0001754836 2026-01-01 2026-06-30 0001754836 us-gaap:CommonStockMember 2025-12-31 0001754836 us-gaap:CommonStockMember 2026-06-30 0001754836 us-gaap:CommonStockMember 2026-06-30 2026-06-30 0001754836 eic:RisksOfInvestingInCLOsAndOtherStructuredDebtSecuritiesMember 2026-01-01 2026-06-30 0001754836 us-gaap:CommonStockMember 2026-01-01 2026-06-30 0001754836 us-gaap:PreferredStockMember 2026-01-01 2026-06-30 0001754836 us-gaap:PreferredStockMember 2026-06-30 0001754836 eic:CreditFacilityBNPParibasMember 2026-06-30 0001754836 us-gaap:PreferredStockMember 2025-12-31 0001754836 us-gaap:PreferredStockMember 2025-01-01 2025-12-31 0001754836 eic:CreditFacilityBNPParibasMember 2025-12-31 0001754836 us-gaap:PreferredStockMember 2024-12-31 0001754836 us-gaap:PreferredStockMember 2024-01-01 2024-12-31 0001754836 eic:CreditFacilityBNPParibasMember 2024-12-31 0001754836 us-gaap:PreferredStockMember 2023-12-31 0001754836 us-gaap:PreferredStockMember 2023-01-01 2023-12-31 0001754836 eic:CreditFacilityBNPParibasMember 2023-12-31 0001754836 us-gaap:PreferredStockMember 2022-12-31 0001754836 us-gaap:PreferredStockMember 2022-01-01 2022-12-31 0001754836 eic:CreditFacilityBNPParibasMember 2022-12-31 0001754836 us-gaap:PreferredStockMember 2021-12-31 0001754836 us-gaap:PreferredStockMember 2021-01-01 2021-12-31 0001754836 eic:CreditFacilityBNPParibasMember 2021-12-31 0001754836 eic:CreditFacilitySocieteGeneraleMember 2020-12-31 0001754836 eic:CreditFacilitySocieteGeneraleMember 2019-12-31 0001754836 eic:SubordinatedSecuritiesRiskMember 2026-01-01 2026-06-30 0001754836 eic:HighYieldInvestmentRiskMember 2026-01-01 2026-06-30 0001754836 eic:LeverageRiskMember 2026-01-01 2026-06-30 0001754836 eic:CreditRisksMember 2026-01-01 2026-06-30 0001754836 eic:KeyPersonnelRiskMember 2026-01-01 2026-06-30 0001754836 eic:ConflictsOfInterestRiskMember 2026-01-01 2026-06-30 0001754836 eic:PrepaymentRisksMember 2026-01-01 2026-06-30 0001754836 eic:LiquidityRiskMember 2026-01-01 2026-06-30 0001754836 eic:ManagementFeeRiskMember 2026-01-01 2026-06-30 0001754836 eic:FairValuationOfTheCompanysPortfolioInvestmentsMember 2026-01-01 2026-06-30 0001754836 eic:LimitedInvestmentOpportunitiesRiskMember 2026-01-01 2026-06-30 0001754836 eic:MarketRiskMember 2026-01-01 2026-06-30 0001754836 eic:LoanAccumulationFacilitiesRiskMember 2026-01-01 2026-06-30 0001754836 eic:SyntheticInvestmentsRiskMember 2026-01-01 2026-06-30 0001754836 eic:InfrastructureSectorRiskMember 2026-01-01 2026-06-30 0001754836 eic:AssetBasedFinanceInvestmentsRiskMember 2026-01-01 2026-06-30 0001754836 eic:InvestmentsInSecuredDebtMember 2026-01-01 2026-06-30 0001754836 eic:CurrencyRiskMember 2026-01-01 2026-06-30 0001754836 eic:HedgingRiskMember 2026-01-01 2026-06-30 0001754836 eic:ReinvestmentRiskMember 2026-01-01 2026-06-30 0001754836 us-gaap:InterestRateRiskMember 2026-01-01 2026-06-30 0001754836 eic:RefinancingRiskMember 2026-01-01 2026-06-30 0001754836 eic:TaxRiskMember 2026-01-01 2026-06-30 0001754836 eic:RisksRelatingToTheConvertiblePerpetualPreferredStockConversionFeatureMember 2026-01-01 2026-06-30 0001754836 eic:DerivativesRiskMember 2026-01-01 2026-06-30 0001754836 eic:CounterpartyRiskMember 2026-01-01 2026-06-30 0001754836 eic:PriceRiskMember 2026-01-01 2026-06-30 0001754836 eic:NonUSInvestingRiskMember 2026-01-01 2026-06-30 0001754836 eic:GlobalRiskMember 2026-01-01 2026-06-30 0001754836 eic:BankingRiskMember 2026-01-01 2026-06-30 0001754836 us-gaap:PreferredStockMember 2026-06-30 2026-06-30 0001754836 eic:SeriesAPreferredStocksMember 2026-06-30 2026-06-30 0001754836 eic:SeriesAAPreferredStocksMember 2026-06-30 2026-06-30 iso4217:USD shares iso4217:USD shares pure false 0001754836 N-CSRS Eagle Point Income Co Inc. 2026-06-30

13.31

12.52

-19.3 <p id="xdx_801_ecef--RiskFactorsTableTextBlock_dU_gL1RFTTB-ZLFN_z4zGaKPOm8q" style="font: 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Investment Risk Factors 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. <p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--RisksOfInvestingInCLOsAndOtherStructuredDebtSecuritiesMember_dU_gL2RTB-AYVZBSH_zPv3cv3jfkS6" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Risks of Investing in CLOs and Other Structured Debt Securities 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. 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 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, <div id="xdx_C03_gL2RTB-AYVZBSH_z3N9Afayoguc">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.</div> <p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--SubordinatedSecuritiesRiskMember_dU_zA8Ws6H3YRXf" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Subordinated Securities Risk CLO junior debt and equity securities that the Company may acquire are subordinate to more senior tranches of CLO debt. CLO junior debt and equity securities are subject to increased risks of default relative to the holders of superior priority interests in the same CLO. In addition, at the time of issuance, CLO equity securities are under-collateralized in that the face amount of the debt and equity of a CLO at inception exceed the CLO’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 in which the Company is invested. <p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--HighYieldInvestmentRiskMember_dU_zUnE97qmiSB" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">High Yield Investment Risk The CLO junior debt and equity securities that the Company acquires are typically rated below investment grade or, in the case of CLO equity securities, unrated and are therefore considered “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 CLOs are also typically higher yield investments. Investing in CLO junior debt and equity securities and other high-yield investments involves greater credit and liquidity risk than investment grade obligations, which may adversely impact the Company’s performance. <p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--LeverageRiskMember_dU_z6A3YcguBGze" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Leverage Risk The use of leverage, whether directly or indirectly through investments such as CLO junior debt and equity securities that inherently involve leverage, may magnify the Company’s risk of loss. CLO junior debt and equity securities are very highly leveraged (with CLO equity securities typically being leveraged ten times), and therefore the CLO securities in which the Company invests are subject to a high degree of risk of loss. <p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--CreditRisksMember_dU_zQA2ng14jW8" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Credit Risk 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, net asset value (“NAV”) and/or market price would be adversely impacted. Additionally, interest on a CLO 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. <p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--KeyPersonnelRiskMember_dU_zCoLjYGVI028" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Key Personnel Risk The Adviser manages the Company’s investments. Consequently, the Company’s success depends, in large part, upon the services of the Adviser (and Eagle Point Credit Management LLC, which provides the Adviser with investment professionals and other resources under a personnel and resources agreement) and the skill and expertise of the Adviser’s professional personnel. There can be no assurance that the professional personnel of the Adviser (or Eagle Point Credit Management LLC) will continue to serve in their current positions or continue to be employed by the Adviser. The Company 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. <p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--ConflictsOfInterestRiskMember_dU_zj1YXfavkP21" style="font: italic 10pt/normal Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Conflicts of Interest Risk The Company’s executive officers and directors, 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 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. <p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--PrepaymentRisksMember_dU_zaFUTywfnt2a" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Prepayment Risk The assets underlying the CLO securities in which the Company invests are subject to prepayment by the underlying corporate borrowers. As such, the CLO securities and related investments in which the Company invests are subject to prepayment risk. If the Company or a CLO collateral 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. <p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--LiquidityRiskMember_dU_zcNdzVeojl3" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Liquidity Risk Generally, there is no public market for the CLO investments 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. <p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--ManagementFeeRiskMember_dU_zAjPpiRnyOsd" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Management Fee Risk The Company’s management fee structure may incentivize the Adviser to use leverage in a manner that adversely impacts the Company’s performance. <p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--FairValuationOfTheCompanysPortfolioInvestmentsMember_dU_zzGbw9XysNk2" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Fair Valuation of the Company’s Portfolio Investments 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. <p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--LimitedInvestmentOpportunitiesRiskMember_dU_zyRsamG67NVk" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Limited Investment Opportunities Risk The market for CLO securities 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 such investments. Such competition may also result under certain circumstances in increased price volatility or decreased liquidity with respect to certain positions. <p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketRiskMember_dU_z4ierGfJGX1f" style="font: italic 10pt/normal Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Market Risk 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. <p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--LoanAccumulationFacilitiesRiskMember_dU_zrEVvalD4fB1" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Loan Accumulation Facilities Risk 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. <p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--SyntheticInvestmentsRiskMember_dU_z4Gz8fwIf4Cg" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Synthetic Investments Risk 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. <p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--InfrastructureSectorRiskMember_dU_z2x3CZHFmeqc" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Infrastructure Sector Risk 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. <p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--AssetBasedFinanceInvestmentsRiskMember_dU_zFAddGWcvss7" style="font: italic 10pt/normal Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Asset-Based Finance Investments Risk 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. <p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--InvestmentsInSecuredDebtMember_dU_zGLg3jDotgc9" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Investments in Secured Debt 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. <p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--CurrencyRiskMember_dU_zr34UnpIAM" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Currency Risk 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. <p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--HedgingRiskMember_dU_zpxE8Am9lFmj" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Hedging Risk 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. <p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--ReinvestmentRiskMember_dU_zeOAYiFdNBf5" style="font: italic 10pt/normal Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Reinvestment Risk 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 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. <p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__us-gaap--InterestRateRiskMember_dU_zAyU80rUaJP6" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Interest Rate Risk 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. 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. 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. 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. <p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--RefinancingRiskMember_dU_zfZSA3BDdvxd" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Refinancing Risk 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 stock would not benefit from the potential for increased returns on equity that incurring leverage creates. <p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--TaxRiskMember_dU_zGyR8LtC9dOe" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Tax Risk 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 stockholders, and the amount of income available for payment of the Company’s other liabilities. <p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--RisksRelatingToTheConvertiblePerpetualPreferredStockConversionFeatureMember_dU_gL2RTB-BMBD_zbrEuthcPKFl" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Risks relating to the Convertible Perpetual Preferred Stock Conversion Feature The price of the shares of the Company’s common stock on the NYSE constantly fluctuates. Because the Convertible Perpetual Preferred Stock is convertible into shares of the Company’s common stock based on a conversion price, which in turn is based on the price of the shares of the Company’s common stock, volatility or declining prices for shares of the <div id="xdx_C0F_gL2RTB-BMBD_zwpKXGqxRgz">Company’s common stock 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 shares of the Company’s common stock 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 shares of the Company’s common stock 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 Stock). Such volatility or declining prices could also have a similar effect on the value of the Convertible Perpetual Preferred Stock or the trading price thereof, when and if the Convertible Perpetual Preferred Stock are listed on a national securities exchange. The price of the shares of the Company’s common stock 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 are not limited to: price and volume fluctuations in the overall stock market from time to time; investor demand for the shares of the Company’s common stock; 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. The Company intends to settle conversions by paying or delivering, as applicable, cash, shares of the Company’s common stock or a combination thereof promptly 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.</div> <p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--DerivativesRiskMember_dU_zKQXeWqItUUc" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Derivatives Risk 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. <p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--CounterpartyRiskMember_dU_zkotxPukk7Wc" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Counterparty Risk 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. <p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--PriceRiskMember_dU_zKA0abXz6wSf" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Price Risk Investors who buy shares at different times will likely pay different prices. <p id="xdx_842_ecef--RiskTextBlock_hcef--RiskAxis__custom--NonUSInvestingRiskMember_dU_zxfzDlbO8Jrd" style="font: italic 10pt/normal Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Non-U.S. Investing Risk Investing in foreign entities or issuers with underlying non-U.S. assets may expose the Company 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, the Company, and the issuers in which we invest, may have difficulty enforcing creditor’s rights in foreign jurisdictions. <p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--GlobalRiskMember_dU_zdkkPsHwzFmc" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Global Risk 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. <p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--BankingRiskMember_dU_zeEA3K1pbAL8" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Banking Risk 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). <p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--RisksOfInvestingInCLOsAndOtherStructuredDebtSecuritiesMember_dU_gL2RTB-AYVZBSH_zPv3cv3jfkS6" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Risks of Investing in CLOs and Other Structured Debt Securities 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. 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 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. <p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--SubordinatedSecuritiesRiskMember_dU_zA8Ws6H3YRXf" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Subordinated Securities Risk CLO junior debt and equity securities that the Company may acquire are subordinate to more senior tranches of CLO debt. CLO junior debt and equity securities are subject to increased risks of default relative to the holders of superior priority interests in the same CLO. In addition, at the time of issuance, CLO equity securities are under-collateralized in that the face amount of the debt and equity of a CLO at inception exceed the CLO’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 in which the Company is invested. <p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--HighYieldInvestmentRiskMember_dU_zUnE97qmiSB" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">High Yield Investment Risk The CLO junior debt and equity securities that the Company acquires are typically rated below investment grade or, in the case of CLO equity securities, unrated and are therefore considered “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 CLOs are also typically higher yield investments. Investing in CLO junior debt and equity securities and other high-yield investments involves greater credit and liquidity risk than investment grade obligations, which may adversely impact the Company’s performance. <p id="xdx_84E_ecef--RiskTextBlock_hcef--RiskAxis__custom--LeverageRiskMember_dU_z6A3YcguBGze" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Leverage Risk The use of leverage, whether directly or indirectly through investments such as CLO junior debt and equity securities that inherently involve leverage, may magnify the Company’s risk of loss. CLO junior debt and equity securities are very highly leveraged (with CLO equity securities typically being leveraged ten times), and therefore the CLO securities in which the Company invests are subject to a high degree of risk of loss. <p id="xdx_848_ecef--RiskTextBlock_hcef--RiskAxis__custom--CreditRisksMember_dU_zQA2ng14jW8" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Credit Risk 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, net asset value (“NAV”) and/or market price would be adversely impacted. Additionally, interest on a CLO 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. <p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--KeyPersonnelRiskMember_dU_zCoLjYGVI028" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Key Personnel Risk The Adviser manages the Company’s investments. Consequently, the Company’s success depends, in large part, upon the services of the Adviser (and Eagle Point Credit Management LLC, which provides the Adviser with investment professionals and other resources under a personnel and resources agreement) and the skill and expertise of the Adviser’s professional personnel. There can be no assurance that the professional personnel of the Adviser (or Eagle Point Credit Management LLC) will continue to serve in their current positions or continue to be employed by the Adviser. The Company 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. <p id="xdx_844_ecef--RiskTextBlock_hcef--RiskAxis__custom--ConflictsOfInterestRiskMember_dU_zj1YXfavkP21" style="font: italic 10pt/normal Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Conflicts of Interest Risk The Company’s executive officers and directors, 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 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. <p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--PrepaymentRisksMember_dU_zaFUTywfnt2a" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Prepayment Risk The assets underlying the CLO securities in which the Company invests are subject to prepayment by the underlying corporate borrowers. As such, the CLO securities and related investments in which the Company invests are subject to prepayment risk. If the Company or a CLO collateral 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. <p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--LiquidityRiskMember_dU_zcNdzVeojl3" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Liquidity Risk Generally, there is no public market for the CLO investments 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. <p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--ManagementFeeRiskMember_dU_zAjPpiRnyOsd" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Management Fee Risk The Company’s management fee structure may incentivize the Adviser to use leverage in a manner that adversely impacts the Company’s performance. <p id="xdx_84F_ecef--RiskTextBlock_hcef--RiskAxis__custom--FairValuationOfTheCompanysPortfolioInvestmentsMember_dU_zzGbw9XysNk2" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Fair Valuation of the Company’s Portfolio Investments 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. <p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__custom--LimitedInvestmentOpportunitiesRiskMember_dU_zyRsamG67NVk" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Limited Investment Opportunities Risk The market for CLO securities 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 such investments. Such competition may also result under certain circumstances in increased price volatility or decreased liquidity with respect to certain positions. <p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--MarketRiskMember_dU_z4ierGfJGX1f" style="font: italic 10pt/normal Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Market Risk 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. <p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--LoanAccumulationFacilitiesRiskMember_dU_zrEVvalD4fB1" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Loan Accumulation Facilities Risk 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. <p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--SyntheticInvestmentsRiskMember_dU_z4Gz8fwIf4Cg" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Synthetic Investments Risk 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. <p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--InfrastructureSectorRiskMember_dU_z2x3CZHFmeqc" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Infrastructure Sector Risk 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. <p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--AssetBasedFinanceInvestmentsRiskMember_dU_zFAddGWcvss7" style="font: italic 10pt/normal Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Asset-Based Finance Investments Risk 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. <p id="xdx_845_ecef--RiskTextBlock_hcef--RiskAxis__custom--InvestmentsInSecuredDebtMember_dU_zGLg3jDotgc9" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Investments in Secured Debt 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. <p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--CurrencyRiskMember_dU_zr34UnpIAM" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Currency Risk 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. <p id="xdx_841_ecef--RiskTextBlock_hcef--RiskAxis__custom--HedgingRiskMember_dU_zpxE8Am9lFmj" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Hedging Risk 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. <p id="xdx_843_ecef--RiskTextBlock_hcef--RiskAxis__custom--ReinvestmentRiskMember_dU_zeOAYiFdNBf5" style="font: italic 10pt/normal Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Reinvestment Risk 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 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. <p id="xdx_84A_ecef--RiskTextBlock_hcef--RiskAxis__us-gaap--InterestRateRiskMember_dU_zAyU80rUaJP6" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Interest Rate Risk 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. 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. 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. 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. <p id="xdx_840_ecef--RiskTextBlock_hcef--RiskAxis__custom--RefinancingRiskMember_dU_zfZSA3BDdvxd" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Refinancing Risk 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 stock would not benefit from the potential for increased returns on equity that incurring leverage creates. <p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--TaxRiskMember_dU_zGyR8LtC9dOe" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Tax Risk 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 stockholders, and the amount of income available for payment of the Company’s other liabilities. <p id="xdx_84B_ecef--RiskTextBlock_hcef--RiskAxis__custom--RisksRelatingToTheConvertiblePerpetualPreferredStockConversionFeatureMember_dU_gL2RTB-BMBD_zbrEuthcPKFl" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Risks relating to the Convertible Perpetual Preferred Stock Conversion Feature The price of the shares of the Company’s common stock on the NYSE constantly fluctuates. Because the Convertible Perpetual Preferred Stock is convertible into shares of the Company’s common stock based on a conversion price, which in turn is based on the price of the shares of the Company’s common stock, volatility or declining prices for shares of the Company’s common stock 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 shares of the Company’s common stock 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 shares of the Company’s common stock 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 Stock). Such volatility or declining prices could also have a similar effect on the value of the Convertible Perpetual Preferred Stock or the trading price thereof, when and if the Convertible Perpetual Preferred Stock are listed on a national securities exchange. The price of the shares of the Company’s common stock 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 are not limited to: price and volume fluctuations in the overall stock market from time to time; investor demand for the shares of the Company’s common stock; 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. The Company intends to settle conversions by paying or delivering, as applicable, cash, shares of the Company’s common stock or a combination thereof promptly 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. <p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--DerivativesRiskMember_dU_zKQXeWqItUUc" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Derivatives Risk 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. <p id="xdx_846_ecef--RiskTextBlock_hcef--RiskAxis__custom--CounterpartyRiskMember_dU_zkotxPukk7Wc" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Counterparty Risk 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. <p id="xdx_84D_ecef--RiskTextBlock_hcef--RiskAxis__custom--PriceRiskMember_dU_zKA0abXz6wSf" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Price Risk Investors who buy shares at different times will likely pay different prices. <p id="xdx_842_ecef--RiskTextBlock_hcef--RiskAxis__custom--NonUSInvestingRiskMember_dU_zxfzDlbO8Jrd" style="font: italic 10pt/normal Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Non-U.S. Investing Risk Investing in foreign entities or issuers with underlying non-U.S. assets may expose the Company 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, the Company, and the issuers in which we invest, may have difficulty enforcing creditor’s rights in foreign jurisdictions. <p id="xdx_84C_ecef--RiskTextBlock_hcef--RiskAxis__custom--GlobalRiskMember_dU_zdkkPsHwzFmc" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Global Risk 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. <p id="xdx_847_ecef--RiskTextBlock_hcef--RiskAxis__custom--BankingRiskMember_dU_zeEA3K1pbAL8" style="font: italic 10pt/normal Arial, sans-serif; margin: 4pt 0pt 6pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Banking Risk 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). <p id="xdx_802_ecef--CapitalStockTableTextBlock_hus-gaap--StatementClassOfStockAxis__us-gaap--CommonStockMember_dU_zBN0XvRn98Lk" style="font: 12pt/normal Arial, sans-serif; margin: 12pt 0pt 6pt; text-transform: uppercase; color: #2c4261; text-indent: 0pt; text-align: justify">5. COMMON STOCK As of June 30, 2026, there were 150 million shares of common stock authorized, of which 23,043,757 shares were issued and outstanding. Pursuant to a prospectus supplement filed with the SEC on December 9, 2024, the Company launched a new ATM offering to sell up to $250 million aggregate amount of its common stock. For the six months ended June 30, 2026, there were no common stock issuances in connection with the ATM offerings and DRIP. On June 9, 2025, the Board authorized a program to repurchase the Company’s common stock in the open market (the “Share Repurchase Program”). The Share Repurchase Program will remain in effect until March 30, 2027, unless otherwise extended or earlier discontinued. The timing, manner, price and amount of any repurchases will depend on the Company’s stock price, market conditions, applicable legal requirements and other factors. The Share Repurchase Program does not obligate the Company to purchase a specific amount of common stock. As of June 30, 2026, the Board has authorized the repurchase of up to $60 million of the Company’s common stock. The following table summarizes the activity under the Share Repurchase Program for the six months ended June 30, 2026: <div style="font: 9pt/13pt Arial, sans-serif; margin: 0pt 0pt 12pt; text-transform: none; color: #000000; text-align: justify"> <table style="table-layout: fixed; width: 583.2pt; margin-top: 3pt; margin-bottom: 12pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 187.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 10.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 187.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 10.79pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 187.2pt"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> Shares Repurchased </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> Average Price Paid per Share </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> Aggregate Cost (including commissions) (in millions) </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> 389,799 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $11.12 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $4.33 </td> </tr> </table> </div> All repurchased shares were retired immediately on repurchase and are no longer considered issued and outstanding. 150000000 23043757 <p id="xdx_801_ecef--CapitalStockTableTextBlock_hus-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_dU_gL1CSTTB-GSL_zFLBHReS5dQ9" style="font: 12pt/normal Arial, sans-serif; margin: 0pt 0pt 6pt; text-transform: uppercase; color: #2c4261; text-indent: 0pt; text-align: justify">6. PREFERRED STOCK As of June 30, 2026, there were 20 million shares of preferred stock authorized, par value $0.001 per share, of which the following shares were issued and outstanding: <div style="font: 9pt/13pt Arial, sans-serif; margin: 0pt 0pt 11pt; text-transform: none; color: #000000; text-align: justify"> <table style="table-layout: fixed; width: 583.2pt; margin-top: 3pt; margin-bottom: 11pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 180pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 14.39pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 187.2pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 14.39pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 187.2pt"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-bottom: #ffffff 0.5pt solid; padding: 1.5pt 0pt; background-color: #047cad; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Mandatorily Redeemable Preferred Stock </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-bottom: #ffffff 0.5pt solid; padding: 1.5pt 0pt; background-color: #047cad; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Convertible Perpetual Preferred Stock </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #ffffff 0.5pt solid; padding: 1.5pt 0pt; background-color: #047cad; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> Series A Term Preferred Stock </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #ffffff 0.5pt solid; padding: 1.5pt 0pt; background-color: #047cad; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> Series AA Convertible Perpetual Preferred Stock </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Shares Issued and Outstanding </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> 1,521,649 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> 42,282 </td> </tr> </table> </div> <p id="xdx_84C_ecef--SecurityVotingRightsTextBlock_hus-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_dU_ztwPFIVgFiE3" style="font: 9pt/13pt Arial, sans-serif; margin: 0pt 0pt 11pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Except as otherwise stated in the 1940 Act or the Company’s certificate of incorporation, each holder of Preferred Stock is entitled to one vote for each share of Preferred Stock held on each matter submitted to a vote of the Company’s stockholders. The Company’s preferred and common stockholders vote together as a single class on all matters submitted to the Company’s stockholders, except that the Company’s preferred stockholders have the right to elect two directors at all times. The remaining members of the Board are elected jointly by Company’s preferred and common stockholders, voting as a single class. Under the terms of the Company’s CNBF Revolving Credit Facility (described under Note 9, below), the Company cannot optionally redeem any shares of its Preferred Stock prior to the CNBF Revolving Credit Facility scheduled maturity date and cannot make any distributions or other payments on the Preferred Stock during the existence of a default or margin deficiency (each as defined under the applicable credit agreement). The Company redeemed all outstanding shares of the Series C Term Preferred Stock on April 6, 2026, at a redemption price of $25 per share, which totaled $104.3 million. Mandatorily Redeemable Preferred Stock The Company has accounted for its Preferred Stock as a liability under ASC 480 due to their mandatory redemption requirements. The Company has also elected the FVO under ASC 825 for each of its Preferred Stock issuances. Accordingly, the Preferred Stock is reflected as a liability at fair value in the Consolidated Statement of Assets and Liabilities. The following table summarizes certain information as of and for the six months ended June 30, 2026 pertaining to the Company’s Preferred Stock: <div style="font: 9pt/13pt Arial, sans-serif; margin: 0pt 0pt 12pt; text-transform: none; color: #000000; text-align: justify"> <table style="table-layout: fixed; width: 583.2pt; margin-top: 3pt; margin-bottom: 12pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 187.28pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 86.39pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 14.39pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 86.39pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 14.39pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 86.39pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 14.39pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 86.39pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 7.19pt"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td colspan="3" style="border-bottom: #ffffff 0.5pt solid; padding: 1.5pt 0pt; background-color: #047cad; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> Change in fair value due to: </td> <td style="border-bottom: #ffffff 0.5pt solid; padding: 0pt; border-top-width: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> Security </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> Maturity Date1 </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> Callable Date2 </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-top: #ffffff 0.5pt solid; padding: 1.5pt 0pt; background-color: #047cad; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> Market Risk3 </td> <td style="border-top: #ffffff 0.5pt solid; padding: 0pt; background-color: #047cad; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> </td> <td style="border-top: #ffffff 0.5pt solid; padding: 1.5pt 0pt; background-color: #047cad; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> Instrument-Specific Credit Risk4 </td> <td style="border-top: #ffffff 0.5pt solid; padding: 0pt; border-right-width: 0pt; border-left-width: 0pt; vertical-align: bottom; border-collapse: collapse; border-bottom-width: 0pt"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Series A Term Preferred Stock </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> October 30, 2026 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Callable </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $(0.44 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> ) </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $0.09 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Series C Term Preferred Stock </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> April 30, 2029 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Called </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> 2.33 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> (1.54 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> ) </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Total </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $1.89 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $(1.45 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> ) </td> </tr> </table> </div> 1The date which the Company is required to redeem all outstanding shares of the Preferred Stock, at a redemption price of $25 per share, plus the accumulated but unpaid dividends, if any. 2The date which the Company may, at its sole option, redeem the outstanding shares of the Preferred Stock in whole or in part from time to time. 3For the six months ended June 30, 2026. Amounts are in millions and recorded as unrealized (appreciation) depreciation on liabilities at fair value under the FVO on the Consolidated Statement of Operations. 4For the six months ended June 30, 2026. Amounts are in millions and recorded as unrealized (appreciation) depreciation on liabilities at fair value under the FVO on the Consolidated Statement of Comprehensive Income. The Company defines the change in fair value attributable to instrument-specific credit risk as the excess of the total change in fair value over the change in fair value attributable to changes in a base market rate, such as a United States treasury bond index with a similar maturity to the instrument being valued. Convertible Perpetual Preferred Stock Pursuant to a prospectus supplement filed with the SEC on March 9, 2026, the Company launched an offering to sell up to 4 million shares of Convertible Perpetual Preferred Stock with an aggregate liquidation preference of up to $100 million. The Company has accounted for its Convertible Perpetual Preferred Stock as temporary equity under ASC 480. Accordingly, the Convertible Perpetual Preferred Stock are reflected in the Consolidated Statement of Assets and Liabilities at its $25 per share liquidation preference, net of unamortized deferred issuance costs. The following table summarizes certain information as of June 30, 2026 pertaining to the Perpetual Preferred Stock: <div style="font: 9pt/13pt Arial, sans-serif; margin: 0pt 0pt 12pt; text-transform: none; color: #000000; text-align: justify"> <table style="table-layout: fixed; width: 583.68pt; margin-top: 3pt; margin-bottom: 12pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 164.87pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 6pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 86.39pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 6pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 86.39pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 6pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 6pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 6pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 72pt"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Amounts in millions </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> Security </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> Maturity Date1 </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> Callable Date2 </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> Liquidation Preference </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> Deferred Issuance Costs3 </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> Carrying Value3 </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Series AA Convertible Perpetual Preferred Stock </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Perpetual </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> 2 Years After Issuance </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $1.10 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $(0.10 </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> ) </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> $1.00 </td> </tr> </table> </div> 1The Convertible Perpetual Preferred Stock do not have a stated maturity date. 2The date which the Company may, at its option, redeem the outstanding shares of the Convertible Perpetual Preferred Stock in whole or in part from time to time. At any time on or after two years a share of Convertible Perpetual Preferred Stock has been outstanding, the Company may, at its sole option, convert to common shares or redeem in cash the outstanding shares at the Convertible Perpetual Preferred Stock Liquidation Preference, plus accrued but unpaid dividends. Under a conversion, the conversion price will represent the arithmetic average of the volume weighted average price per share of the Company’s common shares over each of the five consecutive trading days ending on the date of the conversion (the “Conversion Price”). 3The Convertible Perpetual Preferred Stock is recorded net of deferred issuance cost, which consists of fees and expenses incurred in connection with the issuance of the Perpetual Preferred Stock and net of issuance premiums/(discounts), if any. Deferred issuance cost is amortized into expense when it is probable the Convertible Perpetual Preferred Stock becomes redeemable in the future. Series AA Convertible Perpetual Preferred Stock shareholders may elect to convert their shares of Convertible Perpetual Preferred Stock at any time by delivering to the Company a notice of conversion subject to a conversion fee of between 0% and 8%. Series AB Convertible Perpetual Preferred Stock shareholders may elect to convert their shares of Convertible Perpetual Preferred Stock at any time by delivering to the Company a notice of conversion subject to a clawback provision of three full months of earned distributions in the first year of ownership. The Company may elect to settle the Convertible Perpetual Preferred Stock stockholder optional conversions in either cash or shares at the Conversion Price. The Company issued 42,282 shares of the Series AA Convertible Perpetual Preferred Stock for net proceeds to the Company of $1.0 million, inclusive of shares issued under the Company’s Convertible Perpetual Preferred Stock distribution reinvestment plan. See Note 2 “Summary of Significant Accounting Policies, Temporary Equity,” for additional information relating to the outstanding Convertible Perpetual Preferred Stock.ATM Program Pursuant to a prospectus supplement filed with the SEC on April 11, 2025, the Company launched an ATM offering to allow the Company to sell up to 2 million shares of Series C Term Preferred Stock, exclusive of any share previously sold to the relevant sales agreement. For the six months ended June 30, 2026, the Company had no sales in connection with the ATM offerings. The Company may in the future engage a broker-dealer to repurchase opportunistically, on the Company’s behalf, shares of the Company’s listed Preferred Stock through open market transactions. The price and other terms of any such repurchases will depend on prevailing market conditions, the Company’s liquidity and other factors. Depending on market conditions, the amount of Preferred Stock repurchases may be material and may continue through year-end 2026; however, the Company may reduce or extend this time frame in its discretion and without notice. Any Preferred Stock repurchases will comply with the provisions of the 1940 Act and the Securities Exchange Act of 1934. The repurchase of any such Preferred Stock would reduce the Company’s outstanding leverage. The Company did not repurchase Preferred Stock for the six months ended June 30, 2026. See Note 10 “Asset Coverage” for further discussion on the Company’s calculation of asset coverage with respect to its Preferred Stock. 20000000 1521649 42282 <p id="xdx_84C_ecef--SecurityVotingRightsTextBlock_hus-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_dU_ztwPFIVgFiE3" style="font: 9pt/13pt Arial, sans-serif; margin: 0pt 0pt 11pt; text-transform: none; color: #000000; text-indent: 0pt; text-align: justify">Except as otherwise stated in the 1940 Act or the Company’s certificate of incorporation, each holder of Preferred Stock is entitled to one vote for each share of Preferred Stock held on each matter submitted to a vote of the Company’s stockholders. The Company’s preferred and common stockholders vote together as a single class on all matters submitted to the Company’s stockholders, except that the Company’s preferred stockholders have the right to elect two directors at all times. The remaining members of the Board are elected jointly by Company’s preferred and common stockholders, voting as a single class. Under the terms of the Company’s CNBF Revolving Credit Facility (described under Note 9, below), the Company cannot optionally redeem any shares of its Preferred Stock prior to the CNBF Revolving Credit Facility scheduled maturity date and cannot make any distributions or other payments on the Preferred Stock during the existence of a default or margin deficiency (each as defined under the applicable credit agreement). <p id="xdx_801_ecef--SeniorSecuritiesTableTextBlock_dU_zdAro6vZOi56" style="font: 10pt/normal Arial, sans-serif; margin: 0pt 0pt 12pt; text-transform: none; color: #2c4261; text-indent: 0pt; text-align: left">Senior Securities Table Information about the Company’s senior securities shown in the following table has been derived from the Company’s consolidated financial statements as of and for the dates noted. <div style="font: 9pt/13pt Arial, sans-serif; margin: 0pt 0pt 12pt; text-transform: none; color: #000000; text-align: justify"> <table style="table-layout: fixed; width: 584.22pt; margin-top: 3pt; margin-bottom: 12pt; border-collapse: collapse"> <tr style="margin: 0; height: 0"> <td style="border-width: 0; margin: 0; padding: 0; width: 208.92pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 6.3pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 102.54pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 6.3pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 69.3pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 6.3pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 97.62pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 4.14pt"> </td> <td style="border-width: 0; margin: 0; padding: 0; width: 82.8pt"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> Type of Security </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> Total Amount Outstanding Exclusive of Treasury Securities </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> Asset Coverage Per Unit1 </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> Involuntary Liquidating Preference Per Unit2 </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> Average Market Value Per Unit3 </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> For the six months ended June 30, 2026 </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Preferred Stock </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_981_ecef--SeniorSecuritiesAmt_iI_pn6n6_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_zA9oXe90QEnj" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$39,097,751 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_988_ecef--SeniorSecuritiesCvgPerUnit_iI_pp2p0_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_fMQ_____z3D3QGJZPQs" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$208.86 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_98D_eus-gaap--PreferredStockLiquidationPreference_iI_pip0_c20260630__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_fMg_____zgCQVfkLgpJf" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$25.00 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_989_ecef--SeniorSecuritiesAverageMarketValuePerUnit_pp2p0_c20260101__20260630__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_fMw_____zpSvwd3CYB6" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$25.00 </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Revolving Credit Facilities (CNBF) </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_980_ecef--SeniorSecuritiesAmt_iI_pn6n6_c20260630__us-gaap--DebtInstrumentAxis__custom--CreditFacilityBNPParibasMember_zzbOFMwKwXkf" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$0 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> NM </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> N/A </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> N/A </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> For the year ended December 31, 2025 </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Preferred Stock </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_983_ecef--SeniorSecuritiesAmt_iI_pn6n6_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_z3HivMvPcjo9" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$142,368,125 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_98C_ecef--SeniorSecuritiesCvgPerUnit_iI_pp2p0_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_fMQ_____zrjO7WCIopLc" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$79.83 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_98D_eus-gaap--PreferredStockLiquidationPreference_iI_pip0_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_fMg_____ztbPf9KBOIM9" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$25.00 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_985_ecef--SeniorSecuritiesAverageMarketValuePerUnit_pp2p0_c20250101__20251231__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_fMw_____z40Osi3iWzGl" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$24.82 </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Revolving Credit Facilities (CNBF) </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_987_ecef--SeniorSecuritiesAmt_iI_pn6n6_c20251231__us-gaap--DebtInstrumentAxis__custom--CreditFacilityBNPParibasMember_zqFtJ13oVOf2" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$0 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> NM </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> N/A </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> N/A </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> For the year ended December 31, 2024 </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Preferred Stock </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_98E_ecef--SeniorSecuritiesAmt_iI_pn6n6_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_zJMMz5S4apSc" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$131,524,950 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_985_ecef--SeniorSecuritiesCvgPerUnit_iI_pp2p0_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_fMQ_____zXvBMMMVTOe5" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$83.99 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_985_eus-gaap--PreferredStockLiquidationPreference_iI_pip0_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_fMg_____zquiciKvqaO1" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$25.00 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_98F_ecef--SeniorSecuritiesAverageMarketValuePerUnit_pp2p0_c20240101__20241231__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_fMw_____z1kN4aism1l1" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$24.44 </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Revolving Credit Facility (BNP Paribas) </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_98F_ecef--SeniorSecuritiesAmt_iI_pn6n6_c20241231__us-gaap--DebtInstrumentAxis__custom--CreditFacilityBNPParibasMember_zucFqKeTQNY9" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$2,000,000 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_98E_ecef--SeniorSecuritiesCvgPerUnit_iI_pp2p0_c20241231__us-gaap--DebtInstrumentAxis__custom--CreditFacilityBNPParibasMember_fMQ_____zPPNbpBxxq8j" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$224,291.50 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> N/A </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> N/A </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> For the year ended December 31, 2023 </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Preferred Stock </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_980_ecef--SeniorSecuritiesAmt_iI_pn6n6_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_zhsRYyySohQ6" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$72,353,275 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_98A_ecef--SeniorSecuritiesCvgPerUnit_iI_pp2p0_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_fMQ_____zQDtDRSfzYq7" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$69.70 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_989_eus-gaap--PreferredStockLiquidationPreference_iI_pip0_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_fMg_____z8Os7FssHKx9" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$25.00 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_98B_ecef--SeniorSecuritiesAverageMarketValuePerUnit_pp2p0_c20230101__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_fMw_____zk59p8a1Pcg4" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$23.81 </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Revolving Credit Facility (BNP Paribas) </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_982_ecef--SeniorSecuritiesAmt_iI_pn6n6_c20231231__us-gaap--DebtInstrumentAxis__custom--CreditFacilityBNPParibasMember_zOssmtB2YDXi" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$14,520,000 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_983_ecef--SeniorSecuritiesCvgPerUnit_iI_pp2p0_c20231231__us-gaap--DebtInstrumentAxis__custom--CreditFacilityBNPParibasMember_fMQ_____zghUlkwmSZ4h" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$16,681.46 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> N/A </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> N/A </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> For the year ended December 31, 2022 </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Preferred Stock </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_987_ecef--SeniorSecuritiesAmt_iI_pn6n6_c20221231__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_zZr0qNCPw0H4" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$38,041,225 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_98E_ecef--SeniorSecuritiesCvgPerUnit_iI_pp2p0_c20221231__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_fMQ_____zBSFIvWYdIi4" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$78.16 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_984_eus-gaap--PreferredStockLiquidationPreference_iI_pip0_c20221231__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_fMg_____zp5ipeGCy1J" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$25.00 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_98E_ecef--SeniorSecuritiesAverageMarketValuePerUnit_pp2p0_c20220101__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_fMw_____zb8fv4eeYWV2" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$23.68 </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Revolving Credit Facility (BNP Paribas) </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_988_ecef--SeniorSecuritiesAmt_iI_pn6n6_c20221231__us-gaap--DebtInstrumentAxis__custom--CreditFacilityBNPParibasMember_zHs4R5NZxLB4" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$9,030,000 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_98B_ecef--SeniorSecuritiesCvgPerUnit_iI_pp2p0_c20221231__us-gaap--DebtInstrumentAxis__custom--CreditFacilityBNPParibasMember_fMQ_____zohnkXGwsdQa" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$16,296.64 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> N/A </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> N/A </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> For the year ended December 31, 2021 </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Preferred Stock </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_988_ecef--SeniorSecuritiesAmt_iI_pn6n6_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_z8UpO3QPaOQj" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$35,000,000 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_988_ecef--SeniorSecuritiesCvgPerUnit_iI_pp2p0_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_fMQ_____zclWceCNbZjj" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$78.24 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_989_eus-gaap--PreferredStockLiquidationPreference_iI_pip0_c20211231__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_fMg_____zxTSCRFuTXff" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$25.00 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_982_ecef--SeniorSecuritiesAverageMarketValuePerUnit_pp2p0_c20210101__20211231__us-gaap--StatementClassOfStockAxis__us-gaap--PreferredStockMember_fMw_____zIkfrMfuylRi" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$25.32 </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Revolving Credit Facility (BNP Paribas) </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_983_ecef--SeniorSecuritiesAmt_iI_pn6n6_c20211231__us-gaap--DebtInstrumentAxis__custom--CreditFacilityBNPParibasMember_zloDEn3j6F6d" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$19,550,000 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_982_ecef--SeniorSecuritiesCvgPerUnit_iI_pp2p0_c20211231__us-gaap--DebtInstrumentAxis__custom--CreditFacilityBNPParibasMember_fMQ_____zWzkZ7mii1gh" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$8,732.75 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> N/A </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> N/A </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> For the year ended December 31, 2020 </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Revolving Credit Facility (Société Générale) </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_984_ecef--SeniorSecuritiesAmt_iI_pn6n6_c20201231__us-gaap--DebtInstrumentAxis__custom--CreditFacilitySocieteGeneraleMember_zcU1AZQHH331" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$14,815,000 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_980_ecef--SeniorSecuritiesCvgPerUnit_iI_pp2p0_c20201231__us-gaap--DebtInstrumentAxis__custom--CreditFacilitySocieteGeneraleMember_fMQ_____zouFCoC6YnP2" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$7,960.52 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> N/A </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> N/A </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt 1.5pt 3pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> For the year ended December 31, 2019 </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 0pt; background-color: #047cad; vertical-align: bottom; border-collapse: collapse"> </td> </tr> <tr style="min-height: 0pt"> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> Revolving Credit Facility (Société Générale) </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_988_ecef--SeniorSecuritiesAmt_iI_pn6n6_c20191231__us-gaap--DebtInstrumentAxis__custom--CreditFacilitySocieteGeneraleMember_zFtt8JVadtai" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$13,743,000 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> <p id="xdx_988_ecef--SeniorSecuritiesCvgPerUnit_iI_pp2p0_c20191231__us-gaap--DebtInstrumentAxis__custom--CreditFacilitySocieteGeneraleMember_fMQ_____zQMCDb3WnBg2" style="font: 8pt/normal Arial, sans-serif; margin: 0 0pt 0 7.2pt; text-transform: none; color: #000000; text-indent: -7.2pt; text-align: center">$9,470.38 </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> N/A </td> <td style="border-width: 0pt; padding: 0pt; vertical-align: bottom; border-collapse: collapse"> </td> <td style="border-width: 0pt; padding: 1.5pt 0pt; vertical-align: bottom; border-collapse: collapse"> N/A </td> </tr> </table> </div> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">1</td><td style="width: 5pt"></td><td style="text-align: justify">The asset coverage per unit figure is the ratio of the Company’s total assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate dollar amount of senior securities, as calculated separately for each of the Preferred Stock and Revolving Credit Facilities in accordance with section 18(h) of the 1940 Act. With respect to the Preferred Stock, the asset coverage per unit figure is expressed in terms of dollar amounts per share of outstanding Preferred Stock (based on a per share liquidation preference of $25). With respect to the Revolving Credit Facilities, the asset coverage per unit figure is expressed in terms of dollar amounts per $1,000 of indebtedness.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">2</td><td style="width: 5pt"></td><td style="text-align: justify">The involuntary liquidating preference per unit is the amount to which a share of Preferred Stock would be entitled in preference to any security junior to it upon an involuntary liquidation of the Company.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 8pt/normal Arial, sans-serif; color: #000000; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">3</td><td style="width: 5pt"></td><td style="text-align: justify">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 the Preferred Stock (NYSE: EICA, EICB, EICC; Unlisted: EIC AA) for each day during the years for which each applicable security was outstanding.</td> </tr></table> 39097751000000 208.86

25.00

25.00 0 142368125000000 79.83

25.00

24.82 0 131524950000000 83.99

25.00

24.44 2000000000000 224291.50 72353275000000 69.70

25.00

23.81 14520000000000 16681.46 38041225000000 78.16

25.00

23.68 9030000000000 16296.64 35000000000000 78.24

25.00

25.32 19550000000000 8732.75 14815000000000 7960.52 13743000000000 9470.38 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 the Preferred Stock (NYSE: EICA, EICB, EICC; Unlisted: EIC AA) for each day during the years for which each applicable security was outstanding. The asset coverage per unit figure is the ratio of the Company’s total assets, less all liabilities and indebtedness not represented by senior securities, to the aggregate dollar amount of senior securities, as calculated separately for each of the Preferred Stock and Revolving Credit Facilities in accordance with section 18(h) of the 1940 Act. With respect to the Preferred Stock, the asset coverage per unit figure is expressed in terms of dollar amounts per share of outstanding Preferred Stock (based on a per share liquidation preference of $25). With respect to the Revolving Credit Facilities, the asset coverage per unit figure is expressed in terms of dollar amounts per $1,000 of indebtedness. The involuntary liquidating preference per unit is the amount to which a share of Preferred Stock would be entitled in preference to any security junior to it upon an involuntary liquidation of the Company. 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 the Preferred Stock (NYSE: EICA, EICB, EICC; Unlisted: EIC AA) for each day during the years for which each applicable security was outstanding.