Letter to Stockholders and Management Discussion of Company Performance

Dear Fellow Stockholders:

We are pleased to provide you with the enclosed report of Eagle Point Credit Company Inc. (“we,” “us,” “our” or the “Company”) for the six months ended June 30, 2022.

The Company is a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and is advised by Eagle Point Credit Management LLC (the “Adviser”). The Company’s primary investment objective is to generate high current income, with a secondary objective to generate capital appreciation. We seek to achieve these objectives by investing primarily in equity and junior debt tranches of collateralized loan obligations (“CLOs”) and may also invest in other securities or instruments that are related investments or that are consistent with our investment objectives.

The first six months of 2022 proved to be challenging as global markets continued to price in increased risk of recession, persistent inflation, geopolitical instability and the impact of supply chain challenges. For risk assets, it was one of the worst half-year performances on record. We witnessed the largest first-half decline in the S&P 500 in over 60 years, with the index falling 21%. High yield bonds declined over 14%, the second-largest six month loss on record (trailing only the second half of 2008). Investment grade bonds also declined over 14%, the largest six month loss in almost 14 years.

Loans meaningfully outperformed many other asset classes in the first half of 2022. The senior secured nature of the asset class, along with their floating rate structure, allowed loans to remain more resilient through the challenging first half.

Despite few corporate defaults, the value of CLO equity securities generally fell as yields demanded in the secondary market widened meaningfully. While nearly all CLO securities faced mark-to-market drawdowns during the first half of 2022, our portfolio continued to generate strong cash flows. Indeed, recurring cash flows from our portfolio totaled $89 million during the first half. Further, it is in environments of loan price volatility where we believe CLO structures – and CLO equity in particular – are set up to outperform over the medium-term. Historically, it has been a good time to invest in CLO equity when loan prices are low. This is largely driven by CLOs’ high front-loaded cash flows and an ability to reinvest loan principal repayments (which are at par) into discounted loans in the secondary market. CLOs can do this with confidence due to their CLO long-term non-mark-to-market financing structure.

For the six months ended June 30, 2022, the Company recorded a decrease in net assets resulting from operations of $122 million, or $2.95 per weighted average common share.¹ This represents

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

Please see page 14 for endnotes.

a GAAP ROE of -21.86% during the first half of 2022.² From December 31, 2021 through June 30, 2022, the Company’s NAV decreased 25% from $13.39 per common share to $10.08 per common share. During this period, we declared and paid $0.78 per share in regular monthly distributions to our common stockholders. Additionally, we paid a special distribution of $0.50 per common share on January 24, 2022 to stockholders of record as of December 23, 2021.

Through the market volatility, we continued to position the portfolio to create long-term shareholder value by using our Adviser’s proactive approach in managing the Company. Beyond the consistent cash flows generated by our investment portfolio in the first half of 2022, we:

We believe our portfolio continues to have the potential for further meaningful upside. The loss-adjusted yields on our CLO equity portfolio (excluding called CLOs) increased 3.57% from December 2021 during the first half of 2022, ending at 22.18% as of June 30, 2022, which we believe represents an attractive value.

Our recurring cash flows from our investment portfolio (exclusive of cash flows from called investments) remained strong and totaled $89 million during the first half of 2022, or $2.15 per weighted average common share, representing a 3% per share increase versus cash flows of $69 million, or $2.09 per weighted average common share, received in the first half of 2021.

We continue to prudently and actively manage the Company’s capital structure while raising capital to take advantage of available investment opportunities. During the first half of 2022, the Company raised $77.6 million of additional common equity through our at-the-market (“ATM”) program. These issuances were beneficial to the Company as shares were issued at a

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

Please see page 14 for endnotes.

premium to NAV with net proceeds utilized to, among other things, expand our investment portfolio.

We also utilized the ATM program to raise an additional $10.1 million of capital through the issuance of shares of our Series C Term Preferred Stock and Series D Preferred Stock.

In addition, we were very pleased to capitalize on attractive market conditions at the beginning of the year by issuing $93 million of 5.375% Notes due 2029 (the “ECCV Notes”) in January. This enabled us to considerably lower our cost of capital by 63 basis points, as well as further extend the weighted average maturity of our outstanding debt and preferred stock by 6 months.

The ECCV Notes represent the Company’s largest $25-denominated issuance ever and our lowest cost of financing to-date. The Company used the majority of the proceeds from this offering to fully redeem the remaining 7.75% Series B Term Preferred Stock, the 6.75% Notes due 2027 (the “ECCY Notes”) and half of the 6.6875% Notes due 2028 (the “ECCX Notes”).

As a result, we have no financing maturities prior to April 2028. All of our debt and preferred stock is fixed rate and we have no secured or “repo”-style financing whatsoever. The weighted average maturity of our outstanding financing stood at 7.7 years³ as of June 30, 2022, compared to 7.6 years as of December 31, 2021. Thanks to our strong balance sheet, we actively deployed $161 million into new CLO equity and debt investments in the first half of 2022.

As of July 31, 2022, management’s unaudited estimate of the range of the Company’s NAV per common share was between $10.79 and $10.89. The midpoint of this range represents an increase of 7.5% compared to the NAV per common share as of June 30, 2022. As of July 31, 2022, we have over $50 million in cash available for investment.

While the CLO market continues to command attention from investors worldwide, we believe the CLO market, and CLO equity in particular, remains inefficient and attractive. In less efficient markets, specialization matters and the Company benefits from the investment experience of our Adviser, which applies a proprietary, private equity style investment approach to the fixed income market. This approach seeks to maximize returns while mitigating potential risks. We believe the scale and experience of our Adviser in CLO investing provides the Company with meaningful advantages.

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

Please see page 14 for endnotes.

Company Overview

Common Stock

The Company’s common stock trades on the New York Stock Exchange (“NYSE”) under the symbol “ECC.” As of June 30, 2022, the NAV per share of the Company’s common stock was $10.08. The trading price of our common stock may, and often does, differ from NAV per share. The closing price per share of our common stock was $11.78 on June 30, 2022, representing a 16.87% premium to NAV per share.⁴ For the six months ended June 30, 2022, the Company’s total return to common stockholders, on a market price basis and assuming reinvestment of distributions, was approximately -7.14%.⁵

From our IPO on October 7, 2014 through June 30, 2022, our common stock has traded on average at a 10.7% premium to NAV. As of July 31, 2022, the closing price per share of common stock was $11.70, a premium of 7.93% compared to the midpoint of management’s unaudited and estimated NAV range of $10.79 to $10.89 as of July 31, 2022.

In connection with our at-the-market offering program, the Company sold 5.8 million shares of our common stock during the six months ended June 30, 2022 for total net proceeds to the Company of approximately $77.6 million.

During the first half of 2022, the Company paid to common stockholders aggregate distributions totaling $1.28 per share of common stock, inclusive of a $0.50 per share special distribution. An investor who purchased common stock as part of our IPO at $20.00 per share has received total cash distributions of $16.54 per share since the IPO. A certain portion of these distributions was comprised of a return of capital as described at the time of the applicable distribution.⁶

For the quarters ended March 31, 2022 and June 30, 2022, the Company recorded net investment income and net realized gains of $0.30 and $0.43 per weighted average common share, respectively. Excluding non-recurring expenses related to the ECCV Notes offering and the redemption of the Series B Term Preferred Stock, ECCY Notes and partial redemption of ECCX Notes, our first quarter income per weighted average common share would have been $0.40.

Given the strength of the Company’s financial performance and our outlook for future performance, the Company was pleased to raise its common monthly distribution by 17% to $0.14 per share from $0.12 per share, beginning in April 2022.

We also want to highlight the Company’s dividend reinvestment plan for common stockholders. This plan allows common stockholders to have their distributions automatically reinvested into new shares of common stock. If the prevailing market price of our common stock exceeds our NAV per share, such

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

Please see page 14 for endnotes.

reinvestment is at a discount (up to five percent) to the prevailing market price. If the prevailing market price of our common stock is less than our NAV per share, such reinvestment is at the prevailing market price subject to certain restrictions. We encourage all common stockholders to carefully review the terms of the plan. See “Dividend Reinvestment Plan” in the enclosed report.

Pursuant to our at-the-market offering program, the Company sold 323,129 shares of its Series C Term Preferred Stock and 90,937 shares of its Series D Preferred Stock during the six months ended June 30, 2022 for total net proceeds to the Company of approximately $10.1 million.

The Company capitalized on favorable market conditions in the beginning of the year and issued its ECCV Notes in January 2022 at a fixed coupon of 5.375%, our lowest cost of capital to date. With the proceeds from the offering, we fully redeemed the remaining outstanding shares of Series B Term Preferred Stock and ECCY Notes, and redeemed 50% of the ECCX Notes. As a result, we significantly lowered our overall cost of capital on a prospective basis.

Further, the weighted average maturity on our outstanding notes and preferred stock as of June 30, 2022 increased to approximately 7.7 years, compared to 7.6 years at the end of 2021. In addition, all of our financing is fixed rate, providing us with added certainty in a rising rate environment.

As of June 30, 2022, we had debt and preferred securities outstanding which totaled approximately 37% of our total assets (less current liabilities). Over the long term, management

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

Please see page 14 for endnotes.

expects to operate the Company generally with leverage within a range of 25% to 35% of total assets under normal market conditions. As market conditions evolve, or should significant opportunities present themselves, the Company may incur leverage outside of this range, subject to applicable regulatory and contractual limits.

Monthly Common Distributions

The Company paid three monthly distributions of $0.12 per share of common stock from January 2022 through March 2022, paid four monthly distributions of $0.14 per share of common stock from April 2022 through July 2022, and declared monthly distributions of $0.14 per share of common stock through December 2022. In the aggregate, we paid monthly distributions totaling $0.92 per share of common stock in 2022 as of July 31. Please note the actual frequency, components and amount of such distributions are subject to variation over time.

Special Distributions to Common Stockholders

In order to maintain our tax status as a regulated investment company (“RIC”), the Company is generally required to pay distributions to holders of its common stock in an amount equal to substantially all of the Company’s taxable income within one year of the end of its tax year.

For our tax year ended November 30, 2021, taxable income exceeded the aggregate amount distributed to common stockholders with respect to such tax year. As a result, the Company paid a special distribution of $0.50 per common share on January 24, 2022 to stockholders of record as of December 23, 2021.

Based on preliminary estimates, the Company's taxable income for the tax year ending November 30, 2022 is anticipated to exceed the aggregate regular distributions paid to common stockholders with respect to such tax year. As a result, the Company declared a special distribution of $0.25 per common share on August 16, 2022 payable on October 31, 2022 to stockholders of record as of October 11, 2022.

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

Please see page 14 for endnotes.

Portfolio Overview

First Half 2022 Portfolio Update

Our portfolio continues to generate strong cash flows. During the six months ended June 30, 2022, the Company received cash distributions from our portfolio, excluding called CLOs, of $88.9 million, or $2.15 per weighted average common share. When distributions from called CLOs are included, the totals increase to $107.1 million, or approximately $2.59 per weighted average common share.

During the six months ended June 30, 2022, the Company made 27 new CLO equity and debt investments with total purchase proceeds of approximately $160.5 million. The Company also sold 3 CLO equity and debt investments, generating aggregate sales proceeds of approximately $11.8 million.

We note that while the market for CLO AAA spreads is about 200 basis points over Libor or SOFR, the weighted average AAA spread (over Libor or SOFR) of the CLOs in which we hold equity is 113 basis points. This is very much “in the money” and we believe represents a path for continued strong earnings for the Company.

Included within this semiannual report, you will find detailed portfolio information, including certain look-through information related to the underlying collateral characteristics of the CLO equity and other unrated investments that we held as of June 30, 2022.

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

Please see page 14 for endnotes.

Market Overview⁷

Loan Market

Senior secured loans to larger US companies comprise the vast majority of our CLOs’ underlying portfolios. The Credit Suisse Leverage Loan Index⁸ (“CSLLI”), which is a broad index followed by many tracking the corporate loan market, generated a total return of -4.45% in the first half of 2022. Despite the negative return, U.S. leveraged loans have continued to outperform most other risk assets.

While nearly all loans fell in price during the first half, the dispersion between riskier and higher-quality issuers increased, as lower-rated borrowers were more significantly discounted in the secondary market. Importantly, loan downgrades remain limited with CCC-rated loans accounting for approximately 4% of the market at quarter end.

The percentage of loans trading below 80 increased just modestly quarter-over-quarter and they represented less than 3% of the market at June 30. The majority of loans were priced in the low 90s. As we have stated in the past, we expect CLOs that are within their reinvestment periods that are able to reinvest par repayments from existing loans into discounted loans in the secondary market will be net beneficiaries over the medium term. For existing CLOs, an environment of loan price volatility, continued par prepayments on loans and limited defaults allows for greater relative value trading opportunities. Indeed, during the second quarter, the annualized prepayment rate for loans was over 14%. In these markets, for newly issued CLOs, it is an attractive environment to ramp portfolios with new, high-quality loans at handsome discounts to par. For secondary CLO equity purchases, we are able to capitalize on materially discounted prices for CLO equity securities.

As recessionary fears continue to weigh on the market, concerns over the impact of increasing inflation, rising interest rates and supply chain issues remained amongst the prevailing risks identified by investors. The retail investor base took to a defensive risk-off position, reversing flows into loan mutual funds. For the first half of 2022, mutual funds and ETFs investing in U.S. leveraged loans experienced net inflows of $16.5 billion, compared to $27.7 billion of inflows for the same period in 2021.⁹

In concert with spread widening, U.S. leveraged loan issuance slowed significantly and refinancing activity remained quiet. Institutional loan issuance finished the first half of 2022 at $171.8 billion, compared to $330.7 billion for the first half of 2021. Total institutional loans outstanding stood at $1.4 trillion as of June 30, 2022.

The loan market recorded just two defaults in the first half of 2022. While defaults are expected to increase, the par-weighted default rate for U.S. leveraged loans finished June at 0.28%, near

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

Please see page 14 for endnotes.

all-time record lows. This compares to 1.25% at the end of June 2021 and the long-term default rate of 2.8%.¹⁰

We remain aware of greater leverage used by many borrowers in the loan market (and in our underlying portfolios). Many corporate borrowers took advantage of the strong demand for loans to refinance their existing debt, and in return, were able to extend the maturity dates of their debt outstanding. As such, the vast majority of the loan market matures beyond 2025. Only 8.4% of the loans in the portfolios of our underlying CLO equity positions mature prior to 2025.

CLO Market

The CLO market maintained steady momentum of new CLO creation into the second quarter, one of few areas of issuance across risk assets. While CLO liability spreads widened in parallel with the loan market, the underlying fundamentals for pricing a new CLO remained attractive. Total volumes for U.S. CLO new issuance were lower year-over-year, but still recorded a healthy figure of $71 billion for the first half of 2022.

In the primary market, average CLO AAA spreads reached 200 basis points over SOFR at June 30, a 54 basis point increase quarter-over-quarter, and nearly 86 basis points higher from the start of the year. Amidst the challenging macro and technical environment, a handful of U.S. banks – historically some of the lead buyers of CLO AAAs – paused on new commitments, putting further pressure on pricing. Through July, liability costs have continued to push wider, breaking the 200-point threshold for the first time since December 2020.

While the new issue market remained open in the second quarter, many new CLOs were priced with less than optimal structures. In June specifically, the market saw an increasing number of shorter-dated and static CLOs. As equity investors, we are acutely aware of the relationship between a demonstrable track record of consistent and strong CLO performance, and a CLO manager’s ability to secure attractive financing costs in periods like the present. For opportunistic equity investors able to secure CLO debt financing, a number of new “print-and-sprint” CLOs also priced during the final month of the quarter.

CLO refinancing and reset activity held to the sidelines for most of the first half of 2022. We expect near-term opportunities to refinance to remain muted in the wake of widening liability costs. In total, $5 billion in refinancings and $20 billion in resets were completed in the first half of 2022.

While we have started to see distressed ratios within the loan market increase, concentrations of CCC-rated loans within CLOs remain low at 4% and overcollateralization cushions are healthy. Risk of a near-term disruption in cash flows remains minimal.

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

Please see page 14 for endnotes.

As we look into the back half of the year, we remain constructive on the overall composition of our portfolio, but we acknowledge the uncertainties ahead. The largest risk for the CLO equity asset class, in our opinion, continues to be mark-to-market volatility, not ultimate loss of capital. It is this ability of CLOs to buy loans at large discounts to par (without any risk to its financing structure) in a stressed market environment that have enabled CLOs to exhibit strong performance through multiple market cycles. While past performance is not a prediction of future results, the proven playbook of CLOs, with locked-in financing longer than its assets, remains unchanged.

Additional Information

In addition to the Company’s regulatory requirement to file certain quarterly and annual portfolio information as described further in the enclosed report, the Company makes a monthly estimate of NAV and certain additional financial information available to investors via our website (www.eaglepointcreditcompany.com). This information includes (1) an estimated range of the Company’s net investment income 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 net investment income and realized capital gains or losses per share for the applicable quarter, if available.

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

Please see page 14 for endnotes.

Subsequent Developments

Management’s unaudited estimate of the range of the Company’s NAV per share of common stock was between $10.79 and $10.89 as of July 31, 2022. The midpoint of this range represents an increase of 7.5% compared to the NAV per common share as of June 30, 2022.

On July 29, 2022, the Company paid a monthly distribution of $0.14 per common share to holders of record on July 11, 2022. Additionally, and as previously announced, the Company declared distributions of $0.14 per share of common stock payable on each of August 31, 2022, September 30, 2022, October 31, 2022, November 30, 2022 and December 30, 2022 to holders of record on August 11, 2022, September 12, 2022, October 11, 2022, November 10, 2022 and December 12, 2022, respectively.

On August 16, 2022, the Company declared a special distribution of $0.25 per share payable on October 31, 2022 to holders of record as of October 11, 2022.

On July 29, 2022, the Company paid a monthly distribution of $0.135417 per share of the Company’s Series C Term Preferred Stock to holders of record on July 11, 2022. Additionally, and as previously announced, the Company declared distributions of $0.135417 per share on Series C Term Preferred Stock, payable on each of August 31, 2022, September 30, 2022, October 31, 2022, November 30, 2022 and December 30, 2022 to holders of record on August 11, 2022, September 12, 2022, October 11, 2022, November 10, 2022 and December 12, 2022, respectively.

On July 29, 2022, the Company paid a monthly distribution of $0.140625 per share of the Company’s Series D Preferred Stock to holders of record on July 11, 2022. Additionally, and as previously announced, the Company declared distributions of $0.140625 per share on Series D Preferred Stock, payable on each of August 31, 2022, September 30, 2022, October 31, 2022, November 30, 2022 and December 30, 2022 to holders of record on August 11, 2022, September 12, 2022, October 11, 2022, November 10, 2022 and December 12, 2022, respectively.

Pursuant to the “at-the-market” offering, in the period from July 1, 2022 through July 31, 2022, the Company issued 1 million shares of our common stock for total net proceeds to the Company of approximately $11.9 million.

In the period from July 1, 2022 through July 31, 2022, the Company received recurring cash distributions on its investment portfolio (exclusive of cash flows from called investments) of $38.8 million. During that same period, the Company deployed $11.1 million in net capital into CLO debt and equity investments. As of July 31, 2022, the Company had over $50 million of cash available for investment.

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

Please see page 14 for endnotes.

* * * * *

Management remains keenly focused on continuing to create value for our stockholders. We appreciate the trust and confidence our fellow stockholders have placed in the Company.

Thomas Majewski

Chief Executive Officer

This letter is intended to assist stockholders in understanding the Company’s performance during the six months ended June 30, 2022. The views and opinions in this letter were current as of July 31, 2022. Statements other than those of historical facts included herein 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. The Company undertakes no duty to update any forward-looking statement made herein. Information contained on our website is not incorporated by reference into this stockholder letter and you should not consider information contained on our website to be part of this stockholder letter or any other report we file with the Securities and Exchange Commission.

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

Please see page 14 for endnotes.

ABOUT OUR ADVISER

Eagle Point Credit Management LLC is a specialist asset manager focused on investing in CLO Securities and other income-oriented credit investments. As of June 30, 2022, our Adviser had approximately $7.2 billion of assets under management (inclusive of undrawn capital commitments).¹¹

Notes

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Important Information about this Report and Eagle Point Credit Company Inc.

This report is transmitted to the stockholders of Eagle Point Credit Company Inc. (“we”, “us”, “our” or the “Company”) and is furnished pursuant to certain regulatory requirements. This report and the information and views herein do not constitute investment advice, or a recommendation or an offer to enter into any transaction with the Company or any of its affiliates. This report is provided for informational purposes only, does not constitute an offer to sell securities of the Company 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 US 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.

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. This presentation is being provided for informational purposes only.

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. There is no guarantee that any of the goals, targets or objectives described in this report 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 June 30, 2022. Nothing herein should 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 provide legal, accounting or tax advice. Any statement regarding such matters is explanatory and may not be relied upon as definitive advice. Investors should consult with their legal, accounting and tax advisors regarding any potential investment. The information presented herein is as of the dates noted herein 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, CLO 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. We do not represent that such information is accurate or complete, and it should not be relied upon as such.

Forward-Looking Statements

This report 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 report 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 Company’s 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 report.

Notes

Summary of Certain Unaudited Portfolio Characteristics

The information presented below is on a look–through basis to the collateralized loan obligation, or “CLO”, equity and related investments held by the Company as of June 30, 2022 (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 June 2022 and from custody statements and/or other information received from CLO collateral managers, or other third party sources.