0001501072 2026-05-20 2026-05-20 0001501072 dei:BusinessContactMember 2026-05-20 2026-05-20 0001501072 riv:CommonSharesMember 2026-05-20 2026-05-20 0001501072 riv:SeriesAPreferredStocksMember 2025-12-31 0001501072 riv:SeriesAPreferredStocksMember 2025-01-01 2025-12-31 0001501072 riv:CreditFacilityMember 2025-12-31 0001501072 riv:CreditFacilityMember 2025-01-01 2025-12-31 0001501072 riv:SeriesAPreferredStocksMember 2025-06-30 0001501072 riv:SeriesAPreferredStocksMember 2024-07-01 2025-06-30 0001501072 riv:SeriesAPreferredStocksMember 2024-06-30 0001501072 riv:SeriesAPreferredStocksMember 2023-07-01 2024-06-30 0001501072 riv:SeriesAPreferredStocksMember 2023-07-31 0001501072 riv:SeriesAPreferredStocksMember 2022-08-01 2023-07-31 0001501072 riv:SeriesAPreferredStocksMember 2022-07-31 0001501072 riv:SeriesAPreferredStocksMember 2021-08-01 2022-07-31 0001501072 2021-07-31 0001501072 2020-08-01 2021-07-31 0001501072 riv:CreditFacilityMember 2020-07-31 0001501072 riv:CreditFacilityMember 2019-08-01 2020-07-31 0001501072 2019-07-31 0001501072 2018-08-01 2019-07-31 0001501072 2018-07-31 0001501072 2017-08-01 2018-07-31 0001501072 2017-07-31 0001501072 2017-10-31 0001501072 2016-11-01 2017-10-31 0001501072 2016-07-31 0001501072 2016-10-31 0001501072 2015-11-01 2016-10-31 0001501072 riv:SeriesAPreferredStocksMember 2026-05-20 2026-05-20 0001501072 riv:CommonSharesMember 2026-01-01 2026-03-31 0001501072 riv:CommonSharesMember 2025-10-01 2025-12-31 0001501072 riv:CommonSharesMember 2025-07-01 2025-09-30 0001501072 riv:CommonSharesMember 2025-04-01 2025-06-30 0001501072 riv:CommonSharesMember 2025-01-01 2025-03-31 0001501072 riv:CommonSharesMember 2024-10-01 2024-12-31 0001501072 riv:CommonSharesMember 2024-07-01 2024-09-30 0001501072 riv:CommonSharesMember 2024-04-01 2024-06-30 0001501072 riv:CommonSharesMember 2024-02-01 2024-04-30 0001501072 riv:CommonSharesMember 2023-11-01 2024-01-31 0001501072 riv:CommonSharesMember 2023-08-01 2023-10-31 0001501072 riv:CommonSharesMember 2023-05-01 2023-07-31 0001501072 riv:CommonSharesMember 2023-02-01 2023-04-30 0001501072 riv:CommonSharesMember 2022-11-01 2023-01-31 0001501072 riv:CommonSharesMember 2022-08-01 2022-10-31 0001501072 riv:CommonSharesMember 2022-05-01 2022-07-31 0001501072 riv:CommonSharesMember 2022-02-01 2022-04-30 0001501072 riv:CommonSharesMember 2021-11-01 2022-01-31 0001501072 riv:CommonSharesMember 2021-08-01 2021-10-31 0001501072 riv:CommonSharesMember 2021-05-01 2021-07-31 0001501072 riv:CommonSharesMember 2021-02-01 2021-04-30 0001501072 riv:CommonSharesMember 2020-11-01 2021-01-31 0001501072 2026-05-20 iso4217:USD shares iso4217:USD shares pure false N-2 0001501072 No 333-293325 811-22472 N-2 true 1 true false true 41 true RIVERNORTH OPPORTUNITIES FUND, INC. 360 South Rosemary Avenue Suite 1420 West Palm Beach FL 33401 303 623-2577 Marcus L. Collins 360 South Rosemary Avenue Suite 1420 West Palm Beach FL 33401 As soon as practicable after the effective date of this Registration Statement. false true true false false false false false false false true false false true false false The following table shows estimated Fund expenses as a percentage of net assets attributable to Common Shares. The expenses shown in the table and related footnotes, along with the example, are based on the Fund’s capital structure as of December 31, 2025. Actual expenses may be greater or less than those shown below. <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 75%">Shareholder Transaction Expenses</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center">As a Percentage of Offering Price</td></tr> <tr style="vertical-align: top; background-color: Gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid">Sales Load</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">--%*</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid">Offering Expenses Borne by Common Shareholders of the Fund</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">--%*</td></tr> <tr style="vertical-align: top; background-color: Gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid">Dividend Reinvestment Plan Fees(1)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">--*</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid">Preferred Shares Offering Expenses Borne by the Fund (as a percentage of net assets attributable to Common Shares)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">--%*</td></tr> </table> <div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0pt"></td><td style="width: 20pt; text-align: left">*</td><td style="text-align: justify">The applicable prospectus supplement to be used in connection with any sales of Common Shares or Preferred Shares will set forth any applicable sales load and the estimated offering expenses borne by the Fund under an Offering.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0pt"></td><td style="width: 20pt; text-align: left">(1)</td><td style="text-align: justify">There will be no brokerage charges with respect to Common Shares issued directly by the Fund under the dividend reinvestment plan. You will pay brokerage charges in connection with open market purchases or if you direct the plan agent to sell your Common Shares held in a dividend reinvestment account.</td> </tr></table></div> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding: 1pt 1pt 1pt 10pt; width: 75%"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; width: 25%; font-size: 11pt; text-align: center">As a Percentage of Net Assets Attributable to Common Shares (Assuming the Use of Leverage Equal to 23.89% of the Fund’s Managed Assets)</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; font-size: 11pt">Annual Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1pt 1pt 1pt 10pt; font-size: 11pt">Management fee(2)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">1.72%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1pt 1pt 1pt 10pt; font-size: 11pt">Leverage costs (3)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">0.05%</td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1pt 1pt 1pt 10pt; font-size: 11pt">Dividends on Preferred Shares(4)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">1.91%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1pt 1pt 1pt 10pt; font-size: 11pt">Dividend and Interest Expense on Short Sales</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">0.03%</td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1pt 1pt 1pt 10pt; font-size: 11pt">Other expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">0.04%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1pt 1pt 1pt 10pt; font-size: 11pt">Acquired fund fees and expenses(5)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">1.36%</td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1pt 1pt 1pt 10pt; font-size: 11pt">Total annual expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">5.11%</td></tr> </table> The purpose of the table above and the example below is to help you understand the fees and expenses that you, as a Common Shareholder, would bear directly or indirectly. The expenses shown in the table under “Other Expenses” and “Total annual expenses” assume that the Fund has not issued any additional Common Shares. <div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0pt"></td><td style="width: 20pt; text-align: left">(2)</td><td style="text-align: justify">The management fee paid by the Fund to the Adviser is essentially an all-in fee structure (the “unified management fee”), including the fee paid to the Adviser for advisory, supervisory, administrative, shareholder servicing and other services. However, the Fund (and not the Adviser) will be responsible for certain additional fees and expenses, which are reflected in the table above, that are not covered by the unified management fee. The unified management fee is charged as a percentage of the Fund’s average daily Managed Assets, as opposed to net assets. With leverage, Managed Assets are greater in amount than net assets, because Managed Assets include assets attributable to the Fund’s use of leverage created by its borrowings. In addition, the mark-to-market value of the Fund’s derivatives will be used for purposes of calculating Managed Assets. The management fee of 1.30% of the Fund’s Managed Assets represents 1.72% of net assets attributable to Common Shares assuming the use of leverage in an amount of 23.89% of the Fund’s Managed Assets.</td> </tr></table></div><div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0pt"></td><td style="width: 20pt; text-align: left">(3)</td><td style="text-align: justify">“Leverage costs” are estimated to reflect actual leverage outstanding as of December 31, 2025 and estimated interest and associated costs. Actual leverage costs incurred in the future may be higher or lower as the actual amount of interest expense borne by the Fund will vary over time in accordance with the level of the Fund’s use of leverage and variations in market interest rates. See “Use of Leverage.”</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0pt"></td><td style="width: 20pt; text-align: left">(4)</td><td style="text-align: justify">As December 31, 2025, the Fund has issued 3,910,000 shares of 6.00% Series A Preferred Stock with a liquidation preference of $97,750,000.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0pt"></td><td style="width: 20pt; text-align: left">(5)</td><td style="text-align: justify">The “Acquired Fund Fees and Expenses” disclosed above are based on the expense ratios for the most recent fiscal year of the Underlying Funds in which the Fund anticipates investing, which may change substantially over time and, therefore, significantly affect Acquired Fund Fees and Expenses. These amounts are based on the total expense ratio disclosed in each Underlying Fund’s most recent stockholder report. Some of the Underlying Funds in which the Fund intends to invest charge incentive fees based on the Underlying Funds’ performance. The 1.36% shown as Acquired Fund Fees and Expenses reflects estimated operating expenses of the Underlying Funds and transaction-related fees. Certain Underlying Funds in which the Fund intends to invest generally charge a management fee of 1.00% to 2.00%, which are included in “Acquired Fund Fees and Expenses,” as applicable. The Acquired Fund Fees and Expenses disclosed above, however, do not reflect any performance-based fees or allocations paid by the Underlying Funds that are calculated solely on the realization and/or distribution of gains, or on the sum of such gains and unrealized appreciation of assets distributed in-kind, as such fees and allocations for a particular period may be unrelated to the cost of investing in the Underlying Funds. Future Underlying Funds’ fees and expenses may be substantially higher or lower because certain fees may be based on the performance of the Underlying Funds, which may fluctuate over time. Acquired Fund Fees and Expenses are borne indirectly by the Fund, but they will not be reflected in the Fund’s financial statements; and the information presented in the table will differ from that presented in the Fund’s financial highlights.</td> </tr></table></div> 0.0172 0.0005 0.0191 0.0003 0.0004 0.0136 0.0511 Example(6) The example illustrates the expenses you would pay on a $1,000 investment in Common Shares, assuming (1) “Total annual expenses” of 5.11% of net assets attributable to Common Shares, and (2) a 5% annual return. <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; width: 56%; font-size: 11pt"> </td> <td style="border-top: Black 1pt solid; border-bottom: black 1pt solid; width: 11%; font-size: 11pt; text-align: center">1 year</td> <td style="border-top: Black 1pt solid; border-bottom: black 1pt solid; width: 11%; font-size: 11pt; text-align: center">3 years</td> <td style="border-top: Black 1pt solid; border-bottom: black 1pt solid; width: 11%; font-size: 11pt; text-align: center">5 years</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; width: 11%; font-size: 11pt; text-align: center">10 years</td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 11pt">Total Expenses Incurred</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">$51</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">$153 </td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">$255 </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">$508 </td></tr> </table> The example should not be considered a representation of future expenses. Actual expenses may be greater or less than those assumed. <div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0pt"></td><td style="width: 20pt; text-align: left">(6)</td><td style="text-align: justify">The example does not include sales load or estimated offering costs. The example should not be considered a representation of future expenses. The example assumes that the estimated “Other Expenses” set forth in the table are accurate and that all dividends and distributions are reinvested at net asset value and that the Fund is engaged in leverage of 23.89% of Managed Assets, assuming interest and fees on leverage of 5.88%, including the interest and unused borrowing fee paid on the line of credit under the BNP Credit Agreement (defined below), as well as the Fund’s continued use of Preferred Shares. The cost of leverage is expressed as a blended interest/dividend rate, representing the weighted average cost of the Fund’s leverage, including borrowings under the BNP Credit Agreement and dividends on the Fund’s Preferred Shares. Actual expenses may be greater or less than those shown. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% annual return shown in the example.</td> </tr></table></div> 51 153 255 508 The unified management fee is charged as a percentage of the Fund’s average daily Managed Assets, as opposed to net assets. The “Acquired Fund Fees and Expenses” disclosed above are based on the expense ratios for the most recent fiscal year of the Underlying Funds in which the Fund anticipates investing, which may change substantially over time and, therefore, significantly affect Acquired Fund Fees and Expenses. These amounts are based on the total expense ratio disclosed in each Underlying Fund’s most recent stockholder report. Some of the Underlying Funds in which the Fund intends to invest charge incentive fees based on the Underlying Funds’ performance. The 1.36% shown as Acquired Fund Fees and Expenses reflects estimated operating expenses of the Underlying Funds and transaction-related fees. Certain Underlying Funds in which the Fund intends to invest generally charge a management fee of 1.00% to 2.00%, which are included in “Acquired Fund Fees and Expenses,” as applicable. The Acquired Fund Fees and Expenses disclosed above, however, do not reflect any performance-based fees or allocations paid by the Underlying Funds that are calculated solely on the realization and/or distribution of gains, or on the sum of such gains and unrealized appreciation of assets distributed in-kind, as such fees and allocations for a particular period may be unrelated to the cost of investing in the Underlying Funds. Future Underlying Funds’ fees and expenses may be substantially higher or lower because certain fees may be based on the performance of the Underlying Funds, which may fluctuate over time. Acquired Fund Fees and Expenses are borne indirectly by the Fund, but they will not be reflected in the Fund’s financial statements; and the information presented in the table will differ from that presented in the Fund’s financial highlights. The 1.36% shown as Acquired Fund Fees and Expenses reflects estimated operating expenses of the Underlying Funds and transaction-related fees. INFORMATION REGARDING SENIOR SECURITIES The following table sets forth certain information regarding the Fund’s senior securities as of the end of the Fund’s prior fiscal years since the Fund’s inception and for the six months ended December 31, 2025. Audited information regarding the Fund’s senior securities is incorporated by reference from the Fund’s <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001501072/000139834425017710/fp0095224-1_ncsrixbrl.htm">Form N-CSR</a>. The Fund’s senior securities during this time period are comprised of outstanding indebtedness and Series A Preferred Stock, which each constitute a “senior security” as defined in the 1940 Act. Senior Securities Representing Indebtedness <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="border-top: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; width: 29%; font-size: 11pt">Period/Fiscal Year Ended</td> <td style="border-top: Black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 23%; font-size: 11pt; text-align: center">Senior Securities</td> <td style="border-top: Black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; font-size: 11pt; text-align: center">Average Amount Outstanding1</td> <td style="border-top: Black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 12%; font-size: 11pt; text-align: center">Asset Coverage Per $1,0002</td> <td style="border-top: Black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; width: 12%"> Involuntary Liquidating Preference per Unit</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; vertical-align: top; width: 12%"> Average Market Value Per Unit (3)</td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 11pt">December 31, 2025 (unaudited)</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">Series A Preferred Stock</td> <td id="xdx_981_ecef--SeniorSecuritiesAmt_iI_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesAPreferredStocksMember_fKDEp_zcihoDwAAKsg" style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">$97,750,000 </td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">$113(2)</td> <td id="xdx_980_eus-gaap--PreferredStockLiquidationPreference_iI_c20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesAPreferredStocksMember_zcA1hcMjlt1e" style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">$25.00 </td> <td id="xdx_98A_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--SeriesAPreferredStocksMember_fKDMp_zJA7xV6fzXo6" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">$23.23 </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 11pt">December 31, 2025 (unaudited)</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">Credit Facility</td> <td id="xdx_981_ecef--SeniorSecuritiesAmt_iI_c20251231__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_fKDEp_zK5M4sPkKHyh" style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">$10,000,000 </td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">$35,123(5)</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">– </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">– </td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 11pt">June 30, 2025</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">Series A Preferred Stock</td> <td id="xdx_98F_ecef--SeniorSecuritiesAmt_iI_c20250630__us-gaap--StatementClassOfStockAxis__custom--SeriesAPreferredStocksMember_fKDEp_zrHFhHteX2n9" style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">$97,750,000</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">$94(2)</td> <td id="xdx_980_eus-gaap--PreferredStockLiquidationPreference_iI_c20250630__us-gaap--StatementClassOfStockAxis__custom--SeriesAPreferredStocksMember_zJ0e0V7EGdu" style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">$25.00</td> <td id="xdx_989_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20240701__20250630__us-gaap--StatementClassOfStockAxis__custom--SeriesAPreferredStocksMember_fKDMp_zsExJAM07aNb" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">$23.45</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 11pt">June 30, 2024(1)</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">Series A Preferred Stock</td> <td id="xdx_983_ecef--SeniorSecuritiesAmt_iI_c20240630__us-gaap--StatementClassOfStockAxis__custom--SeriesAPreferredStocksMember_fKDEp_zlHbzmEjrFji" style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">$97,750,000</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">$95(2)</td> <td id="xdx_985_eus-gaap--PreferredStockLiquidationPreference_iI_c20240630__us-gaap--StatementClassOfStockAxis__custom--SeriesAPreferredStocksMember_fKDEp_zKRNvQEOEkXi" style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">$25.00</td> <td id="xdx_985_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20230701__20240630__us-gaap--StatementClassOfStockAxis__custom--SeriesAPreferredStocksMember_fKDEpICgzKQ_____zaoLsPLQlUA9" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">$23.04</td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 11pt">July 31, 2023</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">Series A Preferred Stock</td> <td id="xdx_982_ecef--SeniorSecuritiesAmt_iI_c20230731__us-gaap--StatementClassOfStockAxis__custom--SeriesAPreferredStocksMember_fKDEp_zC1iRKkpKSP7" style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">$97,750,000</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">$93(2)</td> <td id="xdx_982_eus-gaap--PreferredStockLiquidationPreference_iI_c20230731__us-gaap--StatementClassOfStockAxis__custom--SeriesAPreferredStocksMember_zJi2zX74pc8l" style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">$25.00</td> <td id="xdx_984_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20220801__20230731__us-gaap--StatementClassOfStockAxis__custom--SeriesAPreferredStocksMember_fKDMp_znsnol3VQzjf" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">$23.40</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 11pt">July 31, 2022</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">Series A Preferred Stock</td> <td id="xdx_984_ecef--SeniorSecuritiesAmt_iI_c20220731__us-gaap--StatementClassOfStockAxis__custom--SeriesAPreferredStocksMember_fKDEp_zFv6Le6Xfq8c" style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">$97,750,000</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">$89(2)</td> <td id="xdx_987_eus-gaap--PreferredStockLiquidationPreference_iI_c20220731__us-gaap--StatementClassOfStockAxis__custom--SeriesAPreferredStocksMember_zWKFdQAf4HPe" style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">$25.00</td> <td id="xdx_98B_ecef--SeniorSecuritiesAverageMarketValuePerUnit_c20210801__20220731__us-gaap--StatementClassOfStockAxis__custom--SeriesAPreferredStocksMember_fKDMp_zGaTOKzOhxph" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">$24.41</td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 11pt">July 31, 2021</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">None</td> <td id="xdx_98E_ecef--SeniorSecuritiesAmt_iI_d0_c20210731_fKDEp_zqwfdenPlc4f" style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">–</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">–</td> <td id="xdx_989_eus-gaap--PreferredStockLiquidationPreference_iI_d0_c20210731_z5qtGdJLVJN6" style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">–</td> <td id="xdx_980_ecef--SeniorSecuritiesAverageMarketValuePerUnit_d0_c20200801__20210731_fKDMp_z9MBDX6lAqoc" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">–</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 11pt">July 31, 2020</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">Credit Facility</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">$7,500,000(4)</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">$19,556(5)</td> <td id="xdx_98A_eus-gaap--PreferredStockLiquidationPreference_iI_d0_c20200731__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_zCg8oEidGk0c" style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">–</td> <td id="xdx_98C_ecef--SeniorSecuritiesAverageMarketValuePerUnit_d0_c20190801__20200731__us-gaap--StatementClassOfStockAxis__custom--CreditFacilityMember_fKDMp_ztJmJoB5n3M9" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">–</td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 11pt">July 31, 2019</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">None</td> <td id="xdx_981_ecef--SeniorSecuritiesAmt_iI_d0_c20190731_fKDEp_zOrvzoQr11T5" style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">–</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">–</td> <td id="xdx_985_eus-gaap--PreferredStockLiquidationPreference_iI_d0_c20190731_zEokHBDXPfOk" style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">–</td> <td id="xdx_987_ecef--SeniorSecuritiesAverageMarketValuePerUnit_d0_c20180801__20190731_fKDMp_z8LMA8HfIJak" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">–</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 11pt">July 31, 2018(6)</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">None</td> <td id="xdx_98B_ecef--SeniorSecuritiesAmt_iI_d0_c20180731_fKDEpICg2KQ_____zjw7l35HLTjb" style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">–</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">–</td> <td id="xdx_985_eus-gaap--PreferredStockLiquidationPreference_iI_d0_c20180731_fKDYp_zBHLUt1k9I5a" style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">–</td> <td id="xdx_98A_ecef--SeniorSecuritiesAverageMarketValuePerUnit_d0_c20170801__20180731_fKDMpICg2KQ_____zdRATYx2Dmig" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">–</td></tr> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 11pt">October 31, 2017</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">None</td> <td id="xdx_984_ecef--SeniorSecuritiesAmt_iI_d0_c20170731_fKDEp_zI6w94SVQ69" style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">–</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">–</td> <td id="xdx_98B_eus-gaap--PreferredStockLiquidationPreference_iI_d0_c20170731_z8M6lCAE8Kjc" style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">–</td> <td id="xdx_989_ecef--SeniorSecuritiesAverageMarketValuePerUnit_d0_c20161101__20171031_fKDMp_zO1AHb9pfrlb" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">–</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 11pt">October 31, 2016(7)</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">None</td> <td id="xdx_987_ecef--SeniorSecuritiesAmt_iI_d0_c20160731_fKDEpICg3KQ_____zcsczXIQd3ae" style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">–</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">–</td> <td id="xdx_98D_eus-gaap--PreferredStockLiquidationPreference_iI_d0_c20160731_fKDcp_zSUrLejGTtVf" style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">–</td> <td id="xdx_984_ecef--SeniorSecuritiesAverageMarketValuePerUnit_d0_c20151101__20161031_fKDMpICg3KQ_____zSvDnNK7Wbl4" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">–</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0pt"></td><td id="xdx_F0B_zGBaJZDb38Yk" style="width: 20pt; text-align: left">(1)</td><td id="xdx_F17_zXTGIr5l4uXb" style="text-align: justify">On May 15, 2024, the Board approved changing the fiscal year-end of the Fund from July 31 to June 30.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0pt"></td><td id="xdx_F08_znCmrJX1HPPb" style="width: 20pt; text-align: left">(2)</td><td id="xdx_F15_zoBSymK56pK7" style="text-align: justify">The asset coverage ratio for a class of senior securities representing stock is calculated as the Fund’s total assets, less all liabilities and indebtedness not represented by the Fund’s senior securities, divided by secured senior securities representing indebtedness plus the aggregate of the involuntary liquidation preference of secured senior securities which are stock. With respect to the Preferred Stock, the asset coverage per share is expressed in terms of dollar amounts per share of outstanding Preferred Stock (based on a liquidation preference of $25).</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0pt"></td><td id="xdx_F06_z4HUQnA2HeAl" style="width: 20pt; text-align: left">(3)</td><td id="xdx_F1A_zXvo6tBX67He" style="text-align: justify">Represents the average of the daily closing market price per share as reported on the NYSE during the respective period.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0pt"></td><td id="xdx_F08_zoedBHgFGYef" style="width: 20pt; text-align: left">(4)</td><td id="xdx_F10_zgyYfsMXjct4" style="text-align: justify">Average amount outstanding represents the principal amount owed by the Fund to lenders under credit facility arrangements in place at the time.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0pt"></td><td id="xdx_F08_zHZ1Ptg2kksa" style="width: 20pt; text-align: left">(5)</td><td id="xdx_F19_zjyQCypwm8W2" style="text-align: justify">The asset coverage ratio for the credit facility is calculated by subtracting the Fund’s total liabilities (excluding the principal amount of loan payable) from the Fund’s total assets and dividing by the principal amount of the loan payable and then multiplying by $1,000.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0pt"></td><td id="xdx_F0F_zlHawzZIps02" style="width: 20pt; text-align: left">(6)</td><td id="xdx_F1C_z8Du5DfJ3Gf6" style="text-align: justify">Effective July 16, 2018, the Board approved changing the fiscal year-end of the Fund from October 31 to July 31.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0pt"></td><td id="xdx_F07_zgajkvjDydke" style="width: 20pt; text-align: left">(7)</td><td id="xdx_F11_zSjUcs9IKZ35" style="text-align: justify">For the period December 24, 2015, commencement of operations, to October 31, 2016.</td> </tr></table> 97750000 113

25.00

23.23 10000000 35123

0 97750000 94

25.00

23.45 97750000 95

25.00

23.04 97750000 93

25.00

23.40 97750000 89

25.00

24.41 0 0

0 7500000 19556

0 0 0

0 The following table provides information about the Fund’s outstanding securities as of December 31, 2025: <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="width: 40%; font-size: 11pt">Title of Class</td> <td style="width: 20%; font-size: 11pt">Shares Authorized</td> <td style="width: 20%; font-size: 11pt">Shares Held by the Fund or for Its Account</td> <td style="width: 20%; font-size: 11pt">Shares Outstanding</td></tr> <tr style="vertical-align: top; background-color: Gainsboro"> <td style="font-size: 11pt">Common Stock</td> <td style="font-size: 11pt">33,590,000</td> <td style="font-size: 11pt">-</td> <td style="font-size: 11pt">27,371,263</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="font-size: 11pt">Series A Preferred Stock</td> <td style="font-size: 11pt">3,910,000</td> <td style="font-size: 11pt"> </td> <td style="font-size: 11pt">3,910,000</td></tr> </table> Common Stock 33590000 -0 27371263 Series A Preferred Stock 3910000 3910000 <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 11pt">Quarter Ended</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">Market Price(1)</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">NAV(2)</td> <td colspan="2" style="border-bottom: Black 1pt solid"> Market Premium (Discount) to NAV(3)</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 6%"> </td> <td style="border-bottom: Black 1pt solid; width: 20%"> </td> <td style="border-bottom: Black 1pt solid; width: 9%; font-size: 11pt; text-align: center">High</td> <td style="border-bottom: Black 1pt solid; width: 7%; font-size: 11pt; text-align: center">Low</td> <td style="border-bottom: Black 1pt solid; width: 15%; font-size: 11pt; text-align: center">Market High</td> <td style="border-bottom: Black 1pt solid; width: 14%; font-size: 11pt; text-align: center">Market Low</td> <td style="border-bottom: Black 1pt solid; width: 15%; font-size: 11pt; text-align: center">Market High</td> <td style="border-bottom: Black 1pt solid; width: 14%; font-size: 11pt; text-align: center">Market Low</td></tr> <tr style="vertical-align: top; background-color: Gainsboro"> <td style="font-size: 11pt">2026</td> <td style="font-size: 11pt">March 31</td> <td style="font-size: 11pt; text-align: center">$12.11</td> <td style="font-size: 11pt; text-align: center">$11.01</td> <td style="font-size: 11pt; text-align: center">$12.66</td> <td style="font-size: 11pt; text-align: center">$12.15</td> <td style="font-size: 11pt; text-align: center">-4.34%</td> <td style="font-size: 11pt; text-align: center">-5.74%</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="font-size: 11pt">2025</td> <td style="font-size: 11pt">December 31</td> <td style="font-size: 11pt; text-align: center">$11.98</td> <td style="font-size: 11pt; text-align: center">$11.14</td> <td style="font-size: 11pt; text-align: center">$12.99</td> <td style="font-size: 11pt; text-align: center">$12.37</td> <td style="font-size: 11pt; text-align: center">-7.78%</td> <td style="font-size: 11pt; text-align: center">-9.92%</td></tr> <tr style="vertical-align: top; background-color: Gainsboro"> <td> </td> <td style="font-size: 11pt">September 30</td> <td style="font-size: 11pt; text-align: center">$12.50</td> <td style="font-size: 11pt; text-align: center">$11.93</td> <td style="font-size: 11pt; text-align: center">$12.67</td> <td style="font-size: 11pt; text-align: center">$12.84</td> <td style="font-size: 11pt; text-align: center">-1.34%</td> <td style="font-size: 11pt; text-align: center">-7.09%</td></tr> <tr style="vertical-align: top; background-color: White"> <td> </td> <td style="font-size: 11pt">June 30</td> <td style="font-size: 11pt; text-align: center">$12.26</td> <td style="font-size: 11pt; text-align: center">$10.42</td> <td style="font-size: 11pt; text-align: center">$12.51</td> <td style="font-size: 11pt; text-align: center">$11.38</td> <td style="font-size: 11pt; text-align: center">-2.00%</td> <td style="font-size: 11pt; text-align: center">-8.44%</td></tr> <tr style="vertical-align: top; background-color: Gainsboro"> <td> </td> <td style="font-size: 11pt">March 31</td> <td style="font-size: 11pt; text-align: center">$12.49</td> <td style="font-size: 11pt; text-align: center">$11.64</td> <td style="font-size: 11pt; text-align: center">$12.69</td> <td style="font-size: 11pt; text-align: center">$12.15</td> <td style="font-size: 11pt; text-align: center">-1.58%</td> <td style="font-size: 11pt; text-align: center">-4.20%</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="font-size: 11pt">2024</td> <td style="font-size: 11pt">December 31</td> <td style="font-size: 11pt; text-align: center">$12.95</td> <td style="font-size: 11pt; text-align: center">$11.48</td> <td style="font-size: 11pt; text-align: center">$12.77</td> <td style="font-size: 11pt; text-align: center">$12.22</td> <td style="font-size: 11pt; text-align: center">1.41%</td> <td style="font-size: 11pt; text-align: center">-6.06%</td></tr> <tr style="vertical-align: top; background-color: Gainsboro"> <td style="font-size: 11pt"> </td> <td style="font-size: 11pt">September 30</td> <td style="font-size: 11pt; text-align: center">$12.92</td> <td style="font-size: 11pt; text-align: center">$11.81</td> <td style="font-size: 11pt; text-align: center">$12.78</td> <td style="font-size: 11pt; text-align: center">$12.32</td> <td style="font-size: 11pt; text-align: center">1.10%</td> <td style="font-size: 11pt; text-align: center">-4.14%</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="font-size: 11pt"> </td> <td style="font-size: 11pt">June 30(4)</td> <td style="font-size: 11pt; text-align: center">$12.32</td> <td style="font-size: 11pt; text-align: center">$11.94</td> <td style="font-size: 11pt; text-align: center">$12.66</td> <td style="font-size: 11pt; text-align: center">$12.34</td> <td style="font-size: 11pt; text-align: center">-2.69%</td> <td style="font-size: 11pt; text-align: center">-3.24%</td></tr> <tr style="vertical-align: top; background-color: Gainsboro"> <td style="font-size: 11pt"> </td> <td style="font-size: 11pt">April 30</td> <td style="font-size: 11pt; text-align: center">$12.09</td> <td style="font-size: 11pt; text-align: center">$11.26</td> <td style="font-size: 11pt; text-align: center">$12.68</td> <td style="font-size: 11pt; text-align: center">$12.14</td> <td style="font-size: 11pt; text-align: center">-4.65%</td> <td style="font-size: 11pt; text-align: center">-7.25%</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="font-size: 11pt"> </td> <td style="font-size: 11pt">January 31</td> <td style="font-size: 11pt; text-align: center">$11.55</td> <td style="font-size: 11pt; text-align: center">$9.94</td> <td style="font-size: 11pt; text-align: center">$12.51</td> <td style="font-size: 11pt; text-align: center">$11.44</td> <td style="font-size: 11pt; text-align: center">-7.67%</td> <td style="font-size: 11pt; text-align: center">-13.11%</td></tr> </table> <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 11pt">Quarter Ended</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">Market Price(1)</td> <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">NAV(2)</td> <td colspan="2" style="border-bottom: Black 1pt solid"> Market Premium (Discount) to NAV(3)</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; width: 6%"> </td> <td style="border-bottom: Black 1pt solid; width: 20%"> </td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center; width: 9%">High</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center; width: 7%">Low</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center; width: 15%">Market High</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center; width: 14%">Market Low</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center; width: 15%">Market High</td> <td style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center; width: 14%">Market Low</td></tr> <tr style="vertical-align: top; background-color: Gainsboro"> <td style="font-size: 11pt">2023</td> <td style="font-size: 11pt">October 31</td> <td style="font-size: 11pt; text-align: center">$11.51</td> <td style="font-size: 11pt; text-align: center">$9.67</td> <td style="font-size: 11pt; text-align: center">$12.28</td> <td style="font-size: 11pt; text-align: center">$11.27</td> <td style="font-size: 11pt; text-align: center">-6.27%</td> <td style="font-size: 11pt; text-align: center">-14.20%</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="font-size: 11pt"> </td> <td style="font-size: 11pt">July 31</td> <td style="font-size: 11pt; text-align: center">$11.51</td> <td style="font-size: 11pt; text-align: center">$10.96</td> <td style="font-size: 11pt; text-align: center">$12.32</td> <td style="font-size: 11pt; text-align: center">$12.23</td> <td style="font-size: 11pt; text-align: center">-6.57%</td> <td style="font-size: 11pt; text-align: center">-10.38%</td></tr> <tr style="vertical-align: top; background-color: Gainsboro"> <td style="font-size: 11pt"> </td> <td style="font-size: 11pt">April 30</td> <td style="font-size: 11pt; text-align: center">$12.50</td> <td style="font-size: 11pt; text-align: center">$10.89</td> <td style="font-size: 11pt; text-align: center">$12.82</td> <td style="font-size: 11pt; text-align: center">$12.24</td> <td style="font-size: 11pt; text-align: center">-2.50%</td> <td style="font-size: 11pt; text-align: center">-11.03%</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="font-size: 11pt"> </td> <td style="font-size: 11pt">January 31</td> <td style="font-size: 11pt; text-align: center">$13.29</td> <td style="font-size: 11pt; text-align: center">$11.74</td> <td style="font-size: 11pt; text-align: center">$12.73</td> <td style="font-size: 11pt; text-align: center">$12.30</td> <td style="font-size: 11pt; text-align: center">4.40%</td> <td style="font-size: 11pt; text-align: center">-4.55%</td></tr> <tr style="vertical-align: top; background-color: Gainsboro"> <td style="font-size: 11pt">2022</td> <td style="font-size: 11pt">October 31</td> <td style="font-size: 11pt; text-align: center">$15.20</td> <td style="font-size: 11pt; text-align: center">$11.85</td> <td style="font-size: 11pt; text-align: center">$13.82</td> <td style="font-size: 11pt; text-align: center">$12.29</td> <td style="font-size: 11pt; text-align: center">9.99%</td> <td style="font-size: 11pt; text-align: center">-3.58%</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="font-size: 11pt"> </td> <td style="font-size: 11pt">July 31</td> <td style="font-size: 11pt; text-align: center">$15.10</td> <td style="font-size: 11pt; text-align: center">$12.56</td> <td style="font-size: 11pt; text-align: center">$14.06</td> <td style="font-size: 11pt; text-align: center">$13.01</td> <td style="font-size: 11pt; text-align: center">7.40%</td> <td style="font-size: 11pt; text-align: center">-3.46%</td></tr> <tr style="vertical-align: top; background-color: Gainsboro"> <td style="font-size: 11pt"> </td> <td style="font-size: 11pt">April 30</td> <td style="font-size: 11pt; text-align: center">$16.68</td> <td style="font-size: 11pt; text-align: center">$14.78</td> <td style="font-size: 11pt; text-align: center">$15.87</td> <td style="font-size: 11pt; text-align: center">$15.31</td> <td style="font-size: 11pt; text-align: center">5.10%</td> <td style="font-size: 11pt; text-align: center">-3.46%</td></tr> <tr style="vertical-align: top; background-color: White"> <td style="font-size: 11pt"> </td> <td style="font-size: 11pt">January 31</td> <td style="font-size: 11pt; text-align: center">$17.69</td> <td style="font-size: 11pt; text-align: center">$14.86</td> <td style="font-size: 11pt; text-align: center">$17.09</td> <td style="font-size: 11pt; text-align: center">$15.64</td> <td style="font-size: 11pt; text-align: center">3.51%</td> <td style="font-size: 11pt; text-align: center">-4.99%</td></tr> <tr style="vertical-align: top; background-color: Gainsboro"> <td style="font-size: 11pt">2021</td> <td style="font-size: 11pt">October 31</td> <td style="font-size: 11pt; text-align: center">$18.75</td> <td style="font-size: 11pt; text-align: center">$16.71</td> <td style="font-size: 11pt; text-align: center">$17.12</td> <td style="font-size: 11pt; text-align: center">$16.87</td> <td style="font-size: 11pt; text-align: center">9.52%</td> <td style="font-size: 11pt; text-align: center">-0.95%</td></tr> <tr style="vertical-align: top; background-color: White"> <td> </td> <td style="font-size: 11pt">July 31</td> <td style="font-size: 11pt; text-align: center">$18.75</td> <td style="font-size: 11pt; text-align: center">$16.75</td> <td style="font-size: 11pt; text-align: center">$17.24</td> <td style="font-size: 11pt; text-align: center">$17.02</td> <td style="font-size: 11pt; text-align: center">8.76%</td> <td style="font-size: 11pt; text-align: center">-1.59%</td></tr> <tr style="vertical-align: top; background-color: Gainsboro"> <td> </td> <td style="font-size: 11pt">April 30</td> <td style="font-size: 11pt; text-align: center">$17.88</td> <td style="font-size: 11pt; text-align: center">$16.71</td> <td style="font-size: 11pt; text-align: center">$17.23</td> <td style="font-size: 11pt; text-align: center">$16.61</td> <td style="font-size: 11pt; text-align: center">3.77%</td> <td style="font-size: 11pt; text-align: center">0.60%</td></tr> <tr style="vertical-align: top; background-color: White"> <td> </td> <td style="font-size: 11pt">January 31</td> <td style="font-size: 11pt; text-align: center">$17.07</td> <td style="font-size: 11pt; text-align: center">$13.81</td> <td style="font-size: 11pt; text-align: center">$16.48</td> <td style="font-size: 11pt; text-align: center">$14.53</td> <td style="font-size: 11pt; text-align: center">3.58%</td> <td style="font-size: 11pt; text-align: center">-4.96%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 20pt; font-size: 11pt">(1)</td> <td style="font-size: 11pt">Based on high and low closing market price for the respective quarter.</td></tr> <tr style="vertical-align: top"> <td style="font-size: 11pt">(2)</td> <td style="font-size: 11pt">Based on the NAV calculated on the day of the high and low closing market prices, as applicable, as of the close of regular trading on the NYSE (normally 4:00 p.m. Eastern Time). </td></tr> <tr style="vertical-align: top"> <td style="font-size: 11pt">(3)</td> <td style="font-size: 11pt">Calculated based on the information presented.</td></tr> <tr style="vertical-align: top"> <td style="font-size: 11pt">(4)</td> <td style="font-size: 11pt">For the fiscal quarter from May 1, 2024 to June 30, 2024 due to the change in the fiscal year end effective May 15, 2024.</td></tr> </table> The last reported sale price, NAV per share and percentage discount to NAV per share of the common shares as of February 27, 2026 were $12.03, $12.29 and 2.1%, respectively. As of that same date, the Fund had 27,371,263 common shares outstanding and net assets of the Fund were $336,338,558. 12.11 11.01 12.66 12.15 -0.0434 -0.0574 11.98 11.14 12.99 12.37 -0.0778 -0.0992 12.50 11.93 12.67 12.84 -0.0134 -0.0709 12.26 10.42 12.51 11.38 -0.0200 -0.0844 12.49 11.64 12.69 12.15 -0.0158 -0.0420 12.95 11.48 12.77 12.22 0.0141 -0.0606 12.92 11.81 12.78 12.32 0.0110 -0.0414 12.32 11.94 12.66 12.34 -0.0269 -0.0324 12.09 11.26 12.68 12.14 -0.0465 -0.0725 11.55 9.94 12.51 11.44 -0.0767 -0.1311 11.51 9.67 12.28 11.27 -0.0627 -0.1420 11.51 10.96 12.32 12.23 -0.0657 -0.1038 12.50 10.89 12.82 12.24 -0.0250 -0.1103 13.29 11.74 12.73 12.30 0.0440 -0.0455 15.20 11.85 13.82 12.29 0.0999 -0.0358 15.10 12.56 14.06 13.01 0.0740 -0.0346 16.68 14.78 15.87 15.31 0.0510 -0.0346 17.69 14.86 17.09 15.64 0.0351 -0.0499 18.75 16.71 17.12 16.87 0.0952 -0.0095 18.75 16.75 17.24 17.02 0.0876 -0.0159 17.88 16.71 17.23 16.61 0.0377 0.0060 17.07 13.81 16.48 14.53 0.0358 -0.0496

12.03

12.29

0.021 INVESTMENT OBJECTIVE, STRATEGIES AND POLICIES The information in “Investment Objective, Strategies and Policies” is set forth in the Fund’s annual report on <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001501072/000139834425017710/fp0095224-1_ncsrixbrl.htm">Form N-CSR</a> for the year ended June 30, 2025 in the section entitled “Summary of Updated Information Regarding the Fund,” which is incorporated by reference into this Prospectus, and in any future filings we may file with the SEC that are incorporated by reference into this Prospectus. See “Incorporation by Reference” below for more information. USE OF LEVERAGE The Fund may borrow money and/or issue preferred stock, notes or debt securities for investment purposes. These practices are known as leveraging. The Fund may utilize leverage to purchase portfolio securities and for portfolio or cash management purposes. The Fund also may borrow money as a temporary measure for extraordinary or emergency purposes, including settlement of securities transactions, which otherwise might require untimely dispositions of the Fund’s portfolio securities. The Fund currently anticipates that if employed, leverage will primarily be obtained through the use of bank borrowings or other similar term loans. The Underlying Funds and SPACs that the Fund invests in may also use leverage. The Fund may be subject to certain restrictions on investments imposed by lenders or by one or more rating agencies that may issue ratings for any senior securities issued by the Fund. Borrowing covenants or rating agency guidelines may impose asset coverage or Fund composition requirements that are more stringent than those imposed on the Fund by the Investment Company Act of 1940, as amended (the “1940 Act”). On November 25, 2020, the Fund entered into a $65,000,000 credit agreement for margin financing with Pershing LLC, which was amended and restated as of March 20, 2022 (the “Pershing Credit Agreement”). The Pershing Credit Agreement permitted the Fund to borrow at an interest rate of 0.85% plus the Overnight Bank Funding Rate. The Fund did not utilize the Pershing Credit Agreement during the year ended June 30, 2025. There was no outstanding balance on the Pershing Credit Agreement as of June 30, 2025 or as of December 31, 2025. As of February 6, 2026, the Fund terminated the Pershing Credit Agreement. On March 9, 2023, the Fund entered into a credit agreement with BNP Paribas (“BNP Credit Agreement”). The BNP Credit Agreement permits the Fund to borrow funds that are collateralized by assets held at BNP Paribas pursuant to the agreement. Under the terms of the BNP Credit Agreement, the Fund may borrow up to $25,000,000 bearing an interest rate of the Overnight Bank Funding Rate plus a fixed rate determined by the securities pledged as collateral. Any unused portion of the BNP Credit Agreement is subject to a commitment fee of 0.50% of the unused portion of the facility until a utilization of 80% or greater is met. The Fund did not utilize the BNP Credit Agreement for the year ended June 30, 2025. There was no outstanding balance on the BNP Credit Agreement as of June 30, 2025. As of December 31, 2025, there was $10 million outstanding on the BNP Credit Agreement. The provisions of the 1940 Act further provide that the Fund may borrow or issue notes or debt securities in an amount up to 33 1/3% of its total assets or may issue preferred shares in an amount up to 50% of the Fund’s total assets (including the proceeds from leverage). The Fund may enter into derivatives or other transactions (e.g., total return swaps) that may provide leverage (other than through borrowings or the issuance of preferred shares). The Fund also invests in reverse repurchase agreements, total return swaps and derivatives or other transactions with leverage embedded in them in a limited manner or subject to a limit on leverage risk calculated based on value-at-risk, as required by Rule 18f-4 under the 1940 Act. However, these transactions will entail additional expenses (e.g., transaction costs) which will be borne by the Fund. These types of transactions have the potential to increase returns to Common Stockholders, but they also involve additional risks. This additional leverage will increase the volatility of the Fund’s investment portfolio and could result in larger losses than if the transactions were not entered into. However, to the extent that the Fund enters into offsetting transactions or owns positions covering its obligations, the leveraging effect is expected to be minimized or eliminated. Under the 1940 Act, the Fund is not permitted to incur indebtedness unless immediately after doing so the Fund has an asset coverage of at least 300% of the aggregate outstanding principal balance of indebtedness (i.e., such indebtedness may not exceed 33 1/3% of the value of the Fund’s total assets including the amount borrowed). Additionally, under the 1940 Act, the Fund may not declare any dividend or other distribution upon any class of its shares, or purchase any such shares, unless the aggregate indebtedness of the Fund has, at the time of the declaration of any such dividend or distribution or at the time of any such purchase, asset coverage of at least 300% after deducting the amount of such dividend, distribution, or purchase price, as the case may be. With respect to the asset coverage for preferred stock, under the 1940 Act, the Fund is not permitted to issue preferred stock unless immediately after such issuance the total asset value of the Fund’s portfolio is at least 200% of the liquidation value of the outstanding preferred stock (i.e., such liquidation value may not exceed 50% of the Fund’s Managed Assets). In addition, the Fund is not permitted to declare any cash dividend or other distribution on its Common Shares unless, at the time of such declaration, the NAV of the Fund’s portfolio (determined after deducting the amount of such dividend or other distribution) is at least 200% of such liquidation value of the preferred stock. If preferred stock is issued, the Fund intends, to the extent possible, to purchase or redeem shares, from time to time, to maintain coverage of any preferred stock of at least 200%. Normally, holders of Common Shares will elect the directors of the Fund except that the holders of any preferred stock will elect two directors. In the event the Fund failed to pay dividends on its preferred stock for two years, holders of preferred stock would be entitled to elect a majority of the directors until the dividends are paid. Effects of Leverage Assuming the utilization of leverage through a combination of borrowings under the issuance of Preferred Shares by the Fund in the aggregate amount of approximately 23.89% of the Fund’s Managed Assets as of December 31, 2025, at a weighted average interest rate or payment rate of 5.88% payable on such leverage, the annual return that the Fund’s portfolio (net of expenses) in order to cover its leverage costs would be 1.40%. Of course, these numbers are merely estimates for illustration. Actual interest or payment rates on the leverage utilized by the Fund will vary frequently and may be significantly higher or lower than the rate estimated above. The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effect of leverage on total return on Common Shares, assuming investment portfolio total returns (comprised of income, net expenses and changes in the value of investments held in the Fund’s portfolio) of -10%, -5%, 0%, 5% and 10%. The table below reflects the Fund’s continued use of Preferred Shares as of December 31, 2025 as a percentage of total Managed Assets (including assets attributable to such leverage), and the annual return that the Fund’s portfolio must experience (net of expenses) in order to cover such costs. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of what the Fund’s investment portfolio returns will be. In other words, the Fund’s actual returns may be greater or less than those appearing in the table below. The table further reflects the use of leverage representing approximately 23.89% of the Fund’s Managed Assets and estimated leverage costs of 5.88%. <table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 35%; font-size: 11pt">Assumed Portfolio Return</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 13%; font-size: 11pt; text-align: center">-10.00%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 13%; font-size: 11pt; text-align: center">-5.00%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 13%; font-size: 11pt; text-align: center">0.00%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 13%; font-size: 11pt; text-align: center">5.00%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 13%; font-size: 11pt; text-align: center">10.00%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 11pt">Common Share Total Return</td> <td id="xdx_98A_ecef--ReturnAtMinusTenPercent_c20260520__20260520_zatCuvZcmqD" style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">-14.99%</td> <td id="xdx_982_ecef--ReturnAtMinusFivePercent_c20260520__20260520_zWp0c1SMW6M6" style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">-8.42%</td> <td id="xdx_98C_ecef--ReturnAtZeroPercent_c20260520__20260520_zRdfN1LN3lw7" style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">-1.85%</td> <td id="xdx_980_ecef--ReturnAtPlusFivePercent_c20260520__20260520_zo9EIIBH5Iad" style="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">4.72%</td> <td id="xdx_987_ecef--ReturnAtPlusTenPercent_c20260520__20260520_zktwi9gbVqJj" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">11.29%</td></tr> </table> -0.1499 -0.0842 -0.0185 0.0472 0.1129 RISKS The information in “Risks” is set forth in the Fund’s most recent annual report on <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/0001501072/000139834425017710/fp0095224-1_ncsrixbrl.htm">Form N-CSR</a> for the year ended June 30, 2025 in the section entitled “Summary of Updated Information Regarding the Fund - Risk Factors”, which is incorporated by reference into this Prospectus, and in any future filings we may file with the SEC that are incorporated by reference into this Prospectus. See “Incorporation by Reference” below for more information. DESCRIPTION OF THE FUND’S SECURITIES The following summary of the terms of the common and preferred shares of the Fund does not purport to be complete and is subject to and qualified in its entirety by reference to the Maryland General Corporation Law, and to the Fund’s Charter and the Fund’s Bylaws, copies of which are filed as exhibits to this Registration Statement. The Fund is authorized to issue 33,590,000 shares of common stock, $0.0001 par value per share. The Board has also authorized the issuance of up to 3,910,000 shares of Series A Preferred Stock. In general, stockholders or subscribers for the Fund’s stock have no personal liability for the debts and obligations of the Fund because of their status as stockholders or subscribers, except to the extent that the subscription price or other agreed consideration for the stock has not been paid. Under the Fund’s Charter, the Board is authorized to classify and reclassify any unissued shares of stock into other classes or series of stock and authorize the issuance of shares of stock without obtaining stockholder approval. Also, the Fund’s Board, with the approval of a majority of the entire Board, but without any action by the stockholders of the Fund, may amend the Fund’s Charter from time to time to increase or decrease the aggregate number of shares of stock of the Fund or the number of shares of stock of any class or series that the Fund has authority to issue. Common Shares The Common Shares to be issued in an offering will be, upon payment as described in this Prospectus, fully paid and non-assessable. The Common Shares have no preemptive, conversion, exchange, appraisal or redemption rights, and each share has equal voting, dividend, distribution and liquidation rights. Common Stockholders are entitled to receive dividends if and when the Board declares dividends from funds legally available. Whenever Preferred Shares or borrowings are outstanding, Common Stockholders will not be entitled to receive any distributions from the Fund unless all accrued dividends on any Preferred Shares and interest and principal payments on borrowings have been paid, and unless the applicable asset coverage requirements under the 1940 Act would be satisfied after giving effect to the distribution as described above. In the event of the Fund’s liquidation, dissolution or winding up, Common Stockholders would be entitled to share ratably in all of the Fund’s assets that are legally available for distribution after the Fund pays all debts and other liabilities and subject to any preferential rights of holders of Preferred Shares, if any Preferred Shares are outstanding at such time. Common Stockholders are entitled to one vote per share. All voting rights for the election of Directors are noncumulative, which means that, if no Preferred Shares were outstanding, the holders of more than 50% of the Common Shares would elect 100% of the Directors then nominated for election if they choose to do so and, in such event, the holders of the remaining Common Shares would not be able to elect any Directors. Holders of outstanding Preferred Shares are entitled to vote as a separate class on a one-vote-per-share basis to elect two Directors of the Fund at all times. Holders of Common Shares and Preferred Shares, voting together as a single class, shall elect the balance of the Fund’s Directors. The Fund’s Charter authorizes the Board to classify and reclassify any unissued Common Shares into other classes or series of stock. Prior to issuance of shares of each class or series, the Board is required by Maryland law and by the Fund’s Charter to set the terms, preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each class or series. Thus, the Board could authorize the issuance of stock of a class of series with terms and conditions that could have the effect of delaying, deferring or preventing a transaction or a change in control that might involve a premium price for holders of the Fund’s Common Shares or otherwise be in their best interest. As of the date of this Prospectus, the Fund has no plans to classify or reclassify any unissued Common Shares. Under the rules of the NYSE applicable to listed companies, the Fund is required to hold an annual meeting of stockholders in each year. The provisions of the 1940 Act generally require that the public offering price (less underwriting commissions and discounts) of common shares sold by a closed-end investment company must equal or exceed the NAV of such company’s common shares (calculated within 48 hours of the pricing of such offering), unless such a sale is made in connection with an offering to existing holders of shares of common stock or with the consent of a majority of its common stockholders. The Fund may, from time to time, seek the consent of Common Stockholders to permit the issuance and sale by the Fund of Common Shares at a price below the Fund’s then- current NAV, subject to certain conditions. If such consent is obtained, the Fund may, contemporaneous with and in no event more than one year following the receipt of such consent, sell Common Shares at a price below NAV in accordance with any conditions adopted in connection with the giving of such consent. Additional information regarding any consent of Common Stockholders obtained by the Fund and the applicable conditions imposed on the issuance and sale by the Fund of Common Shares at a price below NAV will be disclosed in the Prospectus Supplement relating to any such offering of Common Shares at a price below NAV. Until such consent of Common Stockholders, if any, is obtained, the Fund may not sell Common Shares at a price below NAV. Because the Fund’s advisory fee is based upon average Managed Assets, the Adviser’s interest in recommending the issuance and sale of Common Shares at a price below NAV may conflict with the interests of the Fund and its Common Stockholders. Common Shares The Common Shares have no preemptive, conversion, exchange, appraisal or redemption rights, and each share has equal voting, dividend, distribution and liquidation rights. Common Stockholders are entitled to receive dividends if and when the Board declares dividends from funds legally available. Whenever Preferred Shares or borrowings are outstanding, Common Stockholders will not be entitled to receive any distributions from the Fund unless all accrued dividends on any Preferred Shares and interest and principal payments on borrowings have been paid, and unless the applicable asset coverage requirements under the 1940 Act would be satisfied after giving effect to the distribution as described above. In the event of the Fund’s liquidation, dissolution or winding up, Common Stockholders would be entitled to share ratably in all of the Fund’s assets that are legally available for distribution after the Fund pays all debts and other liabilities and subject to any preferential rights of holders of Preferred Shares, if any Preferred Shares are outstanding at such time. Common Stockholders are entitled to one vote per share. All voting rights for the election of Directors are noncumulative, which means that, if no Preferred Shares were outstanding, the holders of more than 50% of the Common Shares would elect 100% of the Directors then nominated for election if they choose to do so and, in such event, the holders of the remaining Common Shares would not be able to elect any Directors. Holders of outstanding Preferred Shares are entitled to vote as a separate class on a one-vote-per-share basis to elect two Directors of the Fund at all times. Holders of Common Shares and Preferred Shares, voting together as a single class, shall elect the balance of the Fund’s Directors. Preferred Stock Holders of Series A Preferred Stock are entitled to receive, when, as and if declared by, or under authority granted by, the Board, out of funds legally available therefore, cumulative cash dividends and distributions at the rate of 6.00% per annum of the $25.00 per share liquidation preference on the Series A Preferred Stock. Dividends and distributions on Series A Preferred Stock are payable quarterly on February 15, May 15, August 15 and November 15 or, in each case, if such date is not a business day, the next succeeding business day, without any interest or other payment in respect of such delay, commencing on May 15, 2022. Among other requirements, including other voting rights, the 1940 Act requires that the holders of any Preferred Shares, voting separately as a single class, have the right to elect at least two directors at all times. In addition, subject to the prior rights, if any, of the holders of any other class of senior securities outstanding, the holders of any Preferred Shares would have the right to elect a majority of the Fund’s directors at any time two years’ dividends on any Preferred Shares are unpaid. Preferred Shares of the Fund would be senior to the common shares with respect to the payment of dividends and the distributions of the assets of the Fund upon liquidation. In addition, all Preferred Shares of the Fund would be pari passu (or on equal footing) with one another and junior to the Fund’s senior securities representing indebtedness. See “Use of Leverage”. The applicable prospectus supplement to be used in connection with any sales of Common Shares or Preferred Shares will set forth any applicable sales load and the estimated offering expenses borne by the Fund under an Offering. There will be no brokerage charges with respect to Common Shares issued directly by the Fund under the dividend reinvestment plan. You will pay brokerage charges in connection with open market purchases or if you direct the plan agent to sell your Common Shares held in a dividend reinvestment account. The management fee paid by the Fund to the Adviser is essentially an all-in fee structure (the “unified management fee”), including the fee paid to the Adviser for advisory, supervisory, administrative, shareholder servicing and other services. However, the Fund (and not the Adviser) will be responsible for certain additional fees and expenses, which are reflected in the table above, that are not covered by the unified management fee. The unified management fee is charged as a percentage of the Fund’s average daily Managed Assets, as opposed to net assets. With leverage, Managed Assets are greater in amount than net assets, because Managed Assets include assets attributable to the Fund’s use of leverage created by its borrowings. In addition, the mark-to-market value of the Fund’s derivatives will be used for purposes of calculating Managed Assets. The management fee of 1.30% of the Fund’s Managed Assets represents 1.72% of net assets attributable to Common Shares assuming the use of leverage in an amount of 23.89% of the Fund’s Managed Assets. “Leverage costs” are estimated to reflect actual leverage outstanding as of December 31, 2025 and estimated interest and associated costs. Actual leverage costs incurred in the future may be higher or lower as the actual amount of interest expense borne by the Fund will vary over time in accordance with the level of the Fund’s use of leverage and variations in market interest rates. See “Use of Leverage.” As December 31, 2025, the Fund has issued 3,910,000 shares of 6.00% Series A Preferred Stock with a liquidation preference of $97,750,000. The “Acquired Fund Fees and Expenses” disclosed above are based on the expense ratios for the most recent fiscal year of the Underlying Funds in which the Fund anticipates investing, which may change substantially over time and, therefore, significantly affect Acquired Fund Fees and Expenses. These amounts are based on the total expense ratio disclosed in each Underlying Fund’s most recent stockholder report. Some of the Underlying Funds in which the Fund intends to invest charge incentive fees based on the Underlying Funds’ performance. The 1.36% shown as Acquired Fund Fees and Expenses reflects estimated operating expenses of the Underlying Funds and transaction-related fees. Certain Underlying Funds in which the Fund intends to invest generally charge a management fee of 1.00% to 2.00%, which are included in “Acquired Fund Fees and Expenses,” as applicable. The Acquired Fund Fees and Expenses disclosed above, however, do not reflect any performance-based fees or allocations paid by the Underlying Funds that are calculated solely on the realization and/or distribution of gains, or on the sum of such gains and unrealized appreciation of assets distributed in-kind, as such fees and allocations for a particular period may be unrelated to the cost of investing in the Underlying Funds. Future Underlying Funds’ fees and expenses may be substantially higher or lower because certain fees may be based on the performance of the Underlying Funds, which may fluctuate over time. Acquired Fund Fees and Expenses are borne indirectly by the Fund, but they will not be reflected in the Fund’s financial statements; and the information presented in the table will differ from that presented in the Fund’s financial highlights. The example does not include sales load or estimated offering costs. The example should not be considered a representation of future expenses. The example assumes that the estimated “Other Expenses” set forth in the table are accurate and that all dividends and distributions are reinvested at net asset value and that the Fund is engaged in leverage of 23.89% of Managed Assets, assuming interest and fees on leverage of 5.88%, including the interest and unused borrowing fee paid on the line of credit under the BNP Credit Agreement (defined below), as well as the Fund’s continued use of Preferred Shares. The cost of leverage is expressed as a blended interest/dividend rate, representing the weighted average cost of the Fund’s leverage, including borrowings under the BNP Credit Agreement and dividends on the Fund’s Preferred Shares. Actual expenses may be greater or less than those shown. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% annual return shown in the example. On May 15, 2024, the Board approved changing the fiscal year-end of the Fund from July 31 to June 30. The asset coverage ratio for a class of senior securities representing stock is calculated as the Fund’s total assets, less all liabilities and indebtedness not represented by the Fund’s senior securities, divided by secured senior securities representing indebtedness plus the aggregate of the involuntary liquidation preference of secured senior securities which are stock. With respect to the Preferred Stock, the asset coverage per share is expressed in terms of dollar amounts per share of outstanding Preferred Stock (based on a liquidation preference of $25). Represents the average of the daily closing market price per share as reported on the NYSE during the respective period. Average amount outstanding represents the principal amount owed by the Fund to lenders under credit facility arrangements in place at the time. Effective July 16, 2018, the Board approved changing the fiscal year-end of the Fund from October 31 to July 31. For the period December 24, 2015, commencement of operations, to October 31, 2016. The asset coverage ratio for the credit facility is calculated by subtracting the Fund’s total liabilities (excluding the principal amount of loan payable) from the Fund’s total assets and dividing by the principal amount of the loan payable and then multiplying by $1,000. Based on high and low closing market price for the respective quarter. For the fiscal quarter from May 1, 2024 to June 30, 2024 due to the change in the fiscal year end effective May 15, 2024. Based on the NAV calculated on the day of the high and low closing market prices, as applicable, as of the close of regular trading on the NYSE (normally 4:00 p.m. Eastern Time). Calculated based on the information presented.