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margin: 0">Senior Securities Table</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund engaged in senior securities during the prior ten years as follows:</p><table cellpadding="0" style="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="padding-top: 3pt; width: 33%; border-bottom: Black 1pt solid; text-align: left; padding-bottom: 3pt"><span style="font-size: 10pt"><b>Year Ended</b></span></td> <td style="border-bottom: Black 1pt solid; padding-top: 3pt; width: 17%; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><b>Total Amount<br/> Outstanding⁽¹⁾</b></span></td> <td style="border-bottom: Black 1pt solid; padding-top: 3pt; width: 15%; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><b>Asset<br/> Coverage<br/> per<br/> $1,000⁽²⁾</b></span></td> <td style="border-bottom: Black 1pt solid; padding-top: 3pt; width: 19%; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><b>Involuntary<br/> Liquidation<br/> Preference⁽³⁾</b></span></td> <td style="border-bottom: Black 1pt solid; padding-top: 3pt; width: 16%; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><b>Average<br/> Market Value<br/> Outstanding⁽⁴⁾</b></span></td></tr> <tr style="vertical-align: top; background-color: rgb(210,247,250)"> <td style="padding-top: 3pt; text-align: left; padding-bottom: 3pt"><span style="font-size: 10pt">Reverse Repurchase Agreement </span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"> </td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"> </td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"> </td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">December 31, 2024</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$10,362,788</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$3,600</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$10,494,333</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-0">N/A</span></span></td></tr> <tr style="vertical-align: top; background-color: rgb(210,247,250)"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">December 31, 2023</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$12,151,954</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$3,647</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$12,335,804</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-1">N/A</span></span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">December 31, 2022</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$34,090,177</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$3,437</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$34,456,370</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-2">N/A</span></span></td></tr> <tr style="vertical-align: top; background-color: rgb(210,247,250)"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">December 31, 2021</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$33,358,605</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$3,324</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$33,448,122</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-3">N/A</span></span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt"><b>⁽⁵⁾</b>December 31, 2020</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$18,504,585</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$3,549</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$18,523,129</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-4">N/A</span></span></td></tr> <tr style="vertical-align: top; background-color: rgb(210,247,250)"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt"><b>⁽⁵⁾</b>December 31, 2019</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$17,117,190</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$3,814</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$17,169,028</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-5">N/A</span></span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; text-align: center; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; text-align: center; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; text-align: center; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; text-align: center; padding-bottom: 0pt"> </td></tr> <tr style="vertical-align: top; background-color: rgb(210,247,250)"> <td style="padding-top: 3pt; text-align: left; padding-bottom: 3pt"><span style="font-size: 10pt">Credit Facility </span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"> </td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"> </td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"> </td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">December 31, 2025</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$97,500,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$3,745</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$97,879,546</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$97,500,000</span></td></tr> <tr style="vertical-align: top; background-color: rgb(210,247,250)"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">December 31, 2024</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$97,500,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$3,600</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$97,942,894</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$97,500,000</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">December 31, 2023</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$97,500,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$3,647</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$98,013,825</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$86,460,576</span></td></tr> <tr style="vertical-align: top; background-color: rgb(210,247,250)"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">December 31, 2022</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$83,000,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$3,437</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$83,403,086</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$83,008,795</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">December 31, 2021</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$83,000,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$3,324</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$83,079,041</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$86,629,314</span></td></tr> <tr style="vertical-align: top; background-color: rgb(210,247,250)"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt"><b>⁽⁵⁾</b>December 31, 2020</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$93,000,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$3,549</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$93,090,704</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$92,029,719</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt"><b>⁽⁵⁾</b>December 31, 2019</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$90,000,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$3,814</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$90,218,042</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$90,127,217</span></td></tr> <tr style="vertical-align: top; background-color: rgb(210,247,250)"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt"><b>⁽⁵⁾</b>December 31, 2018</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$90,000,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$4,387</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$90,267,083</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$33,334,190</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; text-align: center; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; text-align: center; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; text-align: center; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; text-align: center; padding-bottom: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-top: 3pt; border-bottom: Black 1pt solid; text-align: left; padding-bottom: 3pt"><span style="font-size: 10pt"><b>Year Ended⁽⁵⁾</b></span></td> <td style="border-bottom: Black 1pt solid; padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><b>Total Preferred<br/> Shares<br/> Outstanding</b></span></td> <td style="border-bottom: Black 1pt solid; padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><b>Asset<br/> Coverage<br/> per<br/> Preferred<br/> Share</b></span></td> <td style="border-bottom: Black 1pt solid; padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><b>Involuntary<br/> Liquidation<br/> Preference Per<br/> Preferred<br/> Share</b></span></td> <td style="border-bottom: Black 1pt solid; padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><b>Average<br/> Market Value<br/> Per Preferred<br/> Share⁽⁶⁾</b></span></td></tr> <tr style="vertical-align: top; background-color: rgb(210,247,250)"> <td style="padding-top: 3pt; padding-bottom: 3pt"> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">Preferred Shares Series M</p> </td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"> </td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"> </td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"> </td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">December 31, 2017</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">1,200</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$72,311</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$25,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-6">N/A</span></span></td></tr> <tr style="vertical-align: top; background-color: rgb(210,247,250)"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">March 31, 2017</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">1,200</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$74,809</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$25,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-7">N/A</span></span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">March 31, 2016</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">1,200</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$75,991</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$25,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-8">N/A</span></span></td></tr> <tr style="vertical-align: top; background-color: rgb(210,247,250)"> <td colspan="5" style="padding-top: 3pt; text-align: left; padding-bottom: 3pt"><span style="font-size: 10pt">Preferred Shares Series W</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">December 31, 2017</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">1,200</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$72,311</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$25,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-9">N/A</span></span></td></tr> <tr style="vertical-align: top; background-color: rgb(210,247,250)"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">March 31, 2017</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">1,200</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$74,809</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$25,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-10">N/A</span></span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">March 31, 2016</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">1,200</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$75,991</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$25,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-11">N/A</span></span></td></tr> <tr style="vertical-align: top; background-color: rgb(210,247,250)"> <td colspan="5" style="padding-top: 3pt; text-align: left; padding-bottom: 3pt"><span style="font-size: 10pt">Preferred Shares Series F</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">December 31, 2017</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">1,200</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$72,311</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$25,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-12">N/A</span></span></td></tr> <tr style="vertical-align: top; background-color: rgb(210,247,250)"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">March 31, 2017</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">1,200</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$74,809</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$25,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-13">N/A</span></span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">March 31, 2016</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">1,200</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$75,991</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$25,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-14">N/A</span></span></td></tr> </table><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(1) Total amount of each class of senior securities outstanding at the end of the period presented.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(2) The asset coverage ratio for a class of senior securities representing indebtedness is calculated as the total assets, less all liabilities and indebtedness not represented by senior securities, divided by the aggregate amount of outstanding senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the “Asset Coverage Per $1,000.”</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(3) The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer represents the total amount outstanding and any unpaid interest at the end of the period presented.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(4) Average market value outstanding represents the average of the daily amount outstanding including any unpaid interest during the period presented.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(5) Not covered by the report of independent registered public accounting firm.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(6) Average market value per preferred share for the Preferred Shares Series M, Preferred Shares Series W and Preferred Shares Series F is not applicable because these senior securities were not registered for public trading.</p> <table cellpadding="0" style="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="padding-top: 3pt; width: 33%; border-bottom: Black 1pt solid; text-align: left; padding-bottom: 3pt"><span style="font-size: 10pt"><b>Year Ended</b></span></td> <td style="border-bottom: Black 1pt solid; padding-top: 3pt; width: 17%; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><b>Total Amount<br/> Outstanding⁽¹⁾</b></span></td> <td style="border-bottom: Black 1pt solid; padding-top: 3pt; width: 15%; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><b>Asset<br/> Coverage<br/> per<br/> $1,000⁽²⁾</b></span></td> <td style="border-bottom: Black 1pt solid; padding-top: 3pt; width: 19%; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><b>Involuntary<br/> Liquidation<br/> Preference⁽³⁾</b></span></td> <td style="border-bottom: Black 1pt solid; padding-top: 3pt; width: 16%; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><b>Average<br/> Market Value<br/> Outstanding⁽⁴⁾</b></span></td></tr> <tr style="vertical-align: top; background-color: rgb(210,247,250)"> <td style="padding-top: 3pt; text-align: left; padding-bottom: 3pt"><span style="font-size: 10pt">Reverse Repurchase Agreement </span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"> </td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"> </td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"> </td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">December 31, 2024</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$10,362,788</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$3,600</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$10,494,333</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-0">N/A</span></span></td></tr> <tr style="vertical-align: top; background-color: rgb(210,247,250)"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">December 31, 2023</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$12,151,954</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$3,647</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$12,335,804</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-1">N/A</span></span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">December 31, 2022</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$34,090,177</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$3,437</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$34,456,370</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-2">N/A</span></span></td></tr> <tr style="vertical-align: top; background-color: rgb(210,247,250)"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">December 31, 2021</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$33,358,605</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$3,324</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$33,448,122</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-3">N/A</span></span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt"><b>⁽⁵⁾</b>December 31, 2020</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$18,504,585</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$3,549</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$18,523,129</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-4">N/A</span></span></td></tr> <tr style="vertical-align: top; background-color: rgb(210,247,250)"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt"><b>⁽⁵⁾</b>December 31, 2019</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$17,117,190</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$3,814</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$17,169,028</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-5">N/A</span></span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; text-align: center; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; text-align: center; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; text-align: center; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; text-align: center; padding-bottom: 0pt"> </td></tr> <tr style="vertical-align: top; background-color: rgb(210,247,250)"> <td style="padding-top: 3pt; text-align: left; padding-bottom: 3pt"><span style="font-size: 10pt">Credit Facility </span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"> </td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"> </td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"> </td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">December 31, 2025</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$97,500,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$3,745</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$97,879,546</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$97,500,000</span></td></tr> <tr style="vertical-align: top; background-color: rgb(210,247,250)"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">December 31, 2024</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$97,500,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$3,600</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$97,942,894</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$97,500,000</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">December 31, 2023</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$97,500,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$3,647</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$98,013,825</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$86,460,576</span></td></tr> <tr style="vertical-align: top; background-color: rgb(210,247,250)"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">December 31, 2022</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$83,000,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$3,437</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$83,403,086</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$83,008,795</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">December 31, 2021</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$83,000,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$3,324</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$83,079,041</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$86,629,314</span></td></tr> <tr style="vertical-align: top; background-color: rgb(210,247,250)"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt"><b>⁽⁵⁾</b>December 31, 2020</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$93,000,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$3,549</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$93,090,704</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$92,029,719</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt"><b>⁽⁵⁾</b>December 31, 2019</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$90,000,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$3,814</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$90,218,042</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$90,127,217</span></td></tr> <tr style="vertical-align: top; background-color: rgb(210,247,250)"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt"><b>⁽⁵⁾</b>December 31, 2018</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$90,000,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$4,387</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$90,267,083</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$33,334,190</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 0pt; text-align: right; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; text-align: center; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; text-align: center; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; text-align: center; padding-bottom: 0pt"> </td> <td style="padding-top: 0pt; text-align: center; padding-bottom: 0pt"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-top: 3pt; border-bottom: Black 1pt solid; text-align: left; padding-bottom: 3pt"><span style="font-size: 10pt"><b>Year Ended⁽⁵⁾</b></span></td> <td style="border-bottom: Black 1pt solid; padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><b>Total Preferred<br/> Shares<br/> Outstanding</b></span></td> <td style="border-bottom: Black 1pt solid; padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><b>Asset<br/> Coverage<br/> per<br/> Preferred<br/> Share</b></span></td> <td style="border-bottom: Black 1pt solid; padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><b>Involuntary<br/> Liquidation<br/> Preference Per<br/> Preferred<br/> Share</b></span></td> <td style="border-bottom: Black 1pt solid; padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><b>Average<br/> Market Value<br/> Per Preferred<br/> Share⁽⁶⁾</b></span></td></tr> <tr style="vertical-align: top; background-color: rgb(210,247,250)"> <td style="padding-top: 3pt; padding-bottom: 3pt"> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left">Preferred Shares Series M</p> </td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"> </td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"> </td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"> </td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"> </td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">December 31, 2017</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">1,200</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$72,311</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$25,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-6">N/A</span></span></td></tr> <tr style="vertical-align: top; background-color: rgb(210,247,250)"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">March 31, 2017</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">1,200</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$74,809</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$25,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-7">N/A</span></span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">March 31, 2016</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">1,200</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$75,991</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$25,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-8">N/A</span></span></td></tr> <tr style="vertical-align: top; background-color: rgb(210,247,250)"> <td colspan="5" style="padding-top: 3pt; text-align: left; padding-bottom: 3pt"><span style="font-size: 10pt">Preferred Shares Series W</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">December 31, 2017</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">1,200</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$72,311</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$25,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-9">N/A</span></span></td></tr> <tr style="vertical-align: top; background-color: rgb(210,247,250)"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">March 31, 2017</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">1,200</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$74,809</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$25,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-10">N/A</span></span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">March 31, 2016</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">1,200</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$75,991</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$25,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-11">N/A</span></span></td></tr> <tr style="vertical-align: top; background-color: rgb(210,247,250)"> <td colspan="5" style="padding-top: 3pt; text-align: left; padding-bottom: 3pt"><span style="font-size: 10pt">Preferred Shares Series F</span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">December 31, 2017</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">1,200</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$72,311</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$25,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-12">N/A</span></span></td></tr> <tr style="vertical-align: top; background-color: rgb(210,247,250)"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">March 31, 2017</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">1,200</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$74,809</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$25,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-13">N/A</span></span></td></tr> <tr style="vertical-align: top; background-color: White"> <td style="padding-top: 3pt; text-align: right; padding-bottom: 3pt"><span style="font-size: 10pt">March 31, 2016</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">1,200</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$75,991</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt">$25,000</span></td> <td style="padding-top: 3pt; text-align: center; padding-bottom: 3pt"><span style="font-size: 10pt"><span style="-sec-ix-hidden: hidden-fact-14">N/A</span></span></td></tr> </table><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(1) Total amount of each class of senior securities outstanding at the end of the period presented.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(2) The asset coverage ratio for a class of senior securities representing indebtedness is calculated as the total assets, less all liabilities and indebtedness not represented by senior securities, divided by the aggregate amount of outstanding senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the “Asset Coverage Per $1,000.”</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(3) The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer represents the total amount outstanding and any unpaid interest at the end of the period presented.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(4) Average market value outstanding represents the average of the daily amount outstanding including any unpaid interest during the period presented.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(5) Not covered by the report of independent registered public accounting firm.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">(6) Average market value per preferred share for the Preferred Shares Series M, Preferred Shares Series W and Preferred Shares Series F is not applicable because these senior securities were not registered for public trading.</p> 10362788 3600 10494333 12151954 3647 12335804 34090177 3437 34456370 33358605 3324 33448122 18504585 3549 18523129 17117190 3814 17169028 97500000 3745 97879546 97500000 97500000 3600 97942894 97500000 97500000 3647 98013825 86460576 83000000 3437 83403086 83008795 83000000 3324 83079041 86629314 93000000 3549 93090704 92029719 90000000 3814 90218042 90127217 90000000 4387 90267083 33334190 1200 72311 25000 1200 74809 25000 1200 75991 25000 1200 72311 25000 1200 74809 25000 1200 75991 25000 1200 72311 25000 1200 74809 25000 1200 75991 25000 The asset coverage ratio for a class of senior securities representing indebtedness is calculated as the total assets, less all liabilities and indebtedness not represented by senior securities, divided by the aggregate amount of outstanding senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the “Asset Coverage Per $1,000.” Shares 40405374 <p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b>Principal Investment Strategy</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Under normal market conditions, the Fund will seek to achieve its investment objectives by investing in debt securities and other income-producing instruments, allocated primarily among three distinct investment categories: (1) mortgage-backed securities and other asset-backed securities; (2) bank loans made to corporate and other business entities; and (3) below “investment grade” debt securities and other income-producing instruments. There is no limitation on the percentage of the Fund’s assets that</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">may be allocated to each of these investment categories; provided that, under normal market conditions, the Fund will invest at least 20% of its total assets in each category.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Under normal circumstances, the Fund’s allocation to the investment category of mortgage-backed and other asset-backed securities will be primarily composed of investments in mortgage-backed securities. Under normal market conditions, the Fund will invest at least 20% of its assets in debt securities or other instruments rated below investment grade, sometimes called “junk bonds.” The Fund may also invest in investment grade debt securities. Investment grade debt securities are rated in one of the top four ratings categories by a nationally-recognized statistical rating organization (a “Rating Agency”) such as S&amp;P, Moody’s or Fitch. A debt security rated below the top four ratings categories by each Rating Agency rating the security will be considered below investment grade. The Fund may also buy unrated debt securities or other income-producing instruments.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund may invest in securities or other instruments whose issuers are in default or bankruptcy. Under normal conditions, the Fund will not invest more than 5% of its total assets in debt securities or other obligations whose issuers are in default at the time of purchase.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Under normal market conditions, the Fund may invest up to 25% of its total assets in loans originated through on-line marketplace lending platforms (a “Platform”) that provide a marketplace for lending through the purchase of loans (either individually or in aggregations) (“Marketplace Loans”) and other types of marketplace lending instruments. The Fund will not invest in Marketplace Loans that the Fund determines to be subprime.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Under normal market conditions, the Investment Manager expects the Fund to maintain an estimated average portfolio duration of between two and five years (including the effect of anticipated leverage). This duration policy may only be changed following provision of 60 days’ prior notice to holders of Common Shares (“Common Shareholders”). In comparison to maturity (which is the date on which a debt instrument ceases and the issuer is obligated to repay the principal amount), duration is a measure of the price volatility of a debt instrument as a result of changes in market rates of interest, based on the weighted average timing of the instrument’s expected principal and interest payments. Duration differs from maturity in that it considers a security’s yield, coupon payments, principal payments</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">and call features in addition to the amount of time until the security finally matures. As the value of a security changes over time, so will its duration. Prices of securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. In general, a portfolio of securities with a longer duration can be expected to be more sensitive to interest rate changes than a portfolio with a shorter duration.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund uses an active sector allocation strategy to try to achieve its goals of income and capital appreciation. This means the Fund allocates its assets among securities in various market sectors based on the Investment Manager’s assessment of changing economic, global market, industry, and issuer conditions. Consequently, the Fund, from time to time, may have significant positions in particular sectors. There can be no assurance that the Investment Manager’s assessments will be correct.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Investment Manager will rely heavily on its own analysis of the credit quality and risks associated with individual debt obligations considered for the Fund, rather than relying exclusively on rating agencies, third-party research or the credit ratings assigned by a Platform with regard to Marketplace Loans. The Investment Manager will use this information in an attempt to minimize credit risk and identify borrowers, issuers, industries or sectors that are undervalued or that offer attractive yields relative to the Investment Manager’s assessment of their credit characteristics. The Fund’s success in achieving its investment objectives may depend more heavily on the Investment Manager’s credit analysis than if the Fund invested solely in higher-quality and rated securities.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Subject to the availability of suitable investment opportunities, the Investment Manager will seek to diversify the Fund’s investments broadly in an attempt to minimize the portfolio’s sensitivity to credit and other risks associated with a particular issuer, industry or sector, or to the impact of a single economic, political or regulatory event.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund’s portfolio may include bonds, debentures, notes and other similar types of debt instruments, such as asset-backed securities, as well as bank loans and loan participations, commercial and agency-issued mortgage securities, payment-in-kind securities, zero-coupon securities, bank certificates of deposit, fixed time deposits and bankers’ acceptances, structured notes and other hybrid instruments, preferred shares, municipal or U.S. government securities, debt securities issued by foreign corporations</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">or supra-national government agencies, mortgage-backed securities issued on a public or private basis, other types of asset-backed securities, and Marketplace Loans and other types of marketplace lending instruments . See the Notes to Financial Statements for further information. The rate of interest on an income-producing security may be fixed, floating or variable. The Fund may use swaps and other derivative instruments.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund may hold equity securities; however, under ordinary circumstances, such investments will be limited to convertible securities, dividend-paying common or preferred stocks, or equity securities acquired in connection with a restructuring, bankruptcy, default, or the exercise of a conversion or purchase right.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund may invest up to 25% of its total assets in securities which are illiquid at the time of investment (i.e., securities that cannot be disposed of within seven days in the ordinary course of business at approximately the value at which the Fund has valued the securities).</p> <p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Principal Investment Risks</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">You could lose money by investing in the Fund. Closed-end fund shares are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency of the U.S. government.</p><p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Credit</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer’s financial strength or in a security’s or government’s credit rating may affect a security’s value.</p><p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Interest Rate</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The cost of leverage employed by the Fund is based on certain interest rates. If the cost of leverage exceeds the rate of return on the debt obligations and other investments held</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">by the Fund that were acquired during periods of generally lower interest rates, the returns to Common Shareholders may be reduced. The Fund’s use of leverage, as described in the Prospectus, will tend to increase Common Share interest rate risk.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund may employ certain strategies for the purpose of reducing the interest rate sensitivity of the portfolio and decreasing the Fund’s exposure to interest rate risk, although there is no assurance that it will do so or that such strategies will be successful.</p><p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Market</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise. In addition, the value of the Fund’s investments may go up or down due to general market or other conditions that are not specifically related to a particular issuer, such as: real or perceived adverse economic changes, including widespread liquidity issues and defaults in one or more industries; changes in interest or exchange rates; unexpected natural and man-made world events, such as diseases or disasters; financial, political or social disruptions, including terrorism and war; and U.S. trade disputes or other disputes with specific countries that could result in tariffs, trade barriers and investment restrictions in certain securities in those countries. Any of these conditions can adversely affect the economies of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen.</p><p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>High-Yield Debt Instruments</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Issuers of lower-rated or “high-yield” debt instruments (also known as “junk bonds”) are not as strong financially as those issuing higher credit quality debt instruments. High-yield debt instruments are generally considered predominantly speculative by the applicable rating agencies as their issuers are more likely to encounter financial difficulties because they may be more highly leveraged, or because of other considerations. In addition, high yield debt instruments generally are more vulnerable to changes in the relevant economy, such as a recession or a sustained period of</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">rising interest rates, that could affect their ability to make interest and principal payments when due. The prices of high-yield debt instruments generally fluctuate more than those of higher credit quality. High-yield debt instruments are generally more illiquid (harder to sell) and harder to value.</p><p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Floating Rate Corporate Investments</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Floating rate corporate loans and corporate debt securities generally have credit ratings below investment grade and may be subject to resale restrictions. They are often issued in connection with highly leveraged transactions, and may be subject to greater credit risks than other investments including the possibility of default or bankruptcy. In addition, a secondary market in corporate loans may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods, which may impair the ability to accurately value existing and prospective investments and to realize in a timely fashion the full value upon the sale of a corporate loan. A significant portion of floating rate investments may be “covenant lite” loans that may contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics.</p><p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Marketplace Loans</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Marketplace Loans are subject to the risks associated with debt investments generally, including but not limited to, interest rate, credit, liquidity, high yield debt, market and income risks.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Marketplace Loans generally are not rated by rating agencies; are often unsecured; not guaranteed or insured by a third party; not backed by any governmental authority; and are highly risky and speculative investments similar to an investment in lower rated securities or high yield debt securities (also known as junk bonds). Lenders and investors, such as the Fund, assume all of the credit risk on the loans they fund or purchase and there are no assurances that payments due on the Marketplace Loans will be made. In addition, investments in Marketplace Loans may be adversely affected if the Platform or a third-party service provider becomes unable or unwilling to fulfill its obligations in servicing the loans. The Fund intends to have a backup servicer in case any Platform or third-party servicer ceases or fails to perform the servicing functions, which the Fund expects will mitigate some of the risks associated with a reliance on platforms or third-party servicers for servicing of the Marketplace Loans. Moreover, the Fund may have limited information about the Marketplace Loans</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">and information provided to the Platform regarding the loans and the borrowers’ credit information may be incomplete, inaccurate, outdated or fraudulent. It also may be difficult for the Fund to sell an investment in a Marketplace Loan before maturity at the price at which the Fund believes the loan should be valued because these loans typically are considered by the Fund to be illiquid securities. To the extent the Fund invests in Marketplace Loans, the Fund may also be subject to related regulatory and judicial risks, pass-through notes risk, fraud risk, platform risk, servicer risk, and tax risk.</p><p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Mortgage Securities and Asset-Backed Securities</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Mortgage securities differ from conventional debt securities because principal is paid back over the life of the security rather than at maturity. The Fund may receive unscheduled prepayments of principal due to voluntary prepayments, refinancing or foreclosure on the underlying mortgage loans.. Because of prepayments, mortgage securities may be less effective than some other types of debt securities as a means of “locking in” long-term interest rates and may have less potential for capital appreciation during periods of falling interest rates. A reduction in the anticipated rate of principal prepayments, especially during periods of rising interest rates, may increase or extend the effective maturity and duration of mortgage securities, making them more sensitive to interest rate changes, subject to greater price volatility, and more susceptible than some other debt securities to a decline in market value when interest rates rise.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Although the mortgage-backed securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the Fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the Fund to losses. Whether or not the Fund takes delivery of the securities at the termination date of a TBA transaction, it will nonetheless be exposed to changes in the value of the underlying investments during the term of the agreement.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the securities, if any, may be inadequate to protect investors in the event of default. Like mortgage securities, asset-backed securities are subject to prepayment and extension risks.<span style="clear: both; display: block;"><br/></span> </p><p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Extension</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Some debt securities, particularly mortgage-backed securities, are subject to the risk that the debt security’s effective maturity is extended because calls or prepayments are less or slower than anticipated, particularly when interest rates rise. The market value of such security may then decline and become more interest rate sensitive.</p><p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Income</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund’s income distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds or when the Fund realizes a loss upon the sale of a debt security. The Fund’s income generally declines during periods of falling benchmark interest rates because the Fund must reinvest the proceeds it receives from existing investments (upon their maturity, prepayment, amortization, sale, call, or buy-back) at a lower rate of interest or return.</p><p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Leverage</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund’s use of leverage creates the opportunity for increased net income, but also creates special risks. The Fund currently uses leverage through the borrowing of funds under a committed financing arrangement, reverse repurchase agreements, and the purchase of mortgage dollar rolls. The Fund may use other forms of leverage, including through the issuance of senior securities such as preferred shares. The Fund may also use leverage through the lending of portfolio securities, and the use of swaps, other derivatives, and when-issued, delayed delivery or forward commitment transactions. To mitigate leverage risk from such transactions, the Fund may segregate liquid assets against or otherwise cover its future obligations under such transactions.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">So long as the Fund’s securities portfolio provides a higher rate of return (net of Fund expenses) than the cost of its leverage (e.g., the interest rate on any borrowings), the leverage will allow shareholders to receive a higher current rate of return than if the Fund were not leveraged. If, however, interest rates rise, the Fund’s cost of leverage could exceed the rate of return on the debt obligations and other investments held by the Fund that were acquired during periods of generally lower interest rates, reducing return to shareholders. If the Fund leverages with preferred shares that pay cumulative dividends, the Fund’s leverage risk may be increased.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund’s use of leverage may, during periods of rising interest rates, adversely affect the Fund’s income, distributions and total returns to Common Shareholders. Leverage creates two major types of risks for Common Shareholders:</p><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">•</td><td>the likelihood of greater volatility of net asset value and market price of Common Shares, because changes in the value of the Fund’s portfolio of income-producing securities (including securities bought with the proceeds of leverage) are borne entirely by the Common Shareholders; and the possibility either that Common Share income will fall if the Fund’s cost of leverage rises, or that Common Share income will fluctuate because the cost of leverage varies. Because the fees received by the Investment Manager are based on the Managed Assets (as defined below) of the Fund (including the aggregate liquidation preference of any preferred shares or the outstanding amount of any borrowing or short-term debt securities), the Investment Manager has a financial incentive for the Fund to use leverage, which may create a conflict of interest between the Investment Manager and the Common Shareholders.</td></tr></table><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">By using leverage, the Fund will seek to obtain a higher return for holders of Common Shares than if the Fund did not use leverage. Leveraging is a speculative technique and there are special risks involved. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed. The Fund’s use of leverage strategies could result in larger losses than if the strategies were not used.</p><p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Foreign Securities (non-U.S.)</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Investing in foreign securities, including securities of foreign governments, typically involves more risks than investing in U.S. securities, including risks related to currency exchange rates and policies, country or government specific issues, less favorable trading practices or regulator and greater price volatility. Certain of these of these risks also may apply to securities of U.S. companies with significant foreign operations. The risks of investing in foreign securities are typically greater in less developed or emerging market countries. </p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Debt issued by foreign governments, their agencies or instrumentalities, or other government-related entities, is subject to several risks, such as the fact that there are generally no bankruptcy proceedings similar to those in the U.S.s by which defaulted sovereign debt may be collected. Other risks include: potential limits on the flow of capital; political and economic risk; the extent and quality of financial regulations; tax risk; and the potential expropriation or nationalization of foreign issuers.</p><p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Derivative Instruments</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The performance of derivative instruments depend largely on the performance of an underlying instrument, such as a currency, security, interest rate or index, and such instruments often have risks similar to their underlying instrument. Derivative instruments (such as futures contracts and options thereon, options, swaps and short sales) involve costs and can create economic leverage in the Fund’s portfolio which may result in an amount that exceeds the Fund’s initial investment. Other risks include liquidity, mispricing or improper valuation of the derivative instrument, and imperfect correlation between the value of the derivative and the underlying instrument so that the Fund may not realize the intended benefits. When a derivative is used for hedging, the change in value of the derivative may also not correlate specifically with the currency, security, interest rate, index or other risk being hedged. With over-the-counter derivatives, there is a risk that the other party to the transaction will fail to perform (known as counterparty risk). There can be no assurance that the Fund will engage in suitable derivative transactions to reduce exposure to other risks when that would be beneficial.</p><p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Liquidity</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities or other investments when necessary to meet the Fund’s liquidity needs, which may arise or increase in response to a specific economic event or because the investment manager wishes to purchase particular investments or believes that a higher level of liquidity would be advantageous. Reduced liquidity will also generally lower the value of such securities or other investments. Market prices for such securities or other investments may be relatively volatile</p><p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Portfolio Turnover</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Active and frequent trading may increase a shareholder’s tax liability and will increase the Fund’s transaction costs, which could detract from Fund performance.</p><p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Management</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund is subject to management risk because it is an actively managed portfolio. The Investment Manager will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that they will produce the desired results.</p><p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Cybersecurity</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, cause the Fund, the investment manager and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The investment manager has limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund or the investment manager. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Because technology is frequently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund’s ability to plan for or respond to a cyber attack. Like other funds and business enterprises, the Fund, the investment manager and their service providers are subject to the risk of cyber incidents occurring from time to time.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Please see the Performance Summary section of this report for additional risk disclosure. </p> <p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Credit</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">An issuer of debt securities may fail to make interest payments or repay principal when due, in whole or in part. Changes in an issuer’s financial strength or in a security’s or government’s credit rating may affect a security’s value.</p> <p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Interest Rate</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">When interest rates rise, debt security prices generally fall. The opposite is also generally true: debt security prices rise when interest rates fall. Interest rate changes are influenced by a number of factors, including government policy, monetary policy, inflation expectations, perceptions of risk, and supply of and demand for bonds. In general, securities with longer maturities or durations are more sensitive to interest rate changes.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The cost of leverage employed by the Fund is based on certain interest rates. If the cost of leverage exceeds the rate of return on the debt obligations and other investments held</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">by the Fund that were acquired during periods of generally lower interest rates, the returns to Common Shareholders may be reduced. The Fund’s use of leverage, as described in the Prospectus, will tend to increase Common Share interest rate risk.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund may employ certain strategies for the purpose of reducing the interest rate sensitivity of the portfolio and decreasing the Fund’s exposure to interest rate risk, although there is no assurance that it will do so or that such strategies will be successful.</p> <p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Market</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The market values of securities or other investments owned by the Fund will go up or down, sometimes rapidly or unpredictably. The market value of a security or investment may be reduced by market activity or other results of supply and demand unrelated to the issuer. This is a basic risk associated with all investments. When there are more sellers than buyers, prices tend to fall. Likewise, when there are more buyers than sellers, prices tend to rise. In addition, the value of the Fund’s investments may go up or down due to general market or other conditions that are not specifically related to a particular issuer, such as: real or perceived adverse economic changes, including widespread liquidity issues and defaults in one or more industries; changes in interest or exchange rates; unexpected natural and man-made world events, such as diseases or disasters; financial, political or social disruptions, including terrorism and war; and U.S. trade disputes or other disputes with specific countries that could result in tariffs, trade barriers and investment restrictions in certain securities in those countries. Any of these conditions can adversely affect the economies of many companies, sectors, nations, regions and the market in general, in ways that cannot necessarily be foreseen.</p> <p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>High-Yield Debt Instruments</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Issuers of lower-rated or “high-yield” debt instruments (also known as “junk bonds”) are not as strong financially as those issuing higher credit quality debt instruments. High-yield debt instruments are generally considered predominantly speculative by the applicable rating agencies as their issuers are more likely to encounter financial difficulties because they may be more highly leveraged, or because of other considerations. In addition, high yield debt instruments generally are more vulnerable to changes in the relevant economy, such as a recession or a sustained period of</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">rising interest rates, that could affect their ability to make interest and principal payments when due. The prices of high-yield debt instruments generally fluctuate more than those of higher credit quality. High-yield debt instruments are generally more illiquid (harder to sell) and harder to value.</p> <p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Floating Rate Corporate Investments</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Floating rate corporate loans and corporate debt securities generally have credit ratings below investment grade and may be subject to resale restrictions. They are often issued in connection with highly leveraged transactions, and may be subject to greater credit risks than other investments including the possibility of default or bankruptcy. In addition, a secondary market in corporate loans may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods, which may impair the ability to accurately value existing and prospective investments and to realize in a timely fashion the full value upon the sale of a corporate loan. A significant portion of floating rate investments may be “covenant lite” loans that may contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics.</p> <p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Marketplace Loans</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Marketplace Loans are subject to the risks associated with debt investments generally, including but not limited to, interest rate, credit, liquidity, high yield debt, market and income risks.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Marketplace Loans generally are not rated by rating agencies; are often unsecured; not guaranteed or insured by a third party; not backed by any governmental authority; and are highly risky and speculative investments similar to an investment in lower rated securities or high yield debt securities (also known as junk bonds). Lenders and investors, such as the Fund, assume all of the credit risk on the loans they fund or purchase and there are no assurances that payments due on the Marketplace Loans will be made. In addition, investments in Marketplace Loans may be adversely affected if the Platform or a third-party service provider becomes unable or unwilling to fulfill its obligations in servicing the loans. The Fund intends to have a backup servicer in case any Platform or third-party servicer ceases or fails to perform the servicing functions, which the Fund expects will mitigate some of the risks associated with a reliance on platforms or third-party servicers for servicing of the Marketplace Loans. Moreover, the Fund may have limited information about the Marketplace Loans</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">and information provided to the Platform regarding the loans and the borrowers’ credit information may be incomplete, inaccurate, outdated or fraudulent. It also may be difficult for the Fund to sell an investment in a Marketplace Loan before maturity at the price at which the Fund believes the loan should be valued because these loans typically are considered by the Fund to be illiquid securities. To the extent the Fund invests in Marketplace Loans, the Fund may also be subject to related regulatory and judicial risks, pass-through notes risk, fraud risk, platform risk, servicer risk, and tax risk.</p> <p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Mortgage Securities and Asset-Backed Securities</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Mortgage securities differ from conventional debt securities because principal is paid back over the life of the security rather than at maturity. The Fund may receive unscheduled prepayments of principal due to voluntary prepayments, refinancing or foreclosure on the underlying mortgage loans.. Because of prepayments, mortgage securities may be less effective than some other types of debt securities as a means of “locking in” long-term interest rates and may have less potential for capital appreciation during periods of falling interest rates. A reduction in the anticipated rate of principal prepayments, especially during periods of rising interest rates, may increase or extend the effective maturity and duration of mortgage securities, making them more sensitive to interest rate changes, subject to greater price volatility, and more susceptible than some other debt securities to a decline in market value when interest rates rise.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Although the mortgage-backed securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the Fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the Fund to losses. Whether or not the Fund takes delivery of the securities at the termination date of a TBA transaction, it will nonetheless be exposed to changes in the value of the underlying investments during the term of the agreement.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Issuers of asset-backed securities may have limited ability to enforce the security interest in the underlying assets, and credit enhancements provided to support the securities, if any, may be inadequate to protect investors in the event of default. Like mortgage securities, asset-backed securities are subject to prepayment and extension risks.<span style="clear: both; display: block;"><br/></span> </p> <p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Extension</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Some debt securities, particularly mortgage-backed securities, are subject to the risk that the debt security’s effective maturity is extended because calls or prepayments are less or slower than anticipated, particularly when interest rates rise. The market value of such security may then decline and become more interest rate sensitive.</p> <p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Income</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund’s income distributions to shareholders may decline when prevailing interest rates fall, when the Fund experiences defaults on debt securities it holds or when the Fund realizes a loss upon the sale of a debt security. The Fund’s income generally declines during periods of falling benchmark interest rates because the Fund must reinvest the proceeds it receives from existing investments (upon their maturity, prepayment, amortization, sale, call, or buy-back) at a lower rate of interest or return.</p> <p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Leverage</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund’s use of leverage creates the opportunity for increased net income, but also creates special risks. The Fund currently uses leverage through the borrowing of funds under a committed financing arrangement, reverse repurchase agreements, and the purchase of mortgage dollar rolls. The Fund may use other forms of leverage, including through the issuance of senior securities such as preferred shares. The Fund may also use leverage through the lending of portfolio securities, and the use of swaps, other derivatives, and when-issued, delayed delivery or forward commitment transactions. To mitigate leverage risk from such transactions, the Fund may segregate liquid assets against or otherwise cover its future obligations under such transactions.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">So long as the Fund’s securities portfolio provides a higher rate of return (net of Fund expenses) than the cost of its leverage (e.g., the interest rate on any borrowings), the leverage will allow shareholders to receive a higher current rate of return than if the Fund were not leveraged. If, however, interest rates rise, the Fund’s cost of leverage could exceed the rate of return on the debt obligations and other investments held by the Fund that were acquired during periods of generally lower interest rates, reducing return to shareholders. If the Fund leverages with preferred shares that pay cumulative dividends, the Fund’s leverage risk may be increased.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund’s use of leverage may, during periods of rising interest rates, adversely affect the Fund’s income, distributions and total returns to Common Shareholders. Leverage creates two major types of risks for Common Shareholders:</p><table cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; border-spacing: 0px;" width="100%"><tr style="vertical-align: top"> <td style="width: 18pt"></td><td style="width: 18pt">•</td><td>the likelihood of greater volatility of net asset value and market price of Common Shares, because changes in the value of the Fund’s portfolio of income-producing securities (including securities bought with the proceeds of leverage) are borne entirely by the Common Shareholders; and the possibility either that Common Share income will fall if the Fund’s cost of leverage rises, or that Common Share income will fluctuate because the cost of leverage varies. Because the fees received by the Investment Manager are based on the Managed Assets (as defined below) of the Fund (including the aggregate liquidation preference of any preferred shares or the outstanding amount of any borrowing or short-term debt securities), the Investment Manager has a financial incentive for the Fund to use leverage, which may create a conflict of interest between the Investment Manager and the Common Shareholders.</td></tr></table><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">By using leverage, the Fund will seek to obtain a higher return for holders of Common Shares than if the Fund did not use leverage. Leveraging is a speculative technique and there are special risks involved. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed. The Fund’s use of leverage strategies could result in larger losses than if the strategies were not used.</p> <p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Foreign Securities (non-U.S.)</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Investing in foreign securities, including securities of foreign governments, typically involves more risks than investing in U.S. securities, including risks related to currency exchange rates and policies, country or government specific issues, less favorable trading practices or regulator and greater price volatility. Certain of these of these risks also may apply to securities of U.S. companies with significant foreign operations. The risks of investing in foreign securities are typically greater in less developed or emerging market countries. </p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Debt issued by foreign governments, their agencies or instrumentalities, or other government-related entities, is subject to several risks, such as the fact that there are generally no bankruptcy proceedings similar to those in the U.S.s by which defaulted sovereign debt may be collected. Other risks include: potential limits on the flow of capital; political and economic risk; the extent and quality of financial regulations; tax risk; and the potential expropriation or nationalization of foreign issuers.</p> <p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Derivative Instruments</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The performance of derivative instruments depend largely on the performance of an underlying instrument, such as a currency, security, interest rate or index, and such instruments often have risks similar to their underlying instrument. Derivative instruments (such as futures contracts and options thereon, options, swaps and short sales) involve costs and can create economic leverage in the Fund’s portfolio which may result in an amount that exceeds the Fund’s initial investment. Other risks include liquidity, mispricing or improper valuation of the derivative instrument, and imperfect correlation between the value of the derivative and the underlying instrument so that the Fund may not realize the intended benefits. When a derivative is used for hedging, the change in value of the derivative may also not correlate specifically with the currency, security, interest rate, index or other risk being hedged. With over-the-counter derivatives, there is a risk that the other party to the transaction will fail to perform (known as counterparty risk). There can be no assurance that the Fund will engage in suitable derivative transactions to reduce exposure to other risks when that would be beneficial.</p> <p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Liquidity</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The trading market for a particular security or type of security or other investments in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities or other investments when necessary to meet the Fund’s liquidity needs, which may arise or increase in response to a specific economic event or because the investment manager wishes to purchase particular investments or believes that a higher level of liquidity would be advantageous. Reduced liquidity will also generally lower the value of such securities or other investments. Market prices for such securities or other investments may be relatively volatile</p> <p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Portfolio Turnover</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Active and frequent trading may increase a shareholder’s tax liability and will increase the Fund’s transaction costs, which could detract from Fund performance.</p> <p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Management</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The Fund is subject to management risk because it is an actively managed portfolio. The Investment Manager will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that they will produce the desired results.</p> <p style="font: italic 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>Cybersecurity</b></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, cause the Fund, the investment manager and/or their service providers (including, but not limited to, Fund accountants, custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The investment manager has limited ability to prevent or mitigate cybersecurity incidents affecting third party service providers, and such third party service providers may have limited indemnification obligations to the Fund or the investment manager. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in an effort to prevent or mitigate future cybersecurity incidents. Issuers of securities in which the Fund invests are also subject to cybersecurity risks, and the value of these securities could decline if the issuers experience cybersecurity incidents.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Because technology is frequently changing, new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund’s ability to plan for or respond to a cyber attack. Like other funds and business enterprises, the Fund, the investment manager and their service providers are subject to the risk of cyber incidents occurring from time to time.</p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Please see the Performance Summary section of this report for additional risk disclosure. </p> N-CSR N-2 0001233087 false Total amount of each class of senior securities outstanding at the end of the period presented. The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer represents the total amount outstanding and any unpaid interest at the end of the period presented. Not covered by the report of independent registered public accounting firm. Average market value outstanding represents the average of the daily amount outstanding including any unpaid interest during the period presented. The asset coverage ratio for a class of senior securities representing indebtedness is calculated as the total assets, less all liabilities and indebtedness not represented by senior securities, divided by the aggregate amount of outstanding senior securities representing indebtedness. This asset coverage ratio is multiplied by $1,000 to determine the “Asset Coverage Per $1,000.” Average market value per preferred share for the Preferred Shares Series M, Preferred Shares Series W and Preferred Shares Series F is not applicable because these senior securities were not registered for public trading.