[May 18, 2022]

Eagle Point Income Company Inc. Announces Third Quarter 2022 Common and Preferred Distributions

Eagle Point Income Company Inc. (the "Company") (NYSE: EIC, EICA) today is pleased to announce the declaration of distributions on shares of the Company's common stock.

The Company has declared three separate distributions of $0.125 per share on its common stock, payable on each of July 29, 2022, August 31, 2022 and September 30, 2022 to stockholders of record as of July 11, 2022, August 11, 2022 and September 12, 2022, respectively. The following schedule applies to the distributions:

Distributions on common stock are generally paid from net investment income (regular interest and dividends) and may also include capital gains and/or a return of capital. The specific tax characteristics of the distributions will be reported to the Company's stockholders on Form 1099 after the end of the 2022 calendar year.

The Company is also pleased to announce the declaration of distributions on shares of the Company's 5.00% Series A Term Preferred Stock due 2026 (the "Series A Term Preferred Stock"). The Company has declared a distribution of $0.104167 per share on its Series A Term Preferred Stock payable on each of July 29, 2022, August 31, 2022 and September 30, 2022. The following schedule applies to the distributions:

The distributions on the Series A Term Preferred Stock reflect an annual distribution rate of 5.00% of the $25 liquidation preference per share of the Series A Term Preferred Stock.

ABOUT EAGLE POINT INCOME COMPANY

The Company is a 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, by investing primarily in junior debt tranches of CLOs. In addition, the Company may invest up to 35% of its total assets (at the time of investment) in CLO equity securities. The Company is externally managed and advised by Eagle Point Income 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.eaglepointincome.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 net asset value ("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, if available.

FORWARD-LOOKING STATEMENTS

This press release 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 press release 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 U.S. Securities and Exchange Commission. 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 press release.

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