Eagle Point Credit Company · NYSE:ECC

Eagle Point Credit — Q2 2019 Earnings Presentation

37 slides from Eagle Point Credit's earnings presentation, Aug 15, 2019

1. Slide 1: Eagle Point Credit Company Quarterly Update – 2Q 2019

   EAGLE POINT CREDIT COMPANY QUARTERLY UPDATE – 2Q 2019 AUGUST 15, 2019

2. Slide 2: Important Information

   IMPORTANT INFORMATION This report 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. (the “Company”) or any of its affiliates. This report is provided for informational

3. Slide 3: Table of Contents

   TABLE OF CONTENTS 1. Introduction to Eagle Point Credit Company (ECC) 2. Senior Investment Team and Investment Process 3. CLO Equity Overview 4. ECC Supplemental Information 5. Selected Market Data 2

4. Slide 4: Introduction to Eagle Point Credit Company

   INTRODUCTION TO EAGLE POINT CREDIT COMPANY

5. Slide 5: Company and Adviser Overview

   INTRODUCTION TO ECC Company and Adviser Overview The Company: Eagle Point Credit Company Inc. (ECC) IPO Date  October 7, 2014 Primary Investment  To generate high current income by investing primarily in equity and junior debt tranches Objective of collateralized loan obligations, or “CLOs” Total

6. Slide 6: ECC Highlights

   INTRODUCTION TO ECC ECC Highlights CLO Equity is an  The Credit Suisse Leveraged Loan Index has generated positive total returns in 25 of the Attractive Asset Class past 27 years(1)  Eagle Point believes CLO equity provides an attractive way to obtain exposure to senior secured loans Specialized 

7. Slide 7: Cumulative Distributions Per Share of Common Stock

   INTRODUCTION TO ECC Cumulative Distributions Per Share Of Common Stock ECC currently pays a monthly distribution of $0.20 per share(1) ECC Cumulative Distributions Per Share $14.00 $12.00 $11.60 $11.00 $10.40 $9.80 $10.00 $9.20 $8.60 $8.00 $8.00 $7.40 $6.35 $6.00 $5.75 $4.75 $4.15 $4.00 $3.55 $2.95

8. Slide 8: Track Record: Total Return and Price to Book Ratio

   INTRODUCTION TO ECC Track Record: Total Return and Price to Book Ratio For the period of October 7, 2014 – August 8, 2019:  ECC generated a total return(1) of 67.98% versus 29.05% for the Wells Fargo BDC Index(2) (annualized net total return of 11.3% for ECC versus 5.4% for the Wells Fargo BDC Inde

9. Slide 9: ECC By The Numbers

   INTRODUCTION TO ECC ECC By The Numbers Number of 13.6% Current Distribution Rate(1) 72 Resets Refis Monthly Distribution(1) $0.20 Calls(2) Exposure to Average Years of CLO 16 Experience of Senior Investment Team 97.8% Floating Rate Senior Secured Loans(3) Number of Underlying Number Loan Obligors(3)

10. Slide 10: Securities Outstanding

    INTRODUCTION TO ECC Securities Outstanding Adviser and Senior Investment Team have $28.0 million invested in ECC, ECCA, ECCB and ECCX(3) Common Stock Preferred Stock and Unsecured Notes Ticker ECC (NYSE) Ticker ECCA (NYSE) ECCB (NYSE) ECCY (NYSE) ECCX (NYSE) Series A Series B Unsecured Notes Unsecur

11. Slide 11: Senior Investment Team and Investment Process

    SENIOR INVESTMENT TEAM AND INVESTMENT PROCESS

12. Slide 12: Experienced Senior Investment Team

    INTRODUCTION TO ECC Experienced Senior Investment Team Thomas Majewski Daniel Ko Daniel Spinner, Chief Executive Officer Principal and Portfolio CAIA Member of ECC’s Board Manager Principal and Portfolio of Directors Manager 25 19 13 13 23 17 Years in Years in Years in Years in Years in Years in Fin

13. Slide 13: Private Equity Approach to Fixed Income Investing

    INTRODUCTION TO ECC Private Equity Approach to Fixed Income Investing Eagle Point employs a process that we believe is more akin to a private equity-style investment approach than to the typical process used by many investors in fixed income securities  Proactive sourcing of investment opportunitie

14. Slide 14: CLO Equity Overview

    © EAGLI CREDIT H POINT COMPANY

15. Slide 15: Why Invest in CLO Equity?

    CLO EQUITY OVERVIEW Why Invest in CLO Equity? We believe that CLO equity provides an attractive way to obtain exposure to loans Distribution of CLO Equity IRRs CLO Equity Attributes U.S. CLOs (2002 – 2011 Vintages)(1)  CLO equity has historically generated strong absolute  Potential for strong abs

16. Slide 16: The CLO Market is Large and Important to the Loan Market

    CLO EQUITY OVERVIEW The CLO Market is Large and Important to the Loan Market The CLO market is the largest source of capital for the U.S. senior secured loan market U.S. Leveraged Loans Outstanding ($ Billions)(1) U.S. CLO Outstanding ($ Billions)(2) CLOs Oustanding ($B) $627 $1,300 $1,204 CLO Count

17. Slide 17: Positive Loan Market Track Record

    CLO EQUITY OVERVIEW Positive Loan Market Track Record Since 1992, the CSLLI has experienced only two years of negative annual returns Credit Suisse Leveraged Loan Index (“CSLLI”) Annual Total Return(1) 44.9% Annualized Return: 5.6%(1) 11.2% 11.0% 10.3% 10.0% 9.9% 9.4% 8.9% 8.3% 7.5% 7.3% 6.8% 6.2% 5

18. Slide 18: Senior Secured Loans are the Raw Materials of CLOs

    CLO EQUITY OVERVIEW Senior Secured Loans are the Raw Materials of CLOs Senior secured loans represent direct credit exposure 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 f

19. Slide 19: The Spread in Loan Market Remains at High End of Historical Range

    CLO EQUITY OVERVIEW The Spread in Loan Market Remains at High End of Historical Range The current CSLLI spread is approximately 49 bps higher than the average of 302 bps Credit Suisse Leveraged Loan Index (“CSLLI”) Spread(1) 450 bps Spread Average Average: 302 bps 409 400 bps 391 386 386 387 376 357

20. Slide 20: Loan Repayment Rate

    CLO EQUITY OVERVIEW Loan Repayment Rate Annual Repayment Rate Annual Repayment Rate Average 60% 56.4% Average: 34.5% 48.9% 48.2% 46.9% 44.7% 40.1% 40% 38.7% 38.1% 37.3% 35.2% 29.6% 23.6% 26.9% 27.6% Cumulative 24.1% Repayments 21.1% 20% 14.8% 8.8% 0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

21. Slide 21: CLOs are Securitizations of a Portfolio of Senior Secured Loans

    CLO EQUITY OVERVIEW CLOs are Securitizations of a Portfolio of Senior Secured Loans ECC invests primarily in the equity and subordinated debt tranches Assets Liabilities + Equity Key CLO Structural Features Senior Debt Typically AAA rated 1. Actively managed portfolio Primarily Floating 2. Match fun

22. Slide 22: ECC Supplemental Information

    ECC SUPPLEMENTAL INFORMATION

23. Slide 23: Income Statement and Balance Sheet Highlights

    ECC SUPPLEMENTAL I N F O R M AT I O N ( 1 ) Income Statement and Balance Sheet Highlights Q2 2019 Q1 2019 Q3 2018 Q2 2018 (Unaudited) (Unaudited) Q4 2018 (Unaudited) (Unaudited) U.S. GAAP Net Investment Income ("NII") before Non-Recurring Expenses(2) $0.36 $0.35 $0.41 $0.40 $0.50 U.S. GAAP Realized

24. Slide 24: Quarterly Snapshot Trend: Portfolio Cash Coverage

    ECC SUPPLEMENTAL INFORMATION (1) Quarterly Snapshot Trend ECC Portfolio Cash Coverage Per Common Share(2) $1.18 $1.13 CASH DISTRIBUTIONS RECEIVED(3) $1.05 $0.13 $1.00 $0.97 RECURRING PORTFOLIO $0.17 $0.01 $0.11 $0.01 $0.46 $0.39 $0.36 $0.36 $0.34 $0.60 $0.60 $0.60 $0.60 $0.60 Q2 2018 Q3 2018 Q4 2018

25. Slide 25: Quarterly Snapshot Trend

    ECC SUPPLEMENTAL INFORMATION (1) Quarterly Snapshot Trend Q2 2019 Q1 2019 Q3 2018 Q2 2018 (Unaudited) (Unaudited) Q4 2018 (Unaudited) (Unaudited) (Figures below are in millions, except for per share amounts and shares outstanding) Distributions Received From CLO Equity (2) $43.17 $24.32 $26.48 $23.5

26. Slide 26: Portfolio Details

    ECC SUPPLEMENTAL INFORMATION (1) Portfolio Details Years Years Income Cash Income Q2 Cash Weighted Weighted Remaining Remaining in Accrued Received Accrued Return of Received as Average Average CLO Equity Holdings in Non-Call Reinvestment During Q2 During Q2 During Q1 Capital in % of Prior CCC+/Caa1

27. Slide 27: Portfolio Details (Cont.)

    ECC SUPPLEMENTAL INFORMATION (1) Portfolio Details (Cont.) Years Years Income Cash Income Q2 Cash Weighted Weighted Remaining Remaining in Accrued Received Accrued Return of Received as Average Average CLO Equity Holdings in Non-Call Reinvestment During Q2 During Q2 During Q1 Capital in % of Prior C

28. Slide 28: Changes in Effective Yield

    ECC SUPPLEMENTAL INFORMATION (1) Changes in Effective Yield The following table represents changes made to effective yields from the prior quarter end CLO Equity Holdings Effective Yield Effective Yield Change in Effective CLO Equity Holdings Effective Yield Effective Yield Change in Effective (as o

29. Slide 29: Additional Information

    ECC SUPPLEMENTAL INFORMATION (1) Additional Information Income Income Accrued Cash Received Accrued Current Loan Accumulation Facility Holdings During During Realized Reconciliation to U.S. GAAP Unaudited Financial Statements During (as of June 30, 2019) Capital Invested Q2 2019 Q2 2019 Gain/(Loss)

30. Slide 30: Portfolio Investments and Underlying Portfolio Characteristics

    ECC SUPPLEMENTAL INFORMATION Portfolio Investments and Underlying Portfolio Characteristics As of June 30, 2019, ECC’s portfolio was invested across 92 investments Summary of ECC’s Portfolio of Investments(1) CLO Debt 6.2% CLO Equity 92.4% (15 Investments) (75 Investments) Loan Accumulation Faciliti

31. Slide 31: Obligor and Industry Exposures

    ECC SUPPLEMENTAL INFORMATION Obligor and Industry Exposures As of June 30, 2019, ECC has exposure to 1,525 unique underlying borrowers across a range of industries Obligor and Industry Exposure Top 10 Underlying Obligors(1) % Total Top 10 Industries of Underlying Obligors(1,2) % Total Altice 0.9% Te

32. Slide 32: Maturity Distribution of Underlying Obligors

    ECC SUPPLEMENTAL INFORMATION Maturity Distribution of Underlying Obligors Prior to 2022, only 7.0% of ECC’s underlying loan portfolio is scheduled to mature Maturity Distribution of Underlying Obligors(1) 29.3% 30% 28.0% % of Fund Exposure 20% 17.3% 8.8% 9.6% 10% 5.2% 1.7% 0.1% 0% 2019 2020 2021 202

33. Slide 33: Selected Market Data

    © EAGLI CREDIT H POINT COMPANY

34. Slide 34: Credit Fundamentals

    APPENDIX Credit Fundamentals Average Leverage Multiples of Outstanding Loans Average Interest Coverage Multiples of Outstanding Loans (Debt/EBITDA)1 (EBITDA/Interest)1 Average Leverage Multiples of Newly Issued Loans Average Interest Coverage Multiples of Newly Issued Loans (Debt/EBITDA)2 (EBITDA/In

35. Slide 35: Credit Fundamentals

    1Q08 7.5% 1Q08 16.9% 1. 2Q08 9.7% 2Q08 16.5% 3Q08 0.1% 3Q08 11.1% 4Q08 (6.8%) 4Q08 (4.9%) Source: S&P LCD. 1Q09 (17.8%) 1Q09 (7.3%) 2Q09 (15.2%) 2Q09 (11.3%) 3Q09 9.7% 3Q09 (3.2%) APPENDIX 4Q09 15.4% 4Q09 12.9% 1Q10 9.4% 1Q10 5.2% Credit Fundamentals 2Q10 15.0% 2Q10 8.0% 3Q10 24.5% 3Q10 14.5% 4Q10 2

36. Slide 36: Liquidity Considerations

    APPENDIX Liquidity Considerations  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+2 basis Annual CLO Trading Volume 125 100 $35.4 $52.0 $52.2 75 $42.7

37. Slide 37: Company Information

    COMPANY INFORMATION Eagle Point Credit Company Inc. 600 Steamboat Road, Suite 202 Greenwich, CT 06830 ICR (Media and Investor Relations) IR@eaglepointcredit.com (203) 340 8510

Eagle Point Credit Company — Q2 2019 Earnings Presentation on 6ix