3 4.4 $342 $827 $392 $93 211% 5.29% 5.80% 1.37% 3.23% 2,862 80 Ares LXI 2021 RS Q1-24 0.8 3.8 $80 $158 $97 $64 164% 7.39% 3.52% 1.54% 3.32% 2,950 80 Ares LVIII 2020 RS Q1-22 / RS Q1-25 1.8 4.8 $140 $0 $123 $0 0% 5.23% 6.38% 1.25% 3.25% 2,846 80 Ares LXIII 2022 0.0 1.8 $126 $264 $148 $118 178% 7.01% 4.32% 1.33% 3.30% 2,911 80 Ares LXIV 2022 RS Q3-24 1.1 4.3 $463 $774 $514 $268 151% 4.97% 5.44% 1.36% 3.27% 2,849 79 Ares LXVI 2022 0.1 3.2 $210 $488 $250 $247 195% 5.98% 3.78% 1.70% 3.32% 2,899 79 Ares LXIX 2024 0.7 3.8 $375 $345 $457 $22 75% 6.38% 4.05% 1.51% 3.39% 2,949 79 Ares LXXII 2024 1.0 4.0 $945 $1,496 $1,099 $227 136% 6.20% 4.62% 1.39% 3.35% 2,893 77 Ares LXXVI2 2024 1.9 4.9 $106 $0 $0 $0 NM 0.88% 5.35% 1.41% 3.26% N/A N/A Ares Loan Funding IV 2023 0.3 3.3 $42 $91 $54 $39 170% 6.93% 4.34% 1.76% 3.37% 2,942 78 Ares Loan Funding V 2024 1.0 4.1 $146 $83 $24 $46 342% 5.41% 4.75% 1.51% 3.40% 2,926 78 Aurium CLO XIII2 2025 1.2 4.3 $160 $0 $6 $0 0% 0.89% 5.00% 1.23% 3.99% N/A N/A Avoca CLO XXXI 2024 0.7 3.8 $105 $232 $43 $158 538% 2.99% 4.65% 1.26% 3.70% 2,929 66 Bain 2021-1 2021 RF Q1-25 0.1 0.8 $64 $193 $111 $75 174% 4.14% 1.55% 0.94% 3.22% 2,737 98 Bain 2021-7 2021 RF Q1-25 0.6 1.6 $124 $150 $154 $0 97% 3.71% 1.44% 0.99% 3.23% 2,778 95 Bardin Hill 2021-2 2021 0.0 1.3 $180 $216 $223 $8 97% 8.43% 4.89% 1.51% 3.58% 2,765 82 Barings 2018-1 2018 0.0 0.0 $0 $307 $0 $307 NM 7.84% 1.82% 1.21% 3.22% 3,058 66 Barings 2019-I 2019 RS Q2-21 0.0 0.8 $109 $368 $171 $199 215% 5.05% 3.64% 1.39% 3.18% 2,696 102 Barings 2019-II 2019 RS Q2-21 / RS Q4-24 1.4 4.4 $231 $853 $256 $592 334% 4.70% 5.18% 1.35% 3.15% 2,636 102 Barings 2020-I 2020 RS Q3-21 / RS Q4-24 1.5 4.5 $203 $203 $212 $1 96% 4.20% 5.32% 1.27% 3.23% 2,643 94 Barings 2021-I 2021 0.0 0.8 $372 $786 $434 $345 181% 8.26% 3.81% 1.28% 3.31% 2,788 92 Barings 2021-II 2021 0.0 1.0 $130 $360 $172 $190 210% 5.80% 3.78% 1.28% 3.24% 2,778 93 Barings 2021-III 2021 1.0 1.6 $2 $72 $11 $63 644% 6.27% 2.84% 1.41% 3.24% 2,745 94 Barings 2022-I 2022 0.0 1.8 $97 $292 $153 $135 190% 6.45% 2.92% 1.25% 3.30% 2,802 92 Barings 2022-II 2022 RS Q3-24 1.0 4.0 $272 $345 $284 $64 121% 4.01% 4.31% 1.38% 3.20% 2,714 90 Barings 2024-II 2024 1.0 4.0 $255 $324 $269 $62 120% 1.94% 5.35% 1.44% 3.33% 2,698 89 Benefit Street Partners CLO XII 2024 1.1 4.3 $352 $510 $377 $136 135% 3.98% 5.12% 1.37% 3.23% 2,769 80 Blackrock European CLO XV DAC2 2025 1.6 4.6 $80 $0 $84 $0 0% 2.59% 3.92% 1.29% 3.81% 2,797 63 Blackstone Basswood Park 2021 0.0 0.8 $510 $1,065 $639 $470 167% 6.66% 4.08% 1.26% 3.30% 2,875 82 Blackstone Bear Mountain Park 2022 RS Q2-24 1.0 4.0 $670 $845 $717 $138 118% 4.90% 5.27% 1.41% 3.28% 2,813 82 Blackstone Belmont Park 2024 0.8 3.8 $315 $401 $363 $46 110% 3.78% 5.45% 1.51% 3.26% 2,715 80 Blackstone Bethpage Park 2021 0.0 1.3 $139 $493 $230 $277 214% 6.30% 3.66% 1.39% 3.27% 2,853 83 Blackstone Clonkeen Park 2024 0.7 3.7 $1,131 $3,641 $929 $1,184 392% 3.44% 4.89% 1.30% 3.73% N/A 61 Blackstone Clover 2019-1 2019 RF Q1-25 0.4 1.8 $172 $218 $177 $38 123% 5.00% 5.19% 1.00% 3.20% 2,794 85 Blackstone Danby Park 2022 1.3 4.3 $133 $308 $159 $0 193% 5.26% 4.62% 1.36% 3.26% 2,831 79 Blackstone Dewolf Park 2017 RF Q4-21 0.0 0.0 $0 $124 $6 $124 2082% 7.24% 3.85% 1.18% 3.29% 3,090 53 Blackstone Kings Park 2021 0.0 1.6 $113 $226 $149 $84 152% 7.21% 3.19% 1.39% 3.31% 2,874 78 Blackstone Lake George Park2 2025 1.8 4.8 $802 $0 $0 $0 NM 0.90% 5.61% 1.13% 3.30% 2,745 66 Blackstone Lodi Park 2024 1.1 4.1 $199 $396 $220 $179 180% 1.72% 4.37% 1.42% 3.22% 2,642 80 Blackstone Meacham Park 2024 1.2 4.3 $108 $389 $84 $278 465% 2.17% 4.48% 1.37% 3.23% 2,699 77 Blackstone Thompson Park 2021 RF Q1-25 0.5 0.8 $874 $1,430 $904 $550 158% 6.05% 5.75% 0.95% 3.26% 2,836 83 Blackstone Unity-Peace Park 2022 0.0 1.8 $604 $1,404 $813 $625 173% 5.97% 3.66% 1.43% 3.25% 2,796 82 Blackstone Wehle Park 2022 0.0 1.8 $98 $168 $121 $50 139% 6.35% 4.62% 1.32% 3.28% 2,802 82 Blackstone Wellman Park 2021 RS Q3-24 1.0 4.0 $483 $776 $553 $232 140% 5.97% 4.96% 1.35% 3.24% 2,821 82 Blackstone Whetstone Park 2021 0.0 1.6 $155 $490 $251 $254 195% 6.88% 2.93% 1.39% 3.29% 2,858 80 BBAM European CLO II 2021 0.0 1.0 $69 $109 $62 $41 176% 4.75% 4.96% 1.02% 3.74% 2,975 67 BlueMountain 2013-2 2013 RS Q4-17 0.0 0.0 $0 $0 $0 $0 NM 17.69% -1.87% N/A 3.62% 3,713 N/A BlueMountain 2018-1 2018 0.0 0.0 $1 $53 $8 $49 621% 10.38% 0.49% 1.40% 3.32% 2,997 77 BlueMountain XXIV 2019 RS Q1-21 0.0 0.8 $137 $179 $181 $9 99% 6.88% 4.44% 1.36% 3.31% 2,791 86
Page 26
26 ECC Supplemental Information 1 Portfolio Details – Q2 2025 (Cont.) CLO Equity Holdings (as of June 30, 2025) Vintage Refi/Reset/Call Years Remaining in Non-Call Period Years Remaining in Reinvestment Period Income Accrued During Q2 2025 Cash Received During Q2 2025 Income Accrued During Q1 2025 Return of Capital in Q2 2025 Q2 Cash Received as % of Prior Qtr Accrual CCC+ or Lower Junior OC Cushion Senior AAA Spread Weighted Average Portfolio Spread Weighted Average Rating Factor Diversity Score BlueMountain XXV 2019 RS Q2-21 / RS Q4-24 1.5 4.5 $135 $337 $163 $8 207% 7.18% 5.77% 1.36% 3.27% 2,682 90 Brigade Battalion IX 2015 RS Q2-18 0.6 0.0 $0 $498 $0 $498 NM 15.32% -0.20% 1.36% 3.73% 3,254 57 Brigade Battalion XVIII 2020 RS Q4-21 0.0 1.3 $160 $404 $217 $195 187% 5.88% 2.37% 1.46% 3.68% 2,824 86 Brigade Battalion XIX 2021 0.0 0.8 $94 $340 $159 $186 213% 5.48% 1.98% 1.33% 3.69% 2,912 85 Brigade Battalion XXIII 2022 RS Q3-24 1.3 4.3 $244 $469 $268 $204 175% 3.41% 4.85% 1.43% 3.57% 2,676 85 Carlyle CBAM 2019-9 2019 0.8 3.8 $197 $107 $225 $0 48% 2.75% 5.61% 1.63% 3.23% 2,719 92 Carlyle GMS 2014-5 2014 RF Q1-17 / RS Q3-18 0.0 0.0 $0 $123 -$6 $123 NM 11.14% 2.41% 1.43% 3.16% 2,988 N/A Carlyle GMS 2018-4 2018 RS Q3-24 1.2 4.3 $190 $267 $209 $63 128% 4.67% 5.27% 1.37% 3.25% 2,748 96 Carlyle GMS 2019-4 2020 RS Q1-22 0.0 1.8 $106 $247 $136 $117 181% 4.90% 4.13% 1.33% 3.22% 2,717 99 Carlyle GMS 2021-1 2021 RS Q4-24 1.4 4.5 $252 $431 $275 $4 156% 3.84% 5.32% 1.38% 3.23% 2,676 98 Carlyle GMS 2021-4 2021 0.0 0.8 $160 $393 $170 $231 231% 4.22% 4.59% 1.39% 3.20% 2,692 98 Carlyle GMS 2021-7 2021 RS Q1-25 1.7 4.8 $236 $225 $162 $145 139% 4.33% 5.75% 1.20% 3.23% 2,736 98 Carlyle GMS 2022-1 2022 0.0 1.8 $61 $198 $101 $106 196% 4.59% 3.74% 1.32% 3.18% 2,598 97 Carlyle GMS 2022-52 2022 1.3 4.3 $181 $0 $0 $0 NM 4.20% 4.48% 1.40% 3.21% 2,736 94 Carlyle GMS 2023-3 2023 0.3 3.3 $70 $248 $97 $151 256% 4.35% 4.49% 1.77% 3.23% 2,740 94 Carlyle GMS 2024-1 2024 0.8 3.8 $175 $340 $215 $133 158% 3.39% 5.17% 1.53% 3.20% 2,731 94 Centerbridge Park Blue 2022-II 2023 1.1 4.1 $725 $1,246 $900 $357 138% 3.80% 5.51% 1.43% 3.40% 2,694 81 CIFC European Funding VI 2024 0.7 3.8 $233 $836 $192 $311 436% 1.10% 4.95% 1.30% 3.81% 2,880 65 CIFC Funding 2013-II 2013 0.0 0.0 $16 $250 $62 $173 404% 6.34% 2.01% 1.26% 3.02% 2,695 65 CIFC Funding 2014 2014 RF Q2-17 / RS Q1-18 0.0 0.0 $0 $247 $0 $247 NM 9.99% 2.90% 1.38% 3.12% 2,888 65 CIFC Funding 2014-III 2014 RF Q3-17 / RS Q4-18 / RS Q1-25 1.8 4.8 $453 $0 $35 $0 0% 6.40% 6.52% 1.19% 3.33% 2,875 80 CIFC Funding 2014-IV 2018 RF Q1-17 / RS Q4-18/ RS Q4-21 / RF Q1-25 0.7 1.6 $77 $78 $90 $0 88% 5.80% 4.14% 1.00% 3.33% 2,829 96 CIFC Funding 2019-III 2019 RS Q3-21 / RS Q4-24 1.5 4.6 $90 $109 $98 $1 111% 2.53% 5.90% 1.27% 3.20% 2,645 97 CIFC Funding 2019-IV 2019 RS Q3-21 / RS Q2-25 2.0 5.0 $220 $500 $291 $220 172% 5.04% 5.23% 1.43% 3.28% 2,793 97 CIFC Funding 2019-V 2019 0.0 1.5 $299 $668 $378 $306 177% 4.76% 5.31% 1.41% 3.25% 2,751 98 CIFC Funding 2020-I 2020 RS Q3-21 0.0 1.0 $257 $388 $293 $15 133% 6.35% 5.39% 1.42% 3.27% 2,800 97 CIFC Funding 2020-II 2020 0.0 1.3 $144 $336 $174 $167 193% 6.47% 5.19% 1.43% 3.30% 2,857 96 CIFC Funding 2020-IV 2021 RS Q4-24 1.5 4.5 $277 $455 $322 $8 141% 2.25% 5.80% 1.31% 3.22% 2,705 96 CIFC Funding 2021-III 2021 0.0 1.0 $190 $521 $276 $260 189% 5.57% 4.98% 1.40% 3.30% 2,831 96 CIFC Funding 2021-VI 2021 0.0 1.3 $147 $467 $224 $254 209% 4.70% 4.59% 1.40% 3.33% 2,815 93 CIFC Funding 2022-I 2022 0.0 1.8 $251 $493 $307 $197 161% 5.24% 5.47% 1.32% 3.26% 2,811 94 CIFC Funding 2022-VI 2022 RS Q3-24 1.3 4.3 $364 $544 $397 $7 137% 2.23% 5.51% 1.37% 3.23% 2,739 89 CIFC Funding 2023-I 2023 0.3 3.3 $244 $315 $282 $42 112% 1.80% 5.76% 1.70% 3.27% 2,705 90 CIFC Funding 2023-II 2023 0.5 3.6 $81 $139 $101 $43 137% 3.31% 5.36% 1.75% 3.40% 2,749 87 CIFC Funding 2025-II2 2025 1.7 4.8 $464 $0 $52 $0 0% 0.60% 5.57% 1.13% 3.22% 2,817 75 CSAM Madison Park XX 2016 1.3 4.3 $331 $482 $211 $158 228% 8.08% 4.06% 1.39% 3.40% 2,947 72 CSAM Madison Park XXI 2016 RS Q4-19 / RF Q4-21 0.0 0.0 $15 $206 $82 $123 252% 9.43% 2.20% 1.36% 3.25% 2,906 70 CSAM Madison Park XXII 2016 RS Q4-24 1.5 4.5 $213 $167 $201 $0 83% 9.07% 4.63% 1.31% 3.38% 2,925 74 CSAM Madison Park XXXIV 2019 RS Q1-20 / RS Q3-24 1.3 4.3 $267 $384 $287 $95 134% 7.44% 5.32% 1.39% 3.37% 2,936 76 CSAM Madison Park XL 2013 RS Q2-17 / RF Q1-21 0.0 0.0 $0 $197 $187 $183 105% 14.24% 1.51% 1.25% 3.32% 3,025 56 CSAM Madison Park XLIV 2018 RF Q4-20 / RS Q2-24 1.0 4.0 $166 $286 $183 $99 157% 8.18% 4.14% 1.41% 3.40% 2,953 75 CSAM Madison Park XLVII 2020 RS Q1-24 0.8 3.8 $106 $190 $124 $66 154% 9.01% 4.48% 1.55% 3.39% 2,904 75 CSAM Madison Park LII 2021 0.0 1.6 $71 $185 $105 $82 177% 8.82% 2.69% 1.36% 3.38% 2,925 74 CSAM Madison Park LXII 2022 2.0 5.0 $72 $139 $79 $62 175% 9.46% 2.58% 1.85% 3.41% 2,937 73 CSAM Madison Park LXIX2 2024 0.9 4.1 $92 $0 $0 $0 NM 3.87% 4.54% 1.53% 3.35% 2,835 72 CVC Cordatus Loan Fund XXXIII 2024 1.0 4.0 $195 $111 $202 $0 55% 3.55% 5.08% 1.30% 3.82% 2,932 59 Eaton Vance 2015-1 2015 0.0 0.0 $0 $88 $0 $88 NM 18.26% 0.14% 1.43% 3.49% 3,318 53 Eaton Vance 2020-1 2020 RS Q3-24 1.1 4.3 $174 $282 $198 $89 143% 6.18% 4.81% 1.39% 3.20% 2,720 86 Eaton Vance 2020-2 2020 RS Q3-24 1.0 4.3 $299 $476 $337 $144 141% 6.66% 4.73% 1.38% 3.20% 2,678 84 Elmwood 3 2019 1.0 4.1 $70 $301 $128 $183 236% 4.18% 3.06% 1.39% 3.07% 2,658 88 Elmwood 17 2022 0.0 1.8 $68 $253 $136 $126 186% 4.16% 3.62% 1.32% 3.08% 2,664 90 Elmwood 21 2022 0.3 3.3 $29 $138 $62 $80 223% 3.58% 3.20% 1.65% 3.05% 2,645 88 First Eagle Lake Shore MM I 2019 RS Q2-21 0.0 0.0 -$529 $0 $16 $0 0% 16.51% -0.60% 1.98% 5.15% 3,664 43 First Eagle Wind River 2013-2 2013 RS Q4-17 / RF Q3-21 0.0 0.0 $0 $77 $0 $77 NM 14.74% 2.59% N/A 3.50% 3,074 40 First Eagle Wind River 2014-1 2014 RF Q1-17 / RS Q2-18 0.0 0.0 $0 $0 $0 $0 NM 11.62% -1.65% 1.31% 3.43% 2,912 46 See the slide titled “ECC Supplemental Information” in the Appendix: Endnotes section of this presentation for footnotes.
Page 27
27 ECC Supplemental Information 1 Portfolio Details – Q2 2025 (Cont.) CLO Equity Holdings (as of June 30, 2025) Vintage Refi/Reset/Call Years Remaining in Non-Call Period Years Remaining in Reinvestment Period Income Accrued During Q2 2025 Cash Received During Q2 2025 Income Accrued During Q1 2025 Return of Capital in Q2 2025 Q2 Cash Received as % of Prior Qtr Accrual CCC+ or Lower Junior OC Cushion Senior AAA Spread Weighted Average Portfolio Spread Weighted Average Rating Factor Diversity Score First Eagle Wind River 2014-3 2015 RF Q2-17 / RS Q3-18 / RF Q4-20 0.0 0.0 $0 $0 $0 $0 NM 14.35% -0.06% 1.46% 3.33% 2,984 49 First Eagle Wind River 2017-1 2017 RF Q4-19 / RS Q1-21 0.0 0.8 $0 $386 $17 $386 2217% 4.08% 2.32% 1.32% 3.10% 2,532 88 First Eagle Wind River 2017-3 2017 RS Q2-21 1.1 0.8 $0 $429 $21 $429 2068% 3.66% 1.91% 1.41% 3.08% 2,506 88 First Eagle Wind River 2018-1 2018 0.0 0.0 $0 $279 $0 $279 NM 9.89% 5.61% 1.58% 3.30% 2,897 45 First Eagle Wind River 2019-2 2019 RS Q1-22 0.0 1.5 $21 $376 $136 $254 276% 4.49% 2.44% 1.35% 3.14% 2,546 88 First Eagle Wind River 2022-2 2022 RF Q2-24 0.0 2.1 $14 $350 $75 $288 465% 4.09% 0.95% 1.31% 3.16% 2,543 84 Generate 2 2015 RS Q3-24 1.2 4.2 $29 $38 $36 $0 106% 6.66% 4.45% 1.41% 3.31% 2,790 94 Generate 3 2016 0.5 3.6 $25 $84 $51 $38 166% 5.61% 3.59% 1.83% 3.31% 2,766 96 Generate 4 2016 1.1 4.1 $239 $350 $298 $64 117% 7.58% 4.67% 1.43% 3.32% 2,832 92 Generate 9 2021 RS Q4-24 1.6 4.6 $271 $450 $318 $0 142% 6.33% 5.17% 1.35% 3.27% 2,768 95 Generate 16 2024 1.0 4.1 $378 $547 $348 $140 157% 4.06% 5.05% 1.55% 3.33% 2,691 93 Generate 17 2024 1.2 4.3 $107 $154 $69 $58 224% 3.01% 5.11% 1.41% 3.28% 2,632 93 Greywolf IV 2019 0.0 0.8 $14 $111 $45 $76 244% 6.07% 0.94% 1.49% 3.04% 2,812 71 HarbourView VII 2018 RF Q1-17 / RS Q2-18 0.0 0.0 $0 $0 $0 $0 NM 15.70% 2.89% 1.39% 3.35% 3,372 46 Henley CLO XI2 2025 1.7 4.7 $59 $0 $2 $0 0% 0.43% 5.39% 1.20% 3.87% 2,815 61 HPS Aqueduct European 5-2020 M1 Note 2020 0.0 0.8 $594 $810 $407 $413 199% 6.48% 5.75% 1.03% 3.81% N/A N/A HPS Aqueduct European 5-2020 M2 Note 2020 0.0 0.8 $307 $819 $437 $428 187% 6.48% 5.75% 1.03% 3.81% N/A N/A Invesco 2022-2 2022 0.0 2.1 $301 $525 $404 $130 130% 6.17% 3.10% 1.45% 3.20% 2,755 85 Irradiant RAD 272 2025 1.5 4.5 $303 $0 $293 $0 0% 1.55% 4.97% 1.33% 3.34% 2,786 80 KKR 36 2021 0.0 1.3 $40 $323 $118 $131 274% 11.69% 0.87% 1.44% 3.41% 3,090 82 KKR 37 2021 RS Q1-25 1.7 4.8 $346 $0 $249 $0 0% 8.62% 4.27% 1.17% 3.30% 2,980 83 LCM 38 2022 0.2 3.3 $130 $279 $186 $101 150% 5.80% 3.21% 1.76% 3.56% 2,921 94 Morgan Stanley Eaton Vance 2023-19 2023 RS Q2-25 2.0 5.0 $59 $317 $73 $208 436% 6.06% 4.77% 1.36% 3.15% 2,678 88 Morgan Stanley Eaton Vance 2023-20 2023 0.6 3.6 $110 $224 $133 $95 169% 6.01% 4.62% 1.74% 3.26% 2,814 83 Muzinich 1988 CLO 1 2022 RS Q4-24 1.3 4.3 $276 $280 $323 $15 87% 1.45% 5.43% 1.36% 3.18% 2,412 90 Muzinich 1988 CLO 2 2023 RS Q1-25 1.7 4.8 $255 $0 $51 $0 0% 1.05% 5.72% 1.21% 3.14% 2,393 79 Muzinich 1988 CLO 3 2023 0.3 3.3 $48 $154 $82 $78 189% 1.37% 5.51% 2.02% 3.17% 2,378 82 Muzinich 1988 CLO 4 2024 0.8 3.9 $146 $220 $181 $48 122% 0.16% 5.57% 1.65% 3.16% 2,335 80 Muzinich 1988 CLO 5 2024 1.0 4.0 $163 $423 $191 $240 221% 0.16% 5.45% 1.55% 3.27% 2,342 80 Muzinich 1988 CLO 62 2025 1.8 4.8 $160 $0 $0 $0 NM 0.00% 5.86% 1.18% 3.17% 2,418 76 NY Life Flatiron 21 2021 1.3 4.3 $596 $1,203 $694 $519 173% 5.10% 4.39% 1.37% 3.12% 2,829 81 Octagon 26 2016 RS Q2-18 0.0 0.0 $0 $39 $0 $39 NM 9.15% -1.25% 1.36% 3.40% 3,034 63 Octagon 27 2016 RS Q3-18 / RP Q3-20 0.0 0.0 $0 $137 $0 $137 NM 8.84% -1.26% 1.38% 3.38% 3,002 64 Octagon 29 2016 RS Q2-24 1.0 4.1 $143 $521 $167 $362 313% 5.30% 4.50% 1.43% 3.28% 2,730 96 Octagon 37 2018 0.0 0.0 $0 $7 $0 $7 NM 40.45% -3.02% 1.35% 5.48% 4,922 3 Octagon 44 2019 RS Q3-21 0.6 1.3 $0 $393 $6 $393 6405% 7.58% 0.82% 1.44% 3.27% 2,827 95 Octagon 45 2019 0.0 1.8 $202 $644 $295 $362 218% 7.01% 1.92% 1.34% 3.28% 2,820 95 Octagon 46 2020 RS Q3-21 0.0 1.0 $84 $347 $137 $220 253% 7.19% 1.04% 1.42% 3.27% 2,794 95 Octagon 48 2020 RS Q4-24 1.3 4.5 $244 $463 $290 $173 160% 4.25% 5.22% 1.37% 3.18% 2,703 93 Octagon 50 2020 RS Q4-21 0.0 1.5 $88 $331 $140 $199 236% 8.20% 2.08% 1.41% 3.28% 2,805 95 Octagon 51 2021 RF Q1-25 0.6 1.1 $428 $609 $391 $232 156% 6.65% 3.66% 0.99% 3.21% 2,813 91 Octagon 55 2021 0.0 1.1 $98 $333 $132 $206 252% 6.21% 4.08% 1.41% 3.33% 2,849 95 Octagon 58 2022 RS Q1-25 1.8 4.8 $434 $584 $316 $278 185% 2.25% 5.97% 1.19% 3.22% 2,671 96 Octagon XIV 2012 RS Q2-17 / RF Q1-21 0.0 0.0 $0 $8 $0 $0 NM 20.87% 0.30% N/A 3.28% 3,259 41 Onex OCP 2019-17 2019 1.1 4.1 $426 $700 $520 $189 135% 2.85% 4.27% 1.40% 3.12% 2,638 89 Onex OCP 2021-22 2021 RS Q4-24 1.3 4.3 $132 $118 $150 $0 79% 2.95% 4.55% 1.35% 3.11% 2,631 90 Onex OCP 2022-24 2022 1.2 4.2 $67 $101 $81 $40 125% 2.32% 4.68% 1.38% 3.11% 2,613 90 Onex OCP 2023-26 2023 RS Q1-25 0.7 2.8 $105 $0 $53 $0 0% 2.07% 5.55% 1.08% 3.10% 2,616 90 Onex OCP 2023-30 2024 0.6 3.6 $109 $204 $141 $69 145% 1.29% 4.73% 1.76% 3.10% 2,594 92 Onex OCP 2024-362 2024 1.3 4.3 $43 $0 $0 $0 NM 0.35% 4.99% 1.36% 3.16% 2,542 89 Onex OCP Euro 2019-3 2019 0.0 0.1 $38 $90 $44 $40 203% 2.76% 4.25% 0.82% 3.79% 2,791 61 Onex OCP Euro 2022-6 2023 1.1 3.1 $26 $53 $31 $19 171% 3.95% 4.58% 1.70% 3.76% 2,867 N/A Onex OCP Euro 2024-10 2024 0.6 3.8 $193 $436 $171 $0 255% 2.40% 5.00% 1.32% 3.81% N/A 64 ORIX Signal Peak 8 2020 1.4 4.3 $939 $1,499 $1,016 $499 148% 4.56% 4.68% 1.41% 3.24% 2,730 90 Palmer Square CLO 2021-4 2021 RS Q2-25 2.0 5.0 $50 $133 $76 $61 176% 6.88% 5.04% 1.43% 3.20% 2,791 87 Prudential Dryden 53 2018 RF Q2-25 0.5 0.0 $0 $187 $0 $187 NM 7.70% 0.15% 1.07% 3.24% 2,926 83 Prudential Dryden 64 2018 0.0 0.0 $0 $0 $0 $0 NM 8.87% 0.36% 1.23% 3.20% 2,942 81 Prudential Dryden 68 2019 RS Q3-21 0.4 1.0 $13 $441 $83 $361 533% 5.32% 1.98% 1.10% 3.13% 2,505 100 See the slide titled “ECC Supplemental Information” in the Appendix: Endnotes section of this presentation for footnotes.
Page 28
28 CLO Equity Holdings (as of June 30, 2025) Vintage Refi/Reset/Call Years Remaining in Non-Call Period Years Remaining in Reinvestment Period Income Accrued During Q2 2025 Cash Received During Q2 2025 Income Accrued During Q1 2025 Return of Capital in Q2 2025 Q2 Cash Received as % of Prior Qtr Accrual CCC+ or Lower Junior OC Cushion Senior AAA Spread Weighted Average Portfolio Spread Weighted Average Rating Factor Diversity Score Prudential Dryden 76 2019 RS Q3-24 1.2 4.3 $149 $231 $177 $60 131% 4.73% 4.62% 1.37% 3.13% 2,467 99 Prudential Dryden 78 2020 0.8 3.8 $345 $555 $453 $121 122% 4.79% 3.46% 1.54% 3.11% 2,491 98 Prudential Dryden 85 2020 RS Q3-21 / RS Q2-24 1.0 4.0 $156 $322 $205 $123 157% 5.37% 4.54% 1.38% 3.14% 2,483 100 Prudential Dryden 88 Euro 2021 0.0 0.6 $15 $36 $13 $20 267% 6.88% 5.19% 0.85% 3.97% 2,899 57 Prudential Dryden 90 2021 0.0 1.6 $126 $494 $229 $358 216% 5.31% 1.87% 1.39% 3.14% 2,549 99 Prudential Dryden 94 2022 RS Q3-24 1.2 4.3 $168 $397 $228 $158 174% 4.69% 5.14% 1.36% 3.14% 2,508 98 Prudential Dryden 109 2022 RS Q1-25 1.8 4.8 $1,010 $1,584 $869 $680 182% 5.54% 5.38% 1.18% 3.15% 2,552 98 Regatta VII 2016 0.0 1.0 $22 $60 $32 $37 189% 5.04% 1.94% 1.42% 3.22% 2,788 91 Regatta XII 2019 1.3 4.3 $352 $1,549 $441 $888 351% 4.30% 4.73% 1.39% 3.22% 2,725 92 Regatta XX 2021 RS Q1-25 1.5 4.5 $277 $602 $285 $284 211% 4.28% 5.24% 1.18% 3.19% 2,718 92 Regatta XXI 2021 RS Q4-24 1.3 4.4 $190 $535 $213 $330 251% 4.23% 5.13% 1.39% 3.20% 2,725 92 Regatta XXII 2022 RF Q4-24 0.3 2.1 $100 $143 $108 $36 133% 3.20% 5.21% 1.25% 3.19% 2,679 91 Regatta XXIV 2021 RS Q4-24 1.6 4.6 $138 $632 $169 $294 373% 4.60% 4.74% 1.32% 3.19% 2,740 93 Regatta XVII 2020 1.3 4.3 $327 $844 $386 $466 219% 3.56% 4.27% 1.38% 3.22% 2,680 92 Rockford Tower 2019-1 2019 0.0 0.7 $45 $348 $115 $251 304% 8.20% 3.04% 1.38% 3.40% 2,820 87 Rockford Tower 2021-3 2021 RS Q4-24 1.5 4.5 $394 $1,228 $567 $396 217% 5.97% 4.60% 1.42% 3.29% 2,745 87 Rockford Tower 2022-3 2023 RS Q3-24 1.1 4.1 $121 $150 $117 $23 128% 5.45% 4.32% 1.44% 3.35% 2,813 84 Rockford Tower 2023-1 2023 0.3 2.3 $126 $197 $161 $52 122% 3.69% 5.36% 1.90% 3.35% 2,720 82 Rockford Tower 2024-2 2024 1.3 4.3 $376 $606 $183 $332 331% 1.86% 5.10% 1.42% 3.47% 2,776 78 Sculptor European CLO XII2 2025 2.0 4.5 $242 $0 $217 $0 0% 1.74% 5.19% 1.30% 3.85% N/A N/A Steele Creek 2018-1 2018 0.0 0.0 $0 $60 $0 $60 NM 11.71% 0.39% 1.27% 3.36% 3,001 51 Steele Creek 2019-1 2019 RF Q3-21 / RF Q1-25 0.2 0.0 $0 $73 $0 $73 NM 10.02% 2.80% 1.24% 3.29% 2,670 66 Zais 3 2015 RS Q2-18 0.0 0.0 $0 $41 $0 $0 NM 17.47% -3.59% 1.47% 3.86% 3,510 50 Zais 5 2016 RF Q1-21 0.0 0.0 $0 $0 $0 $0 NM 58.86% -13.74% N/A 4.24% 5,202 10 Zais 6 2017 RF Q2-21 0.0 0.0 $0 $12 $0 $0 NM 33.48% -2.38% N/A 4.20% 3,985 22 Zais 7 2017 0.0 0.0 $0 $0 $0 $0 NM 24.16% -6.43% N/A 4.14% 3,911 37 ALM VIII 2013 RS Q4-16 / Called Q1-20 0.0 0.0 $0 $0 $0 $0 NM N/A N/A N/A N/A N/A N/A Blackstone Bristol Park 2016 RF Q1-20 / Called Q1-25 0.0 0.0 $0 $2,072 $0 $2,072 NM N/A N/A N/A N/A N/A N/A Carlyle GMS 2018-1 2018 Called Q1-24 0.0 0.0 $0 $0 $0 $30 NM N/A N/A N/A N/A N/A N/A CIFC Funding 2015-III 2015 RS Q1-18 / Called Q1-25 0.0 0.0 $0 $741 $0 $769 NM N/A N/A N/A N/A N/A N/A Cutwater 2015-I 2015 RS Q4-18 / Called Q3-24 0.0 0.0 $0 $0 $0 $0 NM N/A N/A N/A N/A N/A N/A Marathon VIII 2015 RS Q3-18 / Called Q4-24 0.0 0.0 $0 $0 $0 $0 NM N/A N/A N/A N/A N/A N/A Marathon X 2017 Called Q2-24 0.0 0.0 $0 $0 $0 $0 NM N/A N/A N/A N/A N/A N/A Marathon XI 2018 Called Q3-24 0.0 0.0 $0 $0 $0 $0 NM N/A N/A N/A N/A N/A N/A Marathon XII 2018 RF Q3-20 / Called Q4-24 0.0 0.0 $0 $0 $0 $0 NM N/A N/A N/A N/A N/A N/A NY Life Flatiron 17 2017 Called Q3-24 0.0 0.0 $0 $56 $0 $56 NM N/A N/A N/A N/A N/A N/A OFSI BSL VIII 2017 RF Q1-21 / Called Q4-24 0.0 0.0 $0 $47 $0 $47 NM N/A N/A N/A N/A N/A N/A Zais 9 2018 RP Q3-20 / Called Q2-24 0.0 0.0 $0 $0 $0 $0 NM N/A N/A N/A N/A N/A N/A Total/Weighted Average3 0.9 3.3 $36,697 $74,059 $39,402 $33,281 4.86% 4.63% 1.36% 3.33% 2,596 85 Positions no longer held as of June 30, 2025 $33 $602 $293 $320 Total including positions no longer held as of June 30, 2025 $36,730 $74,661 $39,696 $33,601 ECC Supplemental Information 1 Portfolio Details – Q2 2025 (Cont.) See the slide titled “ECC Supplemental Information” in the Appendix: Endnotes section of this presentation for footnotes.
Page 29
29 See the slide titled “ECC Supplemental Information” in the Appendix: Endnotes section of this presentation for footnotes. As of June 30, 2025, ECC’s portfolio was invested across 238 CLO investments ECC Supplemental Information Portfolio Investments and Underlying Portfolio Characteristics Summary of ECC’s Portfolio of Investments4 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Number of Unique Underlying Loan Obligors 1,906 1,931 1,895 1,792 1,780 Largest Exposure to an Individual Obligor 0.58% 0.59% 0.54% 0.58% 0.64% Average Individual Loan Obligor Exposure 0.05% 0.05% 0.05% 0.06% 0.06% Top 10 Loan Obligors Exposure 4.81% 4.75% 4.77% 5.11% 5.02% Currency: USD Exposure 91.31% 90.19% 92.19% 99.47% 99.42% Aggregate Indirect Exposure to Senior Secured Loans6 95.71% 95.66% 95.86% 96.24% 95.66% Weighted Average Junior Overcollateralization (OC) Cushion 4.63% 4.61% 4.51% 4.31% 4.20% Weighted Average Market Value of Loan Collateral 97.37% 96.66% 97.72% 97.09% 96.83% Weighted Average Stated Loan Spread 3.33% 3.36% 3.49% 3.54% 3.63% Weighted Average Loan Rating7 B+/B B+/B B+/B B+/B B+/B Weighted Average Loan Maturity 4.7 years 4.7 years 4.7 years 4.6 years 4.6 years Weighted Average Remaining CLO Reinvestment Period 3.3 years 3.5 years 3.4 years 3.0 years 2.7 years Summary of Underlying Portfolio Characteristics5 CLO Equity 77% CLO Debt 3% Loan Accumulation Facilities 2% Regulatory Capital Relief 4% Consumer ABS 5% Collateralized Fund Obligations 2% Other 2% Cash 5%
Page 30
30 Amounts shown are rounded, and therefore totals may not foot. See the slide titled “ECC Supplemental Information” in the Appendix: Endnotes section of this presentation for footnotes. As of June 30, 2025, ECC has exposure to 1,906 unique underlying borrowers across a range of industries ECC Supplemental Information Obligor and Industry Exposures Top 10 Underlying Obligors5 Obligor % Total Calpine Construction 0.6% Ineos 0.5% Asurion 0.5% Virgin Media 0.5% Cotiviti 0.5% Tibco Software 0.5% Transdigm 0.5% Power Solutions 0.5% Mcafee 0.4% Belron Finance 0.4% Total 4.8% Top 10 Industries of Underlying Obligors5,8 Industry % Total Technology: Software & Services 11.8% Health Care Providers & Services 5.3% Hotels, Restaurants & Leisure 5.0% Diversified Financial Services 4.8% Professional Services 4.7% Media 4.5% Commercial Services & Supplies 4.2% Insurance 3.7% Chemicals 3.5% Diversified Telecommunication Services 2.9% Total 50.4%
Page 31
31 See the slide titled “ECC Supplemental Information” in the Appendix: Endnotes section of this presentation for footnotes. Maturity Distribution of Underlying Obligors as of June 30, 20255 ECC Supplemental Information Maturity Distribution of Underlying Obligors 0.2% 1.4% 5.1% 25.7% 15.3% 13.0% 28.5% 10.9% 0% 5% 10% 15% 20% 25% 30% 35% 40% 2025 2026 2027 2028 2029 2030 2031 2032+ % of Fund Exposure Underlying Loan Maturity Prior to 2027, only 1.6% of ECC’s underlying loan portfolios mature
Page 32
32 Selected Market Data
Page 33
33 Source: Pitchbook LCD. As of March 31, 2025. See the slide titled “Selected Market Data” in the Appendix: Endnotes section of this presentation for footnotes. Selected Market Data Credit Fundamentals Average Leverage Multiples of Outstanding Loans (Debt/EBITDA)1 Average Interest Coverage Multiples of Outstanding Loans (EBITDA/Interest)1 Average Leverage Multiples of Newly Issued Loans (Debt/EBITDA)2 Average Interest Coverage Multiples of Newly Issued Loans (EBITDA/Interest)2 3.0x 2.9x 3.8x 3.9x 4.1x 3.9x 3.8x 4.1x 4.1x 4.2x 3.8x 4.0x 3.6x 3.4x 4.0x 4.1x 3.9x 3.1x 3.2x 3.2x 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q25 EBITDA-Capex/Cash Interest EBITDA/Cash Interest 4.4x 4.9x 3.7x 4.1x 3.9x 4.4x 4.6x 4.7x 4.9x 5.3x 5.0x 5.0x 5.2x 5.2x 5.1x 5.3x 5.3x 4.5x 4.7x 4.7x 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q25 FLD/EBITDA SLD/EBITDA Other Sr Debt/EBITDA Sub Debt/EBITDA 3.2x 3.2x 3.1x 3.5x 4.0x 4.1x 3.8x 4.1x 4.5x 4.8x 4.5x 4.8x 5.1x 4.6x 4.8x 5.8x 5.6x 4.3x 4.9x 4.7x 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q25 Interest Coverage 4.7x 4.7x 5.0x 4.8x 4.9x 4.9x 5.3x 5.4x 5.5x 5.1x 5.0x 5.3x 4.8x 5.3x 5.9x 5.2x 5.0x 5.0x 4.7x 4.9x 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q25 Leverage
Page 34
34 Source: Pitchbook LCD. As of March 31, 2025. See the slide titled “Selected Market Data” in the Appendix: Endnotes section of this presentation for footnotes. Selected Market Data Credit Fundamentals Annual Revenue Change (YoY) for Below Investment Grade Companies1 Annual EBITDA Change (YoY) for Below Investment Grade Companies1 9.9% 8.9% 10.5% 9.3% 11.0% 13.5% 16.3% 12.4% 12.5% 13.6% 10.3% 6.3% 3.9% 5.4% 4.8% 7.2% 8.5% 6.2% 8.7% 10.0% 9.4% 9.6% 11.8% 13.6% 11.0% 9.3% 6.1% 4.5% 5.7% 4.2% 0.9% (13.1%) (2.6%) 2.7% 12.5% 27.2% 18.0% 16.7% 18.2% 15.4% 15.1% 11.7% 6.9% 4.3% 2.4% 3.0% 3.9% 2.2% 4.1% 4.3% 3.0% 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 Revenue Growth % (YoY) 9.3% 8.3% 6.8% 6.1% 6.8% 8.8% 7.1% 8.8% 9.5% 10.2% 5.8% 7.1% 6.2% 7.0% 7.1% 5.8% 4.3% 5.2% (1.3%) 4.7% 5.8% 4.7% 9.3% 12.1% 13.3% 9.5% 2.7% 1.7% 2.5% 0.0% (9.5%) (22.7%) (1.5%) 4.9% 15.7% 20.9% 13.1% 7.8% 15.0% 11.2% 14.0% 4.8% 5.5% 2.4% 1.8% 3.1% 3.2% 3.8% 4.6% 2.3% 2.3% 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 EBITDA Growth % (YoY)
Page 35
35 Source: J.P. Morgan, FINRA reported CBO/CDO/CLO trading volume, Reg S transactions are not included. The total activity of the market is unpublished and although these numbers are not perfect, Eagle Point believes they are directionally accurate. As of June 30, 2025. Secondary trading is conducted through BWICs (“Bids Wanted in Competition”) and privately negotiated sales CLO debt and equity tranches typically settle electronically via DTC and trade on a T+1 basis Selected Market Data Liquidity Considerations $15.3 $70.5 $36.6 $32.3 $39.1 $37.8 $42.1 $28.2 $36.1 $50.7 $61.3 $46.9 $40.5 $57.5 $29.4 $24.1 $35.4 $42.7 $47.7 $52.0 $52.2 $26.2 $45.7 $74.8 $133.9 $79.1 $153.5 $159.9 $144.5 $99.0 $39.5 $106.0 $79.4 $80.0 $91.1 $89.9 $68.4 $73.9 $110.9 $184.6 $140.4 $200.4 $200.4 $202.0 $128.4 $0 $50 $100 $150 $200 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD ($Billions) Year Non-Investment Grade Rated CLO Trenches Investment Grade Rated CLO Tranches Annual CLO Trading Volume INSIGHT There was over $185 billion of CLO trading volume annually on average over the last 5 years
Page 36
36 Appendix: Endnotes
Page 37
37 Company and Adviser Overview 1. Combined market capitalization of ECC, ECCC, ECC PRD, ECCF, ECCU, ECCV, ECCW and ECCX is based on securities outstanding as of June 30, 2025 and closing market prices as of July 31, 2025. Market capitalization for periods after July 31, 2025 will vary based on stock price performance. Combined market capitalization also includes the principal value of the Company's 7.00% Series AA Convertible and Perpetual Preferred Stock and 7.00% Series AB Convertible and Perpetual Preferred Stock, which are not listed on an exchange. 2. Based on ECC’s closing market price of $6.88 per share on July 31, 2025 and frequency and amount of current distributions most recently declared by the Company. To date, a portion of common stock distributions has been estimated to be a return of capital as not ed under the Tax Information section on the Company’s website. The actual components of the Company's distributions for US tax reporting purposes can only be finally determined as of the end of each fiscal year of the Company and are thereafter reported on Form 1099-DIV. A distribution comprised in whole or in part by a return of capital does not necessarily reflect the Company’s investment performance and should not be confused with “yield” or “income.” Future distributions may consist of a return of capital. Not a guarantee of future distributions or yield. 3. As of July 31, 2025. Professionals count includes employees of Eagle Point Credit Management LLC and certain of its affiliates. 4. As of June 30, 2025. AUM represents gross assets, inclusive of committed but undrawn capital, managed by Eagle Point Credit Management LLC and certain of its affiliates. 5. The S&P UBS Leveraged Loan Index, formerly known as Credit Suisse Leveraged Loan Index (CSLLI), tracks the investable universe of the U.S. dollar-denominated leveraged loan market. Similarly, since 2001, from a total return perspective, the Morningstar LSTA U.S. Leveraged Loan Index experienced only three down full calendar years (2008, 2015 and 2022 with returns of -29.1%, -0.7% and -0.6%, respectively). The Morningstar LSTA U.S. Leveraged Loan Index is a market value-weighted index designed to measure the performance of the U.S. leveraged loan market based upon weightings, spreads and interest payments. You cannot invest directly in an index. See page 18. 6. Amount includes holdings of Eagle Point and its senior investment personnel as of June 30, 2025 (based on market values as of July 31, 2025). 7. Based on amount and frequency of regular distributions most recently declared by the Company. 8. As of June 30, 2025. To date, a portion of common stock distributions has been estimated to be a return of capital as noted under the Tax Information section on the Company’s website. The actual components of the Company's distributions for U.S. tax reporting purposes can only be finally determined as of the end of each fiscal year of the Company and are thereafter reported on Form 1099-DIV. A distribution comprised in whole or in part by a return of capital does not necessarily reflect the Company’s investment performance and should not be confused with “yield” or “income.” Future distributions may consist of a return of capital. Not a guarantee of future distributions or yield. Appendix: Endnotes ECC Highlights Introduction to Eagle Point Credit Company (ECC) Cumulative Common Stock Distributions
Page 38
38 Securities Outstanding 9. Reflects securities outstanding as of June 30, 2025 and market prices as of July 31, 2025. Yield is shown to the stated maturity based on market prices as of July 31, 2025. If called prior to stated maturity, the yield could be adversely impacted. Series AA/AB Convertible Perpetual Preferred Stock are unlisted and price per share reflects a public offering price. Track Record: Common Stock Total Return and Price to Book Ratio 10. Total return is calculated as the percent change in the value of $10,000 invested in ECC common stock at the time of the Company’s IPO and assumes that any dividends or distributions are reinvested at prices obtained by the Company’s dividend reinvestment plan on the applicable payment date. Future results may vary and may be higher or lower than those shown. Returns do not reflect the deduction of taxes that a shareholder would pay on Company distributions or the sale of Company shares. 11. The S&P BDC Index is designed to track leading business development companies (BDCs) that trade on NYSE and NASDAQ and satisfy market capitalization and equity requirements. Although ECC is not a BDC, BDCs generally invest in high yielding credit investments, as does ECC. In addition, similar to ECC, BDCs generally elect to be classified as a regulated investment company under the U.S. Internal Revenue Code of 1986, as amended, which generally requires an investment company to distribute its taxable income to shareholders. You cannot invest directly in an index. 12. Price to book is calculated as price per share divided by book value per share, which for ECC, reflects management’s reported estimate of book value for periods where final determined book values are not available. Future results may vary and may be higher or lower than those shown. ECC By The Numbers 13. Since IPO date October 7, 2014 through June 30, 2025. Appendix: Endnotes Introduction to Eagle Point Credit Company (ECC)
Page 39
39 Why Invest in CLO Equity? 1. This chart shows certain performance data for CLO 1.0 vintages. For this purpose, CLO 1.0 vintages are defined as U.S. broadly syndicated cash flow CLOs that were originated from 2002 to 2011. Information for later vintage CLOs is not as complete and is therefore not shown. The figures presented in this report do not reflect any projections regarding the returns of any investment strategy, and all ret urns earned on CLO investments will be reduced by any applicable expenses and management fees. Actual performance of a CLO investment will vary, and such variance may be material and adverse, including the potential for full loss of principal. In particular, ECC is only invested in CLOs issued after 2011 (the CLO 2.0 period), and no representation is being made with respect to the historical or future performance of such later issued CLOs. CLO investments involve multiple risks, including unhedged credit exposure to companies with speculative-grade ratings, the use of leverage, and pricing volatility. The analysis was prepared by Eagle Point based on its proprietary analysis of data sourced from Intex, Bloomberg, Moody's Investors Service, and proprietary CLO Manager presentations. While the data and information contained in this report have been obtained from sources that Eagle Point considers reliable, Eagle Point has not independently verified all such data and does not represent or warrant that such data and information are accurate or complete, and thus they should not be relied upon. In add ition, for purposes of this analysis, IRRs were calculated at the CLO level net of all CLO-related expenses, and some of such IRRs have certain inherent limitations as they are calculated based on certain underlying assumptions, which may under or over compensate for the impact, if any, of certain market factors and financial risks, such as lack of liquidity, macroeconomic factors, and other similar factors. The IRR calculations assume an initial cash investment equal to the par balance of the equity tranche. For redeemed CLOs, the equity IRR is based on reported Intex cash flows or manager reported realized returns where Intex data was not available. For active CLOs, the equity IRR is bas ed on reported Intex cash flows and assumes a terminal equity value equal to the CLO’s NAV as of November 2, 2017. Such assumptions may not be reflective of actual market conditions in the past, present, or future. Additional information relating to this analysis is available upon request. 2. The Adviser expects CLO equity to provide some measure of protection against rising interest rates when the applicable benchmark rate is greater than the benchmark rate floor on a CLO’s underlying assets (which can typically range from 0.00% to 1.00% depending on the loan). However, CLO equity is also subject to other forms of interest rate risk. CLOs are Securitizations of a Portfolio of Senior Secured Loans 3. Since a CLO’s indenture typically requires that the maturity dates of a CLO’s assets (typically 5 to 7 years from the date of issuance of a senior secured loan) be shorter than the maturity date of the CLO’s liabilities (typically 12 to 13 years), CLOs generally do not face refinancing risk on the CLO debt. However, CLO investors do face reinvestment risk with respect to a CLO’s underlying portfolio. In addition, in most CLO transactions, CLO debt investors are subject to prepayment risk in that the holders of a majority of the equity tranche can d irect a call or refinancing of a CLO, which would cause the CLO’s outstanding CLO debt securities to be repaid at par. Appendix: Endnotes CLO Equity Overview
Page 40
40 Senior Secured Loans are the Raw Materials of CLOs 4. The Adviser expects CLO equity to provide some measure of protection against rising interest rates when the applicable benchmark rate is greater than the benchmark rate floor on a CLO’s underlying assets (which can typically range from 0.00% to 1.00% depending on the loan). However, CLO equity is also subject to other forms of interest rate risk. 5. Loan-to-value ratio is typically based on market values as determined in an acquisition, by the public in the case of publicly t raded companies, or by private market multiples and other valuation methodologies in the case of private companies. 6. The illustrative borrowers shown may not reflect a meaningful part of the portfolios of our CLO investments and have been selected to provide context regarding the general types of borrowers of U.S. senior secured loans. Most of such borrowers are not as recognizable to the public as those shown. 7. Source: S&P Default, Transition, and Recovery: U.S. Recovery Study: Loan Recoveries Persist Below Their Trend. Published December 15, 2023. Mean Recovery Rate from 1973 – 2023. The CLO Market is Large and Important to the Loan Market 8. Source: Pitchbook LCD. As of June 30, 2025. 9. Source: Refinitiv Leveraged Loan Monthly. As of June 30, 2025. 10. Represents Compound Annual Growth Rate (CAGR) for the periods shown. 11. Source: JP Morgan as of June 30, 2025. The Spread in Loan Market Remains at High End of Historical Range 12. The S&P UBS Leveraged Loan Index, formerly known as CSLLI, launched January 31,1992 and tracks the investable universe of the US dollar- denominated leveraged loan market. Similarly, since 2001, from a total return perspective, the Morningstar LSTA US Leveraged Loan Index experienced only three down years (2008, 2015 and 2022 with returns of -29.1%, -0.7% and -0.6%, respectively). The Morningstar LSTA US Leveraged Loan Index is a market value-weighted index designed to measure the performance of the U.S. leveraged loan market based upon weightings, spreads and interest payments. You cannot invest directly in an index. Appendix: Endnotes CLO Equity Overview
Page 41
41 Quarterly Snapshot Trend 1. The information contained herein is unaudited. The information shown is derived from the Company’s 2024 Semiannual Report, 2024 Annual Report, 2025 Semiannual Report, interim quarterly unaudited financial statements and/or other related financial information. 2. Cash distributions include funds received from CLOs called (which includes a return of the Company's remaining invested capital in the applicable CLOs). 3. Amounts represent cash received during the period noted. Such amounts may represent income recorded in a previous period. 4. Excludes interest expense, distributions on the 6.75% Series D Perpetual Preferred Stock, distributions on 7.00% Series AA/AB Convertible Perpetual Preferred Stock (collectively with the 6.75% Series D Perpetual Preferred Stock, the “temporary equity”), management fees, incentive fees, excise tax expense or refund and non-recurring upfront expenses associated with the offerings. 5. Dollar amounts are per share of common stock and are based on a daily weighted average of shares of common stock outstanding for the period. 6. Commencing Q2 2025, realized gains/losses from forward currency contracts are excluded from GAAP NII and realized gains/(losses) per share. Appendix: Endnotes ECC Supplemental Information
Page 42
42 Income Statement and Balance Sheet Highlights 1. The information contained herein is unaudited. The information shown is derived from the Company’s 2024 Semiannual Report, 2024 Annual Report, 2025 Semiannual Report, interim quarterly unaudited financial statements and/or other related financial information. 2. Dollar amounts are per share of common stock and are based on a daily weighted average of shares of common stock outstanding for the period. 3. Q4 2024 results include non-recurring upfront expenses associated with offering of 7.75% Unsecured Notes due 2030. Commencing Q2 2025, realized gains/losses from forward currency contracts are separately disclosed from GAAP realized gains/(losses) from investments. 4. Cash distributions include funds received from CLOs called (which includes a return of the Company's remaining invested capital in the applicable CLOs). 5. “Recurring Portfolio Cash Distributions Received” include quarterly distributions from CLO equity, CLO debt investments and other non-CLO assets and distributions from loan accumulation facilities in excess of capital invested and exclude funds received from CLOs called. Such distributions will vary from period to period and may be adversely affected by developments in the market. No representation is being made that such distributions will continue in the future at the same levels or at all, and nothing herein constitutes a guarantee of future distributions. 6. Includes operational and administrative expenses, interest expense, distributions on the temporary equity, as well as non- recurring expenses mentioned in note 3 above. 7. Distributions and amortization of offering costs on temporary equity was $0.01 per daily weighted average common share for Q2 2024 and is not reflected in the table. 8. To date, a portion of common stock distributions has been estimated to be a return of capital as noted under the Tax Information section on the Company’s website. The actual components of the Company's distributions for U.S. tax reporting purposes can only be finally determined as of the end of each fiscal year of the Company and are thereafter reported on Form 1099-DIV. A distribution comprised in whole or in part by a return of capital does not necessarily reflect the Company’s investment performance and should not be confused with “yield” or “income.” Future distributions may consist of a return of capital. Amounts do not reflect special distributions paid to shareholders. Not a guarantee of future distributions or yield. Appendix: Endnotes ECC Supplemental Information
Page 43
43 Distribution and Expense Coverage 1. The information contained herein is unaudited. The information shown is derived from the Company’s 2024 Annual Report, 2024 Semiannual Report, 2025 Semiannual Report, interim quarterly unaudited financial statements and/or other related financial information and is a graphical presentation for information previously provided on page 23. 2. Dollar amounts are per share of common stock and are based on a daily weighted average of shares of common stock outstanding for the period. 3. “Recurring Portfolio Cash Distributions Received” include quarterly distributions from CLO equity, CLO debt investments and other non-CLO assets and distributions from loan accumulation facilities in excess of capital invested and exclude funds received from CLOs called. Such distributions will vary from period to period and may be adversely affected by developments in the market. No representation is being made that such distributions will continue in the future at the same levels or at all, and nothing herein constitutes a guarantee of future distributions. 4. Includes operational and administrative expenses, interest expense and distributions on the temporary equity. Q4 2024 results include non-recurring upfront expenses associated with offering of 7.75% Unsecured Notes due 2030. 5. To date, a portion of common stock distributions has been estimated to be a return of capital as noted under the Tax Information section on the Company’s website. The actual components of the Company's distributions for U.S. tax reporting purposes can only be finally determined as of the end of each fiscal year of the Company and are thereafter reported on Form 1099-DIV. A distribution comprised in whole or in part by a return of capital does not necessarily reflect the Company’s investment performance and should not be confused with “yield” or “income.” Future distributions may consist of a return of capital. Amounts do not reflect special distributions paid to shareholders. Not a guarantee of future distributions or yield. Appendix: Endnotes ECC Supplemental Information
Page 44
44 Portfolio Details – Q2 2025 1. The information contained herein is unaudited. The information shown is derived from the Company’s 2024 Semiannual Report, 2024 Annual Report, 2025 Semiannual Report, interim quarterly unaudited financial statements and/or other related financial information, CLO trustee reports, custody statements and/or other information received from CLO collateral managers. Excludes CLO debt, loan accumulat ion facilities and non-CLO investments. Dollar amounts in thousands. 2. As of June 30, 2025, the CLO either had not reached its first payment date or, in the case of secondary purchases, had not made a payment since the Company owned the security. Portfolio Investments and Underlying Portfolio Characteristics and Maturity Distribution of Underlying Obligors 4. The summary of portfolio investments and cash shown is based on the estimated fair value of the underlying positions and cash net of pending trade settlements as of June 30, 2025. Excludes restricted cash. 5. The information presented herein is on a look‐through basis to CLO equity held by the Company as of the period ends noted (except as otherwise noted) and reflects the aggregate underlying exposure of the Company based on the portfolios of those investments. The data is estimated and unaudited and is derived from CLO trustee reports received by the Company relating to the period ends noted above and from custody statements and/or other information received from CLO collateral managers and other third party sources. Informa tion relating to the market price of the underlying collateral is as of month end; however, with respect to other information shown, depending on when such information was received, the data may reflect a lag in the information reported. As such, while this information was obtained from third party data sources, period end trustee reports and similar reports, other than the market price, it does not reflect actual u nderlying portfolio characteristics as of the period ends noted above, and this data may not be representative of current or future holdings. The weighted average remaining reinvestment period information is based on the fair value of CLO equity investments held by the Company at the end of the reporting periods. 6. The Company obtains exposure in underlying senior secured loans indirectly through CLOs. 7. Credit ratings shown are based on those assigned by Standard & Poor’s Rating Group, or “S&P,” or, for comparison and informational purposes, if S&P does not assign a rating to a particular obligor, the weighted average rating shown reflects the S&P equivalent rating of a rating agency that rated the obligor provided that such other rating is available with respect to a CLO equity or related inv estment held by us. In the event multiple ratings are available, the lowest S&P rating, or if there is no S&P rating, the lowest equivalent rating, is used. The ratings of specific borrowings by an obligor may differ from the rating assigned to the obligor and may differ among rating agencies. For certain obligors, no rating is available in the reports received by the Company. Such obligors are not shown in the graphs and, accordingly, the sum of the percentages in the graphs may not equal 100%. Ratings below BBB- are below investment grade. Further information regarding S&P’s rating methodology and definitions may be found on its website (www.standardandpoors.com). This data includes underlying port folio characteristics of the Company’s CLO equity. Obligor and Industry Exposures 8. Industry categories are based on the S&P industry categorization of each obligor as reported in CLO trustee reports to the extent so reported. Certain CLO trustee reports do not report the industry category of all of the underlying obligors and where such information is not reported, it is not included in the summary look-through industry information shown. Appendix: Endnotes ECC Supplemental Information
Page 45
45 Credit Fundamentals 1. Data based on the average annual revenue and EBITDA change (YoY) for public issuers within the Morningstar LSTA US Leveraged Loan Index. As of March 31, 2025, this included approximately $183 billion of outstanding loans. The Morningstar LSTA US Leveraged Loan Index is a market value-weighted index designed to measure the performance of the U.S. leveraged loan market based upon weightings, spreads and interest payments. You cannot invest directly in an index. 2. Data based on the average point-in-time leverage and interest coverage multiples of newly issued large corporate loans during the period and does not reflect their ongoing financial performance. Appendix: Endnotes Selected Market Data
Page 46
46 STRICTLY CONFIDENTIAL FOR INSTITUTIONAL INVESTORS ONLY – NOT FOR USE WITH RETAIL INVESTORS Eagle Point Credit Company Inc. 600 Steamboat Road, Suite 202 Greenwich, CT 06830 www.EaglePointCreditCompany.com Prosek IR@eaglepointcredit.com (203) 340 8510