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ck0001604174:PriceRiskMember 2026-01-01 2026-06-30 0001604174 ck0001604174:NonUnitedStatesInvestingRiskMember 2026-01-01 2026-06-30 0001604174 ck0001604174:GlobalRisksMember 2026-01-01 2026-06-30 0001604174 ck0001604174:BankingRiskMember 2026-01-01 2026-06-30 shares iso4217:USD iso4217:USD shares N-CSRS 0001604174 false Eagle Point Credit Company 2026-06-30 5.7 4.51 -0.6 0.06 4.33 4.43 <div> <div style="margin-top:12pt;width:484pt;line-height:12pt;font-weight:bold;color:#3A487F;font-size:10pt"><span style="letter-spacing:-0.022pt">Other Company Securities</span><span style="font-weight:normal;color:#000000;font-family:Times New Roman, Times, serif;letter-spacing:0.2pt"> </span></div> <div style="margin-top:6pt;text-align:justify;width:484pt;line-height:13pt;font-size:9pt"><span style="letter-spacing:-0.068pt">As of June 30, 2026, in addition to its common shares, the Company had four other securities that trade on the NYSE and two other securities that are not exchange-traded:</span><span style="font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <table style="width:484pt;height:209.5pt;margin-top:16pt;border-collapse:collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:uppercase;color:#FFFFFF;font-family:Arial, Helvetica, sans-serif;font-size:8pt"> <tr style="line-height:9pt;height:28.25pt;white-space:nowrap;text-align:center;vertical-align:middle;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#FFFFFF;font-family:Arial, Helvetica, sans-serif;font-size:8pt"> <td style="padding:0pt;background:#3A487F;border-bottom:1px solid #FFFFFF;min-width:8pt">​</td> <td style="background:#3A487F;border-bottom:1px solid #FFFFFF;padding-top:1pt;width:58.29pt"> <div style="white-space:nowrap;text-align:center"><span style="text-transform:uppercase;letter-spacing:-0.1pt">Security </span></div> </td> <td style="padding:0pt;background:#3A487F;border-bottom:1px solid #FFFFFF;width:5pt">​</td> <td style="padding:0pt;background:#3A487F;border-bottom:1px solid #FFFFFF;width:5pt">​</td> <td style="background:#3A487F;border-bottom:1px solid #FFFFFF;padding-top:1pt;width:58.29pt"> <div style="text-align:center"><span style="text-transform:uppercase;letter-spacing:-0.1pt">NYSE<br/>Symbol </span></div> </td> <td style="padding:0pt;background:#3A487F;border-bottom:1px solid #FFFFFF;width:5pt">​</td> <td style="padding:0pt;background:#3A487F;border-bottom:1px solid #FFFFFF;width:5pt">​</td> <td style="background:#3A487F;border-bottom:1px solid #FFFFFF;padding-top:1pt;width:58.29pt"> <div style="text-align:center"><span style="text-transform:uppercase;letter-spacing:-0.1pt">Par Amount<br/>Outstanding </span></div> </td> <td style="padding:0pt;background:#3A487F;border-bottom:1px solid #FFFFFF;width:5pt">​</td> <td style="padding:0pt;background:#3A487F;border-bottom:1px solid #FFFFFF;width:5pt">​</td> <td style="background:#3A487F;border-bottom:1px solid #FFFFFF;padding-top:1pt;width:58.29pt"> <div style="white-space:nowrap;text-align:center"><span style="text-transform:uppercase;letter-spacing:-0.1pt">Rate </span></div> </td> <td style="padding:0pt;background:#3A487F;border-bottom:1px solid #FFFFFF;width:5pt">​</td> <td style="padding:0pt;background:#3A487F;border-bottom:1px solid #FFFFFF;width:5pt">​</td> <td style="background:#3A487F;border-bottom:1px solid #FFFFFF;padding-top:1pt;width:58.28pt"> <div style="text-align:center"><span style="text-transform:uppercase;letter-spacing:-0.1pt">Payment<br/>Frequency </span></div> </td> <td style="padding:0pt;background:#3A487F;border-bottom:1px solid #FFFFFF;width:5pt">​</td> <td style="padding:0pt;background:#3A487F;border-bottom:1px solid #FFFFFF;width:5pt">​</td> <td style="background:#3A487F;border-bottom:1px solid #FFFFFF;padding-top:1pt;width:58.28pt"> <div style="white-space:nowrap;text-align:center"><span style="text-transform:uppercase;letter-spacing:-0.1pt">Callable </span></div> </td> <td style="padding:0pt;background:#3A487F;border-bottom:1px solid #FFFFFF;width:5pt">​</td> <td style="padding:0pt;background:#3A487F;border-bottom:1px solid #FFFFFF;width:5pt">​</td> <td style="background:#3A487F;border-bottom:1px solid #FFFFFF;padding-top:1pt;width:58.28pt"> <div style="white-space:nowrap;text-align:center"><span style="text-transform:uppercase;letter-spacing:-0.1pt">Maturity</span></div> </td> <td style="padding:0pt;background:#3A487F;border-bottom:1px solid #FFFFFF;width:8pt">​</td> </tr> <tr style="line-height:10pt;height:37.25pt;white-space:nowrap;text-align:center;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt"> <td style="padding:0pt;width:8pt">​</td> <td style="padding:5.33pt 0pt 3pt 0pt;width:58.29pt;white-space:normal"> <div style="text-align:center"><span style="letter-spacing:-0.06pt"><span style="font-size:8pt;font-family:Arial">Series C Term<br/>Preferred Shares due 2031</span> </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="width:58.29pt"> <div style="text-align:center"><span style="letter-spacing:-0.06pt">ECCC </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="width:58.29pt"> <div style="text-align:center"><span style="letter-spacing:-0.06pt">$45.5 million </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="width:58.29pt"> <div style="text-align:center"><span style="letter-spacing:-0.06pt">6.50% </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="width:58.28pt"> <div style="text-align:center"><span style="letter-spacing:-0.06pt">Monthly </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="width:58.28pt"> <div style="text-align:center"><span style="letter-spacing:-0.06pt">Callable </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="width:58.28pt"> <div style="text-align:center"><span style="letter-spacing:-0.06pt">June 2031 </span></div> </td> <td style="padding:0pt;width:8pt">​</td> </tr> <tr style="line-height:10pt;height:27pt;white-space:nowrap;text-align:center;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt"> <td style="padding:0pt;width:8pt">​</td> <td style="padding:5.08pt 0pt 3pt 0pt;width:58.29pt"> <div style="text-align:center"><span style="letter-spacing:-0.06pt"><span style="font-size:8pt;font-family:Arial">Series D<br/>Preferred Shares</span> </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="width:58.29pt"> <div style="text-align:center"><span style="letter-spacing:-0.06pt">ECC PRD </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="width:58.29pt"> <div style="text-align:center"><span style="letter-spacing:-0.06pt">$105.5 million </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="width:58.29pt"> <div style="text-align:center"><span style="letter-spacing:-0.06pt">6.75% </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="width:58.28pt"> <div style="text-align:center"><span style="letter-spacing:-0.06pt">Monthly </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="width:58.28pt"> <div style="text-align:center"><span style="letter-spacing:-0.06pt">November 2026 </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="width:58.28pt"> <div style="text-align:center"><span style="letter-spacing:-0.06pt">Perpetual </span></div> </td> <td style="padding:0pt;width:8pt">​</td> </tr> <tr style="line-height:10pt;height:47pt;white-space:nowrap;text-align:center;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt"> <td style="padding:0pt;width:8pt">​</td> <td style="padding:5.08pt 0pt 3pt 0pt;width:58.29pt"> <div style="text-align:center"><span style="letter-spacing:-0.06pt"><span style="font-size:8pt;font-family:Arial">Series AA<br/>Convertible<br/>Perpetual<br/>Preferred Shares</span> </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="width:58.29pt"> <div style="text-align:center"><span style="letter-spacing:-0.06pt">N/A </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="width:58.29pt"> <div style="text-align:center"><span style="letter-spacing:-0.06pt">$145.8 million </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="width:58.29pt"> <div style="text-align:center"><span style="letter-spacing:-0.06pt">7.00% </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="width:58.28pt"> <div style="text-align:center"><span style="letter-spacing:-0.06pt">Monthly </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="width:58.28pt;white-space:normal"> <div style="text-align:center"><span style="letter-spacing:-0.06pt">2 years from issuance </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="width:58.28pt"> <div style="text-align:center"><span style="letter-spacing:-0.06pt">Perpetual </span></div> </td> <td style="padding:0pt;width:8pt">​</td> </tr> <tr style="line-height:10pt;height:47pt;white-space:nowrap;text-align:center;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt"> <td style="padding:0pt;width:8pt">​</td> <td style="padding:5.08pt 0pt 3pt 0pt;width:58.29pt"> <div style="text-align:center"><span style="letter-spacing:-0.06pt"><span style="font-size:8pt;font-family:Arial">Series AB<br/>Convertible<br/>Perpetual<br/>Preferred Shares</span> </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="width:58.29pt"> <div style="text-align:center"><span style="letter-spacing:-0.06pt">N/A </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="width:58.29pt"> <div style="text-align:center"><span style="letter-spacing:-0.06pt">$7.0 million </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="width:58.29pt"> <div style="text-align:center"><span style="letter-spacing:-0.06pt">7.00% </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="width:58.28pt"> <div style="text-align:center"><span style="letter-spacing:-0.06pt">Monthly </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="width:58.28pt;white-space:normal"> <div style="text-align:center"><span style="letter-spacing:-0.06pt">2 years from issuance </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="width:58.28pt"> <div style="text-align:center"><span style="letter-spacing:-0.06pt">Perpetual </span></div> </td> <td style="padding:0pt;width:8pt">​</td> </tr> <tr style="height:17pt;white-space:nowrap;text-align:center;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt"> <td style="padding:0pt;width:8pt">​</td> <td style="padding:5.08pt 0pt 3pt 0pt;width:58.29pt"> <div style="white-space:nowrap;text-align:center;line-height:10pt"><span style="letter-spacing:-0.06pt"><span style="font-size:8pt;font-family:Arial">Notes due 2029</span> </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:5.08pt 0pt 3pt 0pt;width:58.29pt"> <div style="text-align:center;line-height:10pt"><span style="letter-spacing:-0.06pt">ECCV </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:5.08pt 0pt 3pt 0pt;width:58.29pt"> <div style="text-align:center;line-height:10pt"><span style="letter-spacing:-0.06pt">$93.3 million </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:5.08pt 0pt 3pt 0pt;width:58.29pt"> <div style="text-align:center;line-height:10pt"><span style="letter-spacing:-0.06pt">5.375% </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:5.08pt 0pt 3pt 0pt;width:58.28pt"> <div style="text-align:center;line-height:10pt"><span style="letter-spacing:-0.06pt">Quarterly </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:5.08pt 0pt 3pt 0pt;width:58.28pt"> <div style="text-align:center;line-height:10pt"><span style="letter-spacing:-0.06pt">Callable </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:5.08pt 0pt 3pt 0pt;width:58.28pt"> <div style="text-align:center;line-height:10pt"><span style="letter-spacing:-0.06pt">January 2029 </span></div> </td> <td style="padding:0pt;width:8pt">​</td> </tr> <tr style="height:19pt;white-space:nowrap;text-align:center;vertical-align:middle;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt"> <td style="padding:0pt;width:8pt">​</td> <td style="padding:5.08pt 0pt 5pt 0pt;width:58.29pt"> <div style="white-space:nowrap;text-align:center;line-height:10pt"><span style="letter-spacing:-0.06pt"><span style="font-size:8pt;font-family:Arial">Notes due 2030</span> </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:5.08pt 0pt 5pt 0pt;width:58.29pt"> <div style="text-align:center;line-height:10pt"><span style="letter-spacing:-0.06pt">ECCU </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:5.08pt 0pt 5pt 0pt;width:58.29pt"> <div style="text-align:center;line-height:10pt"><span style="letter-spacing:-0.06pt">$115.0 million </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:5.08pt 0pt 5pt 0pt;width:58.29pt"> <div style="text-align:center;line-height:10pt"><span style="letter-spacing:-0.06pt">7.75% </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:5.08pt 0pt 5pt 0pt;width:58.28pt"> <div style="text-align:center;line-height:10pt"><span style="letter-spacing:-0.06pt">Quarterly </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:5.08pt 0pt 5pt 0pt;width:58.28pt"> <div style="text-align:center;line-height:10pt"><span style="letter-spacing:-0.06pt">June 2027 </span></div> </td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:0pt;width:5pt">​</td> <td style="padding:5.08pt 0pt 5pt 0pt;width:58.28pt"> <div style="text-align:center;line-height:10pt"><span style="letter-spacing:-0.06pt">June 2030</span></div> </td> <td style="padding:0pt;width:8pt">​</td> </tr> </table> </div> <span style="font-size:8pt;font-family:Arial">Series C Term<br/>Preferred Shares due 2031</span> <span style="font-size:8pt;font-family:Arial">Series D<br/>Preferred Shares</span> <span style="font-size:8pt;font-family:Arial">Series AA<br/>Convertible<br/>Perpetual<br/>Preferred Shares</span> <span style="font-size:8pt;font-family:Arial">Series AB<br/>Convertible<br/>Perpetual<br/>Preferred Shares</span> <span style="font-size:8pt;font-family:Arial">Notes due 2029</span> <span style="font-size:8pt;font-family:Arial">Notes due 2030</span> common shares 133010748 <div> <div style="margin-left:18pt;margin-top:12pt;text-align:justify;width:466pt;line-height:12pt"><span style="letter-spacing:-0.068pt">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 these objectives by investing primarily in equity and junior debt tranches of collateralized loan obligations (“CLOs”). The Company also invests in other credit-oriented securities and instruments.</span><span style="font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-weight:bold">Investment Risk Factors<span style="font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">The following list is not intended to be a comprehensive list of the potential risks associated with the Company. The Company’s prospectus provides a detailed discussion of the Company’s risks and considerations. The risks described in the prospectus are not the only risks the Company faces. Additional risks and uncertainties not currently known to the Company or that are currently deemed to be immaterial also may materially and adversely affect its business, financial condition and/or operating results.</span><span style="font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Risks of Investing in CLOs and Other Structured Debt Securities<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">CLOs and similar structured finance securities in which the Company invests are backed by a pool of credit-related assets that serve as collateral. Accordingly, such securities present risks similar to those of other types of credit investments, including default (credit), interest rate and prepayment risks. Adverse credit events impacting a CLO’s or structured finance security’s underlying collateral would be expected to reduce cash flows payable to the Company as investor in the equity tranche. Compression of credit spreads on a CLO’s underlying senior secured loans, absent a commensurate (in timing or magnitude) refinancing or reset of the CLO’s liabilities, would generally reduce the residual cash flows available to the CLO equity. In addition, there is a risk that majority lenders to an underlying loan or other debt instrument held by a CLO or structured finance security could amend or otherwise modify the loan or debt instrument to the detriment of the CLO or structured finance security (including, for example, by transferring collateral or otherwise reducing the priority of the CLO’s or structured finance security’s investment within the borrower’s capital structure). Such actions would impair the value of the CLO’s or structured finance security’s investment and, ultimately, the Company. In addition, CLOs and structured finance securities present risks related to the capability of the servicer of the securitized assets. CLOs and other structured finance securities are often governed by a complex series of legal documents and contracts, which increases the risk of dispute over the interpretation and enforceability of such documents relative to other types of investments. There is also a risk that the trustee or other servicer does not properly carry out its duties to the CLO or structured finance security, potentially resulting in loss. CLOs and certain structured finance securities are also inherently leveraged vehicles and therefore subject to leverage risk.</span><span style="font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:12pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">The Company may also invest in structured securities that are collateralized by other types of assets. For example, the Company may invest in collateralized fund obligations (“CFOs”) or rated feeders, which typically consist of tranches of</span></div> </div> </div> </div> </div> <div> <div> <div> <div> <div style="margin-left:18pt;margin-top:14pt;text-align:justify;width:466pt;line-height:12pt"><span style="font-size:9pt"><span style="font-family:Arial,Helvetica,sans-serif"><span style="letter-spacing:-0.068pt">notes and/or equity issued by a special purpose vehicle that holds limited partnership interests in one or more private funds. Investments in CFOs and rated feeders are generally subject to the risks applicable to the underlying fund collateral, including uncertainty as to the amount and timing of underlying fund distributions, transfer restrictions and general illiquidity of underlying fund investments, dependence of the performance of the underlying funds’ general partner and key personnel, leverage risks, and general market and economic factors.</span></span></span><span style="font-weight:bold;text-transform:uppercase"> </span></div> </div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Subordinated Securities Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12pt"><span style="letter-spacing:-0.068pt">Certain securities in which the Company invests, including equity and junior debt tranches of CLOs, CFOs, and other structured securities, are subordinate to more senior tranches. These securities are subject to increased risks of default relative to the holders of superior priority interests in the same issuer. In addition, at the time of issuance, certain securities, including CLO equity securities and certain CFO securities, are under-collateralized in that the face amount of the debt and equity at inception exceeds the issuer’s total assets. The Company will typically be in a subordinated or first loss position with respect to realized losses on the underlying assets held by the CLOs, CFOs, and similar securities in which the Company is invested.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">High Yield Investment Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12pt"><span style="letter-spacing:-0.068pt">Certain investments of the Company, including CLO equity and junior debt securities, are rated below investment grade or unrated. Such securities are sometimes referred to as “higher yield” or “junk” securities and are considered speculative with respect to timely payment of interest and repayment of principal. The senior secured loans and other credit-related assets underlying certain investments, including CLOs, may also be higher yield investments. Investing in such investments involves greater credit and liquidity risk than investment grade obligations, which may adversely impact our performance.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Leverage Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12pt"><span style="letter-spacing:-0.068pt">The use of leverage, whether directly or indirectly through investments such as CLOs, CFOs, and other subordinated instruments that inherently involve leverage, may magnify the Company’s risk of loss. CLO equity or junior debt securities, in particular, are very highly leveraged (with CLO equity securities typically being leveraged ten times). The CLO securities and other inherently leveraged instruments in which the Company invests are subject to a high degree of risk of loss.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Credit Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">If (1) a CLO in which the Company invests, (2) an underlying asset of any such CLO or (3) any other type of credit investment in the Company’s portfolio declines in price or fails to pay interest or principal when due because the issuer or debtor, as the case may be, experiences a decline in its financial status, the Company’s income, NAV and/or market price would be adversely impacted. Additionally, interest on a CLO or other credit investment may be paid in kind or deferred and capitalized (paid in the form of obligations of the same type rather than cash), which involves continued exposure to default risk with respect to such payments.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Risks of Default on Underlying Assets<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">A default and any resulting loss on an underlying asset will reduce its fair value and, consequently, the fair value of the related investment and the Company’s portfolio. A wide range of factors could adversely affect the ability of the issuer of an underlying asset to make interest or other payments on that asset. Any defaults and losses will have a negative impact on the fair value of the Company’s investments and will reduce the cash flows that the Company receives from its investments.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Key Personnel Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">The Adviser manages our investments. Consequently, the Company’s success depends, in large part, upon the services of the Adviser and the skill and expertise of the Adviser’s professional personnel. There can be no assurance that the</span></div> </div> </div> </div> <div> <div> <div style="margin-left:18pt;margin-top:14pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="font-size:9pt"><span style="font-family:Arial,Helvetica,sans-serif"><span style="letter-spacing:-0.068pt">professional personnel of the Adviser will continue to serve in their current positions or continue to be employed by the Adviser. We can offer no assurance that their services will be available for any length of time or that the Adviser will continue indefinitely as the Company’s investment adviser.</span></span></span><span style="font-weight:bold;text-transform:uppercase"> </span></div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Conflicts of Interest Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">The Company’s executive officers and trustees, and the Adviser and certain of its affiliates and their officers and employees, including the members of the Adviser’s Senior Investment Team, have several conflicts of interest as a result of the other activities in which they engage. For example, the members of the Adviser’s investment team are and may in the future become affiliated with entities engaged in business activities similar to ours and may have conflicts of interest in allocating their time. Moreover, each member of the Adviser’s Senior Investment Team is engaged in other business activities which divert their time and attention from the Company. As a result of these separate business activities, the Adviser has conflicts of interest in allocating management time, services and functions among us, other advisory clients and other business ventures</span><span style="font-style:italic">.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Prepayment Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">The assets underlying the CLO securities and certain other asset-backed issuers in which the Company invests are subject to prepayment by the underlying corporate borrowers. As such, these securities are subject to prepayment risk. If the Company or a CLO collateral manager (or other applicable asset manager) are unable to reinvest prepaid amounts in a new investment with an expected rate of return at least equal to that of the investment repaid, the Company’s investment performance will be adversely impacted. Other debt instruments in which the Company invests are also subject to prepayment risk, particularly where the instrument has passed or is not subject to a “non-call” period.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Liquidity Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">Generally, there is no public market for the CLO investments and certain other credit assets in which the Company invests. As such, the Company may not be able to sell such investments quickly, or at all. If the Company is able to sell such investments, the prices the Company receives may not reflect the Adviser’s assessment of their fair value or the amount paid for such investments by the Company.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Incentive Fee Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">The Company’s incentive fee structure and the formula for calculating the fee payable to the Adviser may incentivize the Adviser to pursue speculative investments and use leverage in a manner that adversely impacts the Company’s performance.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Fair Valuation of the Company’s Portfolio Investments<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">Generally, there is no public market for the CLO investments and certain other credit assets in which the Company may invest. The Adviser values these securities at least quarterly, or more frequently as may be required from time to time, at fair value. The Adviser’s determinations of the fair value of the Company’s investments have a material impact on the Company’s net earnings through the recording of unrealized appreciation or depreciation of investments and may cause the Company’s NAV on a given date to understate or overstate, possibly materially, the value that the Company ultimately realizes on one or more of the Company’s investments.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Limited Investment Opportunities Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">The market for CLO securities and certain other credit assets in which the Company invests is more limited than the market for other credit-related investments. The Company can offer no assurances that sufficient investment opportunities for the Company’s capital will be available. An increase in the number of, and flow of capital into, investment vehicles established to pursue investments in CLO securities may result in greater competition for investment opportunities, which may result in an increase in the price of such investments relative to the risk taken on by holders of</span></div> </div> </div> </div> <div> <div> <div style="margin-left:18pt;margin-top:14pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="font-size:9pt"><span style="font-family:Arial,Helvetica,sans-serif"><span style="letter-spacing:-0.068pt">such investments. Such competition may also result under certain circumstances in increased price volatility or decreased liquidity with respect to certain positions.</span></span></span><span style="font-weight:bold;text-transform:uppercase"> </span></div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Non-Diversification Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">The Company is a non-diversified investment company under the 1940 Act and expects to hold fewer investments than a diversified fund under the 1940 Act.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Market Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">Political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market, can affect the value of the Company’s investments. A disruption or downturn in the capital markets and the credit markets could impair the Company’s ability to raise capital, reduce the availability of suitable investment opportunities for the Company, or adversely and materially affect the value of the Company’s investments, any of which would negatively affect the Company’s business. These risks may be magnified if certain events or developments adversely interrupt the global supply chain and could affect companies worldwide.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Loan Accumulation Facilities Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">The Company may invest in loan accumulation facilities (“LAFs”), which are short to medium term facilities often provided by the bank that will serve as placement agent or arranger on a CLO transaction and which acquire loans on an interim basis which are expected to form part of the portfolio of a future CLO. Investments in LAFs have risks similar to those applicable to investments in CLOs. Leverage is typically utilized in such a facility and as such the potential risk of loss will be increased for such facilities employing leverage. In the event a planned CLO is not consummated, or the loans are not eligible for purchase by the CLO, the Company may be responsible for either holding or disposing of the loans. This could expose the Company to credit and/or mark-to-market losses, and other risks.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Synthetic Investments Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">The Company may invest in synthetic investments, such as significant risk transfer securities and credit risk transfer securities issued by banks or other financial institutions, or acquire interests in lease agreements that have the general characteristics of loans and are treated as loans for withholding tax purposes. In addition to the credit risks associated with the applicable reference assets, the Company will usually have a contractual relationship only with the counterparty of such synthetic investment, and not with the reference obligor of the reference asset. Accordingly, the Company generally will have no right to directly enforce compliance by the reference obligor with the terms of the reference asset nor will it have any rights of setoff against the reference obligor or rights with respect to the reference asset. The Company will not directly benefit from the collateral supporting the reference asset and will not have the benefit of the remedies that would normally be available to a holder of such reference asset. In addition, in the event of the insolvency of the counterparty, the Company may be treated as a general creditor of such counterparty, and will not have any claim with respect to the reference asset. Consequently, the Company will be subject to the credit risk of the counterparty as well as that of the reference obligor. As a result, concentrations of synthetic securities in any one counterparty subjects the Company to an additional degree of risk with respect to defaults by such counterparty as well as by the reference obligor.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Regulatory Capital Relief Investments Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">Regulatory capital relief investments are credit risk transfers (“CRTs”) or significant risk transfers (“SRTs”). These transactions enable a bank or other issuer to transfer the credit risk associated with a pool of underlying obligations (or “reference assets”) to investors, such as the Company, in order to obtain regulatory capital relief, risk limit relief, and/or credit risk hedging with respect to the reference assets. Under these transactions, a third-party investor (e.g., the Company), agrees to absorb losses on a designated loan portfolio in exchange for a protection payment. By transferring the risk of credit losses from these assets away from a bank’s balance sheet, the bank can reduce the amount of</span></div> </div> </div> </div> <div> <div> <div style="margin-left:18pt;margin-top:14pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="font-size:9pt"><span style="font-family:Arial,Helvetica,sans-serif"><span style="letter-spacing:-0.068pt">regulatory capital it is required to hold against the reference assets without having to take actions such as selling assets or raising equity capital. Under any such trades into which the Company enters, the Company will be exposed to the credit risk of the underlying portfolio, and if the loans in the portfolio default, which may be more likely if there is a general deterioration in credit markets, the principal of the Company’s credit-linked notes will be used to cover the losses. There may be a risk that the international regulatory framework for banks (known as “Basel III”) of the Bank for International Settlements, when fully implemented, may discourage such regulatory capital relief trades and/or may force banks to unwind some or all existing transactions.</span></span></span><span style="font-weight:bold;text-transform:uppercase"> </span></div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Infrastructure Sector Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">Infrastructure asset investments (“Infrastructure Assets”) may be subject to a variety of risks, not all of which can be foreseen or quantified, including: (i) the burdens of ownership of infrastructure: (ii) local, national and international political and economic conditions; (iii) the supply and demand for services from and access to infrastructure; (iv) the financial condition of users and suppliers of Infrastructure Assets; (v) changes in interest rates and the availability of funds which may render the purchase, sale or refinancing of Infrastructure Assets difficult or impracticable; (vi) changes in regulations, planning laws and other governmental rules; (vii) changes in fiscal and monetary policies; (viii) under-insured or uninsurable losses, such as force majeure acts and terrorist events; (ix) reduced investment in public and private infrastructure projects; and (x) other factors which are beyond the reasonable control of the Company. Many of the foregoing factors could cause fluctuations in usage, expenses and revenues, increasing the risk of default of the Company’s debt investments in Infrastructure Assets and causing the value of any related equity investments to decline. This could have a material adverse effect on the Company’s performance.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Asset-Based Finance Investments Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:13pt"><span style="letter-spacing:-0.068pt">The Company may invest in asset-based finance (“ABF”) investments, which are credit instruments in which repayment is supported by cash flows generated by a defined pool of financial or operating assets rather than the general credit of a corporate borrower. ABF investments may include, among others, loans, notes, receivables, leases, and other structured credit instruments backed by assets such as equipment, vehicles, inventory, intellectual property, payment streams, contractual receivables, or other assets. These investments may be originated directly or acquired through secondary transactions and may be held in various forms, including whole loans, loan participations, asset-backed securities, or other structured instruments. The value of ABF investments is subject to the risk that the underlying obligors will be unable or unwilling to make principal or interest payments as they come due. ABF investments are also subject to the risk that the value of the collateral securing the obligations will decline or that the Company may be unable to realize the expected value of the collateral because of difficulties in liquidating or enforcing rights in the collateral. In addition, cash flows associated with ABF investments may be affected by factors such as the creditworthiness of the servicer, changes in prepayment rates, fluctuations in interest rates, structural features of the investment, and broader economic and market conditions. These factors may reduce the Company’s returns or result in losses.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Real Estate Investment-Related Risks<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:13pt"><span style="letter-spacing:-0.068pt">The Company may invest in securities or instruments backed by real estate or issued by REITs or other real estate-related issuers, which investments will be subject to the risks incident to the ownership and operation of real estate. Such risks include the risks associated with both the domestic and international general economic climates; local real estate conditions; risks due to dependence on cash flow; risks and operating problems arising out of the absence of certain construction materials; changes in supply of, or demand for, competing properties in an area (as a result, for instance, of over-building); the financial condition of tenants, buyers and sellers of properties; changes in availability of debt financing; energy and supply shortages; changes in the tax, real estate, environmental, and zoning laws and regulations; various uninsured or uninsurable risks; the ability of clients or third-party borrowers to manage the real</span></div> </div> </div> </div> <div> <div> <div style="margin-left:18pt;margin-top:14pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="font-size:9pt"><span style="font-family:Arial,Helvetica,sans-serif"><span style="letter-spacing:-0.068pt">properties; and natural disasters and events such as COVID-19. Developments such as migration away from urban centers, an increase in work-from-home and greater reliance on telecommuting technologies, e-commerce and remote learning may result in long-lasting and fundamental changes in the demand for residential and commercial real estate in various locales. A shrinking tax base and a rise in budget deficits may compel certain state and local governments to implement property tax increases, which may have a detrimental effect on companies in the real-estate related sector. </span></span></span></div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold"><span style="font-size:9pt"><span style="font-family:Arial,Helvetica,sans-serif">Investments in Unsecured Debt<span style="font-style:normal;font-weight:normal;letter-spacing:0.18pt"> </span></span></span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="font-size:9pt"><span style="font-family:Arial,Helvetica,sans-serif"><span style="letter-spacing:-0.068pt">Certain of the Company’s investments are expected to constitute unsecured debt. While unsecured debt ranks senior to common stock or preferred equity of an issuer, unsecured debt effectively ranks subordinate in priority of payment to secured debt and may not have the benefit of financial covenants common for secured debt. Unlike secured debt, unsecured debt does not have the benefit of a lien with respect to specific collateral. In any liquidation, dissolution, bankruptcy or similar proceeding involving an issuer, the holders of the issuer’s secured debt may assert rights against the assets pledged to secure that debt in order to receive full payment of their debt before the assets may be used to pay other creditors of the issuer, including the Company. Accordingly, unsecured debt typically involves a heightened level of risk of loss of principal.</span><span style="letter-spacing:0.18pt"> </span></span></span></div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold"><span style="font-size:9pt"><span style="font-family:Arial,Helvetica,sans-serif">Investments in Secured Debt<span style="font-style:normal;font-weight:normal;letter-spacing:0.18pt"> </span></span></span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="font-size:9pt"><span style="font-family:Arial,Helvetica,sans-serif"><span style="letter-spacing:-0.068pt">The assets of the portfolio of the Company may include secured debt, which involve various degrees of risk of a loss of capital. The factors affecting an issuer’s secured debt, and its overall capital structure, are complex. Some secured loans may not necessarily have priority over all other debt of an issuer. For example, some secured loans may permit other secured obligations (such as overdrafts, swaps or other derivatives made available by members of the syndicate to the company), or involve secured loans only on specified assets of an issuer. Issuers of secured loans may have two tranches of secured debt outstanding each with secured debt on separate collateral. In the event of Chapter 11 filing by an issuer, the U.S. Bankruptcy Reform Act of 1978, as amended, authorizes the issuer to use a creditor’s collateral and to obtain additional credit by grant of a priority lien on its property, senior even to liens that were first in priority prior to the filing, as long as the issuer provides what the presiding bankruptcy judge considers to be “adequate protection” which may but need not always consist of the grant of replacement or additional liens or the making of cash payments to the affected secured creditor. The imposition of priority liens on the Company’s collateral would adversely affect the priority of the liens and claims held by the Company and could adversely affect the Company’s recovery on the affected debt. Any secured debt is secured only to the extent of its lien and only to the extent of underlying assets or incremental proceeds on already secured assets. Moreover, underlying assets are subject to credit, liquidity, and interest rate risk.</span></span></span><span style="font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Currency Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">Although the Company primarily makes investments denominated in U.S. dollars, the Company may make investments denominated in other currencies. The Company’s investments denominated in currencies other than U.S. dollars will be subject to the risk that the value of such currency will decrease in relation to the U.S. dollar. The Company may or may not hedge currency risk.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Hedging Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">Hedging transactions seeking to reduce risks may result in poorer overall performance than if the Company had not engaged in such hedging transactions. Additionally, such transactions may not fully hedge the Company’s risks.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Reinvestment Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">CLOs will typically generate cash from asset repayments and sales that may be reinvested in substitute assets, subject to compliance with applicable investment tests. If the CLO collateral manager causes the CLO to purchase substitute assets at a lower yield than those initially acquired or sale proceeds are maintained temporarily in cash, it would reduce the excess interest-related cash flow, thereby having a negative effect on the fair value of the Company’s assets and the</span></div> </div> </div> </div> <div> <div> <div style="margin-left:18pt;margin-top:14pt;text-align:justify;width:466pt;line-height:13pt"><span style="font-size:9pt"><span style="font-family:Arial,Helvetica,sans-serif"><span style="letter-spacing:-0.068pt">market value of the Company’s securities. In addition, the reinvestment period for a CLO may terminate early, which would cause the holders of the CLO’s securities to receive principal payments earlier than anticipated. There can be no assurance that the Company will be able to reinvest such amounts in an alternative investment that provides a comparable return relative to the credit risk assumed.</span></span></span><span style="font-weight:bold;text-transform:uppercase"> </span></div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Interest Rate Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:13pt"><span style="letter-spacing:-0.068pt">Fluctuations in interest rates, whether driven by governmental policy, inflation expectations, or other market factors, could adversely affect the Company’s results, including both the level of cash flows the Company generates and the market value of its portfolio investments.</span><span style="font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:12pt;text-align:justify;width:466pt;line-height:13pt"><span style="letter-spacing:-0.068pt">Income from the Company’s investments in floating-rate instruments (including CLO debt securities) will generally rise or fall with changes in the Secured Overnight Financing Rate (“SOFR”) or another applicable benchmark rate.</span><span style="font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:12pt;text-align:justify;width:466pt;line-height:13pt"><span style="letter-spacing:-0.068pt">In a sustained period of elevated interest rates and/or an economic downturn, loan default rates could rise, leading to higher credit losses that may reduce the Company’s cash flow, the fair value of its assets, and its operating results. Conversely, a significant decline in interest rates could decrease portfolio income over time as loans reprice at lower coupons.</span><span style="font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:12pt;text-align:justify;width:466pt;line-height:13pt"><span style="letter-spacing:-0.068pt">An increase in interest rates may also negatively affect the value of the Company’s fixed-rate investments, such as high-yield bonds, and could increase the Company’s own financing costs to the extent it issues floating rate debt or refinances fixed-rate debt or preferred equity at higher rates in the future, thereby reducing net investment income.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Refinancing Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:13pt"><span style="letter-spacing:-0.068pt">If the Company incurs debt financing and subsequently refinances such debt, the replacement debt may be at a higher cost and on less favorable terms and conditions. If the Company fails to extend, refinance or replace such debt financings prior to their maturity on commercially reasonable terms, the Company’s liquidity will be lower than it would have been with the benefit of such financings, which would limit the Company’s ability to grow, and holders of the Company’s common shares would not benefit from the potential for increased returns on equity that incurring leverage creates.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Risks relating to the Convertible Perpetual Preferred Shares Conversion Feature<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:13pt"><span style="letter-spacing:-0.068pt">The price of the Company’s common shares on the NYSE constantly fluctuates. Because the Convertible Perpetual Preferred Shares are convertible into the Company’s common shares based on a conversion price, which in turn is based on the price of the Company’s common shares, volatility or declining prices for the Company’s common shares during the period between when a holder delivers a notice of conversion (including the period in which the conversion price is determined) and the date shares delivered as settlement on conversion (which settlement may be in cash, the Company’s common shares or a combination thereof) are actually received by the holder could result in a holder receiving such shares at a time when the trading price thereof is significantly lower than the trading price of the Company’s common shares was at the time such holder delivered such notice of conversion or significantly lower than the trailing five-day volume weighted average price used to calculate the conversion price (as described further in the prospectus supplement for the Convertible Perpetual Preferred Shares). Such volatility or declining prices could also have a similar effect on the value of the Convertible Perpetual Preferred Shares or the trading price thereof, when and if the Convertible Perpetual Preferred Shares are listed on a national securities exchange.</span><span style="font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:12pt;text-align:justify;width:466pt;line-height:13pt"><span style="letter-spacing:-0.068pt">The price of the Company’s common shares may fluctuate as a result of a variety of factors, many of which are beyond the Company’s control and may not be directly related to the Company’s ongoing performance. The factors include, but</span></div> </div> </div> </div> <div> <div> <div style="margin-left:18pt;margin-top:14pt;text-align:justify;width:466pt;line-height:13pt"><span style="font-size:9pt"><span style="font-family:Arial,Helvetica,sans-serif"><span style="letter-spacing:-0.068pt">are not limited to: price and volume fluctuations in the overall stock market from time to time; investor demand for the Company’s common shares; significant volatility in the market price and trading volume of securities of registered closed-end management investment companies or other companies in the Company’s sector, which are not necessarily related to the operating performance of these companies; changes in regulatory policies or tax guidelines with respect to RICs or registered closed-end management investment companies; the Company’s failure to qualify as a RIC or the loss of RIC status; any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts; changes, or perceived changes, in the value of our portfolio investments; departures of any members of the Adviser’s Senior Investment Team; operating performance of companies comparable to the Company; or general economic conditions and trends and other external factors.</span><span style="font-weight:bold;text-transform:uppercase"> </span></span></span></div> <div style="margin-left:18pt;margin-top:6pt;text-align:justify;width:466pt;line-height:13pt"><span style="font-size:9pt"><span style="font-family:Arial,Helvetica,sans-serif"><span style="letter-spacing:-0.068pt">The Company intends to settle conversions by paying or delivering, as applicable, cash, common shares or a combination thereof on or about the second business day following the determination of the settlement amount. However, the settlement period may be longer for operational reasons outside of the Company’s control, including extended processing times by the Company’s service providers and/or the converting holder’s custodial platform.</span></span></span><span style="font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Tax Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:13pt"><span style="letter-spacing:-0.068pt">If the Company fails to qualify for tax treatment as a RIC under Subchapter M of the Code for any reason, or otherwise becomes subject to corporate income tax, the resulting corporate taxes (and any related penalties) could substantially reduce the Company’s net assets, the amount of income available for distributions to the Company’s shareholders, and the amount of income available for payment of the Company’s other liabilities.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Derivatives Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:13pt"><span style="letter-spacing:-0.068pt">Derivative instruments in which the Company may invest may be volatile and involve various risks different from, and in certain cases greater than, the risks presented by other instruments. The primary risks related to derivative transactions include counterparty, correlation, liquidity, leverage, volatility, over-the-counter trading, operational and legal risks. In addition, a small investment in derivatives could have a large potential impact on the Company’s performance, effecting a form of investment leverage on the Company’s portfolio. In certain types of derivative transactions, the Company could lose the entire amount of the Company’s investment; in other types of derivative transactions the potential loss is theoretically unlimited.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Counterparty Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:13pt"><span style="letter-spacing:-0.068pt">The Company may be exposed to counterparty risk, which could make it difficult for the Company or the issuers in which the Company invests to collect on obligations, thereby resulting in potentially significant losses.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Price Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:13pt"><span style="letter-spacing:-0.068pt">Investors who buy shares at different times will likely pay different prices.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Non-U.S. Investing Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:13pt"><span style="letter-spacing:-0.068pt">Investing in foreign entities or issuers with underlying non-U.S. assets may expose us to additional risks not typically associated with investing in U.S. entities and issuers. These risks include changes in exchange control regulations, political and social instability, restrictions on the types or amounts of investment, the imposition of sanctions, tariffs, or other governmental restrictions, expropriation, imposition of foreign taxes, less liquid markets and less available information than is generally the case in the U.S., higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards, currency fluctuations and greater price volatility. Further, we, and the issuers in which we invest, may have difficulty enforcing creditor’s rights in foreign jurisdictions.</span></div> </div> </div> </div> <div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:14pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Global Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:13.5pt"><span style="letter-spacing:-0.068pt">Due to highly interconnected global economies and financial markets, the value of the Company’s securities and its underlying investments may go up or down in response to governmental actions and/or general economic conditions throughout the world. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the enactment of trade tariffs, the spread of infectious illness or other public health threats could also significantly impact the Company and its investments.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Banking Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:13.5pt"><span style="letter-spacing:-0.068pt">The possibility of future bank failures poses risks of reduced financial market liquidity at clearing, cash management and other custodial financial institutions. The failure of banks which hold cash on behalf of the Company, the Company’s underlying obligors, the collateral managers of the CLOs in which the Company invests (or managers of other securitized or pooled vehicles in which the Company invests), or the Company’s service providers could adversely affect the Company’s ability to pursue its investment strategies and objectives. For example, if an underlying obligor has a commercial relationship with a bank that has failed or is otherwise distressed, such obligor may experience delays or other disruptions in meeting its obligations and consummating business transactions. Additionally, if a collateral manager has a commercial relationship with a distressed bank, the manager may experience issues conducting its operations or consummating transactions on behalf of the CLOs it manages, which could negatively affect the performance of such CLOs (and, therefore, the performance of the Company).</span></div> </div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Risks of Investing in CLOs and Other Structured Debt Securities<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">CLOs and similar structured finance securities in which the Company invests are backed by a pool of credit-related assets that serve as collateral. Accordingly, such securities present risks similar to those of other types of credit investments, including default (credit), interest rate and prepayment risks. Adverse credit events impacting a CLO’s or structured finance security’s underlying collateral would be expected to reduce cash flows payable to the Company as investor in the equity tranche. Compression of credit spreads on a CLO’s underlying senior secured loans, absent a commensurate (in timing or magnitude) refinancing or reset of the CLO’s liabilities, would generally reduce the residual cash flows available to the CLO equity. In addition, there is a risk that majority lenders to an underlying loan or other debt instrument held by a CLO or structured finance security could amend or otherwise modify the loan or debt instrument to the detriment of the CLO or structured finance security (including, for example, by transferring collateral or otherwise reducing the priority of the CLO’s or structured finance security’s investment within the borrower’s capital structure). Such actions would impair the value of the CLO’s or structured finance security’s investment and, ultimately, the Company. In addition, CLOs and structured finance securities present risks related to the capability of the servicer of the securitized assets. CLOs and other structured finance securities are often governed by a complex series of legal documents and contracts, which increases the risk of dispute over the interpretation and enforceability of such documents relative to other types of investments. There is also a risk that the trustee or other servicer does not properly carry out its duties to the CLO or structured finance security, potentially resulting in loss. CLOs and certain structured finance securities are also inherently leveraged vehicles and therefore subject to leverage risk.</span><span style="font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:12pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">The Company may also invest in structured securities that are collateralized by other types of assets. For example, the Company may invest in collateralized fund obligations (“CFOs”) or rated feeders, which typically consist of tranches of</span></div> </div> </div> <div> <div style="margin-left:18pt;margin-top:14pt;text-align:justify;width:466pt;line-height:12pt"><span style="font-size:9pt"><span style="font-family:Arial,Helvetica,sans-serif"><span style="letter-spacing:-0.068pt">notes and/or equity issued by a special purpose vehicle that holds limited partnership interests in one or more private funds. Investments in CFOs and rated feeders are generally subject to the risks applicable to the underlying fund collateral, including uncertainty as to the amount and timing of underlying fund distributions, transfer restrictions and general illiquidity of underlying fund investments, dependence of the performance of the underlying funds’ general partner and key personnel, leverage risks, and general market and economic factors.</span></span></span><span style="font-weight:bold;text-transform:uppercase"> </span></div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Subordinated Securities Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12pt"><span style="letter-spacing:-0.068pt">Certain securities in which the Company invests, including equity and junior debt tranches of CLOs, CFOs, and other structured securities, are subordinate to more senior tranches. These securities are subject to increased risks of default relative to the holders of superior priority interests in the same issuer. In addition, at the time of issuance, certain securities, including CLO equity securities and certain CFO securities, are under-collateralized in that the face amount of the debt and equity at inception exceeds the issuer’s total assets. The Company will typically be in a subordinated or first loss position with respect to realized losses on the underlying assets held by the CLOs, CFOs, and similar securities in which the Company is invested.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">High Yield Investment Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12pt"><span style="letter-spacing:-0.068pt">Certain investments of the Company, including CLO equity and junior debt securities, are rated below investment grade or unrated. Such securities are sometimes referred to as “higher yield” or “junk” securities and are considered speculative with respect to timely payment of interest and repayment of principal. The senior secured loans and other credit-related assets underlying certain investments, including CLOs, may also be higher yield investments. Investing in such investments involves greater credit and liquidity risk than investment grade obligations, which may adversely impact our performance.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Leverage Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12pt"><span style="letter-spacing:-0.068pt">The use of leverage, whether directly or indirectly through investments such as CLOs, CFOs, and other subordinated instruments that inherently involve leverage, may magnify the Company’s risk of loss. CLO equity or junior debt securities, in particular, are very highly leveraged (with CLO equity securities typically being leveraged ten times). The CLO securities and other inherently leveraged instruments in which the Company invests are subject to a high degree of risk of loss.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Credit Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">If (1) a CLO in which the Company invests, (2) an underlying asset of any such CLO or (3) any other type of credit investment in the Company’s portfolio declines in price or fails to pay interest or principal when due because the issuer or debtor, as the case may be, experiences a decline in its financial status, the Company’s income, NAV and/or market price would be adversely impacted. Additionally, interest on a CLO or other credit investment may be paid in kind or deferred and capitalized (paid in the form of obligations of the same type rather than cash), which involves continued exposure to default risk with respect to such payments.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Risks of Default on Underlying Assets<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">A default and any resulting loss on an underlying asset will reduce its fair value and, consequently, the fair value of the related investment and the Company’s portfolio. A wide range of factors could adversely affect the ability of the issuer of an underlying asset to make interest or other payments on that asset. Any defaults and losses will have a negative impact on the fair value of the Company’s investments and will reduce the cash flows that the Company receives from its investments.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Key Personnel Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">The Adviser manages our investments. Consequently, the Company’s success depends, in large part, upon the services of the Adviser and the skill and expertise of the Adviser’s professional personnel. There can be no assurance that the</span></div> </div> </div> <div> <div style="margin-left:18pt;margin-top:14pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="font-size:9pt"><span style="font-family:Arial,Helvetica,sans-serif"><span style="letter-spacing:-0.068pt">professional personnel of the Adviser will continue to serve in their current positions or continue to be employed by the Adviser. We can offer no assurance that their services will be available for any length of time or that the Adviser will continue indefinitely as the Company’s investment adviser.</span></span></span><span style="font-weight:bold;text-transform:uppercase"> </span></div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Conflicts of Interest Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">The Company’s executive officers and trustees, and the Adviser and certain of its affiliates and their officers and employees, including the members of the Adviser’s Senior Investment Team, have several conflicts of interest as a result of the other activities in which they engage. For example, the members of the Adviser’s investment team are and may in the future become affiliated with entities engaged in business activities similar to ours and may have conflicts of interest in allocating their time. Moreover, each member of the Adviser’s Senior Investment Team is engaged in other business activities which divert their time and attention from the Company. As a result of these separate business activities, the Adviser has conflicts of interest in allocating management time, services and functions among us, other advisory clients and other business ventures</span><span style="font-style:italic">.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Prepayment Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">The assets underlying the CLO securities and certain other asset-backed issuers in which the Company invests are subject to prepayment by the underlying corporate borrowers. As such, these securities are subject to prepayment risk. If the Company or a CLO collateral manager (or other applicable asset manager) are unable to reinvest prepaid amounts in a new investment with an expected rate of return at least equal to that of the investment repaid, the Company’s investment performance will be adversely impacted. Other debt instruments in which the Company invests are also subject to prepayment risk, particularly where the instrument has passed or is not subject to a “non-call” period.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Liquidity Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">Generally, there is no public market for the CLO investments and certain other credit assets in which the Company invests. As such, the Company may not be able to sell such investments quickly, or at all. If the Company is able to sell such investments, the prices the Company receives may not reflect the Adviser’s assessment of their fair value or the amount paid for such investments by the Company.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Incentive Fee Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">The Company’s incentive fee structure and the formula for calculating the fee payable to the Adviser may incentivize the Adviser to pursue speculative investments and use leverage in a manner that adversely impacts the Company’s performance.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Fair Valuation of the Company’s Portfolio Investments<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">Generally, there is no public market for the CLO investments and certain other credit assets in which the Company may invest. The Adviser values these securities at least quarterly, or more frequently as may be required from time to time, at fair value. The Adviser’s determinations of the fair value of the Company’s investments have a material impact on the Company’s net earnings through the recording of unrealized appreciation or depreciation of investments and may cause the Company’s NAV on a given date to understate or overstate, possibly materially, the value that the Company ultimately realizes on one or more of the Company’s investments.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Limited Investment Opportunities Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">The market for CLO securities and certain other credit assets in which the Company invests is more limited than the market for other credit-related investments. The Company can offer no assurances that sufficient investment opportunities for the Company’s capital will be available. An increase in the number of, and flow of capital into, investment vehicles established to pursue investments in CLO securities may result in greater competition for investment opportunities, which may result in an increase in the price of such investments relative to the risk taken on by holders of</span></div> </div> </div> <div> <div style="margin-left:18pt;margin-top:14pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="font-size:9pt"><span style="font-family:Arial,Helvetica,sans-serif"><span style="letter-spacing:-0.068pt">such investments. Such competition may also result under certain circumstances in increased price volatility or decreased liquidity with respect to certain positions.</span></span></span><span style="font-weight:bold;text-transform:uppercase"> </span></div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Non-Diversification Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">The Company is a non-diversified investment company under the 1940 Act and expects to hold fewer investments than a diversified fund under the 1940 Act.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Market Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">Political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market, can affect the value of the Company’s investments. A disruption or downturn in the capital markets and the credit markets could impair the Company’s ability to raise capital, reduce the availability of suitable investment opportunities for the Company, or adversely and materially affect the value of the Company’s investments, any of which would negatively affect the Company’s business. These risks may be magnified if certain events or developments adversely interrupt the global supply chain and could affect companies worldwide.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Loan Accumulation Facilities Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">The Company may invest in loan accumulation facilities (“LAFs”), which are short to medium term facilities often provided by the bank that will serve as placement agent or arranger on a CLO transaction and which acquire loans on an interim basis which are expected to form part of the portfolio of a future CLO. Investments in LAFs have risks similar to those applicable to investments in CLOs. Leverage is typically utilized in such a facility and as such the potential risk of loss will be increased for such facilities employing leverage. In the event a planned CLO is not consummated, or the loans are not eligible for purchase by the CLO, the Company may be responsible for either holding or disposing of the loans. This could expose the Company to credit and/or mark-to-market losses, and other risks.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Synthetic Investments Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">The Company may invest in synthetic investments, such as significant risk transfer securities and credit risk transfer securities issued by banks or other financial institutions, or acquire interests in lease agreements that have the general characteristics of loans and are treated as loans for withholding tax purposes. In addition to the credit risks associated with the applicable reference assets, the Company will usually have a contractual relationship only with the counterparty of such synthetic investment, and not with the reference obligor of the reference asset. Accordingly, the Company generally will have no right to directly enforce compliance by the reference obligor with the terms of the reference asset nor will it have any rights of setoff against the reference obligor or rights with respect to the reference asset. The Company will not directly benefit from the collateral supporting the reference asset and will not have the benefit of the remedies that would normally be available to a holder of such reference asset. In addition, in the event of the insolvency of the counterparty, the Company may be treated as a general creditor of such counterparty, and will not have any claim with respect to the reference asset. Consequently, the Company will be subject to the credit risk of the counterparty as well as that of the reference obligor. As a result, concentrations of synthetic securities in any one counterparty subjects the Company to an additional degree of risk with respect to defaults by such counterparty as well as by the reference obligor.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Regulatory Capital Relief Investments Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">Regulatory capital relief investments are credit risk transfers (“CRTs”) or significant risk transfers (“SRTs”). These transactions enable a bank or other issuer to transfer the credit risk associated with a pool of underlying obligations (or “reference assets”) to investors, such as the Company, in order to obtain regulatory capital relief, risk limit relief, and/or credit risk hedging with respect to the reference assets. Under these transactions, a third-party investor (e.g., the Company), agrees to absorb losses on a designated loan portfolio in exchange for a protection payment. By transferring the risk of credit losses from these assets away from a bank’s balance sheet, the bank can reduce the amount of</span></div> </div> </div> <div> <div style="margin-left:18pt;margin-top:14pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="font-size:9pt"><span style="font-family:Arial,Helvetica,sans-serif"><span style="letter-spacing:-0.068pt">regulatory capital it is required to hold against the reference assets without having to take actions such as selling assets or raising equity capital. Under any such trades into which the Company enters, the Company will be exposed to the credit risk of the underlying portfolio, and if the loans in the portfolio default, which may be more likely if there is a general deterioration in credit markets, the principal of the Company’s credit-linked notes will be used to cover the losses. There may be a risk that the international regulatory framework for banks (known as “Basel III”) of the Bank for International Settlements, when fully implemented, may discourage such regulatory capital relief trades and/or may force banks to unwind some or all existing transactions.</span></span></span><span style="font-weight:bold;text-transform:uppercase"> </span></div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Infrastructure Sector Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">Infrastructure asset investments (“Infrastructure Assets”) may be subject to a variety of risks, not all of which can be foreseen or quantified, including: (i) the burdens of ownership of infrastructure: (ii) local, national and international political and economic conditions; (iii) the supply and demand for services from and access to infrastructure; (iv) the financial condition of users and suppliers of Infrastructure Assets; (v) changes in interest rates and the availability of funds which may render the purchase, sale or refinancing of Infrastructure Assets difficult or impracticable; (vi) changes in regulations, planning laws and other governmental rules; (vii) changes in fiscal and monetary policies; (viii) under-insured or uninsurable losses, such as force majeure acts and terrorist events; (ix) reduced investment in public and private infrastructure projects; and (x) other factors which are beyond the reasonable control of the Company. Many of the foregoing factors could cause fluctuations in usage, expenses and revenues, increasing the risk of default of the Company’s debt investments in Infrastructure Assets and causing the value of any related equity investments to decline. This could have a material adverse effect on the Company’s performance.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Asset-Based Finance Investments Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:13pt"><span style="letter-spacing:-0.068pt">The Company may invest in asset-based finance (“ABF”) investments, which are credit instruments in which repayment is supported by cash flows generated by a defined pool of financial or operating assets rather than the general credit of a corporate borrower. ABF investments may include, among others, loans, notes, receivables, leases, and other structured credit instruments backed by assets such as equipment, vehicles, inventory, intellectual property, payment streams, contractual receivables, or other assets. These investments may be originated directly or acquired through secondary transactions and may be held in various forms, including whole loans, loan participations, asset-backed securities, or other structured instruments. The value of ABF investments is subject to the risk that the underlying obligors will be unable or unwilling to make principal or interest payments as they come due. ABF investments are also subject to the risk that the value of the collateral securing the obligations will decline or that the Company may be unable to realize the expected value of the collateral because of difficulties in liquidating or enforcing rights in the collateral. In addition, cash flows associated with ABF investments may be affected by factors such as the creditworthiness of the servicer, changes in prepayment rates, fluctuations in interest rates, structural features of the investment, and broader economic and market conditions. These factors may reduce the Company’s returns or result in losses.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Real Estate Investment-Related Risks<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:13pt"><span style="letter-spacing:-0.068pt">The Company may invest in securities or instruments backed by real estate or issued by REITs or other real estate-related issuers, which investments will be subject to the risks incident to the ownership and operation of real estate. Such risks include the risks associated with both the domestic and international general economic climates; local real estate conditions; risks due to dependence on cash flow; risks and operating problems arising out of the absence of certain construction materials; changes in supply of, or demand for, competing properties in an area (as a result, for instance, of over-building); the financial condition of tenants, buyers and sellers of properties; changes in availability of debt financing; energy and supply shortages; changes in the tax, real estate, environmental, and zoning laws and regulations; various uninsured or uninsurable risks; the ability of clients or third-party borrowers to manage the real</span></div> </div> </div> <div> <div style="margin-left:18pt;margin-top:14pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="font-size:9pt"><span style="font-family:Arial,Helvetica,sans-serif"><span style="letter-spacing:-0.068pt">properties; and natural disasters and events such as COVID-19. Developments such as migration away from urban centers, an increase in work-from-home and greater reliance on telecommuting technologies, e-commerce and remote learning may result in long-lasting and fundamental changes in the demand for residential and commercial real estate in various locales. A shrinking tax base and a rise in budget deficits may compel certain state and local governments to implement property tax increases, which may have a detrimental effect on companies in the real-estate related sector. </span></span></span></div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold"><span style="font-size:9pt"><span style="font-family:Arial,Helvetica,sans-serif">Investments in Unsecured Debt<span style="font-style:normal;font-weight:normal;letter-spacing:0.18pt"> </span></span></span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="font-size:9pt"><span style="font-family:Arial,Helvetica,sans-serif"><span style="letter-spacing:-0.068pt">Certain of the Company’s investments are expected to constitute unsecured debt. While unsecured debt ranks senior to common stock or preferred equity of an issuer, unsecured debt effectively ranks subordinate in priority of payment to secured debt and may not have the benefit of financial covenants common for secured debt. Unlike secured debt, unsecured debt does not have the benefit of a lien with respect to specific collateral. In any liquidation, dissolution, bankruptcy or similar proceeding involving an issuer, the holders of the issuer’s secured debt may assert rights against the assets pledged to secure that debt in order to receive full payment of their debt before the assets may be used to pay other creditors of the issuer, including the Company. Accordingly, unsecured debt typically involves a heightened level of risk of loss of principal.</span><span style="letter-spacing:0.18pt"> </span></span></span></div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold"><span style="font-size:9pt"><span style="font-family:Arial,Helvetica,sans-serif">Investments in Secured Debt<span style="font-style:normal;font-weight:normal;letter-spacing:0.18pt"> </span></span></span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="font-size:9pt"><span style="font-family:Arial,Helvetica,sans-serif"><span style="letter-spacing:-0.068pt">The assets of the portfolio of the Company may include secured debt, which involve various degrees of risk of a loss of capital. The factors affecting an issuer’s secured debt, and its overall capital structure, are complex. Some secured loans may not necessarily have priority over all other debt of an issuer. For example, some secured loans may permit other secured obligations (such as overdrafts, swaps or other derivatives made available by members of the syndicate to the company), or involve secured loans only on specified assets of an issuer. Issuers of secured loans may have two tranches of secured debt outstanding each with secured debt on separate collateral. In the event of Chapter 11 filing by an issuer, the U.S. Bankruptcy Reform Act of 1978, as amended, authorizes the issuer to use a creditor’s collateral and to obtain additional credit by grant of a priority lien on its property, senior even to liens that were first in priority prior to the filing, as long as the issuer provides what the presiding bankruptcy judge considers to be “adequate protection” which may but need not always consist of the grant of replacement or additional liens or the making of cash payments to the affected secured creditor. The imposition of priority liens on the Company’s collateral would adversely affect the priority of the liens and claims held by the Company and could adversely affect the Company’s recovery on the affected debt. Any secured debt is secured only to the extent of its lien and only to the extent of underlying assets or incremental proceeds on already secured assets. Moreover, underlying assets are subject to credit, liquidity, and interest rate risk.</span></span></span><span style="font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Currency Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">Although the Company primarily makes investments denominated in U.S. dollars, the Company may make investments denominated in other currencies. The Company’s investments denominated in currencies other than U.S. dollars will be subject to the risk that the value of such currency will decrease in relation to the U.S. dollar. The Company may or may not hedge currency risk.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Hedging Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">Hedging transactions seeking to reduce risks may result in poorer overall performance than if the Company had not engaged in such hedging transactions. Additionally, such transactions may not fully hedge the Company’s risks.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Reinvestment Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:12.5pt"><span style="letter-spacing:-0.068pt">CLOs will typically generate cash from asset repayments and sales that may be reinvested in substitute assets, subject to compliance with applicable investment tests. If the CLO collateral manager causes the CLO to purchase substitute assets at a lower yield than those initially acquired or sale proceeds are maintained temporarily in cash, it would reduce the excess interest-related cash flow, thereby having a negative effect on the fair value of the Company’s assets and the</span></div> </div> </div> <div> <div style="margin-left:18pt;margin-top:14pt;text-align:justify;width:466pt;line-height:13pt"><span style="font-size:9pt"><span style="font-family:Arial,Helvetica,sans-serif"><span style="letter-spacing:-0.068pt">market value of the Company’s securities. In addition, the reinvestment period for a CLO may terminate early, which would cause the holders of the CLO’s securities to receive principal payments earlier than anticipated. There can be no assurance that the Company will be able to reinvest such amounts in an alternative investment that provides a comparable return relative to the credit risk assumed.</span></span></span><span style="font-weight:bold;text-transform:uppercase"> </span></div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Interest Rate Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:13pt"><span style="letter-spacing:-0.068pt">Fluctuations in interest rates, whether driven by governmental policy, inflation expectations, or other market factors, could adversely affect the Company’s results, including both the level of cash flows the Company generates and the market value of its portfolio investments.</span><span style="font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:12pt;text-align:justify;width:466pt;line-height:13pt"><span style="letter-spacing:-0.068pt">Income from the Company’s investments in floating-rate instruments (including CLO debt securities) will generally rise or fall with changes in the Secured Overnight Financing Rate (“SOFR”) or another applicable benchmark rate.</span><span style="font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:12pt;text-align:justify;width:466pt;line-height:13pt"><span style="letter-spacing:-0.068pt">In a sustained period of elevated interest rates and/or an economic downturn, loan default rates could rise, leading to higher credit losses that may reduce the Company’s cash flow, the fair value of its assets, and its operating results. Conversely, a significant decline in interest rates could decrease portfolio income over time as loans reprice at lower coupons.</span><span style="font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:12pt;text-align:justify;width:466pt;line-height:13pt"><span style="letter-spacing:-0.068pt">An increase in interest rates may also negatively affect the value of the Company’s fixed-rate investments, such as high-yield bonds, and could increase the Company’s own financing costs to the extent it issues floating rate debt or refinances fixed-rate debt or preferred equity at higher rates in the future, thereby reducing net investment income.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Refinancing Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:13pt"><span style="letter-spacing:-0.068pt">If the Company incurs debt financing and subsequently refinances such debt, the replacement debt may be at a higher cost and on less favorable terms and conditions. If the Company fails to extend, refinance or replace such debt financings prior to their maturity on commercially reasonable terms, the Company’s liquidity will be lower than it would have been with the benefit of such financings, which would limit the Company’s ability to grow, and holders of the Company’s common shares would not benefit from the potential for increased returns on equity that incurring leverage creates.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Risks relating to the Convertible Perpetual Preferred Shares Conversion Feature<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:13pt"><span style="letter-spacing:-0.068pt">The price of the Company’s common shares on the NYSE constantly fluctuates. Because the Convertible Perpetual Preferred Shares are convertible into the Company’s common shares based on a conversion price, which in turn is based on the price of the Company’s common shares, volatility or declining prices for the Company’s common shares during the period between when a holder delivers a notice of conversion (including the period in which the conversion price is determined) and the date shares delivered as settlement on conversion (which settlement may be in cash, the Company’s common shares or a combination thereof) are actually received by the holder could result in a holder receiving such shares at a time when the trading price thereof is significantly lower than the trading price of the Company’s common shares was at the time such holder delivered such notice of conversion or significantly lower than the trailing five-day volume weighted average price used to calculate the conversion price (as described further in the prospectus supplement for the Convertible Perpetual Preferred Shares). Such volatility or declining prices could also have a similar effect on the value of the Convertible Perpetual Preferred Shares or the trading price thereof, when and if the Convertible Perpetual Preferred Shares are listed on a national securities exchange.</span><span style="font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:12pt;text-align:justify;width:466pt;line-height:13pt"><span style="letter-spacing:-0.068pt">The price of the Company’s common shares may fluctuate as a result of a variety of factors, many of which are beyond the Company’s control and may not be directly related to the Company’s ongoing performance. The factors include, but</span></div> </div> </div> <div> <div style="margin-left:18pt;margin-top:14pt;text-align:justify;width:466pt;line-height:13pt"><span style="font-size:9pt"><span style="font-family:Arial,Helvetica,sans-serif"><span style="letter-spacing:-0.068pt">are not limited to: price and volume fluctuations in the overall stock market from time to time; investor demand for the Company’s common shares; significant volatility in the market price and trading volume of securities of registered closed-end management investment companies or other companies in the Company’s sector, which are not necessarily related to the operating performance of these companies; changes in regulatory policies or tax guidelines with respect to RICs or registered closed-end management investment companies; the Company’s failure to qualify as a RIC or the loss of RIC status; any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts; changes, or perceived changes, in the value of our portfolio investments; departures of any members of the Adviser’s Senior Investment Team; operating performance of companies comparable to the Company; or general economic conditions and trends and other external factors.</span><span style="font-weight:bold;text-transform:uppercase"> </span></span></span></div> <div style="margin-left:18pt;margin-top:6pt;text-align:justify;width:466pt;line-height:13pt"><span style="font-size:9pt"><span style="font-family:Arial,Helvetica,sans-serif"><span style="letter-spacing:-0.068pt">The Company intends to settle conversions by paying or delivering, as applicable, cash, common shares or a combination thereof on or about the second business day following the determination of the settlement amount. However, the settlement period may be longer for operational reasons outside of the Company’s control, including extended processing times by the Company’s service providers and/or the converting holder’s custodial platform.</span></span></span><span style="font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Tax Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:13pt"><span style="letter-spacing:-0.068pt">If the Company fails to qualify for tax treatment as a RIC under Subchapter M of the Code for any reason, or otherwise becomes subject to corporate income tax, the resulting corporate taxes (and any related penalties) could substantially reduce the Company’s net assets, the amount of income available for distributions to the Company’s shareholders, and the amount of income available for payment of the Company’s other liabilities.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Derivatives Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:13pt"><span style="letter-spacing:-0.068pt">Derivative instruments in which the Company may invest may be volatile and involve various risks different from, and in certain cases greater than, the risks presented by other instruments. The primary risks related to derivative transactions include counterparty, correlation, liquidity, leverage, volatility, over-the-counter trading, operational and legal risks. In addition, a small investment in derivatives could have a large potential impact on the Company’s performance, effecting a form of investment leverage on the Company’s portfolio. In certain types of derivative transactions, the Company could lose the entire amount of the Company’s investment; in other types of derivative transactions the potential loss is theoretically unlimited.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Counterparty Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:13pt"><span style="letter-spacing:-0.068pt">The Company may be exposed to counterparty risk, which could make it difficult for the Company or the issuers in which the Company invests to collect on obligations, thereby resulting in potentially significant losses.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Price Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:13pt"><span style="letter-spacing:-0.068pt">Investors who buy shares at different times will likely pay different prices.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Non-U.S. Investing Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:13pt"><span style="letter-spacing:-0.068pt">Investing in foreign entities or issuers with underlying non-U.S. assets may expose us to additional risks not typically associated with investing in U.S. entities and issuers. These risks include changes in exchange control regulations, political and social instability, restrictions on the types or amounts of investment, the imposition of sanctions, tariffs, or other governmental restrictions, expropriation, imposition of foreign taxes, less liquid markets and less available information than is generally the case in the U.S., higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards, currency fluctuations and greater price volatility. Further, we, and the issuers in which we invest, may have difficulty enforcing creditor’s rights in foreign jurisdictions.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:14pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Global Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:13.5pt"><span style="letter-spacing:-0.068pt">Due to highly interconnected global economies and financial markets, the value of the Company’s securities and its underlying investments may go up or down in response to governmental actions and/or general economic conditions throughout the world. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the enactment of trade tariffs, the spread of infectious illness or other public health threats could also significantly impact the Company and its investments.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <div style="margin-left:18pt;margin-top:12pt;width:466pt;line-height:11pt;font-style:italic;font-weight:bold">Banking Risk<span style="font-style:normal;font-weight:normal;font-family:Times New Roman, Times, serif;letter-spacing:0.18pt"> </span></div> <div style="margin-left:18pt;margin-top:2pt;text-align:justify;width:466pt;line-height:13.5pt"><span style="letter-spacing:-0.068pt">The possibility of future bank failures poses risks of reduced financial market liquidity at clearing, cash management and other custodial financial institutions. The failure of banks which hold cash on behalf of the Company, the Company’s underlying obligors, the collateral managers of the CLOs in which the Company invests (or managers of other securitized or pooled vehicles in which the Company invests), or the Company’s service providers could adversely affect the Company’s ability to pursue its investment strategies and objectives. For example, if an underlying obligor has a commercial relationship with a bank that has failed or is otherwise distressed, such obligor may experience delays or other disruptions in meeting its obligations and consummating business transactions. Additionally, if a collateral manager has a commercial relationship with a distressed bank, the manager may experience issues conducting its operations or consummating transactions on behalf of the CLOs it manages, which could negatively affect the performance of such CLOs (and, therefore, the performance of the Company).</span></div> </div> </div> 5.7 8.38 9.21 9.07 13.39 -0.6 -1.68 -1.91 -1.86 -2.5 4.51 5.7 8.38 9.21 9.07 5.76 8.88 9.5 10.12 14 3.72 5.76 8.88 9.5 10.12 11.18 10.59 12.4 16.77 17.48 -1.68 -1.3 -2.4 -2.39 -2.65 13.39 11.18 10.59 12.4 16.77 10.09 14.61 14.21 18.81 16.71 14 10.09 14.61 14.21 18.81 <div style="font-size:9pt;font-family:Arial"> <div> <table style="width:525pt;height:430.02pt;margin-top:8pt;border-collapse:collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt"> <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt"> <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.667pt 0pt;width:144pt;text-align:left"> <div style="white-space:nowrap"><span style="letter-spacing:-0.018pt">Class </span></div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #000000;width:7.13pt">​</td> <td colspan="4" style="border-bottom:1px solid #000000;padding:0pt 0pt 1.667pt 0pt"> <div style="text-align:center"><span style="letter-spacing:-0.018pt">Total Amount Outstanding<br/>Exclusive of Treasury<br/>Securities </span></div> </td> <td style="padding:0pt;border-bottom:1px solid #000000;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td colspan="4" style="border-bottom:1px solid #000000;padding:0pt 0pt 1.667pt 0pt"> <div style="text-align:center"><span style="letter-spacing:-0.018pt">Asset Coverage<br/>Per Unit</span><span style="position:relative;bottom:3.25pt;line-height:5pt;font-size:5pt;letter-spacing:-0.075pt">(1)</span></div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td colspan="4" style="border-bottom:1px solid #000000;padding:0pt 0pt 1.667pt 0pt"> <div style="text-align:center"><span style="letter-spacing:-0.018pt">Involuntary Liquidating<br/>Preference Per Unit</span><span style="position:relative;bottom:3.25pt;line-height:5pt;font-size:5pt;letter-spacing:-0.075pt">(2)</span></div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td colspan="4" style="border-bottom:1px solid #000000;padding:0pt 0pt 1.667pt 0pt"> <div style="text-align:center"><span style="letter-spacing:-0.018pt">Average Market<br/>Value Per Unit</span><span style="position:relative;bottom:3.25pt;line-height:5pt;font-size:5pt;letter-spacing:-0.075pt">(3)</span></div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:9pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td colspan="7" style="border-bottom:1px solid #000000;padding:2.75pt 0pt 2.155pt 0pt;width:0pt;text-align:left">For the six months ended June 30, 2026</td> <td style="padding:0pt;border-bottom:1px solid #000000;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:27pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td colspan="6">​</td> <td colspan="6">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:8.97pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:2.78pt 0pt 1.28pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Preferred Shares </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:2.78pt 0pt 1.28pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.78pt 0pt 1.28pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">303,725,658</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:2.78pt 0pt 1.28pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.78pt 0pt 1.28pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">52.91</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:2.78pt 0pt 1.28pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.78pt 0pt 1.28pt 0pt;min-width:7.5pt;text-align:right;white-space:nowrap">25</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:2.78pt 0pt 1.28pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.78pt 0pt 1.28pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">23.00</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:8.97pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:3.03pt 0pt 1.28pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Unsecured Notes </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:3.03pt 0pt 1.28pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.03pt 0pt 1.28pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">208,250,000</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:3.03pt 0pt 1.28pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.03pt 0pt 1.28pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">5,202.70</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="4" style="padding:3.03pt 0pt 1.28pt 0pt"> <div style="text-align:center"><span style="letter-spacing:-0.068pt">N/A </span></div> </td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:3.03pt 0pt 1.28pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.03pt 0pt 1.28pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">24.62</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td colspan="7" style="border-bottom:1px solid #000000;padding:3.02pt 0pt 2.155pt 0pt;width:0pt">For the year ended December 31, 2025</td> <td style="padding:0pt;border-bottom:1px solid #000000;width:7.13pt">​</td> <td colspan="6">​</td> <td colspan="6">​</td> <td colspan="6">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:8.97pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:2.79pt 0pt 1.27pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Preferred Shares </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:2.79pt 0pt 1.27pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.79pt 0pt 1.27pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">373,106,809</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:2.79pt 0pt 1.27pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.79pt 0pt 1.27pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">52.55</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:2.79pt 0pt 1.27pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.79pt 0pt 1.27pt 0pt;min-width:7.5pt;text-align:right;white-space:nowrap">25</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:2.79pt 0pt 1.27pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.79pt 0pt 1.27pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">22.88</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:8.97pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:3.04pt 0pt 1.27pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Unsecured Notes </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:3.04pt 0pt 1.27pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.04pt 0pt 1.27pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">279,900,875</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:3.04pt 0pt 1.27pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.04pt 0pt 1.27pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">4,904.03</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="4" style="padding:3.04pt 0pt 1.27pt 0pt"> <div style="text-align:center"><span style="letter-spacing:-0.068pt">N/A </span></div> </td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:3.04pt 0pt 1.27pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.04pt 0pt 1.27pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">24.15</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:9pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td colspan="7" style="border-bottom:1px solid #000000;padding:3.03pt 0pt 2.155pt 0pt;width:0pt;text-align:left">For the year ended December 31, 2024</td> <td style="padding:0pt;border-bottom:1px solid #000000;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:27pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:7.5pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:17.25pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="border-bottom:1px solid #CCEEFF;padding:0pt 0pt 0.5pt 0pt;width:0pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:0pt">​</td> </tr> <tr style="line-height:8.97pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:2.8pt 0pt 1.26pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Preferred Shares </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:2.8pt 0pt 1.26pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.8pt 0pt 1.26pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">264,232,758</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:2.8pt 0pt 1.26pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.8pt 0pt 1.26pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">65.74</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:2.8pt 0pt 1.26pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.8pt 0pt 1.26pt 0pt;min-width:7.5pt;text-align:right;white-space:nowrap">25</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:2.8pt 0pt 1.26pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.8pt 0pt 1.26pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">22.51</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:8.97pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:3.06pt 0pt 1.25pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Unsecured Notes </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:3.06pt 0pt 1.25pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.06pt 0pt 1.25pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">285,523,800</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:3.06pt 0pt 1.25pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.06pt 0pt 1.25pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">5,062.81</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="4" style="padding:3.06pt 0pt 1.25pt 0pt"> <div style="text-align:center"><span style="letter-spacing:-0.068pt">N/A </span></div> </td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:3.06pt 0pt 1.25pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.06pt 0pt 1.25pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">23.50</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td colspan="7" style="border-bottom:1px solid #000000;padding:3.04pt 0pt 2.155pt 0pt;width:0pt;text-align:left">For the year ended December 31, 2023</td> <td style="padding:0pt;border-bottom:1px solid #000000;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:27pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:7.5pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:17.25pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:8.97pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:2.82pt 0pt 1.24pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Preferred Shares </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:2.82pt 0pt 1.24pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.82pt 0pt 1.24pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">83,223,700</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:2.82pt 0pt 1.24pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.82pt 0pt 1.24pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">92.65</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:2.82pt 0pt 1.24pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.82pt 0pt 1.24pt 0pt;min-width:7.5pt;text-align:right;white-space:nowrap">25</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:2.82pt 0pt 1.24pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.82pt 0pt 1.24pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">21.04</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:8.97pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:3.07pt 0pt 1.24pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Unsecured Notes </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:3.07pt 0pt 1.24pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.07pt 0pt 1.24pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">170,523,800</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:3.07pt 0pt 1.24pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.07pt 0pt 1.24pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">5,514.93</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="4" style="padding:3.07pt 0pt 1.24pt 0pt"> <div style="text-align:center"><span style="letter-spacing:-0.068pt">N/A </span></div> </td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:3.07pt 0pt 1.24pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.07pt 0pt 1.24pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">22.51</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:9pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td colspan="7" style="border-bottom:1px solid #000000;padding:3.05pt 0pt 2.155pt 0pt;width:0pt;text-align:left">For the year ended December 31, 2022</td> <td style="padding:0pt;border-bottom:1px solid #000000;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:27pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:7.5pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:17.25pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="border-bottom:1px solid #CCEEFF;padding:0pt 0pt 0.5pt 0pt;width:0pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:0pt">​</td> </tr> <tr style="line-height:8.97pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:2.83pt 0pt 1.23pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Preferred Shares </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:2.83pt 0pt 1.23pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.83pt 0pt 1.23pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">81,587,250</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:2.83pt 0pt 1.23pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.83pt 0pt 1.23pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">71.47</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:2.83pt 0pt 1.23pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.83pt 0pt 1.23pt 0pt;min-width:7.5pt;text-align:right;white-space:nowrap">25</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:2.83pt 0pt 1.23pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.83pt 0pt 1.23pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">23.25</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:8.96999999999997pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:3.08pt 0pt 1.23pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Unsecured Notes </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:3.08pt 0pt 1.23pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.08pt 0pt 1.23pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">170,523,800</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:3.08pt 0pt 1.23pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.08pt 0pt 1.23pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">4,226.70</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="4" style="padding:3.08pt 0pt 1.23pt 0pt"> <div style="text-align:center"><span style="letter-spacing:-0.068pt">N/A </span></div> </td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:3.08pt 0pt 1.23pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.08pt 0pt 1.23pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">23.67</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td colspan="7" style="border-bottom:1px solid #000000;padding:3.07pt 0pt 2.155pt 0pt;width:0pt;text-align:left">For the year ended December 31, 2021</td> <td style="padding:0pt;border-bottom:1px solid #000000;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:27pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:7.5pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:17.25pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt;width:0pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:0pt">​</td> </tr> <tr style="line-height:8.96999999999997pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:2.84pt 0pt 1.22pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Preferred Shares </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:2.84pt 0pt 1.22pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.84pt 0pt 1.22pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">98,130,500</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:2.84pt 0pt 1.22pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.84pt 0pt 1.22pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">78.16</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:2.84pt 0pt 1.22pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.84pt 0pt 1.22pt 0pt;min-width:7.5pt;text-align:right;white-space:nowrap">25</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:2.84pt 0pt 1.22pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.84pt 0pt 1.22pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">25.48</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:8.96999999999997pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:3.09pt 0pt 1.22pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Unsecured Notes </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:3.09pt 0pt 1.22pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.09pt 0pt 1.22pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">138,584,775</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:3.09pt 0pt 1.22pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.09pt 0pt 1.22pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">5,339.86</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="4" style="padding:3.09pt 0pt 1.22pt 0pt"> <div style="text-align:center"><span style="letter-spacing:-0.068pt">N/A </span></div> </td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:3.09pt 0pt 1.22pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.09pt 0pt 1.22pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">25.58</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:9pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td colspan="7" style="border-bottom:1px solid #000000;padding:3.08pt 0pt 2.155pt 0pt;width:0pt;text-align:left">For the year ended December 31, 2020</td> <td style="padding:0pt;border-bottom:1px solid #000000;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:27pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:7.5pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:17.25pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="border-bottom:1px solid #CCEEFF;padding:0pt 0pt 0.5pt 0pt;width:0pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:0pt">​</td> </tr> <tr style="line-height:8.96999999999997pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:2.85pt 0pt 1.21pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Preferred Shares </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:2.85pt 0pt 1.21pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.85pt 0pt 1.21pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">47,862,425</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:2.85pt 0pt 1.21pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.85pt 0pt 1.21pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">88.39</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:2.85pt 0pt 1.21pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.85pt 0pt 1.21pt 0pt;min-width:7.5pt;text-align:right;white-space:nowrap">25</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:2.85pt 0pt 1.21pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.85pt 0pt 1.21pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">24.25</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:8.96999999999997pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:3.11pt 0pt 1.2pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Unsecured Notes </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:3.11pt 0pt 1.2pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.11pt 0pt 1.2pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">93,734,775</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:3.11pt 0pt 1.2pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.11pt 0pt 1.2pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">5,340.98</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="4" style="padding:3.11pt 0pt 1.2pt 0pt"> <div style="text-align:center"><span style="letter-spacing:-0.068pt">N/A </span></div> </td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:3.11pt 0pt 1.2pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.11pt 0pt 1.2pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">23.93</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td colspan="7" style="border-bottom:1px solid #000000;padding:3.09pt 0pt 2.155pt 0pt;width:0pt;text-align:left">For the year ended December 31, 2019</td> <td style="padding:0pt;border-bottom:1px solid #000000;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:27pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:7.5pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:17.25pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:8.96999999999997pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:2.86pt 0pt 1.2pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Preferred Shares </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:2.86pt 0pt 1.2pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.86pt 0pt 1.2pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">69,843,150</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:2.86pt 0pt 1.2pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.86pt 0pt 1.2pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">69.71</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:2.86pt 0pt 1.2pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.86pt 0pt 1.2pt 0pt;min-width:7.5pt;text-align:right;white-space:nowrap">25</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:2.86pt 0pt 1.2pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.86pt 0pt 1.2pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">26.04</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:8.96999999999997pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:3.12pt 0pt 1.19pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Unsecured Notes </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:3.12pt 0pt 1.19pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.12pt 0pt 1.19pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">98,902,675</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:3.12pt 0pt 1.19pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.12pt 0pt 1.19pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">4,757.42</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="4" style="padding:3.12pt 0pt 1.19pt 0pt"> <div style="text-align:center"><span style="letter-spacing:-0.068pt">N/A </span></div> </td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:3.12pt 0pt 1.19pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.12pt 0pt 1.19pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">25.47</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:9pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td colspan="7" style="border-bottom:1px solid #000000;padding:3.1pt 0pt 2.155pt 0pt;width:0pt;text-align:left">For the year ended December 31, 2018</td> <td style="padding:0pt;border-bottom:1px solid #000000;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:27pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:7.5pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td colspan="6">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:8.96999999999997pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:2.88pt 0pt 1.18pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Preferred Shares </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:2.88pt 0pt 1.18pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.88pt 0pt 1.18pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">92,568,150</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:2.88pt 0pt 1.18pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.88pt 0pt 1.18pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">61.55</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:2.88pt 0pt 1.18pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.88pt 0pt 1.18pt 0pt;min-width:7.5pt;text-align:right;white-space:nowrap">25</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:2.88pt 0pt 1.18pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.88pt 0pt 1.18pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">25.78</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:8.96999999999997pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:3.13pt 0pt 1.18pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Unsecured Notes </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:3.13pt 0pt 1.18pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.13pt 0pt 1.18pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">98,902,675</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:3.13pt 0pt 1.18pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.13pt 0pt 1.18pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">4,766.23</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="4" style="padding:3.13pt 0pt 1.18pt 0pt"> <div style="text-align:center"><span style="letter-spacing:-0.068pt">N/A </span></div> </td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:3.13pt 0pt 1.18pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.13pt 0pt 1.18pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">25.08</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td colspan="7" style="border-bottom:1px solid #000000;padding:3.11pt 0pt 2.155pt 0pt;width:0pt;text-align:left">For the year ended December 31, 2017</td> <td style="padding:0pt;border-bottom:1px solid #000000;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:27pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:7.5pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:17.25pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt;width:0pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:0pt">​</td> </tr> <tr style="line-height:8.96999999999997pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:2.89pt 0pt 1.17pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Preferred Shares </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:2.89pt 0pt 1.17pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.89pt 0pt 1.17pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">92,139,600</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:2.89pt 0pt 1.17pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.89pt 0pt 1.17pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">66.97</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:2.89pt 0pt 1.17pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.89pt 0pt 1.17pt 0pt;min-width:7.5pt;text-align:right;white-space:nowrap">25</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:2.89pt 0pt 1.17pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.89pt 0pt 1.17pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">25.75</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:8.96999999999997pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:3.14pt 0pt 1.17pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Unsecured Notes </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:3.14pt 0pt 1.17pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.14pt 0pt 1.17pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">91,623,750</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:3.14pt 0pt 1.17pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.14pt 0pt 1.17pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">5,372.28</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="4" style="padding:3.14pt 0pt 1.17pt 0pt"> <div style="text-align:center"><span style="letter-spacing:-0.068pt">N/A </span></div> </td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:3.14pt 0pt 1.17pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.14pt 0pt 1.17pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">25.96</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> </table> <div style="clear:both;padding:0pt;margin:0pt;font-size:0pt;line-height:0pt">​</div> <div style="float:left;line-height:9pt;margin-top:9.5pt;margin-bottom:0pt;text-align:justify;width:18pt;white-space:nowrap;font-size:7.5pt"><span style="letter-spacing:-0.056pt">(1)</span></div> <div style="margin-top:9.5pt;margin-bottom:0pt;line-height:9pt;text-align:justify;margin-left:18pt;font-size:7.5pt"><span style="letter-spacing:-0.056pt">The asset coverage per unit figure is the ratio of the Company’s total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate dollar amount of outstanding applicable senior securities, as calculated separately for each of the Preferred Shares and the Unsecured Notes in accordance with section 18(h) of the 1940 Act. With respect to the Preferred Shares, the asset coverage per unit figure is expressed in terms of dollar amounts per share of outstanding preferred shares (based on a per share liquidation preference of $25.) With respect to the Unsecured Notes, the asset coverage per unit figure is expressed in terms of dollar amounts per $1,000 principal amount of such notes. </span></div> <div style="clear:both;padding:0pt;margin:0pt;font-size:0pt;line-height:0pt">​</div> <div style="float:left;line-height:9pt;margin-top:3pt;margin-bottom:0pt;text-align:justify;width:18pt;white-space:nowrap;font-size:7.5pt"><span style="letter-spacing:-0.056pt">(2)</span></div> <div style="margin-top:3pt;margin-bottom:0pt;line-height:9pt;text-align:justify;margin-left:18pt;font-size:7.5pt"><span style="letter-spacing:-0.056pt">The involuntary liquidating preference per unit is the amount to which a share of Preferred Shares would be entitled in preference to any security junior to it upon our involuntary liquidation.</span><span style="font-family:Times New Roman, Times, serif;letter-spacing:0.15pt"> </span></div> <div style="clear:both;padding:0pt;margin:0pt;font-size:0pt;line-height:0pt">​</div> <div style="float:left;line-height:9pt;margin-top:3pt;margin-bottom:0pt;text-align:justify;width:18pt;white-space:nowrap;font-size:7.5pt"><span style="letter-spacing:-0.056pt">(3)</span></div> <div style="margin-top:3pt;margin-bottom:0pt;line-height:9pt;text-align:justify;margin-left:18pt;font-size:7.5pt"><span style="letter-spacing:-0.056pt">The average market value per unit is calculated by taking the average of the closing price (or $25 principal value for unlisted securities) for each of (a) a share of the Preferred Shares (NYSE: ECCA, ECCB, ECCC, ECCF, ECC PRD; Unlisted: ECC AA, ECC AB) and (b) for each $25 principal amount of the Unsecured Notes (NYSE: ECCU, ECCV, ECCW, ECCX, ECCY, ECCZ) for each day during the years for which each applicable security was outstanding. A $25 market value was assumed for unlisted securities.</span></div> </div> </div> <div style="font-size:9pt;font-family:Arial"> <div> <table style="width:525pt;height:430.02pt;margin-top:8pt;border-collapse:collapse;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt"> <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:8pt"> <td style="border-bottom:1px solid #000000;padding:0pt 0pt 1.667pt 0pt;width:144pt;text-align:left"> <div style="white-space:nowrap"><span style="letter-spacing:-0.018pt">Class </span></div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #000000;width:7.13pt">​</td> <td colspan="4" style="border-bottom:1px solid #000000;padding:0pt 0pt 1.667pt 0pt"> <div style="text-align:center"><span style="letter-spacing:-0.018pt">Total Amount Outstanding<br/>Exclusive of Treasury<br/>Securities </span></div> </td> <td style="padding:0pt;border-bottom:1px solid #000000;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td colspan="4" style="border-bottom:1px solid #000000;padding:0pt 0pt 1.667pt 0pt"> <div style="text-align:center"><span style="letter-spacing:-0.018pt">Asset Coverage<br/>Per Unit</span><span style="position:relative;bottom:3.25pt;line-height:5pt;font-size:5pt;letter-spacing:-0.075pt">(1)</span></div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td colspan="4" style="border-bottom:1px solid #000000;padding:0pt 0pt 1.667pt 0pt"> <div style="text-align:center"><span style="letter-spacing:-0.018pt">Involuntary Liquidating<br/>Preference Per Unit</span><span style="position:relative;bottom:3.25pt;line-height:5pt;font-size:5pt;letter-spacing:-0.075pt">(2)</span></div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td colspan="4" style="border-bottom:1px solid #000000;padding:0pt 0pt 1.667pt 0pt"> <div style="text-align:center"><span style="letter-spacing:-0.018pt">Average Market<br/>Value Per Unit</span><span style="position:relative;bottom:3.25pt;line-height:5pt;font-size:5pt;letter-spacing:-0.075pt">(3)</span></div> </td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:9pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td colspan="7" style="border-bottom:1px solid #000000;padding:2.75pt 0pt 2.155pt 0pt;width:0pt;text-align:left">For the six months ended June 30, 2026</td> <td style="padding:0pt;border-bottom:1px solid #000000;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:27pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td colspan="6">​</td> <td colspan="6">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:8.97pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:2.78pt 0pt 1.28pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Preferred Shares </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:2.78pt 0pt 1.28pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.78pt 0pt 1.28pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">303,725,658</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:2.78pt 0pt 1.28pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.78pt 0pt 1.28pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">52.91</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:2.78pt 0pt 1.28pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.78pt 0pt 1.28pt 0pt;min-width:7.5pt;text-align:right;white-space:nowrap">25</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:2.78pt 0pt 1.28pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.78pt 0pt 1.28pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">23.00</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:8.97pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:3.03pt 0pt 1.28pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Unsecured Notes </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:3.03pt 0pt 1.28pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.03pt 0pt 1.28pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">208,250,000</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:3.03pt 0pt 1.28pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.03pt 0pt 1.28pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">5,202.70</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="4" style="padding:3.03pt 0pt 1.28pt 0pt"> <div style="text-align:center"><span style="letter-spacing:-0.068pt">N/A </span></div> </td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:3.03pt 0pt 1.28pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.03pt 0pt 1.28pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">24.62</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:9pt;white-space:nowrap;text-align:left;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td colspan="7" style="border-bottom:1px solid #000000;padding:3.02pt 0pt 2.155pt 0pt;width:0pt">For the year ended December 31, 2025</td> <td style="padding:0pt;border-bottom:1px solid #000000;width:7.13pt">​</td> <td colspan="6">​</td> <td colspan="6">​</td> <td colspan="6">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:8.97pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:2.79pt 0pt 1.27pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Preferred Shares </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:2.79pt 0pt 1.27pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.79pt 0pt 1.27pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">373,106,809</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:2.79pt 0pt 1.27pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.79pt 0pt 1.27pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">52.55</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:2.79pt 0pt 1.27pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.79pt 0pt 1.27pt 0pt;min-width:7.5pt;text-align:right;white-space:nowrap">25</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:2.79pt 0pt 1.27pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.79pt 0pt 1.27pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">22.88</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:8.97pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:3.04pt 0pt 1.27pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Unsecured Notes </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:3.04pt 0pt 1.27pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.04pt 0pt 1.27pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">279,900,875</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:3.04pt 0pt 1.27pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.04pt 0pt 1.27pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">4,904.03</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="4" style="padding:3.04pt 0pt 1.27pt 0pt"> <div style="text-align:center"><span style="letter-spacing:-0.068pt">N/A </span></div> </td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:3.04pt 0pt 1.27pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.04pt 0pt 1.27pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">24.15</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:9pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td colspan="7" style="border-bottom:1px solid #000000;padding:3.03pt 0pt 2.155pt 0pt;width:0pt;text-align:left">For the year ended December 31, 2024</td> <td style="padding:0pt;border-bottom:1px solid #000000;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:27pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:7.5pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:17.25pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="border-bottom:1px solid #CCEEFF;padding:0pt 0pt 0.5pt 0pt;width:0pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:0pt">​</td> </tr> <tr style="line-height:8.97pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:2.8pt 0pt 1.26pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Preferred Shares </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:2.8pt 0pt 1.26pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.8pt 0pt 1.26pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">264,232,758</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:2.8pt 0pt 1.26pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.8pt 0pt 1.26pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">65.74</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:2.8pt 0pt 1.26pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.8pt 0pt 1.26pt 0pt;min-width:7.5pt;text-align:right;white-space:nowrap">25</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:2.8pt 0pt 1.26pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.8pt 0pt 1.26pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">22.51</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:8.97pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:3.06pt 0pt 1.25pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Unsecured Notes </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:3.06pt 0pt 1.25pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.06pt 0pt 1.25pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">285,523,800</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:3.06pt 0pt 1.25pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.06pt 0pt 1.25pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">5,062.81</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="4" style="padding:3.06pt 0pt 1.25pt 0pt"> <div style="text-align:center"><span style="letter-spacing:-0.068pt">N/A </span></div> </td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:3.06pt 0pt 1.25pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.06pt 0pt 1.25pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">23.50</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td colspan="7" style="border-bottom:1px solid #000000;padding:3.04pt 0pt 2.155pt 0pt;width:0pt;text-align:left">For the year ended December 31, 2023</td> <td style="padding:0pt;border-bottom:1px solid #000000;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:27pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:7.5pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:17.25pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:8.97pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:2.82pt 0pt 1.24pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Preferred Shares </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:2.82pt 0pt 1.24pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.82pt 0pt 1.24pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">83,223,700</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:2.82pt 0pt 1.24pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.82pt 0pt 1.24pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">92.65</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:2.82pt 0pt 1.24pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.82pt 0pt 1.24pt 0pt;min-width:7.5pt;text-align:right;white-space:nowrap">25</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:2.82pt 0pt 1.24pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.82pt 0pt 1.24pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">21.04</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:8.97pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:3.07pt 0pt 1.24pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Unsecured Notes </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:3.07pt 0pt 1.24pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.07pt 0pt 1.24pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">170,523,800</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:3.07pt 0pt 1.24pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.07pt 0pt 1.24pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">5,514.93</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="4" style="padding:3.07pt 0pt 1.24pt 0pt"> <div style="text-align:center"><span style="letter-spacing:-0.068pt">N/A </span></div> </td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:3.07pt 0pt 1.24pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.07pt 0pt 1.24pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">22.51</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:9pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td colspan="7" style="border-bottom:1px solid #000000;padding:3.05pt 0pt 2.155pt 0pt;width:0pt;text-align:left">For the year ended December 31, 2022</td> <td style="padding:0pt;border-bottom:1px solid #000000;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:27pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:7.5pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:17.25pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="border-bottom:1px solid #CCEEFF;padding:0pt 0pt 0.5pt 0pt;width:0pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:0pt">​</td> </tr> <tr style="line-height:8.97pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:2.83pt 0pt 1.23pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Preferred Shares </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:2.83pt 0pt 1.23pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.83pt 0pt 1.23pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">81,587,250</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:2.83pt 0pt 1.23pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.83pt 0pt 1.23pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">71.47</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:2.83pt 0pt 1.23pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.83pt 0pt 1.23pt 0pt;min-width:7.5pt;text-align:right;white-space:nowrap">25</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:2.83pt 0pt 1.23pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.83pt 0pt 1.23pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">23.25</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:8.96999999999997pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:3.08pt 0pt 1.23pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Unsecured Notes </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:3.08pt 0pt 1.23pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.08pt 0pt 1.23pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">170,523,800</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:3.08pt 0pt 1.23pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.08pt 0pt 1.23pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">4,226.70</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="4" style="padding:3.08pt 0pt 1.23pt 0pt"> <div style="text-align:center"><span style="letter-spacing:-0.068pt">N/A </span></div> </td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:3.08pt 0pt 1.23pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.08pt 0pt 1.23pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">23.67</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td colspan="7" style="border-bottom:1px solid #000000;padding:3.07pt 0pt 2.155pt 0pt;width:0pt;text-align:left">For the year ended December 31, 2021</td> <td style="padding:0pt;border-bottom:1px solid #000000;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:27pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:7.5pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:17.25pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt;width:0pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:0pt">​</td> </tr> <tr style="line-height:8.96999999999997pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:2.84pt 0pt 1.22pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Preferred Shares </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:2.84pt 0pt 1.22pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.84pt 0pt 1.22pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">98,130,500</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:2.84pt 0pt 1.22pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.84pt 0pt 1.22pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">78.16</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:2.84pt 0pt 1.22pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.84pt 0pt 1.22pt 0pt;min-width:7.5pt;text-align:right;white-space:nowrap">25</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:2.84pt 0pt 1.22pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.84pt 0pt 1.22pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">25.48</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:8.96999999999997pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:3.09pt 0pt 1.22pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Unsecured Notes </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:3.09pt 0pt 1.22pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.09pt 0pt 1.22pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">138,584,775</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:3.09pt 0pt 1.22pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.09pt 0pt 1.22pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">5,339.86</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="4" style="padding:3.09pt 0pt 1.22pt 0pt"> <div style="text-align:center"><span style="letter-spacing:-0.068pt">N/A </span></div> </td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:3.09pt 0pt 1.22pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.09pt 0pt 1.22pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">25.58</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:9pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td colspan="7" style="border-bottom:1px solid #000000;padding:3.08pt 0pt 2.155pt 0pt;width:0pt;text-align:left">For the year ended December 31, 2020</td> <td style="padding:0pt;border-bottom:1px solid #000000;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:27pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:7.5pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:17.25pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="border-bottom:1px solid #CCEEFF;padding:0pt 0pt 0.5pt 0pt;width:0pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:0pt">​</td> </tr> <tr style="line-height:8.96999999999997pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:2.85pt 0pt 1.21pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Preferred Shares </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:2.85pt 0pt 1.21pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.85pt 0pt 1.21pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">47,862,425</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:2.85pt 0pt 1.21pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.85pt 0pt 1.21pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">88.39</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:2.85pt 0pt 1.21pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.85pt 0pt 1.21pt 0pt;min-width:7.5pt;text-align:right;white-space:nowrap">25</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:2.85pt 0pt 1.21pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.85pt 0pt 1.21pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">24.25</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:8.96999999999997pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:3.11pt 0pt 1.2pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Unsecured Notes </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:3.11pt 0pt 1.2pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.11pt 0pt 1.2pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">93,734,775</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:3.11pt 0pt 1.2pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.11pt 0pt 1.2pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">5,340.98</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="4" style="padding:3.11pt 0pt 1.2pt 0pt"> <div style="text-align:center"><span style="letter-spacing:-0.068pt">N/A </span></div> </td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:3.11pt 0pt 1.2pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.11pt 0pt 1.2pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">23.93</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td colspan="7" style="border-bottom:1px solid #000000;padding:3.09pt 0pt 2.155pt 0pt;width:0pt;text-align:left">For the year ended December 31, 2019</td> <td style="padding:0pt;border-bottom:1px solid #000000;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:27pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:7.5pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:17.25pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:8.96999999999997pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:2.86pt 0pt 1.2pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Preferred Shares </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:2.86pt 0pt 1.2pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.86pt 0pt 1.2pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">69,843,150</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:2.86pt 0pt 1.2pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.86pt 0pt 1.2pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">69.71</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:2.86pt 0pt 1.2pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.86pt 0pt 1.2pt 0pt;min-width:7.5pt;text-align:right;white-space:nowrap">25</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:2.86pt 0pt 1.2pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.86pt 0pt 1.2pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">26.04</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:8.96999999999997pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:3.12pt 0pt 1.19pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Unsecured Notes </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:3.12pt 0pt 1.19pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.12pt 0pt 1.19pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">98,902,675</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:3.12pt 0pt 1.19pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.12pt 0pt 1.19pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">4,757.42</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="4" style="padding:3.12pt 0pt 1.19pt 0pt"> <div style="text-align:center"><span style="letter-spacing:-0.068pt">N/A </span></div> </td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:3.12pt 0pt 1.19pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.12pt 0pt 1.19pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">25.47</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:9pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td colspan="7" style="border-bottom:1px solid #000000;padding:3.1pt 0pt 2.155pt 0pt;width:0pt;text-align:left">For the year ended December 31, 2018</td> <td style="padding:0pt;border-bottom:1px solid #000000;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:27pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #CCEEFF;min-width:7.5pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt;border-bottom:1px solid #CCEEFF">​</td> <td style="padding:0pt;border-bottom:1px solid #CCEEFF;width:7.13pt">​</td> <td colspan="6">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:8.96999999999997pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:2.88pt 0pt 1.18pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Preferred Shares </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:2.88pt 0pt 1.18pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.88pt 0pt 1.18pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">92,568,150</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:2.88pt 0pt 1.18pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.88pt 0pt 1.18pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">61.55</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:2.88pt 0pt 1.18pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.88pt 0pt 1.18pt 0pt;min-width:7.5pt;text-align:right;white-space:nowrap">25</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:2.88pt 0pt 1.18pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.88pt 0pt 1.18pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">25.78</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:8.96999999999997pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:3.13pt 0pt 1.18pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Unsecured Notes </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:3.13pt 0pt 1.18pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.13pt 0pt 1.18pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">98,902,675</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:3.13pt 0pt 1.18pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.13pt 0pt 1.18pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">4,766.23</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="4" style="padding:3.13pt 0pt 1.18pt 0pt"> <div style="text-align:center"><span style="letter-spacing:-0.068pt">N/A </span></div> </td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:3.13pt 0pt 1.18pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.13pt 0pt 1.18pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">25.08</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:9pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:bold;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td colspan="7" style="border-bottom:1px solid #000000;padding:3.11pt 0pt 2.155pt 0pt;width:0pt;text-align:left">For the year ended December 31, 2017</td> <td style="padding:0pt;border-bottom:1px solid #000000;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:27pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:7.5pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:3.75pt;text-align:right">​</td> <td style="padding:0pt 0pt 0.5pt 0pt;border-bottom:1px solid #FFFFFF;min-width:17.25pt;text-align:right;white-space:nowrap">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt;border-bottom:1px solid #FFFFFF">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:7.13pt">​</td> <td style="border-bottom:1px solid #FFFFFF;padding:0pt 0pt 0.5pt 0pt;width:0pt">​</td> <td style="padding:0pt;border-bottom:1px solid #FFFFFF;width:0pt">​</td> </tr> <tr style="line-height:8.96999999999997pt;background-color:#CCEEFF;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:2.89pt 0pt 1.17pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Preferred Shares </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:2.89pt 0pt 1.17pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.89pt 0pt 1.17pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">92,139,600</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:2.89pt 0pt 1.17pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.89pt 0pt 1.17pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">66.97</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:2.89pt 0pt 1.17pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.89pt 0pt 1.17pt 0pt;min-width:7.5pt;text-align:right;white-space:nowrap">25</td> <td style="padding:0pt;padding-left:36.7pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:2.89pt 0pt 1.17pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:2.89pt 0pt 1.17pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">25.75</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> <tr style="line-height:8.96999999999997pt;white-space:nowrap;text-align:center;vertical-align:bottom;font-style:normal;font-weight:normal;font-variant:normal;text-transform:none;color:#000000;font-family:Arial, Helvetica, sans-serif;font-size:9pt"> <td style="padding:3.14pt 0pt 1.17pt 0pt;width:144pt;text-align:left"><span style="letter-spacing:-0.068pt">Unsecured Notes </span></td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:3.14pt 0pt 1.17pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.14pt 0pt 1.17pt 0pt;min-width:38.25pt;text-align:right;white-space:nowrap">91,623,750</td> <td style="padding:0pt;padding-left:22.54pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:3.14pt 0pt 1.17pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.14pt 0pt 1.17pt 0pt;min-width:27pt;text-align:right;white-space:nowrap">5,372.28</td> <td style="padding:0pt;padding-left:10.035pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="4" style="padding:3.14pt 0pt 1.17pt 0pt"> <div style="text-align:center"><span style="letter-spacing:-0.068pt">N/A </span></div> </td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:3.14pt 0pt 1.17pt 0pt;min-width:3.75pt;text-align:right">$</td> <td style="padding:3.14pt 0pt 1.17pt 0pt;min-width:17.25pt;text-align:right;white-space:nowrap">25.96</td> <td style="padding:0pt;padding-left:16.785pt;width:0pt">​</td> <td style="padding:0pt;width:7.13pt">​</td> <td colspan="3">​</td> </tr> </table> <div style="clear:both;padding:0pt;margin:0pt;font-size:0pt;line-height:0pt">​</div> <div style="float:left;line-height:9pt;margin-top:9.5pt;margin-bottom:0pt;text-align:justify;width:18pt;white-space:nowrap;font-size:7.5pt"><span style="letter-spacing:-0.056pt">(1)</span></div> <div style="margin-top:9.5pt;margin-bottom:0pt;line-height:9pt;text-align:justify;margin-left:18pt;font-size:7.5pt"><span style="letter-spacing:-0.056pt">The asset coverage per unit figure is the ratio of the Company’s total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate dollar amount of outstanding applicable senior securities, as calculated separately for each of the Preferred Shares and the Unsecured Notes in accordance with section 18(h) of the 1940 Act. With respect to the Preferred Shares, the asset coverage per unit figure is expressed in terms of dollar amounts per share of outstanding preferred shares (based on a per share liquidation preference of $25.) With respect to the Unsecured Notes, the asset coverage per unit figure is expressed in terms of dollar amounts per $1,000 principal amount of such notes. </span></div> <div style="clear:both;padding:0pt;margin:0pt;font-size:0pt;line-height:0pt">​</div> <div style="float:left;line-height:9pt;margin-top:3pt;margin-bottom:0pt;text-align:justify;width:18pt;white-space:nowrap;font-size:7.5pt"><span style="letter-spacing:-0.056pt">(2)</span></div> <div style="margin-top:3pt;margin-bottom:0pt;line-height:9pt;text-align:justify;margin-left:18pt;font-size:7.5pt"><span style="letter-spacing:-0.056pt">The involuntary liquidating preference per unit is the amount to which a share of Preferred Shares would be entitled in preference to any security junior to it upon our involuntary liquidation.</span><span style="font-family:Times New Roman, Times, serif;letter-spacing:0.15pt"> </span></div> <div style="clear:both;padding:0pt;margin:0pt;font-size:0pt;line-height:0pt">​</div> <div style="float:left;line-height:9pt;margin-top:3pt;margin-bottom:0pt;text-align:justify;width:18pt;white-space:nowrap;font-size:7.5pt"><span style="letter-spacing:-0.056pt">(3)</span></div> <div style="margin-top:3pt;margin-bottom:0pt;line-height:9pt;text-align:justify;margin-left:18pt;font-size:7.5pt"><span style="letter-spacing:-0.056pt">The average market value per unit is calculated by taking the average of the closing price (or $25 principal value for unlisted securities) for each of (a) a share of the Preferred Shares (NYSE: ECCA, ECCB, ECCC, ECCF, ECC PRD; Unlisted: ECC AA, ECC AB) and (b) for each $25 principal amount of the Unsecured Notes (NYSE: ECCU, ECCV, ECCW, ECCX, ECCY, ECCZ) for each day during the years for which each applicable security was outstanding. A $25 market value was assumed for unlisted securities.</span></div> </div> </div> 303725658 52.91 25 23 208250000 5202.7 24.62 373106809 52.55 25 22.88 279900875 4904.03 24.15 264232758 65.74 25 22.51 285523800 5062.81 23.5 83223700 92.65 25 21.04 170523800 5514.93 22.51 81587250 71.47 25 23.25 170523800 4226.7 23.67 98130500 78.16 25 25.48 138584775 5339.86 25.58 47862425 88.39 25 24.25 93734775 5340.98 23.93 69843150 69.71 25 26.04 98902675 4757.42 25.47 92568150 61.55 25 25.78 98902675 4766.23 25.08 92139600 66.97 25 25.75 91623750 5372.28 25.96 The average market value per unit is calculated by taking the average of the closing price (or $25 principal value for unlisted securities) for each of (a) a share of the Preferred Shares (NYSE: ECCA, ECCB, ECCC, ECCF, ECC PRD; Unlisted: ECC AA, ECC AB) and (b) for each $25 principal amount of the Unsecured Notes (NYSE: ECCU, ECCV, ECCW, ECCX, ECCY, ECCZ) for each day during the years for which each applicable security was outstanding. A $25 market value was assumed for unlisted securities. The involuntary liquidating preference per unit is the amount to which a share of Preferred Shares would be entitled in preference to any security junior to it upon our involuntary liquidation. The asset coverage per unit figure is the ratio of the Company’s total consolidated assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate dollar amount of outstanding applicable senior securities, as calculated separately for each of the Preferred Shares and the Unsecured Notes in accordance with section 18(h) of the 1940 Act. With respect to the Preferred Shares, the asset coverage per unit figure is expressed in terms of dollar amounts per share of outstanding preferred shares (based on a per share liquidation preference of $25.) With respect to the Unsecured Notes, the asset coverage per unit figure is expressed in terms of dollar amounts per $1,000 principal amount of such notes.