0001517767 2025-10-01 2026-03-31 0001517767 ck0001517767:A8.75SeriesATermPreferredSharesMember 2026-03-31 0001517767 ck0001517767:A8.75SeriesATermPreferredSharesMember 2025-10-01 2026-03-31 0001517767 ck0001517767:A7.125SeriesBConvertiblePreferredSharesMember 2026-03-31 0001517767 ck0001517767:PortfolioFairValueRiskMember 2025-10-01 2026-03-31 0001517767 ck0001517767:PotentialConflictsOfInterestRiskMember 2025-10-01 2026-03-31 0001517767 ck0001517767:CollateralizedLoanObligationsRiskMember 2025-10-01 2026-03-31 0001517767 ck0001517767:CovenantLiteLoansRiskMember 2025-10-01 2026-03-31 0001517767 ck0001517767:SubordinatedSecuritiesRiskMember 2025-10-01 2026-03-31 0001517767 ck0001517767:HighYieldInvestmentRiskMember 2025-10-01 2026-03-31 0001517767 ck0001517767:DefaultRiskMember 2025-10-01 2026-03-31 0001517767 ck0001517767:NonDiversificationRiskMember 2025-10-01 2026-03-31 0001517767 ck0001517767:LeverageRiskMember 2025-10-01 2026-03-31 0001517767 ck0001517767:SeniorManagementPersonnelRiskMember 2025-10-01 2026-03-31 0001517767 ck0001517767:ConflictsOfInterestRiskMember 2025-10-01 2026-03-31 0001517767 ck0001517767:LiquidityRiskMember 2025-10-01 2026-03-31 0001517767 ck0001517767:TheAdvisersIncentiveFeeRiskMember 2025-10-01 2026-03-31 0001517767 ck0001517767:MarketRisksMember 2025-10-01 2026-03-31 0001517767 ck0001517767:InflationRiskMember 2025-10-01 2026-03-31 0001517767 us-gaap:InterestRateRiskMember 2025-10-01 2026-03-31 0001517767 ck0001517767:RegulatoryRiskMember 2025-10-01 2026-03-31 0001517767 us-gaap:CreditRiskContractMember 2025-10-01 2026-03-31 0001517767 ck0001517767:CreditSpreadRiskMember 2025-10-01 2026-03-31 0001517767 us-gaap:PrepaymentRiskMember 2025-10-01 2026-03-31 0001517767 ck0001517767:VolatilityRiskMember 2025-10-01 2026-03-31 0001517767 ck0001517767:EquityRiskMember 2025-10-01 2026-03-31 0001517767 ck0001517767:ForeignExchangeRateRiskMember 2025-10-01 2026-03-31 0001517767 ck0001517767:CybersecurityRiskMember 2025-10-01 2026-03-31 0001517767 ck0001517767:A7.125SeriesBConvertiblePreferredSharesMember 2025-10-01 2026-03-31 0001517767 ck0001517767:A7.50SeriesCConvertiblePreferredSharesMember 2025-10-01 2026-03-31 0001517767 ck0001517767:A7.50SeriesCConvertiblePreferredSharesMember 2026-03-31 pure iso4217:USD iso4217:USD shares 0001517767 --09-30 false N-2 N-CSRS Carlyle Credit Income Fund 2026-03-31 <div style="font-size:0pt;left:49.5pt;position:var(--position);width:414.75pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:360pt"></td><td style="padding:0;width:39.75pt"></td><td style="padding:0;width:15pt"></td></tr><tr style="height:15.75pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:360pt"><div><div style="line-height:9pt;position:var(--position);top:6.22pt;width:360pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">SHAREHOLDER TRANSACTION FEES</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:15.75pt;width:360pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:360pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:20.63pt;position:var(--position);text-decoration:none;white-space:pre">Sales load</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:360pt;position:var(--position);top:15.75pt;width:39.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:39.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:18.01pt;position:var(--position)"></span><span style="left:18.01pt;position:var(--position)">—<span style="display:inline-block;height:6.24pt;width:4.5pt"></span></span><span style="left:31.51pt;position:var(--position)">%</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:399.75pt;position:var(--position);top:15.75pt;width:15pt"><div><div style="line-height:8pt;position:var(--position);top:3.99pt;width:15pt"><span style="font-family:'Times New Roman', serif;font-size:5.2pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-1.939pt;vertical-align:super;white-space:pre">(1)</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:360pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:360pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:20.63pt;position:var(--position);text-decoration:none;white-space:pre">Offering expenses borne by the Fund </span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:360pt;position:var(--position);top:28.5pt;width:39.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:39.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:18.01pt;position:var(--position)"></span><span style="left:18.01pt;position:var(--position)">—<span style="display:inline-block;height:6.24pt;width:4.5pt"></span></span><span style="left:31.51pt;position:var(--position)">%</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:399.75pt;position:var(--position);top:28.5pt;width:15pt"><div><div style="line-height:8pt;position:var(--position);top:3.99pt;width:15pt"><span style="font-family:'Times New Roman', serif;font-size:5.2pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-1.939pt;vertical-align:super;white-space:pre">(2)</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:41.25pt;width:360pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:360pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:20.63pt;position:var(--position);text-decoration:none;white-space:pre">Dividend reinvestment plan expenses </span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:360pt;position:var(--position);top:41.25pt;width:39.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:39.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:18.01pt;position:var(--position)"></span><span style="left:18.01pt;position:var(--position)">—<span style="display:inline-block;height:6.24pt;width:4.5pt"></span></span><span style="left:31.51pt;position:var(--position)">%</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:399.75pt;position:var(--position);top:41.25pt;width:15pt"><div><div style="line-height:8pt;position:var(--position);top:3.99pt;width:15pt"><span style="font-family:'Times New Roman', serif;font-size:5.2pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-1.939pt;vertical-align:super;white-space:pre">(3)</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:54pt;width:360pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:360pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Total shareholder transaction fees</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:360pt;position:var(--position);top:54pt;width:39.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:39.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;text-decoration:none;white-space:pre"><span style="left:18.01pt;position:var(--position)"></span><span style="left:18.01pt;position:var(--position)">—<span style="display:inline-block;height:6.09pt;width:2.99pt"></span></span><span style="left:30pt;position:var(--position)">%</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:399.75pt;position:var(--position);top:54pt;width:15pt"><div><div style="line-height:8pt;position:var(--position);top:3.99pt;width:15pt"><span style="font-family:'Times New Roman', serif;font-size:5.2pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-1.939pt;vertical-align:super;white-space:pre">(4)</span></div></div></div></td></tr></tbody></table></div></div><div style="position:var(--position);text-align:justify;text-align-last:var(--justify);top:241.25pt;width:612pt"><div style="font-size:0pt;left:49.5pt;position:var(--position);width:412.5pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:360pt"></td><td style="padding:0;width:39.75pt"></td><td style="padding:0;width:12.75pt"></td></tr><tr style="height:24.75pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:360pt"><div><div style="line-height:9pt;position:var(--position);top:6.22pt;width:360pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">ESTIMATED ANNUAL FUND EXPENSES</span></div><div style="line-height:9pt;position:var(--position);top:15.22pt;width:360pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">(as a percentage of net assets attributable to common shares)</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:24.75pt;width:360pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:360pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:20.63pt;position:var(--position);text-decoration:none;white-space:pre">Management Fee </span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:360pt;position:var(--position);top:24.75pt;width:39.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:39.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:11.26pt;position:var(--position)"></span><span style="left:11.26pt;position:var(--position)">3.13<span style="display:inline-block;height:6.24pt;width:4.5pt"></span></span><span style="left:31.509999999999998pt;position:var(--position)">%</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:399.75pt;position:var(--position);top:24.75pt;width:12.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.99pt;width:12.75pt"><span style="font-family:'Times New Roman', serif;font-size:5.2pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-1.939pt;vertical-align:super;white-space:pre">(5)</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:37.5pt;width:360pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:360pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:20.63pt;position:var(--position);text-decoration:none;white-space:pre">Incentive Fee payable under Investment Advisory Agreement (17.5%)</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:360pt;position:var(--position);top:37.5pt;width:39.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:39.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:11.26pt;position:var(--position)"></span><span style="left:11.26pt;position:var(--position)">1.23<span style="display:inline-block;height:6.24pt;width:4.5pt"></span></span><span style="left:31.509999999999998pt;position:var(--position)">%</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:399.75pt;position:var(--position);top:37.5pt;width:12.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.99pt;width:12.75pt"><span style="font-family:'Times New Roman', serif;font-size:5.2pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-1.939pt;vertical-align:super;white-space:pre">(6)</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:50.25pt;width:360pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:360pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:20.63pt;position:var(--position);text-decoration:none;white-space:pre">Interest payments and fees on borrowed funds</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:360pt;position:var(--position);top:50.25pt;width:39.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:39.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:11.26pt;position:var(--position)"></span><span style="left:11.26pt;position:var(--position)">8.73<span style="display:inline-block;height:6.24pt;width:4.5pt"></span></span><span style="left:31.509999999999998pt;position:var(--position)">%</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:399.75pt;position:var(--position);top:50.25pt;width:12.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.99pt;width:12.75pt"><span style="font-family:'Times New Roman', serif;font-size:5.2pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-1.939pt;vertical-align:super;white-space:pre">(7)</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:63pt;width:360pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:360pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:20.63pt;position:var(--position);text-decoration:none;white-space:pre">Other Expenses</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:360pt;position:var(--position);top:63pt;width:39.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:39.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:11.26pt;position:var(--position)"></span><span style="left:11.26pt;position:var(--position)">3.03<span style="display:inline-block;height:6.24pt;width:4.5pt"></span></span><span style="left:31.509999999999998pt;position:var(--position)">%</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:399.75pt;position:var(--position);top:63pt;width:12.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.99pt;width:12.75pt"><span style="font-family:'Times New Roman', serif;font-size:5.2pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-1.939pt;vertical-align:super;white-space:pre">(8)</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:75.75pt;width:360pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:360pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Total annual fund expenses</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:360pt;position:var(--position);top:75.75pt;width:39.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:39.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;text-decoration:none;white-space:pre"><span style="left:6.76pt;position:var(--position)"></span><span style="left:6.76pt;position:var(--position)">16.12<span style="display:inline-block;height:6.09pt;width:2.99pt"></span></span><span style="left:30pt;position:var(--position)">%</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:343.114pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:7pt;font-style:normal;font-weight:normal;left:31.5pt;position:var(--position);text-decoration:none;top:-1.838pt;white-space:pre">1.</span><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;top:-2.364pt;white-space:pre">In the event that the Fund sells its securities publicly through underwriters or agents the related prospectus supplement will disclose the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:351.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">applicable sales load.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:364.714pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:7pt;font-style:normal;font-weight:normal;left:31.5pt;position:var(--position);text-decoration:none;top:-1.838pt;white-space:pre">2.</span><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;top:-2.364pt;white-space:pre">In the event that the Fund sells its securities publicly through underwriters or agents the related prospectus supplement will disclose the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:373.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">estimated amount of total offering expenses (which may include offering expenses borne by third parties on the Fund’s behalf), the offering </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:383.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">price and the offering expenses borne by the Fund as a percentage of the offering price.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:397.114pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:7pt;font-style:normal;font-weight:normal;left:31.5pt;position:var(--position);text-decoration:none;top:-1.838pt;white-space:pre">3.</span><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;top:-2.364pt;white-space:pre">The expenses of administering the dividend reinvestment plan (the “DRP”) are included in “Other Expenses.” Investors will pay brokerage </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:405.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">charges if they direct their broker or the DRP Plan agent to sell their Common Shares that they acquired pursuant to the DRP. See </span><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:italic;font-weight:bold;left:518.87pt;position:var(--position);text-decoration:none;white-space:pre">“Dividend </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:416.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:italic;font-weight:bold;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Reinvestment Plan.”</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:429.514pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:7pt;font-style:normal;font-weight:normal;left:31.5pt;position:var(--position);text-decoration:none;top:-1.838pt;white-space:pre">4.</span><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;top:-2.364pt;white-space:pre">The related prospectus supplement will disclose the offering price and the total stockholder transaction expenses as a percentage of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:437.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">offering price.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:451.114pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:7pt;font-style:normal;font-weight:normal;left:31.5pt;position:var(--position);text-decoration:none;top:-1.838pt;white-space:pre">5.</span><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;top:-2.364pt;white-space:pre">The Management Fee is calculated and payable monthly in arrears at the annual rate of 1.75% of the month-end value of the Fund’s managed </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:459.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Assets. “Managed Assets” means the total assets of the Fund (including any assets attributable to any preferred shares or to indebtedness) </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:470.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">minus the Fund’s liabilities other than liabilities relating to indebtedness.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:483.514pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:7pt;font-style:normal;font-weight:normal;left:31.5pt;position:var(--position);text-decoration:none;top:-1.838pt;white-space:pre">6.</span><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;top:-2.364pt;white-space:pre">The Fund shall pay CGCIM an Incentive Fee calculated and payable quarterly in arrears based upon the Fund’s “pre-incentive fee net </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:491.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">investment income” for the immediately preceding quarter, and is subject to a hurdle rate, expressed as a rate of return on the Fund’s net </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:502.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">assets, equal to 2.00% per quarter (or an annualized hurdle rate of 8.00%), subject to a “catch-up” feature. For this purpose, “pre-incentive fee </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:513.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">net investment income” means interest income, dividend income, income generated from original issue discounts, payment-in-kind income, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:524.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">and any other income earned or accrued during the calendar quarter, minus the Fund’s operating expenses (which, for this purpose shall not </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:535.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">include any distribution and/or shareholder servicing fees, litigation, any extraordinary expenses or Incentive Fee) for the quarter. For </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:545.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">purposes of computing the Fund’s pre-incentive fee net investment income, the calculation methodology will look through total return swaps </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:556.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">as if the Fund owned the referenced assets directly. As a result, the Fund’s pre-incentive fee net investment income includes net interest, if </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:567.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">any, associated with a derivative or swap, which is the difference between (a) the interest income and transaction fees related to the reference </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:578.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">assets and (b) all interest and other expenses paid by the Fund to the derivative or swap counterparty. “Net assets” means the total assets of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:589.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">the Fund minus the Fund’s liabilities. For purposes of the Incentive Fee, net assets are calculated for the relevant quarter as the weighted </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:599.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">average of the net asset value of the Fund as of the first business day of each month therein. The weighted average net asset value shall be </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:610.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">calculated for each month by multiplying the net asset value as of the beginning of the first business day of the month times the number of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:621.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">days in that month, divided by the number of days in the applicable calendar quarter.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:638.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">The calculation of the Incentive Fee for each calendar quarter is as follows:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:655.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">No Incentive Fee is payable to CGCIM if the Fund’s pre-incentive fee net investment income, expressed as a  percentage </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:665.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">of the Fund’s net assets in respect of the relevant calendar quarter, does not exceed the quarterly hurdle rate of 2.00%;</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:682.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">100% of the portion of the Fund’s pre-incentive fee net investment income that exceeds the hurdle rate but is less than or </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:693.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">equal to 2.4242% (the “catch-up”) is payable to CGCIM if the Fund’s pre-incentive fee net investment income, expressed </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:704.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">as a percentage of the Fund’s net assets in respect of the relevant calendar quarter, exceeds the hurdle rate but is less than </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:715.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">or equal to 2.4242% (9.6968% annualized). The “catch-up” provision is intended to provide CGCIM with an incentive fee </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:725.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">of 17.5% on all of the Fund’s pre-incentive fee net investment income when the Fund’s pre-incentive fee net investment </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:736.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">income reaches 2.4242% of net assets; and</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:67.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">17.5% of the portion of the Fund’s pre-incentive fee net investment income that exceeds the “catch-up” is payable to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:78.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">CGCIM if the Fund’s pre-incentive fee net investment income, expressed as a percentage of the Fund’s net assets in </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:89.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">respect of the relevant calendar quarter, exceeds 2.4242% (9.6968% annualized). As a result, once the hurdle rate is </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:99.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">reached and the catch-up is achieved, 17.5% of all the Fund’s pre-incentive fee net investment income thereafter is </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:110.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">allocated to CGCIM.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:129.864pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:7pt;font-style:normal;font-weight:normal;left:31.5pt;position:var(--position);text-decoration:none;top:-1.838pt;white-space:pre">7.</span><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;top:-2.364pt;white-space:pre">The Fund may issue preferred shares or debt securities. The above figure assumes an aggregate of $3.5 million of the Fund’s Series B </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:138.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Convertible Preferred Shares with an interest rate of 7.125% per annum, $30.0 million of the Fund’s Series D Term Preferred Shares with an </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:149.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">interest rate of 7.375%, and $17.5 million of the Fund’s Series E Convertible Preferred Shares with an interest rate of 7.25%. In the event that </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:159.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">the Fund were to issue additional preferred shares or debt securities, the Fund’s borrowing costs, and correspondingly its total annual </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:170.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">expenses, including, in the case of such preferred shares, the base management fee as a percentage of the Fund’s net assets attributable to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:181.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">common shares, would increase.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:200.664pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:7pt;font-style:normal;font-weight:normal;left:31.5pt;position:var(--position);text-decoration:none;top:-1.838pt;white-space:pre">8.</span><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;top:-2.364pt;white-space:pre">“Other expenses” includes the Fund’s overhead expenses, including payments under the Administration Agreement based on the Fund’s </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:209.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">allocable portion of overhead and other expenses incurred by Administrator, and payment of fees in connection with outsourced </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:219.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">administrative functions, and are based on estimated amounts for the current fiscal year. “Other expenses” also includes the ongoing </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:230.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">administrative expenses to the independent accountants and legal counsel of the Fund, compensation of independent directors, and costs and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:241.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">expenses relating to rating agencies.</span></div> <div style="font-size:0pt;left:49.5pt;position:var(--position);width:414.75pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:360pt"></td><td style="padding:0;width:39.75pt"></td><td style="padding:0;width:15pt"></td></tr><tr style="height:15.75pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:360pt"><div><div style="line-height:9pt;position:var(--position);top:6.22pt;width:360pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">SHAREHOLDER TRANSACTION FEES</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:15.75pt;width:360pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:360pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:20.63pt;position:var(--position);text-decoration:none;white-space:pre">Sales load</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:360pt;position:var(--position);top:15.75pt;width:39.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:39.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:18.01pt;position:var(--position)"></span><span style="left:18.01pt;position:var(--position)">—<span style="display:inline-block;height:6.24pt;width:4.5pt"></span></span><span style="left:31.51pt;position:var(--position)">%</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:399.75pt;position:var(--position);top:15.75pt;width:15pt"><div><div style="line-height:8pt;position:var(--position);top:3.99pt;width:15pt"><span style="font-family:'Times New Roman', serif;font-size:5.2pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-1.939pt;vertical-align:super;white-space:pre">(1)</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:28.5pt;width:360pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:360pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:20.63pt;position:var(--position);text-decoration:none;white-space:pre">Offering expenses borne by the Fund </span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:360pt;position:var(--position);top:28.5pt;width:39.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:39.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:18.01pt;position:var(--position)"></span><span style="left:18.01pt;position:var(--position)">—<span style="display:inline-block;height:6.24pt;width:4.5pt"></span></span><span style="left:31.51pt;position:var(--position)">%</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:399.75pt;position:var(--position);top:28.5pt;width:15pt"><div><div style="line-height:8pt;position:var(--position);top:3.99pt;width:15pt"><span style="font-family:'Times New Roman', serif;font-size:5.2pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-1.939pt;vertical-align:super;white-space:pre">(2)</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:41.25pt;width:360pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:360pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:20.63pt;position:var(--position);text-decoration:none;white-space:pre">Dividend reinvestment plan expenses </span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:360pt;position:var(--position);top:41.25pt;width:39.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:39.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:18.01pt;position:var(--position)"></span><span style="left:18.01pt;position:var(--position)">—<span style="display:inline-block;height:6.24pt;width:4.5pt"></span></span><span style="left:31.51pt;position:var(--position)">%</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:399.75pt;position:var(--position);top:41.25pt;width:15pt"><div><div style="line-height:8pt;position:var(--position);top:3.99pt;width:15pt"><span style="font-family:'Times New Roman', serif;font-size:5.2pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-1.939pt;vertical-align:super;white-space:pre">(3)</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:54pt;width:360pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:360pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Total shareholder transaction fees</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:360pt;position:var(--position);top:54pt;width:39.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:39.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;text-decoration:none;white-space:pre"><span style="left:18.01pt;position:var(--position)"></span><span style="left:18.01pt;position:var(--position)">—<span style="display:inline-block;height:6.09pt;width:2.99pt"></span></span><span style="left:30pt;position:var(--position)">%</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:399.75pt;position:var(--position);top:54pt;width:15pt"><div><div style="line-height:8pt;position:var(--position);top:3.99pt;width:15pt"><span style="font-family:'Times New Roman', serif;font-size:5.2pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-1.939pt;vertical-align:super;white-space:pre">(4)</span></div></div></div></td></tr></tbody></table></div></div><div style="position:var(--position);text-align:justify;text-align-last:var(--justify);top:241.25pt;width:612pt"><div style="font-size:0pt;left:49.5pt;position:var(--position);width:412.5pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:360pt"></td><td style="padding:0;width:39.75pt"></td><td style="padding:0;width:12.75pt"></td></tr><tr style="height:24.75pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:360pt"><div><div style="line-height:9pt;position:var(--position);top:6.22pt;width:360pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">ESTIMATED ANNUAL FUND EXPENSES</span></div><div style="line-height:9pt;position:var(--position);top:15.22pt;width:360pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">(as a percentage of net assets attributable to common shares)</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:24.75pt;width:360pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:360pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:20.63pt;position:var(--position);text-decoration:none;white-space:pre">Management Fee </span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:360pt;position:var(--position);top:24.75pt;width:39.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:39.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:11.26pt;position:var(--position)"></span><span style="left:11.26pt;position:var(--position)">3.13<span style="display:inline-block;height:6.24pt;width:4.5pt"></span></span><span style="left:31.509999999999998pt;position:var(--position)">%</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:399.75pt;position:var(--position);top:24.75pt;width:12.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.99pt;width:12.75pt"><span style="font-family:'Times New Roman', serif;font-size:5.2pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-1.939pt;vertical-align:super;white-space:pre">(5)</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:37.5pt;width:360pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:360pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:20.63pt;position:var(--position);text-decoration:none;white-space:pre">Incentive Fee payable under Investment Advisory Agreement (17.5%)</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:360pt;position:var(--position);top:37.5pt;width:39.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:39.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:11.26pt;position:var(--position)"></span><span style="left:11.26pt;position:var(--position)">1.23<span style="display:inline-block;height:6.24pt;width:4.5pt"></span></span><span style="left:31.509999999999998pt;position:var(--position)">%</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:399.75pt;position:var(--position);top:37.5pt;width:12.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.99pt;width:12.75pt"><span style="font-family:'Times New Roman', serif;font-size:5.2pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-1.939pt;vertical-align:super;white-space:pre">(6)</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:50.25pt;width:360pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:360pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:20.63pt;position:var(--position);text-decoration:none;white-space:pre">Interest payments and fees on borrowed funds</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:360pt;position:var(--position);top:50.25pt;width:39.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:39.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:11.26pt;position:var(--position)"></span><span style="left:11.26pt;position:var(--position)">8.73<span style="display:inline-block;height:6.24pt;width:4.5pt"></span></span><span style="left:31.509999999999998pt;position:var(--position)">%</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:399.75pt;position:var(--position);top:50.25pt;width:12.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.99pt;width:12.75pt"><span style="font-family:'Times New Roman', serif;font-size:5.2pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-1.939pt;vertical-align:super;white-space:pre">(7)</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:63pt;width:360pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:360pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:20.63pt;position:var(--position);text-decoration:none;white-space:pre">Other Expenses</span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:360pt;position:var(--position);top:63pt;width:39.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:39.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:11.26pt;position:var(--position)"></span><span style="left:11.26pt;position:var(--position)">3.03<span style="display:inline-block;height:6.24pt;width:4.5pt"></span></span><span style="left:31.509999999999998pt;position:var(--position)">%</span></span></div></div></div></td><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="left:399.75pt;position:var(--position);top:63pt;width:12.75pt"><div><div style="line-height:8pt;position:var(--position);top:3.99pt;width:12.75pt"><span style="font-family:'Times New Roman', serif;font-size:5.2pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);top:-1.939pt;vertical-align:super;white-space:pre">(8)</span></div></div></div></td></tr><tr style="height:12.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:75.75pt;width:360pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:360pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Total annual fund expenses</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:360pt;position:var(--position);top:75.75pt;width:39.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:39.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;text-decoration:none;white-space:pre"><span style="left:6.76pt;position:var(--position)"></span><span style="left:6.76pt;position:var(--position)">16.12<span style="display:inline-block;height:6.09pt;width:2.99pt"></span></span><span style="left:30pt;position:var(--position)">%</span></span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:343.114pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:7pt;font-style:normal;font-weight:normal;left:31.5pt;position:var(--position);text-decoration:none;top:-1.838pt;white-space:pre">1.</span><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;top:-2.364pt;white-space:pre">In the event that the Fund sells its securities publicly through underwriters or agents the related prospectus supplement will disclose the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:351.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">applicable sales load.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:364.714pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:7pt;font-style:normal;font-weight:normal;left:31.5pt;position:var(--position);text-decoration:none;top:-1.838pt;white-space:pre">2.</span><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;top:-2.364pt;white-space:pre">In the event that the Fund sells its securities publicly through underwriters or agents the related prospectus supplement will disclose the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:373.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">estimated amount of total offering expenses (which may include offering expenses borne by third parties on the Fund’s behalf), the offering </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:383.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">price and the offering expenses borne by the Fund as a percentage of the offering price.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:397.114pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:7pt;font-style:normal;font-weight:normal;left:31.5pt;position:var(--position);text-decoration:none;top:-1.838pt;white-space:pre">3.</span><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;top:-2.364pt;white-space:pre">The expenses of administering the dividend reinvestment plan (the “DRP”) are included in “Other Expenses.” Investors will pay brokerage </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:405.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">charges if they direct their broker or the DRP Plan agent to sell their Common Shares that they acquired pursuant to the DRP. See </span><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:italic;font-weight:bold;left:518.87pt;position:var(--position);text-decoration:none;white-space:pre">“Dividend </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:416.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:italic;font-weight:bold;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Reinvestment Plan.”</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:429.514pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:7pt;font-style:normal;font-weight:normal;left:31.5pt;position:var(--position);text-decoration:none;top:-1.838pt;white-space:pre">4.</span><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;top:-2.364pt;white-space:pre">The related prospectus supplement will disclose the offering price and the total stockholder transaction expenses as a percentage of the </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:437.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">offering price.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:451.114pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:7pt;font-style:normal;font-weight:normal;left:31.5pt;position:var(--position);text-decoration:none;top:-1.838pt;white-space:pre">5.</span><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;top:-2.364pt;white-space:pre">The Management Fee is calculated and payable monthly in arrears at the annual rate of 1.75% of the month-end value of the Fund’s managed </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:459.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Assets. “Managed Assets” means the total assets of the Fund (including any assets attributable to any preferred shares or to indebtedness) </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:470.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">minus the Fund’s liabilities other than liabilities relating to indebtedness.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:483.514pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:7pt;font-style:normal;font-weight:normal;left:31.5pt;position:var(--position);text-decoration:none;top:-1.838pt;white-space:pre">6.</span><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;top:-2.364pt;white-space:pre">The Fund shall pay CGCIM an Incentive Fee calculated and payable quarterly in arrears based upon the Fund’s “pre-incentive fee net </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:491.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">investment income” for the immediately preceding quarter, and is subject to a hurdle rate, expressed as a rate of return on the Fund’s net </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:502.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">assets, equal to 2.00% per quarter (or an annualized hurdle rate of 8.00%), subject to a “catch-up” feature. For this purpose, “pre-incentive fee </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:513.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">net investment income” means interest income, dividend income, income generated from original issue discounts, payment-in-kind income, </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:524.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">and any other income earned or accrued during the calendar quarter, minus the Fund’s operating expenses (which, for this purpose shall not </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:535.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">include any distribution and/or shareholder servicing fees, litigation, any extraordinary expenses or Incentive Fee) for the quarter. For </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:545.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">purposes of computing the Fund’s pre-incentive fee net investment income, the calculation methodology will look through total return swaps </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:556.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">as if the Fund owned the referenced assets directly. As a result, the Fund’s pre-incentive fee net investment income includes net interest, if </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:567.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">any, associated with a derivative or swap, which is the difference between (a) the interest income and transaction fees related to the reference </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:578.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">assets and (b) all interest and other expenses paid by the Fund to the derivative or swap counterparty. “Net assets” means the total assets of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:589.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">the Fund minus the Fund’s liabilities. For purposes of the Incentive Fee, net assets are calculated for the relevant quarter as the weighted </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:599.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">average of the net asset value of the Fund as of the first business day of each month therein. The weighted average net asset value shall be </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:610.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">calculated for each month by multiplying the net asset value as of the beginning of the first business day of the month times the number of </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:621.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">days in that month, divided by the number of days in the applicable calendar quarter.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:638.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">The calculation of the Incentive Fee for each calendar quarter is as follows:</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:655.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">No Incentive Fee is payable to CGCIM if the Fund’s pre-incentive fee net investment income, expressed as a  percentage </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:665.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">of the Fund’s net assets in respect of the relevant calendar quarter, does not exceed the quarterly hurdle rate of 2.00%;</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:682.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">100% of the portion of the Fund’s pre-incentive fee net investment income that exceeds the hurdle rate but is less than or </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:693.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">equal to 2.4242% (the “catch-up”) is payable to CGCIM if the Fund’s pre-incentive fee net investment income, expressed </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:704.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">as a percentage of the Fund’s net assets in respect of the relevant calendar quarter, exceeds the hurdle rate but is less than </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:715.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">or equal to 2.4242% (9.6968% annualized). The “catch-up” provision is intended to provide CGCIM with an incentive fee </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:725.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">of 17.5% on all of the Fund’s pre-incentive fee net investment income when the Fund’s pre-incentive fee net investment </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:736.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">income reaches 2.4242% of net assets; and</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:67.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">17.5% of the portion of the Fund’s pre-incentive fee net investment income that exceeds the “catch-up” is payable to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:78.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">CGCIM if the Fund’s pre-incentive fee net investment income, expressed as a percentage of the Fund’s net assets in </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:89.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">respect of the relevant calendar quarter, exceeds 2.4242% (9.6968% annualized). As a result, once the hurdle rate is </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:99.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">reached and the catch-up is achieved, 17.5% of all the Fund’s pre-incentive fee net investment income thereafter is </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:110.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">allocated to CGCIM.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:129.864pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:7pt;font-style:normal;font-weight:normal;left:31.5pt;position:var(--position);text-decoration:none;top:-1.838pt;white-space:pre">7.</span><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;top:-2.364pt;white-space:pre">The Fund may issue preferred shares or debt securities. The above figure assumes an aggregate of $3.5 million of the Fund’s Series B </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:138.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Convertible Preferred Shares with an interest rate of 7.125% per annum, $30.0 million of the Fund’s Series D Term Preferred Shares with an </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:149.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">interest rate of 7.375%, and $17.5 million of the Fund’s Series E Convertible Preferred Shares with an interest rate of 7.25%. In the event that </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:159.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">the Fund were to issue additional preferred shares or debt securities, the Fund’s borrowing costs, and correspondingly its total annual </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:170.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">expenses, including, in the case of such preferred shares, the base management fee as a percentage of the Fund’s net assets attributable to </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:181.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">common shares, would increase.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:200.664pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:7pt;font-style:normal;font-weight:normal;left:31.5pt;position:var(--position);text-decoration:none;top:-1.838pt;white-space:pre">8.</span><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;top:-2.364pt;white-space:pre">“Other expenses” includes the Fund’s overhead expenses, including payments under the Administration Agreement based on the Fund’s </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:209.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">allocable portion of overhead and other expenses incurred by Administrator, and payment of fees in connection with outsourced </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:219.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">administrative functions, and are based on estimated amounts for the current fiscal year. “Other expenses” also includes the ongoing </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:230.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">administrative expenses to the independent accountants and legal counsel of the Fund, compensation of independent directors, and costs and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:241.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">expenses relating to rating agencies.</span></div> 0 0 0 0.0313 0.0123 0.0873 0.0303 0.1612 <span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;top:-2.364pt;white-space:pre">In the event that the Fund sells its securities publicly through underwriters or agents the related prospectus supplement will disclose the </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:373.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">estimated amount of total offering expenses (which may include offering expenses borne by third parties on the Fund’s behalf), the offering </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:383.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">price and the offering expenses borne by the Fund as a percentage of the offering price.</span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:397.114pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:7pt;font-style:normal;font-weight:normal;left:31.5pt;position:var(--position);text-decoration:none;top:-1.838pt;white-space:pre">3.</span><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;top:-2.364pt;white-space:pre">The expenses of administering the dividend reinvestment plan (the “DRP”) are included in “Other Expenses.” Investors will pay brokerage </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:405.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">charges if they direct their broker or the DRP Plan agent to sell their Common Shares that they acquired pursuant to the DRP. See </span><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:italic;font-weight:bold;left:518.87pt;position:var(--position);text-decoration:none;white-space:pre">“Dividend </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:416.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:italic;font-weight:bold;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Reinvestment Plan.”</span></div> <span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;top:-2.364pt;white-space:pre">“Other expenses” includes the Fund’s overhead expenses, including payments under the Administration Agreement based on the Fund’s </span><div style="font-size:12pt;line-height:9pt;position:var(--position);top:209.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">allocable portion of overhead and other expenses incurred by Administrator, and payment of fees in connection with outsourced </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:219.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">administrative functions, and are based on estimated amounts for the current fiscal year. “Other expenses” also includes the ongoing </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:230.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">administrative expenses to the independent accountants and legal counsel of the Fund, compensation of independent directors, and costs and </span></div><div style="font-size:12pt;line-height:9pt;position:var(--position);top:241.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">expenses relating to rating agencies.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">The following examples illustrate the hypothetical expenses that would be paid on a $1,000 investment assuming </span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:288.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">annual expenses attributable to common shares remain unchanged and common shares earn a 5% annual return:</span></div><div style="position:var(--position);top:306.3pt;width:612pt"><div style="font-size:0pt;left:49.5pt;position:var(--position);width:468pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:236.25pt"></td><td style="padding:0;width:57.75pt"></td><td style="padding:0;width:59.25pt"></td><td style="padding:0;width:57.75pt"></td><td style="padding:0;width:57pt"></td></tr><tr style="height:15.75pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:236.25pt"><div><div style="line-height:9pt;position:var(--position);top:6.22pt;width:236.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Example</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:236.25pt;position:var(--position);width:57.75pt"><div><div style="line-height:9pt;position:var(--position);top:6.22pt;width:57.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:16.01pt;position:var(--position);text-decoration:underline;white-space:pre">1 Year</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:294pt;position:var(--position);width:59.25pt"><div><div style="line-height:9pt;position:var(--position);top:6.22pt;width:59.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:15.01pt;position:var(--position);text-decoration:underline;white-space:pre">3 Years</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:353.25pt;position:var(--position);width:57.75pt"><div><div style="line-height:9pt;position:var(--position);top:6.22pt;width:57.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:14.26pt;position:var(--position);text-decoration:underline;white-space:pre">5 Years</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:411pt;position:var(--position);width:57pt"><div><div style="line-height:9pt;position:var(--position);top:6.22pt;width:57pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:11.64pt;position:var(--position);text-decoration:underline;white-space:pre">10 Years</span></div></div></div></td></tr><tr style="height:23.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:15.75pt;width:236.25pt"><div><div style="line-height:10pt;position:var(--position);top:2.67pt;width:236.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:20.63pt;position:var(--position);text-decoration:none;white-space:pre">Expenses on a $1,000 investment, assuming a 5% </span></div><div style="line-height:10pt;position:var(--position);top:12.67pt;width:236.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:20.63pt;position:var(--position);text-decoration:none;white-space:pre">annual return</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:236.25pt;position:var(--position);top:15.75pt;width:57.75pt"><div><div style="line-height:10pt;position:var(--position);top:12.67pt;width:57.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:19.81pt;position:var(--position);text-decoration:none;white-space:pre">$165</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:294pt;position:var(--position);top:15.75pt;width:59.25pt"><div><div style="line-height:10pt;position:var(--position);top:12.67pt;width:59.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:20.56pt;position:var(--position);text-decoration:none;white-space:pre">$441</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:353.25pt;position:var(--position);top:15.75pt;width:57.75pt"><div><div style="line-height:10pt;position:var(--position);top:12.67pt;width:57.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:19.81pt;position:var(--position);text-decoration:none;white-space:pre">$657</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:411pt;position:var(--position);top:15.75pt;width:57pt"><div><div style="line-height:10pt;position:var(--position);top:12.67pt;width:57pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:15.69pt;position:var(--position);text-decoration:none;white-space:pre">$1,012</span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:356.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">The example and the expenses in the tables above should not be considered a representation of the Fund’s future expenses, and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:368.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">actual expenses may be greater or less than those shown. While the example assumes a 5.0% annual return, as required by the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:380.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">SEC, the Fund’s performance will vary and may result in a return greater or less than 5.0%.</span></div> 165 441 657 1012 <div style="font-size:0pt;left:49.5pt;position:var(--position);width:462pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:183.75pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:77.25pt"></td><td style="padding:0;width:3pt"></td><td style="padding:0;width:63pt"></td><td style="padding:0;width:3.75pt"></td><td style="padding:0;width:56.25pt"></td><td style="padding:0;width:5.25pt"></td><td style="padding:0;width:66pt"></td></tr><tr style="height:12.75pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:183.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.92pt;width:183.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Senior Securities</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:51.75pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:12.75pt;width:183.75pt"><div><div style="line-height:9pt;position:var(--position);top:42.22pt;width:183.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Class and Period Ended</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:2pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:187.5pt;position:var(--position);top:12.75pt;width:77.25pt"><div><div style="line-height:9pt;position:var(--position);top:6.22pt;width:77.25pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:11.52pt;position:var(--position);white-space:pre">Total Amount </span></div><div style="line-height:9pt;position:var(--position);top:15.22pt;width:77.25pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:14.63pt;position:var(--position);white-space:pre">Outstanding </span></div><div style="line-height:9pt;position:var(--position);top:24.22pt;width:77.25pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:15.51pt;position:var(--position);white-space:pre">Exclusive of </span></div><div style="line-height:9pt;position:var(--position);top:33.22pt;width:77.25pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:20.89pt;position:var(--position);white-space:pre">Treasury </span></div><div style="line-height:9pt;position:var(--position);top:42.22pt;width:77.25pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:15.77pt;position:var(--position);white-space:pre">Securities</span><span style="font-family:'Times New Roman', serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:bold;left:53.22pt;position:var(--position);top:-2.132pt;vertical-align:super;white-space:pre"> (1)</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:2pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:267.75pt;position:var(--position);top:12.75pt;width:63pt"><div><div style="line-height:9pt;position:var(--position);top:24.22pt;width:63pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:21.26pt;position:var(--position);white-space:pre">Asset </span></div><div style="line-height:9pt;position:var(--position);top:33.22pt;width:63pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:13.27pt;position:var(--position);white-space:pre">Coverage </span></div><div style="line-height:9pt;position:var(--position);top:42.22pt;width:63pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:10.62pt;position:var(--position);white-space:pre">Per Unit </span><span style="font-family:'Times New Roman', serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:bold;left:45.57pt;position:var(--position);top:-2.132pt;vertical-align:super;white-space:pre">(2)</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:2pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:334.5pt;position:var(--position);top:12.75pt;width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:15.22pt;width:56.25pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:5.13pt;position:var(--position);white-space:pre">Involuntary </span></div><div style="line-height:9pt;position:var(--position);top:24.22pt;width:56.25pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:5.38pt;position:var(--position);white-space:pre">Liquidating </span></div><div style="line-height:9pt;position:var(--position);top:33.22pt;width:56.25pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:7.42pt;position:var(--position);white-space:pre">Preference </span></div><div style="line-height:9pt;position:var(--position);top:42.22pt;width:56.25pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:7.25pt;position:var(--position);white-space:pre">Per Unit </span><span style="font-family:'Times New Roman', serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:bold;left:42.2pt;position:var(--position);top:-2.132pt;vertical-align:super;white-space:pre">(3)</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:2pt solid #000000;font-size:0;text-align:left;vertical-align:top"><div style="left:396pt;position:var(--position);top:12.75pt;width:66pt"><div><div style="line-height:9pt;position:var(--position);top:24.22pt;width:66pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:17.02pt;position:var(--position);white-space:pre">Average </span></div><div style="line-height:9pt;position:var(--position);top:33.22pt;width:66pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:6.15pt;position:var(--position);white-space:pre">Market Value </span></div><div style="line-height:9pt;position:var(--position);top:42.22pt;width:66pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:12.12pt;position:var(--position);white-space:pre">Per Unit </span><span style="font-family:'Times New Roman', serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:bold;left:47.07pt;position:var(--position);top:-2.132pt;vertical-align:super;white-space:pre">(4)</span></div></div></div></td></tr><tr style="height:21.75pt"><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:64.5pt;width:183.75pt"><div><div style="line-height:9pt;position:var(--position);top:7.42pt;width:183.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:8.63pt;position:var(--position);text-decoration:none;white-space:pre">Credit Facility</span></div></div></div></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;border-top:2pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;border-top:2pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;border-top:2pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;border-top:2pt solid #000000;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:86.25pt;width:183.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.6pt;width:183.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">March 31, 2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:187.5pt;position:var(--position);top:86.25pt;width:77.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:77.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:30.38pt"></span></span><span style="left:37.510000000000005pt;position:var(--position)">8,000,000<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:267.75pt;position:var(--position);top:86.25pt;width:63pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:63pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:16.13pt"></span></span><span style="left:23.259999999999998pt;position:var(--position)">16,233.31<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:334.5pt;position:var(--position);top:86.25pt;width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:36.38pt"></span></span><span style="left:43.510000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:396pt;position:var(--position);top:86.25pt;width:66pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:66pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:47.89pt;position:var(--position);text-decoration:none;white-space:pre">N/A</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:100.5pt;width:183.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.6pt;width:183.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">September 30, 2025</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:187.5pt;position:var(--position);top:100.5pt;width:77.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:77.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:30.38pt"></span></span><span style="left:37.510000000000005pt;position:var(--position)">6,750,000<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:267.75pt;position:var(--position);top:100.5pt;width:63pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:63pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:16.13pt"></span></span><span style="left:23.259999999999998pt;position:var(--position)">31,434.17<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:334.5pt;position:var(--position);top:100.5pt;width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:36.38pt"></span></span><span style="left:43.510000000000005pt;position:var(--position)">—<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:396pt;position:var(--position);top:100.5pt;width:66pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:66pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:47.89pt;position:var(--position);text-decoration:none;white-space:pre">N/A</span></div></div></div></td></tr><tr style="height:21.75pt"><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:114.75pt;width:183.75pt"><div><div style="line-height:9pt;position:var(--position);top:7.42pt;width:183.75pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:8.63pt;position:var(--position);white-space:pre">8.75% Series A Term Preferred Shares</span></div></div></div></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"><div style="height:21.75pt;left:183.75pt;overflow:hidden;position:var(--position);top:114.75pt;width:3.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:3.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:3.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div></div></div></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:136.5pt;width:183.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.6pt;width:183.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">September 30, 2025</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:187.5pt;position:var(--position);top:136.5pt;width:77.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:77.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:25.88pt"></span></span><span style="left:33.01pt;position:var(--position)">52,000,000<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:267.75pt;position:var(--position);top:136.5pt;width:63pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:63pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:31.88pt"></span></span><span style="left:39.010000000000005pt;position:var(--position)">64.48<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:334.5pt;position:var(--position);top:136.5pt;width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:25.13pt"></span></span><span style="left:32.26pt;position:var(--position)">25.00<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:396pt;position:var(--position);top:136.5pt;width:66pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:66pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:34.88pt"></span></span><span style="left:42.010000000000005pt;position:var(--position)">25.74<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:150.75pt;width:183.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.6pt;width:183.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">September 30, 2024</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:187.5pt;position:var(--position);top:150.75pt;width:77.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:77.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:25.88pt"></span></span><span style="left:33.01pt;position:var(--position)">52,000,000<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:267.75pt;position:var(--position);top:150.75pt;width:63pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:63pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:31.88pt"></span></span><span style="left:39.010000000000005pt;position:var(--position)">71.29<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:334.5pt;position:var(--position);top:150.75pt;width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:25.13pt"></span></span><span style="left:32.26pt;position:var(--position)">25.00<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:396pt;position:var(--position);top:150.75pt;width:66pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:66pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:34.88pt"></span></span><span style="left:42.010000000000005pt;position:var(--position)">25.60<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:21pt"><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:165pt;width:183.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.55pt;width:183.75pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:8.63pt;position:var(--position);white-space:pre">7.125% Series B Convertible Preferred </span></div><div style="line-height:9pt;position:var(--position);top:11.55pt;width:183.75pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:8.63pt;position:var(--position);white-space:pre">Shares</span></div></div></div></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"><div style="height:21pt;left:183.75pt;overflow:hidden;position:var(--position);top:165pt;width:3.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.32pt;width:3.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="line-height:9pt;position:var(--position);top:11.32pt;width:3.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div></div></div></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:186pt;width:183.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.6pt;width:183.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">March 31, 2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:187.5pt;position:var(--position);top:186pt;width:77.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:77.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:30.38pt"></span></span><span style="left:37.510000000000005pt;position:var(--position)">3,517,000<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:267.75pt;position:var(--position);top:186pt;width:63pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:63pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:20.63pt"></span></span><span style="left:27.759999999999998pt;position:var(--position)">2,200.49<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:334.5pt;position:var(--position);top:186pt;width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:13.88pt"></span></span><span style="left:21.009999999999998pt;position:var(--position)">1,000.00<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:396pt;position:var(--position);top:186pt;width:66pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:66pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:47.89pt;position:var(--position);text-decoration:none;white-space:pre">N/A</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:200.25pt;width:183.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.6pt;width:183.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">September 30, 2025</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:187.5pt;position:var(--position);top:200.25pt;width:77.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:77.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:30.38pt"></span></span><span style="left:37.510000000000005pt;position:var(--position)">3,517,000<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:267.75pt;position:var(--position);top:200.25pt;width:63pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:63pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:20.63pt"></span></span><span style="left:27.759999999999998pt;position:var(--position)">2,579.17<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:334.5pt;position:var(--position);top:200.25pt;width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:13.88pt"></span></span><span style="left:21.009999999999998pt;position:var(--position)">1,000.00<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:396pt;position:var(--position);top:200.25pt;width:66pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:66pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:47.89pt;position:var(--position);text-decoration:none;white-space:pre">N/A</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:214.5pt;width:183.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.6pt;width:183.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">September 30, 2024</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:187.5pt;position:var(--position);top:214.5pt;width:77.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:77.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:25.88pt"></span></span><span style="left:33.01pt;position:var(--position)">11,517,000<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:267.75pt;position:var(--position);top:214.5pt;width:63pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:63pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:20.63pt"></span></span><span style="left:27.759999999999998pt;position:var(--position)">2,851.68<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:334.5pt;position:var(--position);top:214.5pt;width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:13.88pt"></span></span><span style="left:21.009999999999998pt;position:var(--position)">1,000.00<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:396pt;position:var(--position);top:214.5pt;width:66pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:66pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:47.89pt;position:var(--position);text-decoration:none;white-space:pre">N/A</span></div></div></div></td></tr><tr style="height:21.75pt"><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:228.75pt;width:183.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.92pt;width:183.75pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:8.63pt;position:var(--position);white-space:pre">7.50% Series C Convertible Preferred </span></div><div style="line-height:9pt;position:var(--position);top:11.92pt;width:183.75pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:8.63pt;position:var(--position);white-space:pre">Shares</span></div></div></div></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:250.5pt;width:183.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.6pt;width:183.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">September 30, 2025</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:187.5pt;position:var(--position);top:250.5pt;width:77.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:77.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:25.88pt"></span></span><span style="left:33.01pt;position:var(--position)">20,000,000<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:267.75pt;position:var(--position);top:250.5pt;width:63pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:63pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:20.63pt"></span></span><span style="left:27.759999999999998pt;position:var(--position)">2,579.17<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:334.5pt;position:var(--position);top:250.5pt;width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:13.88pt"></span></span><span style="left:21.009999999999998pt;position:var(--position)">1,000.00<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:396pt;position:var(--position);top:250.5pt;width:66pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:66pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:47.89pt;position:var(--position);text-decoration:none;white-space:pre">N/A</span></div></div></div></td></tr><tr style="height:21.75pt"><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:264.75pt;width:183.75pt"><div><div style="line-height:9pt;position:var(--position);top:7.42pt;width:183.75pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:8.63pt;position:var(--position);white-space:pre">7.375% Series D Term Preferred Shares</span></div></div></div></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:286.5pt;width:183.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.6pt;width:183.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">March 31, 2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:187.5pt;position:var(--position);top:286.5pt;width:77.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:77.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:25.88pt"></span></span><span style="left:33.01pt;position:var(--position)">30,000,000<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:267.75pt;position:var(--position);top:286.5pt;width:63pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:63pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:31.88pt"></span></span><span style="left:39.010000000000005pt;position:var(--position)">55.01<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:334.5pt;position:var(--position);top:286.5pt;width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:25.13pt"></span></span><span style="left:32.26pt;position:var(--position)">25.00<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:396pt;position:var(--position);top:286.5pt;width:66pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:66pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:34.88pt"></span></span><span style="left:42.010000000000005pt;position:var(--position)">25.17<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:21.75pt"><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:300.75pt;width:183.75pt"><div><div style="line-height:9pt;position:var(--position);top:2.92pt;width:183.75pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:8.63pt;position:var(--position);white-space:pre">7.25% Series E Convertible Preferred </span></div><div style="line-height:9pt;position:var(--position);top:11.92pt;width:183.75pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:8.63pt;position:var(--position);white-space:pre">Shares</span></div></div></div></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td><td style="background-color:#CCEEFF;font-size:0;text-align:left;vertical-align:top"></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:322.5pt;width:183.75pt"><div><div style="line-height:9pt;position:var(--position);top:3.6pt;width:183.75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:14.63pt;position:var(--position);text-decoration:none;white-space:pre">March 31, 2026</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:187.5pt;position:var(--position);top:322.5pt;width:77.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:77.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:25.88pt"></span></span><span style="left:33.01pt;position:var(--position)">17,500,000<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:267.75pt;position:var(--position);top:322.5pt;width:63pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:63pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:20.63pt"></span></span><span style="left:27.759999999999998pt;position:var(--position)">2,200.49<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:334.5pt;position:var(--position);top:322.5pt;width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:13.88pt"></span></span><span style="left:21.009999999999998pt;position:var(--position)">1,000.00<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:396pt;position:var(--position);top:322.5pt;width:66pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:66pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:47.89pt;position:var(--position);text-decoration:none;white-space:pre">N/A</span></div></div></div></td></tr></tbody></table></div></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:526.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">(1) Total amount of each class of senior securities outstanding at principal value at the end of the period presented.</span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:536.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">(2) Asset coverage per unit is the ratio of the carrying value of the Fund’s total assets, less all liabilities and indebtedness not represented by senior securities, to </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:545.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre">the aggregate amount of the outstanding senior securities as calculated in accordance with Section 18(h) of the 1940 Act. The asset coverage per unit figure </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:555.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre">is expressed in terms of dollar amounts per share of outstanding Preferred Shares (based on a per share liquidation preference of $25 in the case of the </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:565.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre">8.75% Series A Term Preferred Shares and 7.375% Series D Term Preferred Shares, and $1,000 in the case of the 7.125% Series B Convertible Preferred </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:574.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre">Shares, 7.50% Series C Convertible Preferred Shares and the 7.25% Series E Convertible Preferred Shares). With respect to the Credit Facility, the asset </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:584.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre">coverage ratio is multiplied by $1,000 to determine the asset coverage per unit.</span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:593.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">(3) The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:603.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">(4) The average market value per unit is calculated by taking the average of the closing price of the 8.75% Series A Term Preferred Shares (NYSE: CCIA) and </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:613.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre">the 7.375% Series D Term Preferred Shares (NYSE: CCID) for each day during the year for which they were listed on the NYSE. Not applicable for the </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:622.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre">7.125% Series B Convertible Preferred Shares, the 7.50% Series C Convertible Preferred Shares, the 7.25% Series E Convertible Preferred Shares, and the </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:632.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre">Credit Facility as they do not have market quoted levels.</span></div> 52000000 71.29 25.00 25.60 2851.68 1000 <span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">(1) Total amount of each class of senior securities outstanding at principal value at the end of the period presented.</span><div style="font-size:12pt;line-height:8pt;position:var(--position);top:536.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">(2) Asset coverage per unit is the ratio of the carrying value of the Fund’s total assets, less all liabilities and indebtedness not represented by senior securities, to </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:545.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre">the aggregate amount of the outstanding senior securities as calculated in accordance with Section 18(h) of the 1940 Act. The asset coverage per unit figure </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:555.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre">is expressed in terms of dollar amounts per share of outstanding Preferred Shares (based on a per share liquidation preference of $25 in the case of the </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:565.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre">8.75% Series A Term Preferred Shares and 7.375% Series D Term Preferred Shares, and $1,000 in the case of the 7.125% Series B Convertible Preferred </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:574.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre">Shares, 7.50% Series C Convertible Preferred Shares and the 7.25% Series E Convertible Preferred Shares). With respect to the Credit Facility, the asset </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:584.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre">coverage ratio is multiplied by $1,000 to determine the asset coverage per unit.</span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:593.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">(3) The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:603.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">(4) The average market value per unit is calculated by taking the average of the closing price of the 8.75% Series A Term Preferred Shares (NYSE: CCIA) and </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:613.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre">the 7.375% Series D Term Preferred Shares (NYSE: CCID) for each day during the year for which they were listed on the NYSE. Not applicable for the </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:622.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre">7.125% Series B Convertible Preferred Shares, the 7.50% Series C Convertible Preferred Shares, the 7.25% Series E Convertible Preferred Shares, and the </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:632.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre">Credit Facility as they do not have market quoted levels.</span></div> <span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">(4) The average market value per unit is calculated by taking the average of the closing price of the 8.75% Series A Term Preferred Shares (NYSE: CCIA) and </span><div style="font-size:12pt;line-height:8pt;position:var(--position);top:613.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre">the 7.375% Series D Term Preferred Shares (NYSE: CCID) for each day during the year for which they were listed on the NYSE. Not applicable for the </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:622.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre">7.125% Series B Convertible Preferred Shares, the 7.50% Series C Convertible Preferred Shares, the 7.25% Series E Convertible Preferred Shares, and the </span></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:632.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:63pt;position:var(--position);text-decoration:none;white-space:pre">Credit Facility as they do not have market quoted levels.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">5. RISK FACTORS</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:289.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Investment Risks</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:307.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Portfolio Fair Value Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:325.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Under the Investment Company Act, the Fund is required to carry its portfolio investments at market value or, if there </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:337.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">is no readily available market value, at fair value. There is not a public market for the CLO investments we target. As a result, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:349.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">the Adviser values these securities at least quarterly, or more frequently as may be required from time to time, at fair value. The </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:361.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Adviser, as valuation designee, is responsible for the valuation of the Fund’s portfolio investments and implementing the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:373.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">portfolio. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:391.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">The Fund expects that it will hold a high proportion of Level 3 investments relative to its total investments, which is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:403.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">directly related to the Fund’s investment philosophy and target portfolio. The Adviser has engaged an independent valuation </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:415.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">firm to fair value the Fund’s Level 3 investments on a monthly basis. A retained independent valuation firm will have expertise </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:427.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">in complex valuations associated with alternative investments and utilize a variety of techniques to calculate a security’s/</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:439.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">instrument’s valuation. The valuation approach may vary by security/instrument but may include comparable public market </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:451.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">valuations, comparable transaction valuations and discounted cash flow analyses. All factors that might materially impact the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:463.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">value of an investment (e.g., operating results, financial condition, achievement of milestones, economic and/or market events </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:475.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">and recent sales prices) may be considered. The factors and methodologies used for the valuation of such securities are not </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:487.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can realize </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:499.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">the fair value assigned to a security if it were to sell the security. Because such valuations are inherently uncertain, they often </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:511.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">reflect only periodic information received by the Adviser about such companies’ financial condition and/or business operations, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:523.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">which may be on a lagged basis and therefore fluctuate over time and can be based on estimates. Determinations of fair value </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:535.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">may differ materially from the values that would have been used if an exchange-traded market for these securities existed.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:553.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Potential Conflicts of Interest Risk—Allocation of Investment Opportunities</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:571.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser has adopted allocation procedures that are intended to treat each fund they advise in a manner that, over a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:583.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">period of time, is fair and equitable. The Adviser and its affiliates currently provide investment advisory and administration </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:595.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">services and may provide in the future similar services to other entities (collectively, “Advised Funds”). Certain existing </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:607.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Advised Funds have, and future Advised Funds may have, investment objectives similar to those of the Fund, and such Advised </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:619.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Funds will invest in asset classes similar to those targeted by the Fund. Certain other existing Advised Funds do not, and future </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:631.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Advised Funds may not, have similar investment objectives, but such funds may from time to time invest in asset classes </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:643.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">similar to those targeted by the Fund. The Adviser will endeavor to allocate investment opportunities in a fair and equitable </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:655.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">manner, and in any event consistent with any fiduciary duties owed to the Fund and other clients and in an effort to avoid </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:667.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">favoring one client over another and taking into account all relevant facts and circumstances, including (without limitation): (i) </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:679.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">differences with respect to available capital, size of client, and remaining life of a client; (ii) differences with respect to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:691.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">investment objectives or current investment strategies, including regarding: (a) current and total return requirements, (b) </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:703.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">emphasizing or limiting exposure to the security or type of security in question, (c) diversification, including industry or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:715.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">company exposure, currency and jurisdiction, or (d) rating agency ratings; (iii) differences in risk profile at the time an </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:727.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">opportunity becomes available; (iv) the potential transaction and other costs of allocating an opportunity among various clients; </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:739.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">(v) potential conflicts of interest, including whether a client has an existing investment in the security in question or the issuer </span></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:56.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">of such security; (vi) the nature of the security or the transaction, including minimum investment amounts and the source of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:68.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">opportunity; (vii) current and anticipated market and general economic conditions; (viii) existing positions in a borrower/loan/</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:80.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">security; and (ix) prior positions in a borrower/loan/security. Nevertheless, it is possible that the Fund may not be given the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:92.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">opportunity to participate in certain investments made by investment funds managed by investment managers affiliated with the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:104.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Adviser. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:122.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Collateralized Loan Obligations</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:140.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">The Fund invests in CLOs. Investments in CLO securities involve certain risks. CLOs are generally backed by an asset </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:152.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">or a pool of assets that serve as collateral. The Fund and other investors in CLO securities ultimately bear the credit risk of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:164.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">underlying collateral. Most CLOs are issued in multiple tranches, offering investors various maturity and credit risk </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:176.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">characteristics, often categorized as senior, mezzanine and subordinated/equity according to their degree of risk. If there are </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:188.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">defaults or the relevant collateral otherwise underperforms, scheduled payments to senior tranches of such securities take </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:200.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">precedence over those of junior tranches which are the focus of our investment strategy, and scheduled payments to junior </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:212.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">tranches have a priority in right of payment to subordinated/equity tranches. CLOs may present risks similar to those of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:224.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">other types of debt obligations and, in fact, such risks may be of greater significance in the case of CLOs. For example, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:236.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">investments in junior debt and equity securities issued by CLOs, involve risks, including credit risk and market risk. Changes in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:248.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">interest rates and credit quality may cause significant price fluctuations. In addition to the general risks associated with </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:260.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">investing in debt securities, CLO securities carry additional risks, including: (1) the possibility that distributions from collateral </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:272.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">assets will not be adequate to make interest or other payments; (2) the quality of the collateral may decline in value or default; </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:284.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">(3) investments in CLO junior debt and equity tranches will likely be subordinate in right of payment to other senior classes of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:296.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">CLO debt; and (4) the complex structure of a particular security may not be fully understood at the time of investment and may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:308.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">produce disputes with the issuer or unexpected investment results. Changes in the collateral held by a CLO may cause payments </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:320.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">on the instruments the Fund holds to be reduced, either temporarily or permanently.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:338.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Covenant-Lite Loans Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:356.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:49.5pt;position:var(--position)"><span style="display:inline-block;height:6.94pt;width:36pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Covenant-lite loans may comprise a significant portion of the senior secured loans underlying the CLOs in which we </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:368.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">invest. Over the past decade, the senior secured loan market has evolved from one in which covenant-lite loans represented a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:380.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">minority of the market to one in which such loans represent a significant majority of the market. Generally, covenant-lite loans </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:392.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:404.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:416.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">deterioration in the borrower’s financial condition. Accordingly, to the extent that the CLOs that we invest in hold covenant-lite </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:428.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">loans, our CLOs may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:440.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">to investments in or exposure to loans with financial maintenance covenants.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:458.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Subordinated Securities</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:476.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">CLO equity and junior debt securities are subordinated to more senior tranches of CLO debt. CLO equity and junior </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:488.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">debt securities are subject to increased risks of default relative to the holders of superior priority interests in the same CLO. In </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:500.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">addition, at the time of issuance, CLO equity securities are under-collateralized in that the face amount of the CLO debt and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:512.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">CLO equity of a CLO at inception exceed its total assets. The Fund will typically be in a subordinated or first loss position with </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:524.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">respect to realized losses on the underlying assets held by the CLOs in which we are invested. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:542.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">High Yield Investment Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:560.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">The CLO equity and junior debt securities are typically rated below investment grade, or in the case of CLO equity </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:572.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">securities unrated, and are therefore considered “higher yield” or “junk” securities and are considered speculative with respect </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:584.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">to timely payment of interest and repayment of principal. The senior secured loans and other credit-related assets underlying </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:596.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">CLOs are also typically higher yield investments. Investing in CLO equity and junior debt securities and other high yield </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:608.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">investments involves greater credit and liquidity risk than investment grade obligations, which may adversely impact the Fund’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:620.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">performance.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:638.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Default Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:656.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is subject to risks associated with defaults on an underlying asset held by a CLO.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:674.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:103.5pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">A default and any resulting loss, as well as other losses on an underlying asset held by a CLO may reduce the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:686.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">fair value of our corresponding CLO investment. A wide range of factors could adversely affect the ability of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:698.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">the borrower of an underlying asset to make interest or other payments on that asset. To the extent that actual </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:710.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">defaults and losses on the collateral of an investment exceed the level of defaults and losses factored into its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:722.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">purchase price, the value of the anticipated return from the investment will be reduced. The more deeply </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:734.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">subordinated the tranche of securities in which we invest, the greater the risk of loss upon a default. For </span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:56.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">example, CLO equity is the most subordinated tranche within a CLO and is therefore subject to the greatest </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:68.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">risk of loss resulting from defaults on the CLO’s collateral, whether due to bankruptcy or otherwise. Any </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:80.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">defaults and losses in excess of expected default rates and loss model inputs will have a negative impact on </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:92.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">the fair value of our investments, will reduce the cash flows that the Fund receives from its investments, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:104.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">adversely affect the fair value of the Fund’s assets and could adversely impact the Fund’s ability to pay </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:116.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">dividends. Furthermore, the holders of the junior equity and debt tranches typically have limited rights with </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:128.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">respect to decisions made with respect to collateral following an event of default on a CLO. In some cases, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:140.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">the senior most class of notes can elect to liquidate the collateral even if the expected proceeds are not </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:152.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">expected to be able to pay in full all classes of notes. The Fund could experience a complete loss of its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:164.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">investment in such a scenario.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:182.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:103.5pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">In addition, the collateral of CLOs may require substantial workout negotiations or restructuring in the event </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:194.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">of a default or liquidation. Any such workout or restructuring is likely to lead to a substantial reduction in the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:206.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">interest rate of such asset and/or a substantial write-down or write-off of all or a portion of the principal of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:218.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">such asset. Any such reduction in interest rates or principal will negatively affect the fair value of the Fund’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:230.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">portfolio.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:248.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Non-Diversification Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:266.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is a non-diversified investment company under the 1940 Act and expects to hold a narrower range of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:278.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">investments than a diversified fund under the 1940 Act.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:296.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Leverage Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:314.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">The use of leverage, whether directly or indirectly through investments such as CLO equity or junior debt securities </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:326.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">that inherently involve leverage, may magnify the Fund’s risk of loss. CLO equity or junior debt securities are very highly </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:338.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">leveraged (with CLO equity securities typically being leveraged ten times), and therefore the CLO securities in which the Fund </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:350.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">invests are subject to a higher degree of loss since the use of leverage magnifies losses.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:368.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Senior Management Personnel of the Adviser</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:386.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Since the Fund has no employees, it depends on the investment expertise, skill and network of business contacts of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:398.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Adviser. The Adviser evaluates, negotiates, structures, executes, monitors and services the Fund’s investments. The Fund’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:410.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">future success depends to a significant extent on the continued service and coordination of the Adviser and its senior </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:422.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">management team. The departure of any members of the Adviser’s senior management team could have a material adverse </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:434.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">effect on the Fund’s ability to achieve its investment objective.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:452.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Conflicts of Interest Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:470.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">The Fund’s executive officers and trustees, other current and future principals of the Adviser and certain members of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:482.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">the Adviser’s investment committee may serve as officers, trustees or principals of other entities and affiliates of the Adviser </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:494.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">and funds managed by the Fund’s affiliates that operate in the same or a related line of business as the Fund does. Currently, the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:506.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Fund’s executive officers, as well as the other principals of the Adviser, manage other funds affiliated with Carlyle, including </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:518.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">other existing and future affiliated BDCs and registered closed-end funds, including Carlyle Secured Lending, Inc., Carlyle </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:530.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Credit Solutions, Inc. and Carlyle Tactical Private Credit Fund. In addition, the Adviser’s investment team has responsibilities </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:542.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">for sourcing and managing private debt investments for certain other investment funds and accounts. Accordingly, they have </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:554.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">obligations to investors in those entities, the fulfillment of which may not be in the best interests of, or may be adverse to the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:566.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">interests of, the Fund and its Shareholders. Although the professional staff of the Adviser will devote as much time to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:578.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">management of the Fund as appropriate to enable the Adviser to perform its duties in accordance with the Investment Advisory </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:590.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Agreement, the investment professionals of the Adviser may have conflicts in allocating their time and services among the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:602.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Fund, on the one hand, and investment vehicles managed by Carlyle or one or more of its affiliates on the other hand.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:620.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Liquidity Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:638.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Generally, there is no public market for the CLO investments the Fund targets. As such, the Fund may not be able to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:650.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">sell such investments quickly, or at all. If the Fund is able to sell such investments, the prices the Fund receives may not reflect </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:662.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">the Adviser’s assessment of their fair value or the amount paid for such investments by the Fund.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:680.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser’s Incentive Fee Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:698.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">The Investment Advisory Agreement entitles the Adviser to receive incentive compensation on income regardless of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:710.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">any capital losses. In such case, the Fund may be required to pay the Adviser incentive compensation for a fiscal quarter even if </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:722.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">there is a decline in the value of the Fund’s portfolio or if the Fund incurs a net loss for that quarter. Any Incentive Fee payable </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:734.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">by the Fund that relates to its net investment income may be computed and paid on income that may include interest that has </span></div></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:56.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">been accrued but not yet received. If an investment defaults on a loan that is structured to provide accrued interest, it is possible </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:68.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">that accrued interest previously included in the calculation of the Incentive Fee will become uncollectible. The Adviser is not </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:80.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">under any obligation to reimburse the Fund for any part of the Incentive Fee it received that was based on accrued income that </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:92.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">the Fund never received as a result of a default by an entity on the obligation that resulted in the accrual of such income, and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:104.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">such circumstances would result in the Fund’s paying an Incentive Fee on income it never received. The Incentive Fee payable </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:116.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">by the Fund to the Adviser may create an incentive for it to make investments on the Fund’s behalf that are risky or more </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:128.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">speculative than would be the case in the absence of such compensation arrangement. The way in which the Incentive Fee </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:140.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">payable to the Adviser is determined may encourage it to use leverage to increase the return on the Fund’s investments. In </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:152.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">addition, the fact that the Management Fee is payable based upon the Fund’s Managed Assets, which would include any </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:164.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">borrowings for investment purposes, may encourage the Adviser to use leverage to make additional investments. Under certain </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:176.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">circumstances, the use of leverage may increase the likelihood of default, which would disfavor Shareholders. Such a practice </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:188.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">could result in the Fund’s investing in more speculative securities than would otherwise be in its best interests, which could </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:200.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">result in higher investment losses, particularly during cyclical economic downturns.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:218.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Market Risks</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:236.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">The success of the Fund’s activities will be affected by general economic and market conditions, such as interest rates, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:248.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">availability of credit, credit defaults, inflation rates, economic uncertainty, changes in laws (including laws relating to taxation </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:260.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">of the Fund’s investments), trade barriers and tariffs, currency exchange controls, disease outbreaks, pandemics, and national </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:272.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">and international political, environmental and socioeconomic circumstances (including wars, terrorist acts or security </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:284.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">operations). In addition, the current U.S. political environment and the resulting uncertainties regarding actual and potential </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:296.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">shifts in U.S. foreign investment, trade, taxation, economic, environmental and other policies under the current Administration, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:308.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">as well as the impact of geopolitical tension, such as a deterioration in the bilateral relationship between the U.S. and China or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:320.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">an escalation in conflict in the Middle East or between Russia and Ukraine, could lead to disruption, instability and volatility in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:332.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">the global markets. It is not possible to predict the duration or extent of longer-term consequences of these conflicts, which </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:344.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">could include further sanctions, retaliatory and escalating measures, embargoes, regional instability, geopolitical shifts and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:356.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">adverse effects on or involving macroeconomic conditions, the energy sector, supply chains, inflation, security conditions, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:368.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">currency exchange rates and financial markets around the globe. Any such market disruptions could have a material adverse </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:380.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">effect on our business, financial condition and results of operations. Unfavorable economic conditions also would be expected </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:392.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">to increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:410.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Current and historic market turmoil has illustrated that market environments may, at any time, be characterized by </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:422.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">uncertainty, volatility and instability. For example, the outbreak of COVID-19 caused materially reduced consumer demand and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:434.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">economic output, disrupting supply chains, resulting in market closures, travel restrictions and quarantines, and adversely </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:446.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">impacting local and global economies. As with other serious economic disruptions, governmental authorities and regulators are </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:458.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">responding to this crisis with significant fiscal and monetary policy changes, including by providing direct capital infusions into </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:470.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">companies, introducing new monetary programs and considerably lowering interest rates, which, in some cases resulted in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:482.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">negative interest rates. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:500.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre;width:54.1pt">Inflation Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:518.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Inflation risk is the risk that the value of certain assets or income from the Fund’s investments will be worth less in the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:530.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">future as inflation decreases the value of money. As inflation increases, the real value of investments and distributions can </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:542.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">decline. In addition, during any periods of rising inflation, the dividend rates or borrowing costs associated with the Fund’s use </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:554.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">of leverage would likely increase, which would tend to further reduce returns to shareholders.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:572.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Interest Rate Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:590.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">The senior secured loans underlying the CLOs in which the Fund invests typically have floating interest rates. A </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:602.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">fluctuating interest rate environment may increase loan defaults, resulting in losses for the CLOs in which the Fund invests. In </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:614.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">addition, fluctuating interest rates may lead to higher prepayment rates, as corporate borrowers look to avoid escalating interest </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:626.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">payments or refinance floating rate loans. Further, a general rise in interest rates will increase the financing costs of the CLOs. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:638.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">However, since many of the senior secured loans within these CLOs have Benchmark floors, if the Benchmark is below the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:650.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">applicable Benchmark floor, there may not be corresponding increases in investment income which could result in the CLO not </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:662.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">having adequate cash to make interest or other payments on the securities which the Fund holds.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:680.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Regulatory Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:698.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Government regulation and/or intervention may change the way the Fund is regulated, affect the expenses incurred </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:710.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">directly by the Fund, affect the value of its investments and limit the Fund’s ability to achieve its investment objective. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:722.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Government regulation may change frequently and may have significant adverse consequences. Moreover, government </span></div></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:56.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">regulation may have unpredictable and unintended effects. In addition to exposing the Fund to potential new costs and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:68.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">expenses, additional regulation or changes to existing regulation may also require changes to the Fund’s investment practices.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:552.24pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:86.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Credit Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:104.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Credit risk relates to the ability of the borrower under an instrument to make interest and principal payments as they </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:116.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">become due. If (1) a CLO in which the Fund invests, (2) an underlying asset of any such CLO or (3) any other type of credit </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:128.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">investment in the Fund’s portfolio declines in price or fails to pay interest or principal when due because the issuer or debtor, as </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:140.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">the case may be, experiences a decline in its financial status, our income, NAV and/or market price would be adversely </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:152.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">impacted.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:170.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Credit Spread Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:188.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Credit spread risk is the risk that credit spreads (i.e., the difference in yield between securities that is due to differences </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:200.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">in their credit quality) may increase when the market expects below-investment-grade bonds to default more frequently. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:212.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Widening credit spreads may quickly reduce the market values of below-investment-grade and unrated securities. In recent </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:224.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">years, the U.S. capital markets experienced extreme volatility and disruption following the spread of COVID-19, which </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:236.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">increased the spread between yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:248.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">markets. Central banks and governments played a key role in reintroducing liquidity to parts of the capital markets. Future exits </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:260.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">of these financial institutions from the market may reintroduce temporary illiquidity. These and future market disruptions and/</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:272.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">or illiquidity would be expected to have an adverse effect on the Fund’s business, financial condition, results of operations and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:284.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">cash flows.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:302.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Prepayment Risk </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:320.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">The assets underlying the CLO securities are subject to prepayment by the underlying corporate borrowers. In </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:332.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">addition, the CLO securities and related investments are subject to prepayment risk. If the Fund or a CLO collateral manager is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:344.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">unable to reinvest prepaid amounts in a new investment with an expected rate of return at least equal to that of the investment </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:356.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">repaid, the Fund’s investment performance will be adversely impacted.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:374.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Volatility Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:392.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:404.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:416.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:428.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">risk.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:446.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Equity Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:464.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:476.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">market. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:494.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Foreign Exchange Rate Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:512.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:524.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:536.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:554.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Cybersecurity Risk</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:572.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Cybersecurity incidents and cyber-attacks have been occurring globally at a more frequent and severe level and will </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:584.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">likely continue to increase in frequency in the future. The Adviser faces various security threats on a regular basis, including </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:596.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">ongoing cyber security threats to and attacks on its information technology infrastructure that are intended to gain access to its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:608.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">proprietary information, destroy data or disable, degrade or sabotage its systems. These security threats could originate from a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:620.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">wide variety of sources, including unknown third parties outside of the Adviser. Although the Adviser is not currently aware </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:632.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">that it has been subject to cyber-attacks or other cyber incidents which, individually or in the aggregate, have materially affected </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:644.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">its operations or financial condition, there can be no assurance that the various procedures and controls utilized to mitigate these </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:656.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">threats will be sufficient to prevent disruptions to its systems.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Portfolio Fair Value Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:325.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Under the Investment Company Act, the Fund is required to carry its portfolio investments at market value or, if there </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:337.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">is no readily available market value, at fair value. There is not a public market for the CLO investments we target. As a result, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:349.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">the Adviser values these securities at least quarterly, or more frequently as may be required from time to time, at fair value. The </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:361.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Adviser, as valuation designee, is responsible for the valuation of the Fund’s portfolio investments and implementing the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:373.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">portfolio. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:391.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">The Fund expects that it will hold a high proportion of Level 3 investments relative to its total investments, which is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:403.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">directly related to the Fund’s investment philosophy and target portfolio. The Adviser has engaged an independent valuation </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:415.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">firm to fair value the Fund’s Level 3 investments on a monthly basis. A retained independent valuation firm will have expertise </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:427.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">in complex valuations associated with alternative investments and utilize a variety of techniques to calculate a security’s/</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:439.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">instrument’s valuation. The valuation approach may vary by security/instrument but may include comparable public market </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:451.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">valuations, comparable transaction valuations and discounted cash flow analyses. All factors that might materially impact the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:463.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">value of an investment (e.g., operating results, financial condition, achievement of milestones, economic and/or market events </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:475.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">and recent sales prices) may be considered. The factors and methodologies used for the valuation of such securities are not </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:487.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can realize </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:499.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">the fair value assigned to a security if it were to sell the security. Because such valuations are inherently uncertain, they often </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:511.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">reflect only periodic information received by the Adviser about such companies’ financial condition and/or business operations, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:523.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">which may be on a lagged basis and therefore fluctuate over time and can be based on estimates. Determinations of fair value </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:535.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">may differ materially from the values that would have been used if an exchange-traded market for these securities existed.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Potential Conflicts of Interest Risk—Allocation of Investment Opportunities</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:571.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser has adopted allocation procedures that are intended to treat each fund they advise in a manner that, over a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:583.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">period of time, is fair and equitable. The Adviser and its affiliates currently provide investment advisory and administration </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:595.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">services and may provide in the future similar services to other entities (collectively, “Advised Funds”). Certain existing </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:607.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Advised Funds have, and future Advised Funds may have, investment objectives similar to those of the Fund, and such Advised </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:619.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Funds will invest in asset classes similar to those targeted by the Fund. Certain other existing Advised Funds do not, and future </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:631.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Advised Funds may not, have similar investment objectives, but such funds may from time to time invest in asset classes </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:643.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">similar to those targeted by the Fund. The Adviser will endeavor to allocate investment opportunities in a fair and equitable </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:655.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">manner, and in any event consistent with any fiduciary duties owed to the Fund and other clients and in an effort to avoid </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:667.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">favoring one client over another and taking into account all relevant facts and circumstances, including (without limitation): (i) </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:679.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">differences with respect to available capital, size of client, and remaining life of a client; (ii) differences with respect to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:691.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">investment objectives or current investment strategies, including regarding: (a) current and total return requirements, (b) </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:703.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">emphasizing or limiting exposure to the security or type of security in question, (c) diversification, including industry or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:715.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">company exposure, currency and jurisdiction, or (d) rating agency ratings; (iii) differences in risk profile at the time an </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:727.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">opportunity becomes available; (iv) the potential transaction and other costs of allocating an opportunity among various clients; </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:739.05pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">(v) potential conflicts of interest, including whether a client has an existing investment in the security in question or the issuer </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:56.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">of such security; (vi) the nature of the security or the transaction, including minimum investment amounts and the source of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:68.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">opportunity; (vii) current and anticipated market and general economic conditions; (viii) existing positions in a borrower/loan/</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:80.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">security; and (ix) prior positions in a borrower/loan/security. Nevertheless, it is possible that the Fund may not be given the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:92.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">opportunity to participate in certain investments made by investment funds managed by investment managers affiliated with the </span></div>Adviser. <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Collateralized Loan Obligations</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:140.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">The Fund invests in CLOs. Investments in CLO securities involve certain risks. CLOs are generally backed by an asset </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:152.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">or a pool of assets that serve as collateral. The Fund and other investors in CLO securities ultimately bear the credit risk of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:164.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">underlying collateral. Most CLOs are issued in multiple tranches, offering investors various maturity and credit risk </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:176.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">characteristics, often categorized as senior, mezzanine and subordinated/equity according to their degree of risk. If there are </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:188.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">defaults or the relevant collateral otherwise underperforms, scheduled payments to senior tranches of such securities take </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:200.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">precedence over those of junior tranches which are the focus of our investment strategy, and scheduled payments to junior </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:212.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">tranches have a priority in right of payment to subordinated/equity tranches. CLOs may present risks similar to those of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:224.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">other types of debt obligations and, in fact, such risks may be of greater significance in the case of CLOs. For example, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:236.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">investments in junior debt and equity securities issued by CLOs, involve risks, including credit risk and market risk. Changes in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:248.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">interest rates and credit quality may cause significant price fluctuations. In addition to the general risks associated with </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:260.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">investing in debt securities, CLO securities carry additional risks, including: (1) the possibility that distributions from collateral </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:272.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">assets will not be adequate to make interest or other payments; (2) the quality of the collateral may decline in value or default; </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:284.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">(3) investments in CLO junior debt and equity tranches will likely be subordinate in right of payment to other senior classes of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:296.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">CLO debt; and (4) the complex structure of a particular security may not be fully understood at the time of investment and may </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:308.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">produce disputes with the issuer or unexpected investment results. Changes in the collateral held by a CLO may cause payments </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:320.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">on the instruments the Fund holds to be reduced, either temporarily or permanently.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Covenant-Lite Loans Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:356.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:49.5pt;position:var(--position)"><span style="display:inline-block;height:6.94pt;width:36pt"></span></span></span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Covenant-lite loans may comprise a significant portion of the senior secured loans underlying the CLOs in which we </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:368.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">invest. Over the past decade, the senior secured loan market has evolved from one in which covenant-lite loans represented a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:380.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">minority of the market to one in which such loans represent a significant majority of the market. Generally, covenant-lite loans </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:392.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:404.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:416.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">deterioration in the borrower’s financial condition. Accordingly, to the extent that the CLOs that we invest in hold covenant-lite </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:428.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">loans, our CLOs may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:440.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">to investments in or exposure to loans with financial maintenance covenants.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Subordinated Securities</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:476.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">CLO equity and junior debt securities are subordinated to more senior tranches of CLO debt. CLO equity and junior </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:488.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">debt securities are subject to increased risks of default relative to the holders of superior priority interests in the same CLO. In </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:500.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">addition, at the time of issuance, CLO equity securities are under-collateralized in that the face amount of the CLO debt and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:512.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">CLO equity of a CLO at inception exceed its total assets. The Fund will typically be in a subordinated or first loss position with </span></div>respect to realized losses on the underlying assets held by the CLOs in which we are invested. <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">High Yield Investment Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:560.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">The CLO equity and junior debt securities are typically rated below investment grade, or in the case of CLO equity </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:572.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">securities unrated, and are therefore considered “higher yield” or “junk” securities and are considered speculative with respect </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:584.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">to timely payment of interest and repayment of principal. The senior secured loans and other credit-related assets underlying </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:596.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">CLOs are also typically higher yield investments. Investing in CLO equity and junior debt securities and other high yield </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:608.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">investments involves greater credit and liquidity risk than investment grade obligations, which may adversely impact the Fund’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:620.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">performance.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Default Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:656.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is subject to risks associated with defaults on an underlying asset held by a CLO.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:674.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:103.5pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">A default and any resulting loss, as well as other losses on an underlying asset held by a CLO may reduce the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:686.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">fair value of our corresponding CLO investment. A wide range of factors could adversely affect the ability of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:698.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">the borrower of an underlying asset to make interest or other payments on that asset. To the extent that actual </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:710.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">defaults and losses on the collateral of an investment exceed the level of defaults and losses factored into its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:722.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">purchase price, the value of the anticipated return from the investment will be reduced. The more deeply </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:734.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">subordinated the tranche of securities in which we invest, the greater the risk of loss upon a default. For </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:56.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">example, CLO equity is the most subordinated tranche within a CLO and is therefore subject to the greatest </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:68.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">risk of loss resulting from defaults on the CLO’s collateral, whether due to bankruptcy or otherwise. Any </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:80.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">defaults and losses in excess of expected default rates and loss model inputs will have a negative impact on </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:92.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">the fair value of our investments, will reduce the cash flows that the Fund receives from its investments, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:104.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">adversely affect the fair value of the Fund’s assets and could adversely impact the Fund’s ability to pay </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:116.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">dividends. Furthermore, the holders of the junior equity and debt tranches typically have limited rights with </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:128.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">respect to decisions made with respect to collateral following an event of default on a CLO. In some cases, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:140.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">the senior most class of notes can elect to liquidate the collateral even if the expected proceeds are not </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:152.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">expected to be able to pay in full all classes of notes. The Fund could experience a complete loss of its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:164.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">investment in such a scenario.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:182.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:103.5pt;position:var(--position);text-decoration:none;white-space:pre">•</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">In addition, the collateral of CLOs may require substantial workout negotiations or restructuring in the event </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:194.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">of a default or liquidation. Any such workout or restructuring is likely to lead to a substantial reduction in the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:206.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">interest rate of such asset and/or a substantial write-down or write-off of all or a portion of the principal of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:218.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">such asset. Any such reduction in interest rates or principal will negatively affect the fair value of the Fund’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:230.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.5pt;position:var(--position);text-decoration:none;white-space:pre">portfolio.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Non-Diversification Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:266.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">The Fund is a non-diversified investment company under the 1940 Act and expects to hold a narrower range of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:278.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">investments than a diversified fund under the 1940 Act.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Leverage Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:314.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">The use of leverage, whether directly or indirectly through investments such as CLO equity or junior debt securities </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:326.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">that inherently involve leverage, may magnify the Fund’s risk of loss. CLO equity or junior debt securities are very highly </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:338.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">leveraged (with CLO equity securities typically being leveraged ten times), and therefore the CLO securities in which the Fund </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:350.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">invests are subject to a higher degree of loss since the use of leverage magnifies losses.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Senior Management Personnel of the Adviser</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:386.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Since the Fund has no employees, it depends on the investment expertise, skill and network of business contacts of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:398.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Adviser. The Adviser evaluates, negotiates, structures, executes, monitors and services the Fund’s investments. The Fund’s </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:410.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">future success depends to a significant extent on the continued service and coordination of the Adviser and its senior </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:422.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">management team. The departure of any members of the Adviser’s senior management team could have a material adverse </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:434.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">effect on the Fund’s ability to achieve its investment objective.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Conflicts of Interest Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:470.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">The Fund’s executive officers and trustees, other current and future principals of the Adviser and certain members of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:482.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">the Adviser’s investment committee may serve as officers, trustees or principals of other entities and affiliates of the Adviser </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:494.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">and funds managed by the Fund’s affiliates that operate in the same or a related line of business as the Fund does. Currently, the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:506.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Fund’s executive officers, as well as the other principals of the Adviser, manage other funds affiliated with Carlyle, including </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:518.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">other existing and future affiliated BDCs and registered closed-end funds, including Carlyle Secured Lending, Inc., Carlyle </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:530.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Credit Solutions, Inc. and Carlyle Tactical Private Credit Fund. In addition, the Adviser’s investment team has responsibilities </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:542.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">for sourcing and managing private debt investments for certain other investment funds and accounts. Accordingly, they have </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:554.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">obligations to investors in those entities, the fulfillment of which may not be in the best interests of, or may be adverse to the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:566.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">interests of, the Fund and its Shareholders. Although the professional staff of the Adviser will devote as much time to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:578.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">management of the Fund as appropriate to enable the Adviser to perform its duties in accordance with the Investment Advisory </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:590.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Agreement, the investment professionals of the Adviser may have conflicts in allocating their time and services among the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:602.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Fund, on the one hand, and investment vehicles managed by Carlyle or one or more of its affiliates on the other hand.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Liquidity Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:638.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Generally, there is no public market for the CLO investments the Fund targets. As such, the Fund may not be able to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:650.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">sell such investments quickly, or at all. If the Fund is able to sell such investments, the prices the Fund receives may not reflect </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:662.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">the Adviser’s assessment of their fair value or the amount paid for such investments by the Fund.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">The Adviser’s Incentive Fee Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:698.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">The Investment Advisory Agreement entitles the Adviser to receive incentive compensation on income regardless of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:710.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">any capital losses. In such case, the Fund may be required to pay the Adviser incentive compensation for a fiscal quarter even if </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:722.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">there is a decline in the value of the Fund’s portfolio or if the Fund incurs a net loss for that quarter. Any Incentive Fee payable </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:734.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">by the Fund that relates to its net investment income may be computed and paid on income that may include interest that has </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:56.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">been accrued but not yet received. If an investment defaults on a loan that is structured to provide accrued interest, it is possible </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:68.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">that accrued interest previously included in the calculation of the Incentive Fee will become uncollectible. The Adviser is not </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:80.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">under any obligation to reimburse the Fund for any part of the Incentive Fee it received that was based on accrued income that </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:92.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">the Fund never received as a result of a default by an entity on the obligation that resulted in the accrual of such income, and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:104.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">such circumstances would result in the Fund’s paying an Incentive Fee on income it never received. The Incentive Fee payable </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:116.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">by the Fund to the Adviser may create an incentive for it to make investments on the Fund’s behalf that are risky or more </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:128.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">speculative than would be the case in the absence of such compensation arrangement. The way in which the Incentive Fee </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:140.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">payable to the Adviser is determined may encourage it to use leverage to increase the return on the Fund’s investments. In </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:152.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">addition, the fact that the Management Fee is payable based upon the Fund’s Managed Assets, which would include any </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:164.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">borrowings for investment purposes, may encourage the Adviser to use leverage to make additional investments. Under certain </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:176.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">circumstances, the use of leverage may increase the likelihood of default, which would disfavor Shareholders. Such a practice </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:188.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">could result in the Fund’s investing in more speculative securities than would otherwise be in its best interests, which could </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:200.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">result in higher investment losses, particularly during cyclical economic downturns.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Market Risks</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:236.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">The success of the Fund’s activities will be affected by general economic and market conditions, such as interest rates, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:248.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">availability of credit, credit defaults, inflation rates, economic uncertainty, changes in laws (including laws relating to taxation </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:260.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">of the Fund’s investments), trade barriers and tariffs, currency exchange controls, disease outbreaks, pandemics, and national </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:272.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">and international political, environmental and socioeconomic circumstances (including wars, terrorist acts or security </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:284.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">operations). In addition, the current U.S. political environment and the resulting uncertainties regarding actual and potential </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:296.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">shifts in U.S. foreign investment, trade, taxation, economic, environmental and other policies under the current Administration, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:308.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">as well as the impact of geopolitical tension, such as a deterioration in the bilateral relationship between the U.S. and China or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:320.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">an escalation in conflict in the Middle East or between Russia and Ukraine, could lead to disruption, instability and volatility in </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:332.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">the global markets. It is not possible to predict the duration or extent of longer-term consequences of these conflicts, which </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:344.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">could include further sanctions, retaliatory and escalating measures, embargoes, regional instability, geopolitical shifts and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:356.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">adverse effects on or involving macroeconomic conditions, the energy sector, supply chains, inflation, security conditions, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:368.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">currency exchange rates and financial markets around the globe. Any such market disruptions could have a material adverse </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:380.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">effect on our business, financial condition and results of operations. Unfavorable economic conditions also would be expected </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:392.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">to increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:410.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Current and historic market turmoil has illustrated that market environments may, at any time, be characterized by </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:422.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">uncertainty, volatility and instability. For example, the outbreak of COVID-19 caused materially reduced consumer demand and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:434.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">economic output, disrupting supply chains, resulting in market closures, travel restrictions and quarantines, and adversely </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:446.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">impacting local and global economies. As with other serious economic disruptions, governmental authorities and regulators are </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:458.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">responding to this crisis with significant fiscal and monetary policy changes, including by providing direct capital infusions into </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:470.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">companies, introducing new monetary programs and considerably lowering interest rates, which, in some cases resulted in </span></div>negative interest rates. <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre;width:54.1pt">Inflation Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:518.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Inflation risk is the risk that the value of certain assets or income from the Fund’s investments will be worth less in the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:530.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">future as inflation decreases the value of money. As inflation increases, the real value of investments and distributions can </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:542.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">decline. In addition, during any periods of rising inflation, the dividend rates or borrowing costs associated with the Fund’s use </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:554.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">of leverage would likely increase, which would tend to further reduce returns to shareholders.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Interest Rate Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:590.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">The senior secured loans underlying the CLOs in which the Fund invests typically have floating interest rates. A </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:602.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">fluctuating interest rate environment may increase loan defaults, resulting in losses for the CLOs in which the Fund invests. In </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:614.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">addition, fluctuating interest rates may lead to higher prepayment rates, as corporate borrowers look to avoid escalating interest </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:626.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">payments or refinance floating rate loans. Further, a general rise in interest rates will increase the financing costs of the CLOs. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:638.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">However, since many of the senior secured loans within these CLOs have Benchmark floors, if the Benchmark is below the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:650.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">applicable Benchmark floor, there may not be corresponding increases in investment income which could result in the CLO not </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:662.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">having adequate cash to make interest or other payments on the securities which the Fund holds.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Regulatory Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:698.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Government regulation and/or intervention may change the way the Fund is regulated, affect the expenses incurred </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:710.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">directly by the Fund, affect the value of its investments and limit the Fund’s ability to achieve its investment objective. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:722.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Government regulation may change frequently and may have significant adverse consequences. Moreover, government </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:56.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">regulation may have unpredictable and unintended effects. In addition to exposing the Fund to potential new costs and </span></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">expenses, additional regulation or changes to existing regulation may also require changes to the Fund’s investment practices.</span> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Credit Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:104.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Credit risk relates to the ability of the borrower under an instrument to make interest and principal payments as they </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:116.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">become due. If (1) a CLO in which the Fund invests, (2) an underlying asset of any such CLO or (3) any other type of credit </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:128.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">investment in the Fund’s portfolio declines in price or fails to pay interest or principal when due because the issuer or debtor, as </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:140.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">the case may be, experiences a decline in its financial status, our income, NAV and/or market price would be adversely </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:152.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">impacted.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Credit Spread Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:188.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Credit spread risk is the risk that credit spreads (i.e., the difference in yield between securities that is due to differences </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:200.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">in their credit quality) may increase when the market expects below-investment-grade bonds to default more frequently. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:212.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Widening credit spreads may quickly reduce the market values of below-investment-grade and unrated securities. In recent </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:224.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">years, the U.S. capital markets experienced extreme volatility and disruption following the spread of COVID-19, which </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:236.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">increased the spread between yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:248.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">markets. Central banks and governments played a key role in reintroducing liquidity to parts of the capital markets. Future exits </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:260.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">of these financial institutions from the market may reintroduce temporary illiquidity. These and future market disruptions and/</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:272.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">or illiquidity would be expected to have an adverse effect on the Fund’s business, financial condition, results of operations and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:284.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">cash flows.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Prepayment Risk </span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:320.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">The assets underlying the CLO securities are subject to prepayment by the underlying corporate borrowers. In </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:332.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">addition, the CLO securities and related investments are subject to prepayment risk. If the Fund or a CLO collateral manager is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:344.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">unable to reinvest prepaid amounts in a new investment with an expected rate of return at least equal to that of the investment </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:356.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">repaid, the Fund’s investment performance will be adversely impacted.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Volatility Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:392.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Volatility risk refers to the magnitude of the movement, but not the direction of the movement, in a financial </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:404.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">instrument’s price over a defined time period. Large increases or decreases in a financial instrument’s price over a relative time </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:416.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">period typically indicate greater volatility risk, while small increases or decreases in its price typically indicate lower volatility </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:428.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">risk.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Equity Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:464.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the general </span></div>market. <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Foreign Exchange Rate Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:512.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:524.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">foreign currency. The U.S. dollar value of a foreign currency denominated security will decrease as the dollar appreciates </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:536.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">against the currency, while the U.S. dollar value will increase as the dollar depreciates against the currency.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Cybersecurity Risk</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:572.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Cybersecurity incidents and cyber-attacks have been occurring globally at a more frequent and severe level and will </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:584.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">likely continue to increase in frequency in the future. The Adviser faces various security threats on a regular basis, including </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:596.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">ongoing cyber security threats to and attacks on its information technology infrastructure that are intended to gain access to its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:608.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">proprietary information, destroy data or disable, degrade or sabotage its systems. These security threats could originate from a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:620.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">wide variety of sources, including unknown third parties outside of the Adviser. Although the Adviser is not currently aware </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:632.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">that it has been subject to cyber-attacks or other cyber incidents which, individually or in the aggregate, have materially affected </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:644.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">its operations or financial condition, there can be no assurance that the various procedures and controls utilized to mitigate these </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:656.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">threats will be sufficient to prevent disruptions to its systems.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">6. BORROWINGS</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:692.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre"> In accordance with the Investment Company Act, the Fund is currently only allowed to borrow amounts such that its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:704.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">asset coverage, as defined in the Investment Company Act, is 300% or more for leverage obtained through debt or 200% or </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:716.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">more for leverage obtained through preferred shares. As of </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:287.03pt;position:var(--position);text-decoration:none;white-space:pre">March 31, 2026</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:350.61pt;position:var(--position);text-decoration:none;white-space:pre">, asset coverage (exclusive of preferred shares)</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:537.86pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:540.36pt;position:var(--position);text-decoration:none;white-space:pre">was </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:728.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">1,623%</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:80.33pt;position:var(--position);text-decoration:none;white-space:pre"> and asset coverage (inclusive of preferred shares) was </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:300.89pt;position:var(--position);text-decoration:none;white-space:pre">220%</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:324.22pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">7. PREFERRED SHARES</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:438.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">8.75% Series A Term Preferred Shares</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:456.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">On October 24, 2023, the Fund issued 1,200,000 shares of 8.75% Series A Term Preferred Shares due October 31, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:468.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">2028, for aggregate gross proceeds of $30,000,000. On November 6, 2023, pursuant to the overallotment option granted to the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:480.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Underwriters in the Underwriting Agreement, dated October 18, 2023, the Fund issued 80,000 additional shares for gross </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:492.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">proceeds of $2,000,000. On November 30, 2023, the Fund issued an additional 800,000 shares for gross proceeds of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:504.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">$20,000,000. The shares are listed on the New York Stock Exchange under the symbol “CCIA”. On November 3, 2025 (the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:516.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">"Redemption Date"), the Fund redeemed all of the outstanding 8.75% Series A Term Preferred Shares. The following table </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:528.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">summarizes the details of the Fund’s Series A Term Preferred Shares:</span></div><div style="position:var(--position);top:546.7pt;width:612pt"><div style="font-size:0pt;left:49.5pt;position:var(--position);width:473.25pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:89.25pt"></td><td style="padding:0;width:68.25pt"></td><td style="padding:0;width:69pt"></td><td style="padding:0;width:56.25pt"></td><td style="padding:0;width:59.25pt"></td><td style="padding:0;width:56.25pt"></td><td style="padding:0;width:75pt"></td></tr><tr style="height:21.75pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:89.25pt;position:var(--position);width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:68.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:4.76pt;position:var(--position);text-decoration:none;white-space:pre">Initial Issuance </span></div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:68.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:25.14pt;position:var(--position);text-decoration:none;white-space:pre">Date</span></div></div></div></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:157.5pt;position:var(--position);width:69pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:69pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:11.02pt;position:var(--position);text-decoration:none;white-space:pre">Redemption </span></div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:69pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:25.51pt;position:var(--position);text-decoration:none;white-space:pre">Date</span></div></div></div></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:226.5pt;position:var(--position);width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:10.63pt;position:var(--position);text-decoration:none;white-space:pre">Dividend </span></div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:19.14pt;position:var(--position);text-decoration:none;white-space:pre">Rate</span></div></div></div></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:282.75pt;position:var(--position);width:59.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:59.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:18.38pt;position:var(--position);text-decoration:none;white-space:pre">Share </span></div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:59.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:13.89pt;position:var(--position);text-decoration:none;white-space:pre">Amount</span></div></div></div></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:342pt;position:var(--position);width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:10.28pt;position:var(--position);text-decoration:none;white-space:pre">Price Per </span></div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:17.63pt;position:var(--position);text-decoration:none;white-space:pre">share</span></div></div></div></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);width:75pt"><div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:15.64pt;position:var(--position);text-decoration:none;white-space:pre">Total Raise</span></div></div></div></td></tr><tr style="height:21.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:21.75pt;width:89.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:89.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Series A Term </span></div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:89.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Preferred Shares</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:89.25pt;position:var(--position);top:21.75pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:68.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.62pt;position:var(--position);text-decoration:none;white-space:pre">10/24/2023</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:157.5pt;position:var(--position);top:21.75pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:69pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:29.87pt;position:var(--position);text-decoration:none;white-space:pre">11/3/2025</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:226.5pt;position:var(--position);top:21.75pt;width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:29.27pt;position:var(--position)"></span><span style="left:29.27pt;position:var(--position)">8.75<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span><span style="left:48.01pt;position:var(--position)">%</span></span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:282.75pt;position:var(--position);top:21.75pt;width:59.25pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:59.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.24pt;width:16.88pt"></span></span><span style="left:19.509999999999998pt;position:var(--position)">2,080,000<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:342pt;position:var(--position);top:21.75pt;width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:25.13pt"></span></span><span style="left:32.26pt;position:var(--position)">25.00<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:21.75pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:23.63pt"></span></span><span style="left:30.759999999999998pt;position:var(--position)">52,000,000<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:601.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The redemption price of the Series A Term Preferred Shares was $25 per share, plus an amount equal to all unpaid </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:613.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">dividends and distributions on each share accumulated to (but excluding) the Redemption Date.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:431.56pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:631.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The holders of Series A Term Preferred Shares were entitled to receive monthly dividends at a fixed annual rate of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:643.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">8.75% of the Series A Liquidation Preference ($2.1875 per share per year), or the dividend rate. Cumulative cash dividends on </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:655.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">each share of Series A Term Preferred Shares accumulated from and included the original issue date. Dividends on the Series A </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:667.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Term Preferred Shares were accrued daily, payable monthly in arrears, and included in Interest expense on the Statement of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:679.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Operations. For the </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:129.43pt;position:var(--position);text-decoration:none;white-space:pre">six month period ended March 31, 2026</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:289.6pt;position:var(--position);text-decoration:none;white-space:pre">,</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:292.1pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:294.6pt;position:var(--position);text-decoration:none;white-space:pre">$404,560</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:332.1pt;position:var(--position);text-decoration:none;white-space:pre"> of dividend expense related to the Series A Term </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:691.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Preferred Shares was included in interest expense on the Statement of Operations. Costs incurred in connection with the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:703.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">issuance of the Series A Term Preferred Shares were amortized to interest expense over the term of the Series A Term Preferred </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:715.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Shares. For the </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:112.22999999999999pt;position:var(--position);text-decoration:none;white-space:pre">six month period ended March 31, 2026</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:272.4pt;position:var(--position);text-decoration:none;white-space:pre">, the Fund recorded </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:352.61pt;position:var(--position);text-decoration:none;white-space:pre">$1,354,722</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:397.61pt;position:var(--position);text-decoration:none;white-space:pre"> of amortization of deferred issuance </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:727.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">costs related to the Series A Term Preferred Shares. </span></div><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:56.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">7.125% Series B Convertible Preferred Shares</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:74.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">On August 27, 2024, the Fund issued 11,517 shares of 7.125% Series B Convertible Preferred Shares due August 27, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:86.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">2029, in a private placement for aggregate gross proceeds of $11,517,000. The Series B Convertible Preferred Shares have a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:98.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">liquidation preference of $1,000.00 per share (the “Series B Liquidation Preference”), and pay a quarterly dividend at a fixed </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:110.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">annual rate of 7.125% of the Series B Liquidation Preference, or $71.25 per share, per year. The Series B Convertible Preferred </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:122.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Shares rank senior to the common shares in priority of payment of dividends and as to the distribution of assets upon </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:134.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">dissolution, liquidation, or winding up of the Fund’s affairs. The Series B Convertible Preferred Shares rank equal in priority </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:146.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">with the Fund’s Series D Term Preferred Shares, and Series E Convertible Preferred Shares. The following table summarizes </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:158.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">the details of the Fund’s Series B Convertible Preferred Shares:</span></div><div style="position:var(--position);top:176.25pt;width:612pt"><div style="font-size:0pt;left:49.5pt;position:var(--position);width:473.25pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:89.25pt"></td><td style="padding:0;width:68.25pt"></td><td style="padding:0;width:69pt"></td><td style="padding:0;width:56.25pt"></td><td style="padding:0;width:59.25pt"></td><td style="padding:0;width:56.25pt"></td><td style="padding:0;width:75pt"></td></tr><tr style="height:21.75pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:89.25pt;position:var(--position);width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:68.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:4.76pt;position:var(--position);text-decoration:none;white-space:pre">Initial Issuance </span></div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:68.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:25.14pt;position:var(--position);text-decoration:none;white-space:pre">Date</span></div></div></div></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:157.5pt;position:var(--position);width:69pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:69pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:11.02pt;position:var(--position);text-decoration:none;white-space:pre">Redemption </span></div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:69pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:25.51pt;position:var(--position);text-decoration:none;white-space:pre">Date</span></div></div></div></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:226.5pt;position:var(--position);width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:10.63pt;position:var(--position);text-decoration:none;white-space:pre">Dividend </span></div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:19.14pt;position:var(--position);text-decoration:none;white-space:pre">Rate</span></div></div></div></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:282.75pt;position:var(--position);width:59.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:59.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:18.38pt;position:var(--position);text-decoration:none;white-space:pre">Share </span></div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:59.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:13.89pt;position:var(--position);text-decoration:none;white-space:pre">Amount</span></div></div></div></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:342pt;position:var(--position);width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:10.28pt;position:var(--position);text-decoration:none;white-space:pre">Price Per </span></div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:17.63pt;position:var(--position);text-decoration:none;white-space:pre">share</span></div></div></div></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);width:75pt"><div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:15.64pt;position:var(--position);text-decoration:none;white-space:pre">Total Raise</span></div></div></div></td></tr><tr style="height:21.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:21.75pt;width:89.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:89.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Series B Convertible </span></div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:89.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Preferred Shares</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:89.25pt;position:var(--position);top:21.75pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:68.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:29.12pt;position:var(--position);text-decoration:none;white-space:pre">8/27/2024</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:157.5pt;position:var(--position);top:21.75pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:69pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:29.87pt;position:var(--position);text-decoration:none;white-space:pre">8/27/2029</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:226.5pt;position:var(--position);top:21.75pt;width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:24.77pt;position:var(--position)"></span><span style="left:24.77pt;position:var(--position)">7.125<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span><span style="left:48.01pt;position:var(--position)">%</span></span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:282.75pt;position:var(--position);top:21.75pt;width:59.25pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:59.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.24pt;width:28.13pt"></span></span><span style="left:30.759999999999998pt;position:var(--position)">11,517<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:342pt;position:var(--position);top:21.75pt;width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:13.88pt"></span></span><span style="left:21.009999999999998pt;position:var(--position)">1,000.00<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:21.75pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:23.63pt"></span></span><span style="left:30.759999999999998pt;position:var(--position)">11,517,000<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:230.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">At any time on or after February 27, 2025, at the Fund’s sole option, the Fund may redeem, from time to time, the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:242.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">outstanding Series B Convertible Preferred Shares in whole or in part, at a price per share equal to the sum of the Series B </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:254.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Liquidation Preference plus an amount equal to accumulated but unpaid dividends, if any, on such shares. The Fund is required </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:266.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">to redeem, all outstanding Series B Convertible Preferred Shares on August 27, 2029 (the “Series B Term Redemption Date”), </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:278.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">at a redemption price equal to the Series B Liquidation Preference plus an amount equal to accumulated but unpaid dividends, if </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:290.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">any, to the date of redemption. The Fund cannot effect any amendment, alteration or repeal its obligation to redeem all of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:302.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Series B Convertible Preferred Shares on the Series B Term Redemption Date without the prior, unanimous approval of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:314.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">holders of the Series B Convertible Preferred Shares.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:332.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Shareholders of the Series B Convertible Preferred Shares may opt to convert the shares at any time on or after the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:344.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">date six months after the issuance of the Series B Convertible Preferred Share into common shares equal to the Series B </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:356.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Liquidation Preference of the Series B Convertible Preferred Shares, plus an amount equal to accumulated but unpaid </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:368.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">dividends, if any, divided by the Conversion Price. The “Series B Conversion Price” is the greater of (i) the market price per </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:380.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">common share, represented by the average official closing price for the five trading days immediately prior to the date of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:392.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">exercise, or (ii) the Fund’s most recently reported net asset value per common share immediately prior to the date of exercise. If </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:404.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">the Fund fails to fulfill its obligations to deliver common shares upon conversion, the quarterly dividend rate payable on the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:416.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Series B Convertible Preferred Shares will increase to a fixed annual rate of 9.125% of the Series B Liquidation Preference until </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:428.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">the date on which the Fund fulfills its delivery obligations. No holder of Series B Convertible Preferred Shares may exercise its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:440.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">conversion right if upon conversion the holder would receive common Shares that would cause funds and accounts managed by </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:452.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">the investment adviser to such funds and account and any person controlled by the parent company of such investment adviser </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:464.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">to beneficially own in the aggregate more than 4.9% of the common Shares. In addition, notwithstanding anything in the Fund's </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:476.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Declaration of Trust to the contrary, no holder of Series B Convertible Preferred Shares that is an investment company (as </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:488.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">defined in the 1940 Act) or would be an investment company but for Section 3(c)(1) or 3(c)(7) of the 1940 Act may exercise its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:500.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">conversion privilege or be entitled to receive common Shares upon the exercise of its conversion privilege, to the extent (but </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:512.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">only to the extent) that the receipt of such common Shares would cause such holder to become, directly or indirectly, a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:524.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">beneficial owner of more than 3% of the Fund's outstanding voting securities. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:542.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">For the </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.09pt;position:var(--position);text-decoration:none;white-space:pre">six month period ended March 31, 2026</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:281.26pt;position:var(--position);text-decoration:none;white-space:pre">, </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:286.26pt;position:var(--position);text-decoration:none;white-space:pre">$125,285</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:323.76pt;position:var(--position);text-decoration:none;white-space:pre"> of dividend expense related to the Series B Convertible </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:554.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Preferred Shares was included in interest expense in the Statement of Operations. Costs incurred in connection with the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:566.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">issuance of the Series B Convertible Preferred Shares were amortized to interest expense over the 12 months period following </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:578.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">the initial issuance date.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:596.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Series B Convertible Preferred Shares were recorded net of unamortized deferred issuance costs and included as </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:608.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">a liability on the Statement of Assets and Liabilities. The carrying value of the Series B Convertible Preferred Shares is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:620.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">$3,517,000</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:94.5pt;position:var(--position);text-decoration:none;white-space:pre">. As of </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:123.94pt;position:var(--position);text-decoration:none;white-space:pre">March 31, 2026</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:187.52pt;position:var(--position);text-decoration:none;white-space:pre">, 8,000 shares have been converted into common shares of the Fund.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:461.17pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund’s Series B </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:632.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Convertible Preferred Shares balance as of </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:222.61pt;position:var(--position);text-decoration:none;white-space:pre">March 31, 2026</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:286.19pt;position:var(--position);text-decoration:none;white-space:pre">, was as follows:</span></div><div style="position:var(--position);top:650.75pt;width:612pt"><div style="font-size:0pt;left:121.5pt;position:var(--position);width:301.5pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:170.25pt"></td><td style="padding:0;width:131.25pt"></td></tr><tr style="height:15.75pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:170.25pt;position:var(--position);width:131.25pt"><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:7.956pt;width:131.25pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:21.46pt;position:var(--position);top:-2.364pt;white-space:pre">As of </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:43.44pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">March 31, 2026</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:15.75pt;width:170.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:170.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Series B Liquidation Preference</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:170.25pt;position:var(--position);top:15.75pt;width:131.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:131.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:84.38pt"></span></span><span style="left:91.50999999999999pt;position:var(--position)">3,517,000<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:30pt;width:170.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:170.25pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Less: Unamortized deferred issuance costs</span><span style="font-family:'Times New Roman', serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:155.96pt;position:var(--position);top:-2.184pt;vertical-align:super;white-space:pre">(1)</span></div></div></div></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:170.25pt;position:var(--position);top:30pt;width:131.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:131.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.24pt;width:115.88pt"></span></span><span style="left:118.50999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:44.25pt;width:170.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:170.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Carrying value</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:170.25pt;position:var(--position);top:44.25pt;width:131.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:131.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:84.38pt"></span></span><span style="left:91.50999999999999pt;position:var(--position)">3,517,000<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:58.5pt;width:170.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:170.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Fair value</span></div></div></div></td><td style="background-color:#ffffff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"><div style="left:170.25pt;position:var(--position);top:58.5pt;width:131.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:131.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:84.38pt"></span></span><span style="left:91.50999999999999pt;position:var(--position)">3,360,965<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:72.75pt;width:170.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:170.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Fair value price per share</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:170.25pt;position:var(--position);top:72.75pt;width:131.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:131.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:95.63pt"></span></span><span style="left:102.75999999999999pt;position:var(--position)">955.63<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:56.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">(1)  As of March 31, 2026, the deferred issuance costs related to the Series B Convertible Preferred Shares were fully amortized.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:87.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">7.50% Series C Convertible Preferred Shares</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:105.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">On January 31, 2025, the Fund issued 20,000 shares of 7.50% Series C Convertible Preferred Shares due January 31, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:117.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">2030, in a private placement for aggregate net proceeds (before expenses) of approximately $18,600,000. The Series C </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:129.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Convertible Preferred Shares had a liquidation preference of $1,000.00 per share (the “Series C Liquidation Preference”), and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:141.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">paid a quarterly dividend at a fixed annual rate of 7.50% of the Series C Liquidation Preference, or $75.00 per share, per year. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:153.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">The Series C Convertible Preferred Shares ranked senior to the common shares in priority of payment of dividends and as to the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:165.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">distribution of assets upon dissolution, liquidation, or winding up of the Fund’s affairs. The Series C Convertible Preferred </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:177.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Shares ranked equal in priority with the Fund’s Series A Term Preferred Shares, Series B Convertible Preferred Shares, Series </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:189.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">D Term Preferred Shares, and Series E Convertible Preferred Shares.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:325.57pt;position:var(--position);text-decoration:none;white-space:pre"> On March 30, 2026 (the "Redemption Date"), the Fund </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:201.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">redeemed all of the outstanding 7.50% Series C Convertible Preferred Shares. The following table summarizes the details of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:213.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Fund’s Series C Convertible Preferred Shares:</span></div><div style="position:var(--position);top:231.45pt;width:612pt"><div style="font-size:0pt;left:49.5pt;position:var(--position);width:473.25pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:89.25pt"></td><td style="padding:0;width:68.25pt"></td><td style="padding:0;width:69pt"></td><td style="padding:0;width:56.25pt"></td><td style="padding:0;width:59.25pt"></td><td style="padding:0;width:56.25pt"></td><td style="padding:0;width:75pt"></td></tr><tr style="height:21.75pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:89.25pt;position:var(--position);width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:68.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:4.76pt;position:var(--position);text-decoration:none;white-space:pre">Initial Issuance </span></div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:68.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:25.14pt;position:var(--position);text-decoration:none;white-space:pre">Date</span></div></div></div></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:157.5pt;position:var(--position);width:69pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:69pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:11.02pt;position:var(--position);text-decoration:none;white-space:pre">Redemption </span></div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:69pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:25.51pt;position:var(--position);text-decoration:none;white-space:pre">Date</span></div></div></div></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:226.5pt;position:var(--position);width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:10.63pt;position:var(--position);text-decoration:none;white-space:pre">Dividend </span></div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:19.14pt;position:var(--position);text-decoration:none;white-space:pre">Rate</span></div></div></div></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:282.75pt;position:var(--position);width:59.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:59.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:18.38pt;position:var(--position);text-decoration:none;white-space:pre">Share </span></div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:59.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:13.89pt;position:var(--position);text-decoration:none;white-space:pre">Amount</span></div></div></div></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:342pt;position:var(--position);width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:10.28pt;position:var(--position);text-decoration:none;white-space:pre">Price Per </span></div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:17.63pt;position:var(--position);text-decoration:none;white-space:pre">share</span></div></div></div></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);width:75pt"><div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:15.64pt;position:var(--position);text-decoration:none;white-space:pre">Total Raise</span></div></div></div></td></tr><tr style="height:21.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:21.75pt;width:89.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:89.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Series C Convertible </span></div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:89.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Preferred Shares</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:89.25pt;position:var(--position);top:21.75pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:68.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:29.12pt;position:var(--position);text-decoration:none;white-space:pre">1/31/2025</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:157.5pt;position:var(--position);top:21.75pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:69pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:29.87pt;position:var(--position);text-decoration:none;white-space:pre">3/30/2026</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:226.5pt;position:var(--position);top:21.75pt;width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:29.27pt;position:var(--position)"></span><span style="left:29.27pt;position:var(--position)">7.50<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span><span style="left:48.01pt;position:var(--position)">%</span></span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:282.75pt;position:var(--position);top:21.75pt;width:59.25pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:59.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.24pt;width:28.13pt"></span></span><span style="left:30.759999999999998pt;position:var(--position)">20,000<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:342pt;position:var(--position);top:21.75pt;width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:13.88pt"></span></span><span style="left:21.009999999999998pt;position:var(--position)">1,000.00<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:21.75pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:23.63pt"></span></span><span style="left:30.759999999999998pt;position:var(--position)">20,000,000<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:285.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The redemption price of the Series C Convertible Preferred Shares was $1,000 per share, plus an amount equal to all </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:297.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">unpaid dividends and distributions on each share accumulated to (but excluding) the Redemption Date.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:315.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">For the </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.09pt;position:var(--position);text-decoration:none;white-space:pre">six month period ended March 31, 2026</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:281.26pt;position:var(--position);text-decoration:none;white-space:pre">, </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:286.26pt;position:var(--position);text-decoration:none;white-space:pre">$747,193</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:323.76pt;position:var(--position);text-decoration:none;white-space:pre"> of dividend expense related to the Series C Convertible </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:327.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Preferred Shares was included in interest expense in the Statement of Operations. Costs incurred in connection with the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:339.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">issuance of the Series C Convertible Preferred Shares were amortized to interest expense over the shorter of 12 months or the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:351.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">period the shares were outstanding. For the </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:224.33pt;position:var(--position);text-decoration:none;white-space:pre">six month period ended March 31, 2026</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:384.5pt;position:var(--position);text-decoration:none;white-space:pre">, the Fund recorded </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:464.71pt;position:var(--position);text-decoration:none;white-space:pre">$513,838</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:502.21pt;position:var(--position);text-decoration:none;white-space:pre"> of </span></div>amortization of deferred issuance costs related to the Series C Convertible Preferred Shares. <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">8.75% Series A Term Preferred Shares</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:456.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">On October 24, 2023, the Fund issued 1,200,000 shares of 8.75% Series A Term Preferred Shares due October 31, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:468.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">2028, for aggregate gross proceeds of $30,000,000. On November 6, 2023, pursuant to the overallotment option granted to the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:480.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Underwriters in the Underwriting Agreement, dated October 18, 2023, the Fund issued 80,000 additional shares for gross </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:492.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">proceeds of $2,000,000. On November 30, 2023, the Fund issued an additional 800,000 shares for gross proceeds of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:504.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">$20,000,000. The shares are listed on the New York Stock Exchange under the symbol “CCIA”. On November 3, 2025 (the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:516.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">"Redemption Date"), the Fund redeemed all of the outstanding 8.75% Series A Term Preferred Shares. The following table </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:528.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">summarizes the details of the Fund’s Series A Term Preferred Shares:</span></div><div style="position:var(--position);top:546.7pt;width:612pt"><div style="font-size:0pt;left:49.5pt;position:var(--position);width:473.25pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:89.25pt"></td><td style="padding:0;width:68.25pt"></td><td style="padding:0;width:69pt"></td><td style="padding:0;width:56.25pt"></td><td style="padding:0;width:59.25pt"></td><td style="padding:0;width:56.25pt"></td><td style="padding:0;width:75pt"></td></tr><tr style="height:21.75pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:89.25pt;position:var(--position);width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:68.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:4.76pt;position:var(--position);text-decoration:none;white-space:pre">Initial Issuance </span></div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:68.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:25.14pt;position:var(--position);text-decoration:none;white-space:pre">Date</span></div></div></div></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:157.5pt;position:var(--position);width:69pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:69pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:11.02pt;position:var(--position);text-decoration:none;white-space:pre">Redemption </span></div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:69pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:25.51pt;position:var(--position);text-decoration:none;white-space:pre">Date</span></div></div></div></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:226.5pt;position:var(--position);width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:10.63pt;position:var(--position);text-decoration:none;white-space:pre">Dividend </span></div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:19.14pt;position:var(--position);text-decoration:none;white-space:pre">Rate</span></div></div></div></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:282.75pt;position:var(--position);width:59.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:59.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:18.38pt;position:var(--position);text-decoration:none;white-space:pre">Share </span></div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:59.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:13.89pt;position:var(--position);text-decoration:none;white-space:pre">Amount</span></div></div></div></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:342pt;position:var(--position);width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:10.28pt;position:var(--position);text-decoration:none;white-space:pre">Price Per </span></div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:17.63pt;position:var(--position);text-decoration:none;white-space:pre">share</span></div></div></div></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);width:75pt"><div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:15.64pt;position:var(--position);text-decoration:none;white-space:pre">Total Raise</span></div></div></div></td></tr><tr style="height:21.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:21.75pt;width:89.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:89.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Series A Term </span></div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:89.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Preferred Shares</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:89.25pt;position:var(--position);top:21.75pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:68.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:24.62pt;position:var(--position);text-decoration:none;white-space:pre">10/24/2023</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:157.5pt;position:var(--position);top:21.75pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:69pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:29.87pt;position:var(--position);text-decoration:none;white-space:pre">11/3/2025</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:226.5pt;position:var(--position);top:21.75pt;width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:29.27pt;position:var(--position)"></span><span style="left:29.27pt;position:var(--position)">8.75<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span><span style="left:48.01pt;position:var(--position)">%</span></span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:282.75pt;position:var(--position);top:21.75pt;width:59.25pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:59.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.24pt;width:16.88pt"></span></span><span style="left:19.509999999999998pt;position:var(--position)">2,080,000<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:342pt;position:var(--position);top:21.75pt;width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:25.13pt"></span></span><span style="left:32.26pt;position:var(--position)">25.00<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:21.75pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:23.63pt"></span></span><span style="left:30.759999999999998pt;position:var(--position)">52,000,000<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:601.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The redemption price of the Series A Term Preferred Shares was $25 per share, plus an amount equal to all unpaid </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:613.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">dividends and distributions on each share accumulated to (but excluding) the Redemption Date.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:431.56pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:631.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The holders of Series A Term Preferred Shares were entitled to receive monthly dividends at a fixed annual rate of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:643.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">8.75% of the Series A Liquidation Preference ($2.1875 per share per year), or the dividend rate. Cumulative cash dividends on </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:655.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">each share of Series A Term Preferred Shares accumulated from and included the original issue date. Dividends on the Series A </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:667.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Term Preferred Shares were accrued daily, payable monthly in arrears, and included in Interest expense on the Statement of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:679.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Operations. For the </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:129.43pt;position:var(--position);text-decoration:none;white-space:pre">six month period ended March 31, 2026</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:289.6pt;position:var(--position);text-decoration:none;white-space:pre">,</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:292.1pt;position:var(--position);text-decoration:none;white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:294.6pt;position:var(--position);text-decoration:none;white-space:pre">$404,560</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:332.1pt;position:var(--position);text-decoration:none;white-space:pre"> of dividend expense related to the Series A Term </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:691.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Preferred Shares was included in interest expense on the Statement of Operations. Costs incurred in connection with the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:703.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">issuance of the Series A Term Preferred Shares were amortized to interest expense over the term of the Series A Term Preferred </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:715.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Shares. For the </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:112.22999999999999pt;position:var(--position);text-decoration:none;white-space:pre">six month period ended March 31, 2026</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:272.4pt;position:var(--position);text-decoration:none;white-space:pre">, the Fund recorded </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:352.61pt;position:var(--position);text-decoration:none;white-space:pre">$1,354,722</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:397.61pt;position:var(--position);text-decoration:none;white-space:pre"> of amortization of deferred issuance </span></div>costs related to the Series A Term Preferred Shares. <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">8.75% Series A Term Preferred Shares</span> 52000000 <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">7.125% Series B Convertible Preferred Shares</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:74.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">On August 27, 2024, the Fund issued 11,517 shares of 7.125% Series B Convertible Preferred Shares due August 27, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:86.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">2029, in a private placement for aggregate gross proceeds of $11,517,000. The Series B Convertible Preferred Shares have a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:98.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">liquidation preference of $1,000.00 per share (the “Series B Liquidation Preference”), and pay a quarterly dividend at a fixed </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:110.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">annual rate of 7.125% of the Series B Liquidation Preference, or $71.25 per share, per year. The Series B Convertible Preferred </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:122.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Shares rank senior to the common shares in priority of payment of dividends and as to the distribution of assets upon </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:134.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">dissolution, liquidation, or winding up of the Fund’s affairs. The Series B Convertible Preferred Shares rank equal in priority </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:146.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">with the Fund’s Series D Term Preferred Shares, and Series E Convertible Preferred Shares. The following table summarizes </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:158.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">the details of the Fund’s Series B Convertible Preferred Shares:</span></div><div style="position:var(--position);top:176.25pt;width:612pt"><div style="font-size:0pt;left:49.5pt;position:var(--position);width:473.25pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:89.25pt"></td><td style="padding:0;width:68.25pt"></td><td style="padding:0;width:69pt"></td><td style="padding:0;width:56.25pt"></td><td style="padding:0;width:59.25pt"></td><td style="padding:0;width:56.25pt"></td><td style="padding:0;width:75pt"></td></tr><tr style="height:21.75pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:89.25pt;position:var(--position);width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:68.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:4.76pt;position:var(--position);text-decoration:none;white-space:pre">Initial Issuance </span></div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:68.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:25.14pt;position:var(--position);text-decoration:none;white-space:pre">Date</span></div></div></div></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:157.5pt;position:var(--position);width:69pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:69pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:11.02pt;position:var(--position);text-decoration:none;white-space:pre">Redemption </span></div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:69pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:25.51pt;position:var(--position);text-decoration:none;white-space:pre">Date</span></div></div></div></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:226.5pt;position:var(--position);width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:10.63pt;position:var(--position);text-decoration:none;white-space:pre">Dividend </span></div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:19.14pt;position:var(--position);text-decoration:none;white-space:pre">Rate</span></div></div></div></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:282.75pt;position:var(--position);width:59.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:59.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:18.38pt;position:var(--position);text-decoration:none;white-space:pre">Share </span></div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:59.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:13.89pt;position:var(--position);text-decoration:none;white-space:pre">Amount</span></div></div></div></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:342pt;position:var(--position);width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:10.28pt;position:var(--position);text-decoration:none;white-space:pre">Price Per </span></div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:17.63pt;position:var(--position);text-decoration:none;white-space:pre">share</span></div></div></div></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);width:75pt"><div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:15.64pt;position:var(--position);text-decoration:none;white-space:pre">Total Raise</span></div></div></div></td></tr><tr style="height:21.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:21.75pt;width:89.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:89.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Series B Convertible </span></div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:89.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Preferred Shares</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:89.25pt;position:var(--position);top:21.75pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:68.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:29.12pt;position:var(--position);text-decoration:none;white-space:pre">8/27/2024</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:157.5pt;position:var(--position);top:21.75pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:69pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:29.87pt;position:var(--position);text-decoration:none;white-space:pre">8/27/2029</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:226.5pt;position:var(--position);top:21.75pt;width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:24.77pt;position:var(--position)"></span><span style="left:24.77pt;position:var(--position)">7.125<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span><span style="left:48.01pt;position:var(--position)">%</span></span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:282.75pt;position:var(--position);top:21.75pt;width:59.25pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:59.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.24pt;width:28.13pt"></span></span><span style="left:30.759999999999998pt;position:var(--position)">11,517<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:342pt;position:var(--position);top:21.75pt;width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:13.88pt"></span></span><span style="left:21.009999999999998pt;position:var(--position)">1,000.00<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:21.75pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:23.63pt"></span></span><span style="left:30.759999999999998pt;position:var(--position)">11,517,000<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:230.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">At any time on or after February 27, 2025, at the Fund’s sole option, the Fund may redeem, from time to time, the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:242.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">outstanding Series B Convertible Preferred Shares in whole or in part, at a price per share equal to the sum of the Series B </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:254.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Liquidation Preference plus an amount equal to accumulated but unpaid dividends, if any, on such shares. The Fund is required </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:266.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">to redeem, all outstanding Series B Convertible Preferred Shares on August 27, 2029 (the “Series B Term Redemption Date”), </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:278.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">at a redemption price equal to the Series B Liquidation Preference plus an amount equal to accumulated but unpaid dividends, if </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:290.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">any, to the date of redemption. The Fund cannot effect any amendment, alteration or repeal its obligation to redeem all of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:302.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Series B Convertible Preferred Shares on the Series B Term Redemption Date without the prior, unanimous approval of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:314.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">holders of the Series B Convertible Preferred Shares.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:332.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">Shareholders of the Series B Convertible Preferred Shares may opt to convert the shares at any time on or after the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:344.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">date six months after the issuance of the Series B Convertible Preferred Share into common shares equal to the Series B </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:356.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Liquidation Preference of the Series B Convertible Preferred Shares, plus an amount equal to accumulated but unpaid </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:368.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">dividends, if any, divided by the Conversion Price. The “Series B Conversion Price” is the greater of (i) the market price per </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:380.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">common share, represented by the average official closing price for the five trading days immediately prior to the date of </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:392.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">exercise, or (ii) the Fund’s most recently reported net asset value per common share immediately prior to the date of exercise. If </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:404.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">the Fund fails to fulfill its obligations to deliver common shares upon conversion, the quarterly dividend rate payable on the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:416.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Series B Convertible Preferred Shares will increase to a fixed annual rate of 9.125% of the Series B Liquidation Preference until </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:428.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">the date on which the Fund fulfills its delivery obligations. No holder of Series B Convertible Preferred Shares may exercise its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:440.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">conversion right if upon conversion the holder would receive common Shares that would cause funds and accounts managed by </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:452.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">the investment adviser to such funds and account and any person controlled by the parent company of such investment adviser </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:464.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">to beneficially own in the aggregate more than 4.9% of the common Shares. In addition, notwithstanding anything in the Fund's </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:476.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Declaration of Trust to the contrary, no holder of Series B Convertible Preferred Shares that is an investment company (as </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:488.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">defined in the 1940 Act) or would be an investment company but for Section 3(c)(1) or 3(c)(7) of the 1940 Act may exercise its </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:500.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">conversion privilege or be entitled to receive common Shares upon the exercise of its conversion privilege, to the extent (but </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:512.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">only to the extent) that the receipt of such common Shares would cause such holder to become, directly or indirectly, a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:524.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">beneficial owner of more than 3% of the Fund's outstanding voting securities. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:542.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">For the </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.09pt;position:var(--position);text-decoration:none;white-space:pre">six month period ended March 31, 2026</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:281.26pt;position:var(--position);text-decoration:none;white-space:pre">, </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:286.26pt;position:var(--position);text-decoration:none;white-space:pre">$125,285</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:323.76pt;position:var(--position);text-decoration:none;white-space:pre"> of dividend expense related to the Series B Convertible </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:554.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Preferred Shares was included in interest expense in the Statement of Operations. Costs incurred in connection with the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:566.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">issuance of the Series B Convertible Preferred Shares were amortized to interest expense over the 12 months period following </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:578.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">the initial issuance date.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:596.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The Series B Convertible Preferred Shares were recorded net of unamortized deferred issuance costs and included as </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:608.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">a liability on the Statement of Assets and Liabilities. The carrying value of the Series B Convertible Preferred Shares is </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:620.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">$3,517,000</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:94.5pt;position:var(--position);text-decoration:none;white-space:pre">. As of </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:123.94pt;position:var(--position);text-decoration:none;white-space:pre">March 31, 2026</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:187.52pt;position:var(--position);text-decoration:none;white-space:pre">, 8,000 shares have been converted into common shares of the Fund.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:461.17pt;position:var(--position);text-decoration:none;white-space:pre"> The Fund’s Series B </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:632.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Convertible Preferred Shares balance as of </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:222.61pt;position:var(--position);text-decoration:none;white-space:pre">March 31, 2026</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:286.19pt;position:var(--position);text-decoration:none;white-space:pre">, was as follows:</span></div><div style="position:var(--position);top:650.75pt;width:612pt"><div style="font-size:0pt;left:121.5pt;position:var(--position);width:301.5pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:170.25pt"></td><td style="padding:0;width:131.25pt"></td></tr><tr style="height:15.75pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:170.25pt;position:var(--position);width:131.25pt"><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:7.956pt;width:131.25pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:21.46pt;position:var(--position);top:-2.364pt;white-space:pre">As of </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:43.44pt;position:var(--position);text-decoration:none;top:-2.626pt;white-space:pre">March 31, 2026</span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:15.75pt;width:170.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:170.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Series B Liquidation Preference</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:170.25pt;position:var(--position);top:15.75pt;width:131.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:131.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:84.38pt"></span></span><span style="left:91.50999999999999pt;position:var(--position)">3,517,000<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:30pt;width:170.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:170.25pt"><span style="font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);white-space:pre">Less: Unamortized deferred issuance costs</span><span style="font-family:'Times New Roman', serif;font-size:5.8500000000000005pt;font-style:normal;font-weight:normal;left:155.96pt;position:var(--position);top:-2.184pt;vertical-align:super;white-space:pre">(1)</span></div></div></div></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:170.25pt;position:var(--position);top:30pt;width:131.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:131.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.24pt;width:115.88pt"></span></span><span style="left:118.50999999999999pt;position:var(--position)">—<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:44.25pt;width:170.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:170.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Carrying value</span></div></div></div></td><td style="background-color:#cceeff;border-bottom:3pt double #000;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:170.25pt;position:var(--position);top:44.25pt;width:131.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:131.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:84.38pt"></span></span><span style="left:91.50999999999999pt;position:var(--position)">3,517,000<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#ffffff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:58.5pt;width:170.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:170.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Fair value</span></div></div></div></td><td style="background-color:#ffffff;border-top:3pt double #000;font-size:0;text-align:left;vertical-align:top"><div style="left:170.25pt;position:var(--position);top:58.5pt;width:131.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:131.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:84.38pt"></span></span><span style="left:91.50999999999999pt;position:var(--position)">3,360,965<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td></tr><tr style="height:14.25pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:72.75pt;width:170.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:170.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Fair value price per share</span></div></div></div></td><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="left:170.25pt;position:var(--position);top:72.75pt;width:131.25pt"><div><div style="line-height:9pt;position:var(--position);top:4.57pt;width:131.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:95.63pt"></span></span><span style="left:102.75999999999999pt;position:var(--position)">955.63<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:8pt;position:var(--position);top:56.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:8pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">(1)  As of March 31, 2026, the deferred issuance costs related to the Series B Convertible Preferred Shares were fully amortized.</span></div> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">7.125% Series B Convertible Preferred Shares</span> 11517000 <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">7.50% Series C Convertible Preferred Shares</span> <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">7.50% Series C Convertible Preferred Shares</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:105.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">On January 31, 2025, the Fund issued 20,000 shares of 7.50% Series C Convertible Preferred Shares due January 31, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:117.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">2030, in a private placement for aggregate net proceeds (before expenses) of approximately $18,600,000. The Series C </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:129.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Convertible Preferred Shares had a liquidation preference of $1,000.00 per share (the “Series C Liquidation Preference”), and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:141.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">paid a quarterly dividend at a fixed annual rate of 7.50% of the Series C Liquidation Preference, or $75.00 per share, per year. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:153.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">The Series C Convertible Preferred Shares ranked senior to the common shares in priority of payment of dividends and as to the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:165.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">distribution of assets upon dissolution, liquidation, or winding up of the Fund’s affairs. The Series C Convertible Preferred </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:177.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Shares ranked equal in priority with the Fund’s Series A Term Preferred Shares, Series B Convertible Preferred Shares, Series </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:189.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">D Term Preferred Shares, and Series E Convertible Preferred Shares.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:325.57pt;position:var(--position);text-decoration:none;white-space:pre"> On March 30, 2026 (the "Redemption Date"), the Fund </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:201.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">redeemed all of the outstanding 7.50% Series C Convertible Preferred Shares. The following table summarizes the details of the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:213.45pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Fund’s Series C Convertible Preferred Shares:</span></div><div style="position:var(--position);top:231.45pt;width:612pt"><div style="font-size:0pt;left:49.5pt;position:var(--position);width:473.25pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:89.25pt"></td><td style="padding:0;width:68.25pt"></td><td style="padding:0;width:69pt"></td><td style="padding:0;width:56.25pt"></td><td style="padding:0;width:59.25pt"></td><td style="padding:0;width:56.25pt"></td><td style="padding:0;width:75pt"></td></tr><tr style="height:21.75pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:89.25pt;position:var(--position);width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:68.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:4.76pt;position:var(--position);text-decoration:none;white-space:pre">Initial Issuance </span></div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:68.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:25.14pt;position:var(--position);text-decoration:none;white-space:pre">Date</span></div></div></div></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:157.5pt;position:var(--position);width:69pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:69pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:11.02pt;position:var(--position);text-decoration:none;white-space:pre">Redemption </span></div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:69pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:25.51pt;position:var(--position);text-decoration:none;white-space:pre">Date</span></div></div></div></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:226.5pt;position:var(--position);width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:10.63pt;position:var(--position);text-decoration:none;white-space:pre">Dividend </span></div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:19.14pt;position:var(--position);text-decoration:none;white-space:pre">Rate</span></div></div></div></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:282.75pt;position:var(--position);width:59.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:59.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:18.38pt;position:var(--position);text-decoration:none;white-space:pre">Share </span></div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:59.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:13.89pt;position:var(--position);text-decoration:none;white-space:pre">Amount</span></div></div></div></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:342pt;position:var(--position);width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.22pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:10.28pt;position:var(--position);text-decoration:none;white-space:pre">Price Per </span></div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:17.63pt;position:var(--position);text-decoration:none;white-space:pre">share</span></div></div></div></td><td style="border-bottom:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);width:75pt"><div><div style="line-height:9pt;position:var(--position);top:12.22pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:bold;left:15.64pt;position:var(--position);text-decoration:none;white-space:pre">Total Raise</span></div></div></div></td></tr><tr style="height:21.75pt"><td style="background-color:#cceeff;font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:21.75pt;width:89.25pt"><div><div style="line-height:9pt;position:var(--position);top:3.07pt;width:89.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Series C Convertible </span></div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:89.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:2.63pt;position:var(--position);text-decoration:none;white-space:pre">Preferred Shares</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:89.25pt;position:var(--position);top:21.75pt;width:68.25pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:68.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:29.12pt;position:var(--position);text-decoration:none;white-space:pre">1/31/2025</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:157.5pt;position:var(--position);top:21.75pt;width:69pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:69pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;left:29.87pt;position:var(--position);text-decoration:none;white-space:pre">3/30/2026</span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:226.5pt;position:var(--position);top:21.75pt;width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:29.27pt;position:var(--position)"></span><span style="left:29.27pt;position:var(--position)">7.50<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span><span style="left:48.01pt;position:var(--position)">%</span></span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:282.75pt;position:var(--position);top:21.75pt;width:59.25pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:59.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)"><span style="display:inline-block;height:6.24pt;width:28.13pt"></span></span><span style="left:30.759999999999998pt;position:var(--position)">20,000<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:342pt;position:var(--position);top:21.75pt;width:56.25pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:56.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:13.88pt"></span></span><span style="left:21.009999999999998pt;position:var(--position)">1,000.00<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td><td style="background-color:#cceeff;border-top:1pt solid #000;font-size:0;text-align:left;vertical-align:top"><div style="left:398.25pt;position:var(--position);top:21.75pt;width:75pt"><div><div style="line-height:9pt;position:var(--position);top:12.07pt;width:75pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:9pt;font-style:normal;font-weight:normal;text-decoration:none;white-space:pre"><span style="left:2.63pt;position:var(--position)">$<span style="display:inline-block;height:6.24pt;width:23.63pt"></span></span><span style="left:30.759999999999998pt;position:var(--position)">20,000,000<span style="display:inline-block;height:6.24pt;width:2.99pt"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:285.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">The redemption price of the Series C Convertible Preferred Shares was $1,000 per share, plus an amount equal to all </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:297.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">unpaid dividends and distributions on each share accumulated to (but excluding) the Redemption Date.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:315.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:90pt;position:var(--position);text-decoration:none;white-space:pre">For the </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:121.09pt;position:var(--position);text-decoration:none;white-space:pre">six month period ended March 31, 2026</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:281.26pt;position:var(--position);text-decoration:none;white-space:pre">, </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:286.26pt;position:var(--position);text-decoration:none;white-space:pre">$747,193</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:323.76pt;position:var(--position);text-decoration:none;white-space:pre"> of dividend expense related to the Series C Convertible </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:327.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Preferred Shares was included in interest expense in the Statement of Operations. Costs incurred in connection with the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:339.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">issuance of the Series C Convertible Preferred Shares were amortized to interest expense over the shorter of 12 months or the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:351.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">period the shares were outstanding. For the </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:224.33pt;position:var(--position);text-decoration:none;white-space:pre">six month period ended March 31, 2026</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:384.5pt;position:var(--position);text-decoration:none;white-space:pre">, the Fund recorded </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:464.71pt;position:var(--position);text-decoration:none;white-space:pre">$513,838</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:502.21pt;position:var(--position);text-decoration:none;white-space:pre"> of </span></div>amortization of deferred issuance costs related to the Series C Convertible Preferred Shares. 20000000 <span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">9. CAPITAL</span><div style="font-size:12pt;line-height:10pt;position:var(--position);top:74.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">The Fund has an unlimited amount of common shares, no par value, authorized and </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:421.84pt;position:var(--position);text-decoration:none;white-space:pre">21,198,622</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:466.84pt;position:var(--position);text-decoration:none;white-space:pre"> issued and </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:86.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">outstanding. There was no change in the Fund’s amount of common shares for the </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:380.6pt;position:var(--position);text-decoration:none;white-space:pre">six month period ended March 31, 2026</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:540.77pt;position:var(--position);text-decoration:none;white-space:pre">.</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:543.27pt;position:var(--position);text-decoration:none;white-space:pre"> </span></div><div style="position:var(--position);top:98.25pt;width:612pt"><div style="font-size:0pt;left:49.5pt;position:var(--position);width:465.75pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:363pt"></td><td style="padding:0;width:12pt"></td><td style="padding:0;width:90.75pt"></td></tr><tr style="height:3pt"><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td><td style="font-size:0;text-align:left;vertical-align:top"></td></tr></tbody></table></div></div></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:112.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">At-The-Market (“ATM”) Program</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:130.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">On October 4, 2023, the Fund entered into an Equity Distribution Agreement, as amended on May 20, 2024, </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:142.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">November 21, 2024, and May 21, 2025, with Ladenburg Thalmann &amp; Co. Inc., B. Riley Securities, Inc., Oppenheimer &amp; Co. </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:154.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Inc., and Lucid Capital Markets, LLC (the “Placement Agents”). The Equity Distribution Agreement originally allowed for the </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:166.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">offer and sale of up to $75,000,000 in aggregate amount of the Fund’s common shares, through the Placement Agents, through </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:178.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">an ATM offering, as defined in Rule 415 under the Securities Act of 1933. As of the amendment on May 21, 2025, the Fund </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:190.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">increased the maximum aggregate amount of common shares to be sold through the ATM program from $75,000,000 to </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:202.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">$125,000,000. The minimum price on any day at which common shares may be sold will not be below the current net asset </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:214.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">value of such common shares. The Fund did not sell any common shares pursuant to the ATM program for the </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:494.4pt;position:var(--position);text-decoration:none;white-space:pre">six month period </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:226.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">ended March 31, 2026</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:139.44pt;position:var(--position);text-decoration:none;white-space:pre">.</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:244.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:italic;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">Registered Direct Placement of Common Shares</span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:262.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:85.5pt;position:var(--position);text-decoration:none;white-space:pre">On August 26, 2024, the Fund entered into a purchase agreement for the purchase and sale of common shares in a </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:274.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">registered direct placement pursuant to the Fund’s effective shelf registration filed with the SEC. On August 27, 2024, the Fund </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:286.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">sold 1,444,865 common shares and received approximately $11.5 million in proceeds before expenses. The offering, which was </span></div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:298.25pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:49.5pt;position:var(--position);text-decoration:none;white-space:pre">accretive to shareholders, was executed at a price above the Fund’s NAV per common share.</span></div>