Eagle Point Enhanced Income Trust (the “Fund”) is a non-diversified, closed-end investment company that is registered under the Investment Company Act of 1940.

Our primary investment objective is to generate high current income, with a secondary objective to deliver capital appreciation. The Fund seeks to capture Eagle Point’s distinct competitive edge in high income-oriented and overlooked areas of credit including PDS, Strategic Credit and CLO investment strategies.

Eagle Point Administration LLC (the “Administrator”), an affiliate of the Adviser, is the administrator of the Fund. Pursuant to the Administration Agreement between the Administrator and the Fund, the Administrator furnishes the Fund with office facilities and equipment, and clerical, bookkeeping and recordkeeping services. Under the Administration Agreement, the Administrator also performs, or arranges for the performance of, required administrative services, including accounting services, assistance in determining the Fund’s net asset value, the preparation of financial statements, oversight of the preparation and filing of tax returns and the printing and dissemination of reports to the Fund’s shareholders, general oversight of the payment of Fund expenses and the performance of sub-administrative and professional services rendered by others, and the provision of such other administrative services as the Fund may from time to time designate or require.

Subject to our Board of Trustees' discretion and applicable legal restrictions, we intend to authorize and declare ordinary cash distributions on a quarterly basis and pay such distributions on a monthly basis. In the event of a distribution, we anticipate a portion of such distributions, if made, to be paid from income primarily generated by interest income earned on our investment portfolio, and a portion of such distributions may also comprise a return of capital. The Fund may pay distributions in significant part from sources that may not be available in the future and that are unrelated to the Fund’s performance, such as from offering proceeds or borrowings, which may constitute a return of capital and reduce the amount of capital available to us for investment. No assurance can be given that we will be able to declare such distributions in future periods, and our ability to declare and pay distributions will be subject to a number of factors, including our results of operations. Information about historical distributions paid to common shareholders can be found on the website.

The Fund has adopted an “opt in” distribution reinvestment plan (“DRIP”) pursuant to which shareholders may elect to have the full amount of their cash distributions reinvested in additional Shares. Shares will be issued pursuant to the DRIP at a price equal to a 5% discount to the net asset value. There is no sales load or other charge for distributions reinvestment. Participants in the Fund’s DRIP are free to elect or revoke reinstatement in the DRIP within a reasonable time as specified in the plan. If shareholders elect to participate in the DRIP, distributions on Shares are automatically reinvested in additional Shares by SS&C, or the “DRIP Agent.” Holders of our Shares who receive distributions in the form of additional Shares are nonetheless required to pay applicable federal, state or local taxes on the reinvested distribution and will not receive a corresponding cash distribution with which to pay any applicable tax.

Dividends are generally taxable for U.S. shareholders as ordinary income or capital gains. The Fund will generally send shareholders a Form 1099-DIV as promptly as possible after the end of each calendar year. The Form 1099-DIV details the amounts includible in such U.S. shareholder’s taxable income for the year as ordinary income and/or as long-term capital gains.