
Shareholder transaction expenses (as a percentage of offering price):
Sales load⁽¹⁾	—	%
Offering costs ⁽²⁾	—	%
Distribution reinvestment plan fees⁽³⁾	—	%
Total shareholder transaction expenses (as a percentage of offering price)⁽²⁾	—	%
Estimated annual expenses (as a percentage of average net assets attributable to common stock):⁽⁴⁾
Base management fees⁽⁵⁾	3.62	%
Accrued incentive fees pursuant to our investment advisory agreement (17.5% of investment income, subject to a hurdle rate, and capital gains fee)⁽⁶⁾	1.62	%
Interest payments on borrowed funds⁽⁷⁾	14.48	%
Other expenses⁽⁸⁾	2.06	%
Total estimated annual expenses⁽⁹⁾	21.78	%

(1)

In the event that the securities are sold to or through underwriters or agents, a corresponding prospectus supplement and any related free writing prospectus will disclose the applicable sales load (underwriting discount or commission) and the example will be updated accordingly. Purchases of shares of our common stock on the secondary market are not subject to sales charges but may be subject to brokerage commissions or other charges. This table does not include any sales load that shareholders may have paid in connection with their purchase of shares of our common stock.

(2)

The applicable prospectus supplement and any related free writing prospectus will disclose the applicable amount of offering costs and total shareholder transaction expenses that will supersede the information included in this prospectus.

(3)

The expenses of the distribution reinvestment plan are included in “Other expenses” in the table. The plan administrator’s fees are paid by us. There will be no brokerage charges or other charges to shareholders who participate in the distribution reinvestment plan. See “Distribution Reinvestment Plan.”

Annual Expenses [Table Text Block]


Shareholder transaction expenses (as a percentage of offering price):
Sales load⁽¹⁾	—	%
Offering costs ⁽²⁾	—	%
Distribution reinvestment plan fees⁽³⁾	—	%
Total shareholder transaction expenses (as a percentage of offering price)⁽²⁾	—	%
Estimated annual expenses (as a percentage of average net assets attributable to common stock):⁽⁴⁾
Base management fees⁽⁵⁾	3.62	%
Accrued incentive fees pursuant to our investment advisory agreement (17.5% of investment income, subject to a hurdle rate, and capital gains fee)⁽⁶⁾	1.62	%
Interest payments on borrowed funds⁽⁷⁾	14.48	%
Other expenses⁽⁸⁾	2.06	%
Total estimated annual expenses⁽⁹⁾	21.78	%

(4)

Average net assets attributable to common stock used to calculate the percentages in this table equals our average net assets of approximately $684 million for the three months ended March 31, 2026.

(5)

The base management fees referenced in the table above are based upon the actual amounts incurred during the three months ended March 31, 2026, annualized for a full year. Our annual base management fee payable to CIM pursuant to our investment advisory agreement is calculated at a rate of 1.5% of the average value of our gross assets (including cash pledged as collateral for our secured financing arrangements, but excluding other cash and cash equivalents so that investors do not pay the base management fee on such assets) to the extent that our asset coverage ratio is greater than or equal to 200% (i.e., $1 of debt outstanding for each $1 of equity); provided that, the annual base management fee is reduced to 1.0% of the average value of our gross assets (including cash pledged as collateral for our secured financing arrangements, but excluding other cash and cash equivalents so that investors do not pay the base management fee on such assets) purchased with leverage resulting in our asset coverage ratio dropping below 200%. The annual base management fee is payable to CIM quarterly in arrears and is calculated based on the two most recently completed calendar quarters. The base management fee for any partial quarter will be appropriately prorated based on the actual number of days elapsed relative to the total number of days in such calendar quarter. For more detailed information about our base management fee payable to CIM under the terms of the investment advisory agreement, please also see Note 4 “Transactions with Related Parties” of our Consolidated Financial Statements in Part II, Item 8 of our most recent Annual Report on Form 10-K, which is incorporated by reference into this prospectus.

(6)

The incentive fees payable to CIM referenced in the table above are based on the actual amount of the subordinated incentive fee on income recorded during the three months ended March 31, 2026, annualized for a full year. For the three months ended March 31, 2026, we had no liability for and did not record any capital gains incentive fees. As we cannot predict whether we will meet the thresholds for incentive fees payable to CIM under the investment advisory agreement, the incentive fees paid in subsequent periods, if any, may be substantially different than the fees incurred during the three months ended March 31, 2026.

The incentive fee consists of two parts. The first part, which we refer to as the subordinated incentive fee on income, is calculated and payable to CIM quarterly in arrears based upon our “pre-incentive fee net investment income” for the immediately preceding quarter and is subject to a hurdle rate, measured quarterly and expressed as a rate of return on our net assets at the beginning of the calendar quarter, equal to 1.625% per quarter, or an annualized hurdle rate of 6.5%. We pay to CIM (x) 100.0% of our pre-incentive fee net investment income, if any, that exceeds the hurdle rate, but is less than or equal to 1.970% in any calendar quarter (7.879% annualized) and (y) 17.5% of the amount of our pre-incentive fee net investment income, if any, that exceeds 1.970% in any calendar quarter (7.879% annualized). The subordinated incentive fee on income for any partial quarter will be appropriately prorated based on the actual number of days elapsed relative to the total number of days in such calendar quarter. The amount in the table is based on our most recent financial performance for the three months ended March 31, 2026.

The second part of the incentive fee, which we refer to as the incentive fee on capital gains, is earned on liquidated investments from our investment portfolio during operations and is determined and payable to CIM in arrears as of the end of each calendar year (or upon termination of the investment advisory agreement). This fee equals 17.5% of our incentive fee capital gains, which is our realized capital gains on a cumulative basis from inception, calculated as of the end of the applicable period, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gains incentive fees. The amount in the table assumes that the incentive fee on capital gains will be 0.0% of average net assets and is based on actual and projected realized capital gains on our investments through March 31, 2026 and the unrealized appreciation or depreciation of our investments and assumed converted to realized capital gains or losses on such date. See “Investment Advisory Agreement” in this prospectus for a further explanation of how these incentive fees are calculated. Also, see Note 4 “Transactions with Related Parties” of our Consolidated Financial Statements in Part II, Item 8 of our most recent Annual Report on Form 10-K, which is incorporated by reference into this prospectus.

(7)

We have borrowed funds to make investments. The costs associated with such borrowings are indirectly borne by our shareholders. Interest payments on borrowed funds includes our interest expense based on borrowings under our $172.5 million 7.50% 2029 Notes, our $125 million 7.70% 2029 Notes, our $47.5 million 7.41% 2027 Notes and our $135 million 7.50% 2031 Notes for the three months ended March 31, 2026. In addition, interest payments on borrowed funds includes our interest expense based on borrowings under our $275 million JPM Credit Facility, our $114.8 million Series A Notes, our $200 million Floating Rate 2027 Notes, our $50 million 2022 Term Loan, our $30 million 2024 Term Loan and our $125 million UBS Credit Facility for the three months ended March 31, 2026, which bore weighted average interest rates of 6.84%, 7.87%, 8.06%, 7.17%, 7.80% and 6.60%, respectively. We may borrow additional funds from time to time to make investments to the extent we determine that the economic situation is conducive to doing so. We may also issue additional debt securities or preferred stock, subject to our compliance with applicable requirements under the 1940 Act. Our ability to incur additional leverage during 2026 depends, in large part, on our ability to locate additional debt financing on attractive terms or at all, and there is no guarantee we will do so or that such financing will be at the cost noted in the table above.

(8)

Other expenses include our overhead expenses, including payments under the administration agreement based on our allocable portion of overhead and other expenses incurred by CIM in performing its obligations under the administration agreement. See “Administration Agreement” in this prospectus. For more detailed information about the terms of the administration agreement, please also see Note 4 “Transactions with Related Parties” of our Consolidated Financial Statements in Part II, Item 8 of our most recent Annual Report on Form 10-K, which is incorporated by reference into this prospectus.

Other expenses also include accounting, legal and auditing fees as well as the reimbursement of the compensation of our chief financial officer, chief compliance officer and their respective staff and other administrative personnel and fees payable to our independent directors. Our short-term investments consist of an investment in the First American Treasury Obligations Fund, Class Z Shares, in which we paid manager fees and expenses equal to 0.18% of our total investment in the fund during the three months ended March 31, 2026, which are “acquired fund fees and expenses” and are included within Other expenses in the table above. The amount presented in the table includes the amounts incurred during the three months ended March 31, 2026, annualized for the full year ending December 31, 2026.

(9)

Total estimated annual expenses as a percentage of average net assets attributable to common stock are higher than the total estimated annual expenses percentage would be for a company that is not leveraged. We borrow money to leverage our net assets and increase our total assets. The reason for presenting expenses as a percentage of average net assets attributable to common stock is that our common shareholders bear all our fees and expenses.

Interest Expenses on Borrowings [Percent]

14.48%

Other Annual Expenses [Abstract]

Total Annual Expenses [Percent]

21.78%

Expense Example, Year 01

$ 212

Expense Example, Years 1 to 5

767

Purpose of Fee Table , Note [Text Block]

The following table is intended to assist you in understanding the various fees and expenses that an investor in our common stock will bear, directly or indirectly, based on the assumptions set forth below. We caution you that some of the percentages indicated in the table below are estimates and may vary. The expenses shown in the table under “annual expenses” are based on amounts incurred during the three months ended March 31, 2026, annualized for the full year ending December 31, 2026. The following table and example should not be considered a representation of our future expenses. Actual expenses may be greater or less than shown. Except where the context suggests otherwise, whenever this prospectus contains a reference to fees or expenses paid by “you,” “us” or “the Company,” or that “we” will pay fees or expenses, the holders of our common stock will indirectly bear such fees or expenses as investors in us. In the event that shares to which this prospectus relates are sold to or through underwriters or agents, a corresponding prospectus supplement and any related free writing prospectus will restate the information included in this table and example to reflect the applicable sales load and applicable fees and expenses.

Other Expenses, Note [Text Block]

(8)

Other expenses include our overhead expenses, including payments under the administration agreement based on our allocable portion of overhead and other expenses incurred by CIM in performing its obligations under the administration agreement. See “Administration Agreement” in this prospectus. For more detailed information about the terms of the administration agreement, please also see Note 4 “Transactions with Related Parties” of our Consolidated Financial Statements in Part II, Item 8 of our most recent Annual Report on Form 10-K, which is incorporated by reference into this prospectus.

Other expenses also include accounting, legal and auditing fees as well as the reimbursement of the compensation of our chief financial officer, chief compliance officer and their respective staff and other administrative personnel and fees payable to our independent directors. Our short-term investments consist of an investment in the First American Treasury Obligations Fund, Class Z Shares, in which we paid manager fees and expenses equal to 0.18% of our total investment in the fund during the three months ended March 31, 2026, which are “acquired fund fees and expenses” and are included within Other expenses in the table above. The amount presented in the table includes the amounts incurred during the three months ended March 31, 2026, annualized for the full year ending December 31, 2026.

Acquired Fund Incentive Allocation, Note [Text Block]

(6)

The incentive fees payable to CIM referenced in the table above are based on the actual amount of the subordinated incentive fee on income recorded during the three months ended March 31, 2026, annualized for a full year. For the three months ended March 31, 2026, we had no liability for and did not record any capital gains incentive fees. As we cannot predict whether we will meet the thresholds for incentive fees payable to CIM under the investment advisory agreement, the incentive fees paid in subsequent periods, if any, may be substantially different than the fees incurred during the three months ended March 31, 2026.

The incentive fee consists of two parts. The first part, which we refer to as the subordinated incentive fee on income, is calculated and payable to CIM quarterly in arrears based upon our “pre-incentive fee net investment income” for the immediately preceding quarter and is subject to a hurdle rate, measured quarterly and expressed as a rate of return on our net assets at the beginning of the calendar quarter, equal to 1.625% per quarter, or an annualized hurdle rate of 6.5%. We pay to CIM (x) 100.0% of our pre-incentive fee net investment income, if any, that exceeds the hurdle rate, but is less than or equal to 1.970% in any calendar quarter (7.879% annualized) and (y) 17.5% of the amount of our pre-incentive fee net investment income, if any, that exceeds 1.970% in any calendar quarter (7.879% annualized). The subordinated incentive fee on income for any partial quarter will be appropriately prorated based on the actual number of days elapsed relative to the total number of days in such calendar quarter. The amount in the table is based on our most recent financial performance for the three months ended March 31, 2026.

The second part of the incentive fee, which we refer to as the incentive fee on capital gains, is earned on liquidated investments from our investment portfolio during operations and is determined and payable to CIM in arrears as of the end of each calendar year (or upon termination of the investment advisory agreement). This fee equals 17.5% of our incentive fee capital gains, which is our realized capital gains on a cumulative basis from inception, calculated as of the end of the applicable period, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gains incentive fees. The amount in the table assumes that the incentive fee on capital gains will be 0.0% of average net assets and is based on actual and projected realized capital gains on our investments through March 31, 2026 and the unrealized appreciation or depreciation of our investments and assumed converted to realized capital gains or losses on such date. See “Investment Advisory Agreement” in this prospectus for a further explanation of how these incentive fees are calculated. Also, see Note 4 “Transactions with Related Parties” of our Consolidated Financial Statements in Part II, Item 8 of our most recent Annual Report on Form 10-K, which is incorporated by reference into this prospectus.

Senior Securities [Table Text Block]

Information about our senior securities (including preferred stock, debt securities and other indebtedness, if any) is shown in the following table as of the dates indicated in the table below, which is derived from our consolidated financial statements and related notes. All dollar amounts are presented in thousands. This information about our senior securities should be read in conjunction with our audited and unaudited consolidated financial statements and related notes thereto and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, as well as any amendments reflected in subsequent filings with the SEC.


		Total
		Amount							Average
		Outstanding					Involuntary		Market
		Exclusive of			Asset		Liquidating		Value
		Treasury			Coverage		Preference		Per
Class and Year		Securities⁽¹⁾			Per Unit⁽²⁾		Per Unit⁽³⁾		Unit⁽⁴⁾
JPM Credit Facility
Fiscal 2026 (as of March 31, 2026, unaudited)		$	200,000		$	1,560	$	—		N/A
Fiscal 2025			300,000			1,620		—		N/A
Fiscal 2024			325,000			1,730		—		N/A
Fiscal 2023			550,000			1,810		—		N/A
Fiscal 2022			610,000			1,920		—		N/A
Fiscal 2021			550,000			2,120		—		N/A
Fiscal 2020			625,000			2,210		—		N/A
Fiscal 2019			250,000			2,130		—		N/A
Fiscal 2018			250,000			2,090		—		N/A
Fiscal 2017			224,423			2,490		—		N/A
Fiscal 2016			224,423			3,040		—		N/A
UBS Credit Facility
Fiscal 2026 (as of March 31, 2026, unaudited)		$	100,000		$	1,560	$	—		N/A
Fiscal 2025			100,000			1,620		—		N/A
Fiscal 2024			—			1,730		—		N/A
Fiscal 2023			—			1,810		—		N/A
Fiscal 2022			—			1,920		—		N/A
Fiscal 2021			—			2,120		—		N/A
Fiscal 2020			—			2,210		—		N/A
Fiscal 2019			—			2,130		—		N/A
Fiscal 2018			—			2,090		—		N/A
Fiscal 2017			—			2,490		—		N/A
Fiscal 2016			—			3,040		—		N/A
7.50% 2031 Notes
Fiscal 2026 (as of March 31, 2026, unaudited)		$	135,000		$	1,560	$	—	$	976
Fiscal 2025			—			1,620		—		N/A
Fiscal 2024			—			1,730		—		N/A
Fiscal 2023			—			1,810		—		N/A
Fiscal 2022			—			1,920		—		N/A
Fiscal 2021			—			2,120		—		N/A
Fiscal 2020			—			2,210		—		N/A
Fiscal 2019			—			2,130		—		N/A
Fiscal 2018			—			2,090		—		N/A
Fiscal 2017			—			2,490		—		N/A
Fiscal 2016			—			3,040		—		N/A
7.50% 2029 Notes
Fiscal 2026 (as of March 31, 2026, unaudited)		$	172,500		$	1,560	$	—	$	991
Fiscal 2025			172,500			1,620		—		1,004
Fiscal 2024			172,500			1,730		—		1,014
Fiscal 2023			—			1,810		—		N/A
Fiscal 2022			—			1,920		—		N/A
Fiscal 2021			—			2,120		—		N/A
Fiscal 2020			—			2,210		—		N/A
Fiscal 2019			—			2,130		—		N/A
Fiscal 2018			—			2,090		—		N/A
Fiscal 2017			—			2,490		—		N/A
Fiscal 2016			—			3,040		—		N/A


		Total
		Amount							Average
		Outstanding					Involuntary		Market
		Exclusive of			Asset		Liquidating		Value
		Treasury			Coverage		Preference		Per
Class and Year		Securities⁽¹⁾			Per Unit⁽²⁾		Per Unit⁽³⁾		Unit⁽⁴⁾
7.70% 2029 Notes
Fiscal 2026 (as of March 31, 2026, unaudited)		$	125,000		$	1,560	$	—	N/A
Fiscal 2025			125,000			1,620		—	N/A
Fiscal 2024			—			1,730		—	N/A
Fiscal 2023			—			1,810		—	N/A
Fiscal 2022			—			1,920		—	N/A
Fiscal 2021			—			2,120		—	N/A
Fiscal 2020			—			2,210		—	N/A
Fiscal 2019			—			2,130		—	N/A
Fiscal 2018			—			2,090		—	N/A
Fiscal 2017			—			2,490		—	N/A
Fiscal 2016			—			3,040		—	N/A
7.41% 2027 Notes
Fiscal 2026 (as of March 31, 2026, unaudited)		$	47,500		$	1,560	$	—	N/A
Fiscal 2025			47,500			1,620		—	N/A
Fiscal 2024			—			1,730		—	N/A
Fiscal 2023			—			1,810		—	N/A
Fiscal 2022			—			1,920		—	N/A
Fiscal 2021			—			2,120		—	N/A
Fiscal 2020			—			2,210		—	N/A
Fiscal 2019			—			2,130		—	N/A
Fiscal 2018			—			2,090		—	N/A
Fiscal 2017			—			2,490		—	N/A
Fiscal 2016			—			3,040		—	N/A
2021 Term Loan
Fiscal 2026 (as of March 31, 2026, unaudited)		$	—		$	1,560	$	—	N/A
Fiscal 2025			—			1,620		—	N/A
Fiscal 2024			—			1,730		—	N/A
Fiscal 2023			30,000			1,810		—	N/A
Fiscal 2022			30,000			1,920		—	N/A
Fiscal 2021			30,000			2,120		—	N/A
Fiscal 2020			—			2,210		—	N/A
Fiscal 2019			—			2,130		—	N/A
Fiscal 2018			—			2,090		—	N/A
Fiscal 2017			—			2,490		—	N/A
Fiscal 2016			—			3,040		—	N/A
2022 Term Loan
Fiscal 2026 (as of March 31, 2026, unaudited)		$	50,000		$	1,560	$	—	N/A
Fiscal 2025			50,000			1,620		—	N/A
Fiscal 2024			50,000			1,740		—	N/A
Fiscal 2023			50,000			1,810		—	N/A
Fiscal 2022			50,000			1,920		—	N/A
Fiscal 2021			—			2,120		—	N/A
Fiscal 2020			—			2,210		—	N/A
Fiscal 2019			—			2,130		—	N/A
Fiscal 2018			—			2,090		—	N/A
Fiscal 2017			—			2,490		—	N/A


		Total
		Amount						Average
		Outstanding				Involuntary		Market
		Exclusive of		Asset		Liquidating		Value
		Treasury		Coverage		Preference		Per
Class and Year		Securities⁽¹⁾		Per Unit⁽²⁾		Per Unit⁽³⁾		Unit⁽⁴⁾
Fiscal 2016			—		3,040		—	N/A
2024 Term Loan
Fiscal 2026 (as of March 31, 2026, unaudited)		$	30,000	$	1,560	$	—	N/A
Fiscal 2025			30,000		1,620		—	N/A
Fiscal 2024			30,000		1,730		—	N/A
Fiscal 2023			—		1,810		—	N/A
Fiscal 2022			—		1,920		—	N/A
Fiscal 2021			—		2,120		—	N/A
Fiscal 2020			—		2,210		—	N/A
Fiscal 2019			—		2,130		—	N/A
Fiscal 2018			—		2,090		—	N/A
Fiscal 2017			—		2,490		—	N/A
Fiscal 2016			—		3,040		—	N/A
Series A Notes
Fiscal 2026 (as of March 31, 2026, unaudited)		$	114,844	$	1,560	$	—	N/A
Fiscal 2025			114,844		1,620		—	N/A
Fiscal 2024			114,844		1,730		—	N/A
Fiscal 2023			114,844		1,810		—	N/A
Fiscal 2022			—		1,920		—	N/A
Fiscal 2021			—		2,120		—	N/A
Fiscal 2020			—		2,210		—	N/A
Fiscal 2019			—		2,130		—	N/A
Fiscal 2018			—		2,090		—	N/A
Fiscal 2017			—		2,490		—	N/A
Fiscal 2016			—		3,040		—	N/A
Floating Rate 2027 Notes (Tranche A)
Fiscal 2026 (as of March 31, 2026, unaudited)		$	100,000	$	1,560	$	—	N/A
Fiscal 2025			100,000		1,620		—	N/A
Fiscal 2024			100,000		1,730		—	N/A
Fiscal 2023			100,000		1,810		—	N/A
Fiscal 2022			—		1,920		—	N/A
Fiscal 2021			—		2,120		—	N/A
Fiscal 2020			—		2,210		—	N/A
Fiscal 2019			—		2,130		—	N/A
Fiscal 2018			—		2,090		—	N/A
Fiscal 2017			—		2,490		—	N/A
Fiscal 2016			—		3,040		—	N/A
Floating Rate 2027 Notes (Tranche B)
Fiscal 2026 (as of March 31, 2026, unaudited)		$	100,000	$	1,560	$	—	N/A
Fiscal 2025			100,000		1,620		—	N/A
Fiscal 2024			100,000		1,730		—	N/A
Fiscal 2023			—		1,810		—	N/A


		Total
		Amount							Average
		Outstanding					Involuntary		Market
		Exclusive of			Asset		Liquidating		Value
		Treasury			Coverage		Preference		Per
Class and Year		Securities⁽¹⁾			Per Unit⁽²⁾		Per Unit⁽³⁾		Unit⁽⁴⁾
Fiscal 2022			—			1,920		—	N/A
Fiscal 2021			—			2,120		—	N/A
Fiscal 2020			—			2,210		—	N/A
Fiscal 2019			—			2,130		—	N/A
Fiscal 2018			—			2,090		—	N/A
Fiscal 2017			—			2,490		—	N/A
Fiscal 2016			—			3,040		—	N/A
2026 Notes
Fiscal 2026 (as of March 31, 2026, unaudited)		$	—		$	1,560	$	—	N/A
Fiscal 2025			—			1,620		—	N/A
Fiscal 2024			125,000			1,730		—	N/A
Fiscal 2023			125,000			1,810		—	N/A
Fiscal 2022			125,000			1,920		—	N/A
Fiscal 2021			125,000			2,120		—	N/A
Fiscal 2020			—			2,210		—	N/A
Fiscal 2019			—			2,130		—	N/A
Fiscal 2018			—			2,090		—	N/A
Fiscal 2017			—			2,490		—	N/A
Fiscal 2016			—			3,040		—	N/A
UBS Repurchase Facility
Fiscal 2026 (as of March 31, 2026, unaudited)		$	—		$	1,560	$	—	N/A
Fiscal 2025			—			1,620		—	N/A
Fiscal 2024			100,000			1,730		—	N/A
Fiscal 2023			122,500			1,810		—	N/A
Fiscal 2022			142,500			1,920		—	N/A
Fiscal 2021			125,000			2,120		—	N/A
Fiscal 2020			100,000			2,210		—	N/A
Fiscal 2019			200,000			2,130		—	N/A
Fiscal 2018			200,000			2,090		—	N/A
Fiscal 2017			162,500			2,490		—	N/A
Fiscal 2016			—			3,040		—	N/A
MS Credit Facility
Fiscal 2026 (as of March 31, 2026, unaudited)		$	—		$	1,560	$	—	N/A
Fiscal 2025			—			1,620		—	N/A
Fiscal 2024			—			1,730		—	N/A
Fiscal 2023			—			1,810		—	N/A
Fiscal 2022			—			1,920		—	N/A
Fiscal 2021			—			2,120		—	N/A
Fiscal 2020			—			2,210		—	N/A
Fiscal 2019			112,500			2,130		—	N/A
Fiscal 2018			150,000			2,090		—	N/A
Fiscal 2017			—			2,490		—	N/A
Fiscal 2016			—			3,040		—	N/A


		Total
		Amount									Average
		Outstanding						Involuntary			Market
		Exclusive of			Asset			Liquidating			Value
		Treasury			Coverage			Preference			Per
Class and Year		Securities⁽¹⁾			Per Unit⁽²⁾			Per Unit⁽³⁾			Unit⁽⁴⁾
Citibank Credit Facility
Fiscal 2026 (as of March 31, 2026, unaudited)		$	—		$	1,560		$	—		N/A
Fiscal 2025			—			1,620			—		N/A
Fiscal 2024			—			1,730			—		N/A
Fiscal 2023			—			1,810			—		N/A
Fiscal 2022			—			1,920			—		N/A
Fiscal 2021			—			2,120			—		N/A
Fiscal 2020			—			2,210			—		N/A
Fiscal 2019			278,542			2,130			—		N/A
Fiscal 2018			298,542			2,090			—		N/A
Fiscal 2017			324,542			2,490			—		N/A
Fiscal 2016			—			3,040			—		N/A
Citibank Total Return Swap
Fiscal 2026 (as of March 31, 2026, unaudited)		$	—		$	1,560		$	—		N/A
Fiscal 2025			—			1,620			—		N/A
Fiscal 2024			—			1,730			—		N/A
Fiscal 2023			—			1,810			—		N/A
Fiscal 2022			—			1,920			—		N/A
Fiscal 2021			—			2,120			—		N/A
Fiscal 2020			—			2,210			—		N/A
Fiscal 2019			—			2,130			—		N/A
Fiscal 2018			—			2,090			—		N/A
Fiscal 2017			—			2,490			—		N/A
Fiscal 2016			488,936			3,040			—		N/A

(1)	Total amount of each class of senior securities outstanding at the end of the period presented.

(2)

Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

(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. The “—” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.

(4)

Not applicable because such senior securities are not registered for public trading, except for with respect to our 7.50% 2031 Notes and our 7.50% 2029 Notes that commenced trading on the NYSE under the ticker symbol “CICC” and “CICB”, respectively, on February 12, 2026 and October 9, 2024, respectively. Our Series A Notes are registered for public trading in Israel on the TASE under the ticker symbol “CION B1”, but are not registered for public trading in the U.S. The average market value per unit calculated for our 7.50% 2031 Notes and our 7.50% 2029 Notes is based on the average daily prices of the 7.50% 2031 Notes and the 7.50% 2029 Notes and is expressed in terms of dollar amounts for $1,000 of indebtedness.

Investment Objectives and Practices [Text Block]

Our investment objective is to generate current income and, to a lesser extent, capital appreciation for our investors. We seek to meet our investment objective by utilizing the experienced management team of CIM, which includes its access to the relationships and human capital of its affiliates in sourcing, evaluating and structuring transactions, as well as monitoring and servicing our investments. Our portfolio is comprised primarily of investments in senior secured debt, including first lien loans, second lien loans and unitranche loans, and, to a lesser extent, collateralized securities, structured products and other similar securities, unsecured debt, and equity, of private and thinly traded U.S. middle-market companies. We define middle-market companies as companies that generally possess annual earnings before interest, taxes, depreciation and amortization, or EBITDA, of $75 million or less, with experienced management teams, significant free cash flow, strong competitive positions and potential for growth.

Our Investment Objective and Strategy are described in “Part I—Item 1. Business” of our most recent Annual Report on Form 10-K and in “Part I—Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our most recent Quarterly Report on Form 10-Q, which are incorporated by reference herein.

Share Price [Table Text Block]


											Premium		Premium
											(Discount)		(Discount)
											of		of Low
					Closing Sales						High Sales		Sales
					Price						Price to		Price		Declared
		NAV⁽¹⁾			High			Low			NAV⁽²⁾		to NAV⁽²⁾		Distributions⁽³⁾
Fiscal Year Ending December 31, 2026
First Fiscal Quarter		$	13.11		$	9.86		$	6.55		(24.8)	%	(50.0)	%	$	0.30
Second Fiscal Quarter			*		$	7.98		$	6.01		*		*		$	0.30
Fiscal Year Ended December 31, 2025
First Fiscal Quarter		$	14.28		$	12.55		$	10.35		(12.1)	%	(27.5)	%	$	0.36
Second Fiscal Quarter		$	14.50		$	10.48		$	8.68		(27.7)	%	(40.1)	%	$	0.36
Third Fiscal Quarter		$	14.86		$	10.86		$	9.48		(26.9)	%	(36.2)	%	$	0.36
Fourth Fiscal Quarter		$	13.76		$	10.20		$	9.06		(25.9)	%	(34.2)	%	$	0.36
Fiscal Year Ended December 31, 2024
First Fiscal Quarter		$	16.05		$	11.43		$	10.55		(28.8)	%	(34.3)	%	$	0.34
Second Fiscal Quarter		$	16.08		$	12.55		$	10.81		(22.0)	%	(32.8)	%	$	0.41
Third Fiscal Quarter		$	15.73		$	12.46		$	11.55		(20.8)	%	(26.6)	%	$	0.36
Fourth Fiscal Quarter		$	15.43		$	12.08		$	11.25		(21.7)	%	(27.1)	%	$	0.41

(1)	NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low closing sales prices. The NAV shown is based on outstanding shares at the end of the relevant quarter.

(2)	Calculated as the respective high or low closing sales price less NAV divided by NAV as of the last day in the relevant quarter.

(3)	Represents the distributions declared in the relevant quarter.

*	NAV has not yet been calculated for this period.

Highest Price or Bid

$ 7.98

$ 9.86

$ 10.2

$ 10.86

$ 10.48

$ 12.55

$ 12.08

$ 12.46

$ 12.55

$ 11.43

Lowest Price or Bid, Premium (Discount) to NAV [Percent]

(50.00%)

(34.20%)

(36.20%)

(40.10%)

(27.50%)

(27.10%)

(26.60%)

(32.80%)

(34.30%)

NAV Per Share

$ 13.11

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Long Term Debt [Table Text Block]

DESCRIPTION OF DEBT SECURITIES THAT WE MAY ISSUE

We may issue debt securities in one or more series. The specific terms of each series of debt securities will be described in this prospectus and in the particular prospectus supplement and any related free writing prospectus relating to that series. The prospectus supplement and any related free writing prospectus may or may not modify the general terms found in this prospectus and will be filed with the SEC. For a complete description of the terms of a particular series of debt securities, including any indenture, you should read both this prospectus and the prospectus supplement and any related free writing prospectus relating to that particular series.

As required by federal law for all bonds and notes of companies that are publicly offered in the United States, the debt securities are governed by a document called an “indenture.” An indenture is a contract between us and a financial institution acting as trustee on your behalf, and is subject to and governed by the Trust Indenture Act of 1939, as amended. The trustee has two main roles. First, the trustee can enforce your rights against us if we default. There are some limitations on the extent to which the trustee acts on your behalf, see “Description of our Debt Securities — Events of Default” of this prospectus for more information. Second, the trustee performs certain administrative duties for us, such as sending interest and principal payments to holders.

Because this section is a summary, it does not describe every aspect of the debt securities and the indenture. We urge you to read the indenture because it, and not this description, defines your rights as a holder of debt securities issued pursuant to this prospectus and any accompanying prospectus supplement and any related free writing prospectus. For example, in this section, we use capitalized words to signify terms that are proposed to be specifically defined in the indenture. Some of the definitions are repeated in this prospectus, but for the rest, you will need to read the indenture. See “Available Information” for information on how to obtain a copy of the indenture.

A prospectus supplement and any related free writing prospectus, which will accompany this prospectus, will describe the particular series of debt securities being offered by including:

●

the designation or title of the series of debt securities;

●

the total principal amount of the series of debt securities and whether or not the offering may be reopened for additional securities of that series and on what terms;

●

the percentage of the principal amount at which the series of debt securities will be offered;

●

the date or dates on which principal will be payable;

●

the rate or rates (which may be either fixed or variable) and/or the method of determining such rate or rates of interest, if any;

●

the date or dates from which any interest will accrue, or the method of determining such date or dates, and the date or dates on which any interest will be payable;

●

the terms for redemption, extension or early repayment, if any;

●

the currencies in which the series of debt securities are issued and payable;

●

whether the amount of payments of principal, premium or interest, if any, on a series of debt securities will be determined with reference to an index, formula or other method (which could be based on one or more currencies, commodities, equity indices or other indices) and how these amounts will be determined;

●

the place or places, if any, other than or in addition to the City of New York, of payment, transfer, conversion and/or exchange of the debt securities;

●

the denominations in which the offered debt securities will be issued;

●

the provision for any sinking fund;

●

any restrictive covenants;

●

any Events of Default;

●

whether the series of debt securities are issuable in certificated form;

●

any provisions for defeasance or covenant defeasance;

●

any special U.S. federal income tax implications, including, if applicable, U.S. federal income tax considerations relating to original issue discount (“OID”);

●

whether and under what circumstances we will pay additional amounts in respect of any tax, assessment or governmental charge and, if so, whether we will have the option to redeem the debt securities rather than pay the additional amounts (and the terms of this option);

●

any provisions for convertibility or exchangeability of the debt securities into or for any other securities;

●

whether the debt securities are subject to subordination and the terms of such subordination;

●

the listing, if any, on a securities exchange; and

●

any other terms.

The debt securities may be secured or unsecured obligations. Unless the prospectus supplement or any related free writing prospectus state otherwise, principal (and premium, if any) and interest, if any, will be paid by us in immediately available funds.

Under the provisions of the 1940 Act, we are permitted, as a BDC, to issue debt only in amounts such that we are in compliance with our asset coverage ratio, as defined in the 1940 Act. We are permitted, under specified conditions, to issue multiple classes of indebtedness if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after each such issuance. In addition, while any indebtedness and other senior securities remain outstanding, we must make provisions to prohibit any distribution to our shareholders or the repurchase of such securities or shares unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase. We may also borrow amounts up to 5% of the value of our total assets for temporary or emergency purposes without regard to asset coverage. For a discussion of the risks associated with leverage, see “Risk Factors” in Part I, Item 1A of our most recent Annual Report on Form 10-K, which is incorporated by reference into this prospectus.

General

The indenture provides that any debt securities proposed to be sold under this prospectus, any prospectus supplement, and any related free writing prospectus, defined herein as the “offered debt securities,” and any debt securities issuable upon the exercise of warrants or upon conversion or exchange of other offered securities, defined herein as “underlying debt securities,” may be issued under the indenture in one or more series.

For purposes of this prospectus, any reference to the payment of principal of, or premium or interest, if any, on, debt securities will include additional amounts if required by the terms of the debt securities.

The indenture does not limit the amount of debt securities that may be issued thereunder from time to time. Debt securities issued under the indenture, when a single trustee is acting for all debt securities issued under the indenture, are called the “indenture securities.” The indenture also provides that there may be more than one trustee thereunder, each with respect to one or more different series of indenture securities. See “Description of our Debt Securities — Resignation of Trustee” below. At a time when two or more trustees are acting under the indenture, each with respect to only certain series, the term “indenture securities” means the one or more series of debt securities with respect to which each respective trustee is acting. In the event that there is more than one trustee under the indenture, the powers and trust obligations of each trustee described in this prospectus will extend only to the one or more series of indenture securities for which it is trustee. If two or more trustees are acting under the indenture, then the indenture securities for which each trustee is acting would be treated as if issued under separate indentures. We refer you to the prospectus supplement and any related free writing prospectus for information with respect to any deletions from, modifications of or additions to the Events of Default or our covenants that are described below, including any addition of a covenant or other provision providing event risk or similar protection.

We have the ability to issue indenture securities with terms different from those of indenture securities previously issued and, without the consent of the holders thereof, to reopen a previous issue of a series of indenture securities and issue additional indenture securities of that series unless the reopening was restricted when that series was created.

If any debt securities are convertible into shares of our common stock, the exercise price for such conversion will not be less than the NAV per share at the time of issuance of such debt securities (unless the majority of our board of directors determines that a lower exercise price is in the best interests of us and our shareholders, a majority of our shareholders (including shareholders who are not affiliated persons of us) have approved an issuance of common stock below the then current NAV per share in the 12 months preceding the issuance, and the exercise price closely approximates the market value of our common stock at the time the debt securities are issued).

Conversion and Exchange

If any debt securities are convertible into or exchangeable for other securities, the prospectus supplement and any related free writing prospectus will explain the terms and conditions of the conversion or exchange, including the conversion price or exchange ratio (or the calculation method), the conversion or exchange period (or how the period will be determined), if conversion or exchange will be mandatory or at the option of the holder or us, provisions for adjusting the conversion price or the exchange ratio and provisions affecting conversion or exchange in the event of the redemption of the underlying debt securities. These terms may also include provisions under which the number or amount of other securities to be received by the holders of the debt securities upon conversion or exchange would be calculated according to the market price of the other securities as of a time stated in the prospectus supplement and any related free writing prospectus.

Issuance of Securities in Registered Form

We may issue the debt securities in registered form, in which case we may issue them either in book-entry form only or in “certificated” form. Debt securities issued in book-entry form will be represented by global securities. We expect that we will usually issue debt securities in book entry only form represented by global securities.

Book-Entry Holders

We will issue registered debt securities in book-entry form only, unless we specify otherwise in the applicable prospectus supplement and any related free writing prospectus. This means debt securities will be represented by one or more global securities registered in the name of a depositary that will hold them on behalf of financial institutions that participate in the depositary’s book-entry system. These participating institutions, in turn, hold beneficial interests in the debt securities held by the depositary or its nominee. These institutions may hold these interests on behalf of themselves or customers.

Under the indenture, only the person in whose name a debt security is registered is recognized as the holder of that debt security. Consequently, for debt securities issued in book-entry form, we will recognize only the depositary as the holder of the debt securities and we will make all payments on the debt securities to the depositary. The depositary will then pass along the payments it receives to its participants, which in turn will pass the payments along to their customers who are the beneficial owners. The depositary and its participants do so under agreements they have made with one another or with their customers; they are not obligated to do so under the terms of the debt securities.

As a result, investors will not own debt securities directly. Instead, they will own beneficial interests in a global security, through a bank, broker or other financial institution that participates in the depositary’s book-entry system or holds an interest through a participant. As long as the debt securities are represented by one or more global securities, investors will be indirect holders, and not holders, of the debt securities.

Street Name Holders

In the future, we may issue debt securities in certificated form or terminate a global security. In these cases, investors may choose to hold their debt securities in their own names or in “street name.” Debt securities held in street name are registered in the name of a bank, broker or other financial institution chosen by the investor, and the investor holds a beneficial interest in those debt securities through the account he or she maintains at that institution.

For debt securities held in street name, we will recognize only the intermediary banks, brokers and other financial institutions in whose names the debt securities are registered as the holders of those debt securities, and we will make all payments on those debt securities to them. These institutions will pass along the payments they receive to their customers who are the beneficial owners, but only because they agree to do so in their customer agreements or because they are legally required to do so. Investors who hold debt securities in street name will be indirect holders, and not holders, of the debt securities.

Legal Holders

Our obligations, as well as the obligations of the applicable trustee and those of any third parties employed by us or the applicable trustee, run only to the legal holders of the debt securities. We do not have obligations to investors who hold beneficial interests in global securities, in street name or by any other indirect means. This will be the case whether an investor chooses to be an indirect holder of a debt security or has no choice because we are issuing the debt securities only in book-entry form.

For example, once we make a payment or give a notice to the holder, we have no further responsibility for the payment or notice even if that holder is required, under agreements with depositary participants or customers or by law, to pass it along to the indirect holders but does not do so. Similarly, if we want to obtain the approval of the holders for any purpose (for example, to amend an indenture or to relieve us of the consequences of a default or of our obligation to comply with a particular provision of an indenture), we would seek the approval only from the holders, and not the indirect holders, of the debt securities. Whether and how the holders contact the indirect holders is up to the holders.

When we refer to you, we mean those who invest in the debt securities being offered by this prospectus, whether they are the holders or only indirect holders of those debt securities. When we refer to your debt securities, we mean the debt securities in which you hold a direct or indirect interest.

Special Considerations for Indirect Holders

If you hold debt securities through a bank, broker or other financial institution, either in book-entry form or in street name, we urge you to check with that institution to find out:

●

how it handles securities payments and notices;

●

whether it imposes fees or charges;

●

how it would handle a request for the holders’ consent, if ever required;

●

whether and how you can instruct it to send you debt securities registered in your own name so you can be a holder, if that is permitted in the future for a particular series of debt securities;

●

how it would exercise rights under the debt securities if there were a default or other event triggering the need for holders to act to protect their interests; and

●

if the debt securities are in book-entry form, how the depositary’s rules and procedures will affect these matters.

Global Securities

As noted above, we expect that we will issue debt securities as registered securities in book-entry form only. A global security represents one or any other number of individual debt securities. Generally, all debt securities represented by the same global securities will have the same terms.

Each debt security issued in book-entry form will be represented by a global security that we deposit with and register in the name of a financial institution or its nominee that we select. The financial institution that we select for this purpose is called the depositary. Unless we specify otherwise in the applicable prospectus supplement, The Depository Trust Company, New York, New York, known as DTC, will be the depositary for all debt securities issued in book-entry form.

A global security may not be transferred to or registered in the name of anyone other than the depositary or its nominee, unless special termination situations arise. We describe those situations below under “Description of our Debt Securities — Global Securities — Special Situations when a Global Security Will Be Terminated.” As a result of these arrangements, the depositary, or its nominee, will be the sole registered owner and holder of all debt securities represented by a global security, and investors will be permitted to own only beneficial interests in a global security. Beneficial interests must be held by means of an account with a broker, bank or other financial institution that in turn has an account with the depositary or with another institution that has an account with the depositary. Thus, an investor whose security is represented by a global security will not be a holder of the debt security, but only an indirect holder of a beneficial interest in the global security.

Special Considerations for Global Securities

As an indirect holder, an investor’s rights relating to a global security will be governed by the account rules of the investor’s financial institution and of the depositary, as well as general laws relating to securities transfers. The depositary that holds the global security will be considered the holder of the debt securities represented by the global security.

If debt securities are issued only in the form of a global security, an investor should be aware of the following:

●

an investor cannot cause the debt securities to be registered in his or her name and cannot obtain certificates for his or her interest in the debt securities, except in the special situations we describe below;

●

an investor will be an indirect holder and must look to his or her own bank or broker for payments on the debt securities and protection of his or her legal rights relating to the debt securities, as we describe under “Description of our Debt Securities — Issuance of Securities in Registered Form” above;

●

an investor may not be able to sell interests in the debt securities to some insurance companies and other institutions that are required by law to own their securities in non-book-entry form;

●

an investor may not be able to pledge his or her interest in a global security in circumstances where certificates representing the debt securities must be delivered to the lender or other beneficiary of the pledge in order for the pledge to be effective;

●

the depositary’s policies, which may change from time to time, will govern payments, transfers, exchanges and other matters relating to an investor’s interest in a global security. We and the trustee have no responsibility for any aspect of the depositary’s actions or for its records of ownership interests in a global security. We and the trustee also do not supervise the depositary in any way;

●

if we redeem less than all the debt securities of a particular series being redeemed, DTC’s practice is to determine by lot the amount to be redeemed from each of its participants holding that series;

●

an investor is required to give notice of exercise of any option to elect repayment of its debt securities, through its participant, to the applicable trustee and to deliver the related debt securities by causing its participant to transfer its interest in those debt securities, on DTC’s records, to the applicable trustee;

●

DTC requires that those who purchase and sell interests in a global security deposited in its book-entry system use immediately available funds. Your broker or bank may also require you to use immediately available funds when purchasing or selling interests in a global security; and

●

financial institutions that participate in the depositary’s book-entry system, and through which an investor holds its interest in a global security, may also have their own policies affecting payments, notices and other matters relating to the debt securities. There may be more than one financial intermediary in the chain of ownership for an investor. We do not monitor and are not responsible for the actions of any of those intermediaries.

Special Situations when a Global Security Will Be Terminated

In a few special situations described below, a global security will be terminated and interests in it will be exchanged for certificates in non-book-entry form (certificated securities). After that exchange, the choice of whether to hold the certificated debt securities directly or in street name will be up to the investor. Investors must consult their own banks or brokers to find out how to have their interests in a global security transferred on termination to their own names, so that they will be holders. We have described the rights of holders and street name investors under “Description of our Debt Securities — Issuance of Securities in Registered Form” above.

The special situations for termination of a global security are as follows:

●

if the depositary notifies us that it is unwilling, unable or no longer qualified to continue as depositary for that global security, and we are unable to appoint another institution to act as depositary;

●

if we notify the trustee that we wish to terminate that global security; or

●

if an event of default has occurred with regard to the debt securities represented by that global security and has not been cured or waived; we discuss defaults later under “Description of our Debt Securities — Events of Default.”

The prospectus supplement and any related free writing prospectus may list situations for terminating a global security that would apply only to the particular series of debt securities covered by the prospectus supplement and any related free writing prospectus. If a global security is terminated, only the depositary, and not we or the applicable trustee, is responsible for deciding the names of the institutions in whose names the debt securities represented by the global security will be registered and, therefore, who will be the holders of those debt securities.

Payment and Paying Agents

We will pay interest to the person listed in the applicable trustee’s records as the owner of the debt security at the close of business on a particular day in advance of each due date for interest, even if that person no longer owns the debt security on the interest due date. That day, often about two weeks in advance of the interest due date, is called the “record date.” Because we will pay all the interest for an interest period to the holders on the record date, holders buying and selling debt securities must work out between themselves the appropriate purchase price. The most common manner is to adjust the sales price of the debt securities to prorate interest fairly between buyer and seller based on their respective ownership periods within the particular interest period. This prorated interest amount is called “accrued interest.”

Payments on Global Securities

We will make payments on a global security in accordance with the applicable policies of the depositary as in effect from time to time. Under those policies, we will make payments directly to the depositary, or its nominee, and not to any indirect holders who own beneficial interests in the global security. An indirect holder’s right to those payments will be governed by the rules and practices of the depositary and its participants, as described under “Description of our Debt Securities — Global Securities.”

Payments on Certificated Securities

We will make payments on a certificated debt security as follows: We will pay interest that is due on an interest payment date to the holder of debt securities as shown on the trustee’s records as of the close of business on the regular record date. We will make all payments of principal and premium, if any, by check at the office of the applicable trustee and/or at other offices that may be specified in the prospectus supplement and any related free writing prospectus or in a notice to holders against surrender of the debt security.

Alternatively, if the holder asks us to do so, we will pay any amount that becomes due on the debt security by wire transfer of immediately available funds to an account at a bank in the United States, on the due date. To request payment by wire, the holder must give the applicable trustee or other paying agent appropriate transfer instructions at least 15 business days before the requested wire payment is due. In the case of any interest payment due on an interest payment date, the instructions must be given by the person who is the holder on the relevant regular record date. Any wire instructions, once properly given, will remain in effect unless and until new instructions are given in the manner described above.

Payment When Offices Are Closed

If any payment is due on a debt security on a day that is not a business day, we will make the payment on the next day that is a business day. Payments made on the next business day in this situation will be treated under the indenture as if they were made on the original due date, except as otherwise indicated in the attached prospectus supplement and any related free writing prospectus. Such payment will not result in a default under any debt security or the indenture, and no interest will accrue on the payment amount from the original due date to the next day that is a business day.

Book-entry and other indirect holders should consult their banks or brokers for information on how they will receive payments on their debt securities.

Events of Default

You will have rights if an Event of Default occurs in respect of the debt securities of your series and is not cured, as described later in this subsection.

The term “Event of Default” in respect of the debt securities of your series may include any of the following (unless the prospectus supplement or any related free writing prospectus relating to such debt securities states otherwise):

●

we do not pay the principal of, or any premium on, a debt security of the series on its due date, and do not cure this default within five days;

●

we do not pay interest on a debt security of the series within 30 days of its due date;

●

we do not deposit any sinking fund payment in respect of debt securities of the series on its due date, and do not cure this default within five days;

●

we remain in breach of a covenant in respect of debt securities of the series for 60 days after we receive a written notice of default stating we are in breach. The notice must be sent by either the trustee or holders of at least 25% of the principal amount of debt securities of the series;

●

we file for bankruptcy or certain other events of bankruptcy, insolvency or reorganization occur; and

●

any other Event of Default in respect of debt securities of the series described in the prospectus supplement or any related free writing prospectus occurs.

An Event of Default for a particular series of debt securities does not necessarily constitute an Event of Default for any other series of debt securities issued under the same or any other indenture. The trustee may withhold notice to the holders of debt securities of any default, except in the payment of principal, premium or interest or in the payment of any sinking or purchase fund installment, if it considers the withholding of notice to be in the best interests of the holders.

Remedies if an Event of Default Occurs

If an Event of Default has occurred and has not been cured or waived, the trustee or the holders of not less than 25% in principal amount of the debt securities of the affected series may declare the entire principal amount of all the debt securities of that series to be due and immediately payable. This is called a declaration of acceleration of maturity. A declaration of acceleration of maturity may be canceled by the holders of a majority in principal amount of the debt securities of the affected series.

The trustee is not required to take any action under the indenture at the request of any holders unless the holders offer the trustee protection from expenses and liability, called an indemnity, security, or both, satisfactory to the trustee. If indemnity and/or security is provided, the holders of a majority in principal amount of the outstanding debt securities of the relevant series may direct the time, method and place of conducting any lawsuit or other formal legal action seeking any remedy available to the trustee. The trustee may refuse to follow those directions in certain circumstances. No delay or omission in exercising any right or remedy will be treated as a waiver of that right, remedy or Event of Default.

Before you are allowed to bypass your trustee and bring your own lawsuit or other formal legal action or take other steps to enforce your rights or protect your interests relating to the debt securities, the following must occur:

●

you must give the trustee written notice that an Event of Default has occurred and remains uncured;

●

the holders of at least 25% in principal amount of all outstanding debt securities of the relevant series must make a written request that the trustee take action because of the default and must offer indemnity and/or security to the trustee against the cost and other liabilities of taking that action;

●

the trustee must not have taken action for 60 days after receipt of the above notice and offer of indemnity and/or security; and

●

the holders of a majority in principal amount of the debt securities must not have given the trustee a direction inconsistent with the above notice during that 60-day period.

However, you are entitled at any time to bring a lawsuit for the payment of money due on your debt securities on or after the due date.

Book-entry and other indirect holders should consult their banks or brokers for information on how to give notice or direction to or make a request of the trustee and how to declare or cancel an acceleration of maturity.

Each year, we will furnish to each trustee a written statement of certain of our officers certifying that to their knowledge we are in compliance with the indenture and the debt securities, or else specifying any default.

Waiver of Default

The holders of a majority in principal amount of the relevant series of debt securities may waive a default for all the relevant series of debt securities. If this happens, the default will be treated as if it had not occurred. No one can waive a payment default on a holder’s debt security, however, without the holder’s approval.

Merger or Consolidation

Under the terms of the indenture, we are generally permitted to consolidate or merge with another entity. We are also permitted to sell all or substantially all of our assets to another entity. However, unless the prospectus supplement and any related free writing prospectus relating to certain debt securities states otherwise, we may not take any of these actions unless all the following conditions are met:

●

where we merge out of existence or sell our assets, the resulting entity must agree to be legally responsible for our obligations under the debt securities;

●

immediately after the transaction no Event of Default shall have happened and be continuing;

●

we must deliver certain certificates and documents to the trustee; and

●

we must satisfy any other requirements specified in the prospectus supplement and any related free writing prospectus relating to a particular series of debt securities.

Modification or Waiver

There are three types of changes we can make to the indenture and the debt securities issued thereunder.

Changes Requiring Your Approval

First, there are changes that we cannot make to your debt securities without your specific approval. The following is a list of those types of changes:

●

change the stated maturity of the principal of or interest on a debt security;

●

reduce any amounts due on a debt security;

●

reduce the amount of principal payable upon acceleration of the maturity of a security following a default;

●

adversely affect any right of repayment at the holder’s option;

●

change the place or currency of payment on a debt security (except as otherwise described in the prospectus, prospectus supplement or free writing prospectus);

●

impair your right to sue for payment;

●

adversely affect any right to convert or exchange a debt security in accordance with its terms;

●

modify the subordination provisions in the indenture in a manner that is adverse to holders of the debt securities;

●

reduce the percentage of holders of debt securities whose consent is needed to modify or amend the indenture;

●

reduce the percentage of holders of debt securities whose consent is needed to waive compliance with certain provisions of the indenture or to waive certain defaults;

●

modify any other aspect of the provisions of the indenture dealing with supplemental indentures, modification and waiver of past defaults, changes to the quorum or voting requirements or the waiver of certain covenants; and

●

change any obligation we have to pay additional amounts.

Changes Not Requiring Approval

The second type of change does not require any vote by the holders of the debt securities. This type is limited to clarifications, establishment of the form or terms of new securities of any series as permitted by the indenture and certain other changes that would not adversely affect holders of the outstanding debt securities in any material respect. We also do not need any approval to make any change that affects only debt securities to be issued under the indenture after the change takes effect.

Changes Requiring Majority Approval

Any other change to the indenture and the debt securities would require the following approval:

●

if the change affects only one series of debt securities, it must be approved by the holders of a majority in principal amount of that series; and

●

if the change affects more than one series of debt securities issued under the same indenture, it must be approved by the holders of a majority in principal amount of all of the series affected by the change, with all affected series voting together as one class for this purpose.

In each case, the required approval must be given by written consent.

The holders of a majority in principal amount of all of the series of debt securities issued under an indenture, voting together as one class for this purpose, may waive our compliance with some of our covenants in that indenture. However, we cannot obtain a waiver of a payment default or of any of the matters covered by the bullet points included above under “Description of our Debt Securities — Modification or Waiver — Changes Requiring Your Approval.”

Further Details Concerning Voting

When taking a vote, we will use the following rules to decide how much principal to attribute to a debt security:

●

for original issue discount securities, we will use the principal amount that would be due and payable on the voting date if the maturity of these debt securities were accelerated to that date because of a default;

●

for debt securities whose principal amount is not known (for example, because it is based on an index), we will use a special rule for that debt security described in the prospectus supplement and any related free writing prospectus; and

●

for debt securities denominated in one or more foreign currencies, we will use the U.S. dollar equivalent.

Debt securities will not be considered outstanding, and therefore not eligible to vote, if we have deposited or set aside in trust money for their payment or redemption. Debt securities will also not be eligible to vote if they have been fully defeased as described later under “Description of our Debt Securities — Defeasance — Full Defeasance.” We will generally be entitled to set any day as a record date for the purpose of determining the holders of outstanding indenture securities that are entitled to vote or take other action under the indenture. If we set a record date for a vote or other action to be taken by holders of one or more series, that vote or action may be taken only by persons who are holders of outstanding indenture securities of those series on the record date and must be taken within eleven months following the record date.

Book-entry and other indirect holders should consult their banks or brokers for information on how approval may be granted or denied if we seek to change the indenture or the debt securities or request a waiver.

Defeasance

The following provisions will be applicable to each series of debt securities unless we state in the applicable prospectus supplement and any related free writing prospectus that the provisions of covenant defeasance and full defeasance will not be applicable to that series.

Covenant Defeasance

Under current U.S. federal income tax law, we can make the deposit described below and be released from some of the restrictive covenants in the indenture under which the particular series was issued. This is called “covenant defeasance.” In that event, you would lose the protection of those restrictive covenants but would gain the protection of having money and government securities set aside in trust to repay your debt securities. If applicable, you also would be released from the subordination provisions described under “Description of our Debt Securities — Indenture Provisions — Subordination” below. In order to achieve covenant defeasance, we must do the following:

●

if the debt securities of the particular series are denominated in U.S. dollars, we must deposit in trust for the benefit of all holders of such debt securities a combination of money and U.S. government or U.S. government agency notes or bonds that will generate enough cash to make interest, principal and any other payments on the debt securities on their various due dates; and

●

we may be required to deliver to the trustee a legal opinion of our counsel confirming that, under current U.S. federal income tax law, we may make the above deposit without causing you to be taxed on the debt securities any differently than if we did not make the deposit and just repaid the debt securities ourselves at maturity.

We must deliver to the trustee a legal opinion of our counsel stating that the above deposit does not require registration by us under the 1940 Act, as amended, and a legal opinion and officers’ certificate stating that all conditions precedent to covenant defeasance have been complied with.

If we accomplish covenant defeasance, you can still look to us for repayment of the debt securities if there were a shortfall in the trust deposit or the trustee is prevented from making payment. In fact, if one of the remaining Events of Default occurred (such as our bankruptcy) and the debt securities became immediately due and payable, there might be a shortfall. Depending on the event causing the default, you may not be able to obtain payment of the shortfall.

Full Defeasance

If there is a change in U.S. federal income tax law, as described below, we can legally release ourselves from all payment and other obligations on the debt securities of a particular series, called “full defeasance”, if we put in place the following other arrangements for you to be repaid:

●

if the debt securities of the particular series are denominated in U.S. dollars, we must deposit in trust for the benefit of all holders of such debt securities a combination of money and U.S. government or U.S. government agency notes or bonds that will generate enough cash to make interest, principal and any other payments on the debt securities on their various due dates;

●

we may be required to deliver to the trustee a legal opinion confirming that there has been a change in current U.S. federal tax law or an IRS ruling that allows us to make the above deposit without causing you to be taxed on the debt securities any differently than if we did not make the deposit and just repaid the debt securities ourselves at maturity. Under current U.S. federal income tax law, the deposit and our legal release from the debt securities would be treated as though we paid you your share of the cash and notes or bonds at the time the cash and notes or bonds were deposited in trust in exchange for your debt securities and you would recognize gain or loss on the debt securities at the time of the deposit; and

●

we must deliver to the trustee a legal opinion of our counsel stating that the above deposit does not require registration by us under the 1940 Act and a legal opinion and officers’ certificate certifying compliance with all conditions precedent to defeasance.

If we ever did accomplish full defeasance, as described above, you would have to rely solely on the trust deposit for repayment of the debt securities. You could not look to us for repayment in the unlikely event of any shortfall. Conversely, the trust deposit would most likely be protected from claims of our lenders and other creditors if we ever became bankrupt or insolvent. If applicable, you would also be released from the subordination provisions described later under “Description of our Debt Securities — Indenture Provisions — Subordination.”

Form, Exchange and Transfer of Certificated Registered Securities

If registered debt securities cease to be issued in book-entry form, they will be issued:

●

only in fully registered certificated form;

●

without interest coupons; and

●

unless we indicate otherwise in the prospectus supplement, in denominations of $1,000 and amounts that are multiples of $1,000.

Holders may exchange their certificated securities, if any, for debt securities of smaller denominations or combined into fewer debt securities of larger denominations, as long as the total principal amount is not changed.

Holders may exchange or transfer their certificated securities, if any, at the corporate trust office of their trustee. We have appointed the trustee to act as our agent for registering debt securities in the names of holders transferring debt securities. We may appoint another entity to perform these functions or perform them ourselves.

Holders will not be required to pay a service charge to transfer or exchange their certificated securities, but they may be required to pay any tax or other governmental charge associated with the transfer or exchange. The transfer or exchange will be made only if our transfer agent is satisfied with the holder’s proof of legal ownership.

If we have designated additional transfer agents for your debt security, they will be named in the prospectus supplement and any related free writing prospectus. We may appoint additional transfer agents or cancel the appointment of any particular transfer agent. We may also approve a change in the office through which any transfer agent acts.

If any certificated securities of a particular series are redeemable and we redeem less than all the debt securities of that series, we may block the transfer or exchange of those debt securities during the period beginning 15 days before the day we mail the notice of redemption and ending on the day of that mailing, in order to freeze the list of holders to prepare the mailing. We may also refuse to register transfers or exchanges of any certificated securities selected for redemption, except that we will continue to permit transfers and exchanges of the unredeemed portion of any debt security that will be partially redeemed.

If a registered debt security is issued in book-entry form, only the depositary will be entitled to transfer and exchange the debt security as described in this subsection, since it will be the sole holder of the debt security.

Resignation of Trustee

Each trustee may resign or be removed with respect to one or more series of indenture securities provided that a successor trustee is appointed to act with respect to these series. In the event that two or more persons are acting as trustee with respect to different series of indenture securities under the indenture, each of the trustees will be a trustee of a trust separate and apart from the trust administered by any other trustee.

Indenture Provisions — Subordination

Upon any distribution of our assets upon our dissolution, winding up, liquidation or reorganization, the payment of the principal of (and premium, if any) and interest, if any, on any indenture securities denominated as subordinated debt securities is to be subordinated to the extent provided in the indenture in right of payment to the prior payment in full of all Senior Indebtedness (as defined below), but our obligation to you to make payment of the principal of (and premium, if any) and interest, if any, on such subordinated debt securities will not otherwise be affected. In addition, no payment on account of principal (or premium, if any), sinking fund or interest, if any, may be made on such subordinated debt securities at any time unless full payment of all amounts due in respect of the principal (and premium, if any), sinking fund and interest on Senior Indebtedness has been made or duly provided for in money or money’s worth.

In the event that, notwithstanding the foregoing, any payment by us is received by the trustee in respect of subordinated debt securities or by the holders of any of such subordinated debt securities before all Senior Indebtedness is paid in full, the payment or distribution must be paid over to the holders of the Senior Indebtedness or on their behalf for application to the payment of all the Senior Indebtedness remaining unpaid until all the Senior Indebtedness has been paid in full, after giving effect to any concurrent payment or distribution to the holders of the Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness upon this distribution by us, the holders of such subordinated debt securities will be subrogated to the rights of the holders of the Senior Indebtedness to the extent of payments made to the holders of the Senior Indebtedness out of the distributive share of such subordinated debt securities.

By reason of this subordination, in the event of a distribution of our assets upon our insolvency, certain of our senior creditors may recover more, ratably, than holders of any subordinated debt securities. The indenture provides that these subordination provisions will not apply to money and securities held in trust under the defeasance provisions of the indenture.

Senior Indebtedness is defined in the indenture as the principal of (and premium, if any) and unpaid interest on:

●

our indebtedness (including indebtedness of others guaranteed by us), whenever created, incurred, assumed or guaranteed, for money borrowed (other than indenture securities issued under the indenture and denominated as subordinated debt securities), unless in the instrument creating or evidencing the same or under which the same is outstanding it is provided that this indebtedness is not senior or prior in right of payment to the subordinated debt securities; and

●

renewals, extensions, modifications and refinancings of any of this indebtedness.

If this prospectus is being delivered in connection with the offering of a series of indenture securities denominated as subordinated debt securities, the prospectus supplement and any related free writing prospectus will set forth the approximate amount of our Senior Indebtedness outstanding as of a recent date.

Secured Indebtedness

Certain of our indebtedness, including certain series of indenture securities, may be secured. The prospectus supplement and any related free writing prospectus for each series of indenture securities will describe the terms of any security interest for such series and will indicate the approximate amount of our secured indebtedness as of a recent date. In the event of a distribution of our assets upon our insolvency, the holders of unsecured indenture securities may recover less, ratably, than holders of any of our secured indebtedness.

The Trustee under the Indenture

It is anticipated that U.S. Bank Trust Company, National Association will serve as the trustee under the indenture.

Certain Considerations Relating to Foreign Currencies

Debt securities denominated or payable in foreign currencies may entail significant risks. These risks include the possibility of significant fluctuations in the foreign currency markets, the imposition or modification of foreign exchange controls and potential illiquidity in the secondary market. These risks will vary depending upon the currency or currencies involved and will be more fully described in the applicable prospectus supplement and any related free writing prospectus.

Long Term Debt, Structuring [Text Block]

Indenture Provisions — Subordination

Upon any distribution of our assets upon our dissolution, winding up, liquidation or reorganization, the payment of the principal of (and premium, if any) and interest, if any, on any indenture securities denominated as subordinated debt securities is to be subordinated to the extent provided in the indenture in right of payment to the prior payment in full of all Senior Indebtedness (as defined below), but our obligation to you to make payment of the principal of (and premium, if any) and interest, if any, on such subordinated debt securities will not otherwise be affected. In addition, no payment on account of principal (or premium, if any), sinking fund or interest, if any, may be made on such subordinated debt securities at any time unless full payment of all amounts due in respect of the principal (and premium, if any), sinking fund and interest on Senior Indebtedness has been made or duly provided for in money or money’s worth.

In the event that, notwithstanding the foregoing, any payment by us is received by the trustee in respect of subordinated debt securities or by the holders of any of such subordinated debt securities before all Senior Indebtedness is paid in full, the payment or distribution must be paid over to the holders of the Senior Indebtedness or on their behalf for application to the payment of all the Senior Indebtedness remaining unpaid until all the Senior Indebtedness has been paid in full, after giving effect to any concurrent payment or distribution to the holders of the Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness upon this distribution by us, the holders of such subordinated debt securities will be subrogated to the rights of the holders of the Senior Indebtedness to the extent of payments made to the holders of the Senior Indebtedness out of the distributive share of such subordinated debt securities.

By reason of this subordination, in the event of a distribution of our assets upon our insolvency, certain of our senior creditors may recover more, ratably, than holders of any subordinated debt securities. The indenture provides that these subordination provisions will not apply to money and securities held in trust under the defeasance provisions of the indenture.

Senior Indebtedness is defined in the indenture as the principal of (and premium, if any) and unpaid interest on:

●

our indebtedness (including indebtedness of others guaranteed by us), whenever created, incurred, assumed or guaranteed, for money borrowed (other than indenture securities issued under the indenture and denominated as subordinated debt securities), unless in the instrument creating or evidencing the same or under which the same is outstanding it is provided that this indebtedness is not senior or prior in right of payment to the subordinated debt securities; and

●

renewals, extensions, modifications and refinancings of any of this indebtedness.

If this prospectus is being delivered in connection with the offering of a series of indenture securities denominated as subordinated debt securities, the prospectus supplement and any related free writing prospectus will set forth the approximate amount of our Senior Indebtedness outstanding as of a recent date.

Secured Indebtedness

Certain of our indebtedness, including certain series of indenture securities, may be secured. The prospectus supplement and any related free writing prospectus for each series of indenture securities will describe the terms of any security interest for such series and will indicate the approximate amount of our secured indebtedness as of a recent date. In the event of a distribution of our assets upon our insolvency, the holders of unsecured indenture securities may recover less, ratably, than holders of any of our secured indebtedness.

Other Securities [Table Text Block]

DESCRIPTION OF SUBSCRIPTION RIGHTS THAT WE MAY ISSUE

The following is a general description of the terms of the subscription rights we may issue from time to time. Particular terms of any subscription rights we offer will be described in the prospectus supplement and any related free writing prospectus relating to such subscription rights.

We may issue subscription rights to purchase common stock or other securities. Subscription rights may be issued independently or together with any other offered security and may or may not be transferable by the person purchasing or receiving the subscription rights. In connection with any subscription rights offering to our shareholders, we may enter into a standby underwriting or other arrangement with one or more underwriters or other persons pursuant to which such underwriters or other persons would purchase any offered securities remaining unsubscribed for after such subscription rights offering. In connection with any subscription rights offering to our shareholders, we would distribute certificates evidencing the subscription rights and a prospectus supplement and any related free writing prospectus to our shareholders on the record date that we set for receiving subscription rights in such subscription rights offering. Our common shareholders will indirectly bear the expenses of such subscription rights offerings, regardless of whether our common shareholders exercise any subscription rights.

The applicable prospectus supplement and any related free writing prospectus will describe the following terms of subscription rights in respect of which this prospectus is being delivered:

●

the period of time the offering would remain open (which shall be open a minimum number of days such that all record holders would be eligible to participate in the offering and shall not be open longer than 120 days);

●

the title and aggregate number of such subscription rights;

●

the exercise price or a formula for the determination of the exercise price for such subscription rights;

●

if applicable, the designation and terms of the securities with which the subscription rights are issued and the number of subscription rights issued with each such security or each principal amount of such security;

●

the ratio of the offering (which, in the case of transferable rights for common stock, will require a minimum of three shares to be held of record before a person is entitled to purchase an additional share);

●

the number or a formula for the determination of the number of such subscription rights issued to each shareholder;

●

the extent to which such subscription rights are transferable and the market on which they may be traded if they are transferable;

●

if applicable, a discussion of the material U.S. federal income tax considerations applicable to the issuance or exercise of such subscription rights;

●

the date on which the right to exercise such subscription rights would commence, and the date on which such rights will expire (subject to any extension);

●

the extent to which such subscription rights include an over-subscription privilege with respect to unsubscribed securities and the terms of such over-subscription privilege;

●

any termination right we may have in connection with such subscription rights offering;

●

the terms of any rights to redeem, or call such subscription rights;

●

the terms of the securities issuable upon exercise of the subscription rights;

●

if applicable, the material terms of any standby underwriting or other purchase arrangement that we may enter into in connection with the subscription rights offering; and

●

any other terms of such subscription rights, including exercise, settlement and other procedures and limitations relating to the transfer and exercise of such subscription rights.

Exercise of Subscription Rights

Subscription rights may be exercised as set forth in the prospectus supplement relating to the subscription rights offered thereby. Each subscription right would entitle the holder of the subscription right to purchase for cash or other consideration such amount of shares of common stock or other securities at such exercise price as will in each case be set forth in, or be determinable as set forth in, the prospectus supplement and any related free writing prospectus relating to the subscription rights offered thereby or another report filed with the SEC. Subscription rights may be exercised at any time up to the close of business on the expiration date for such subscription rights set forth in the applicable prospectus supplement and any related free writing prospectus. After the close of business on the expiration date, all unexercised subscription rights would become void.

Upon receipt of payment and the subscription rights certificate properly completed and duly executed at the corporate trust office of the subscription rights agent or any other office indicated in the prospectus supplement and any related free writing prospectus, we will forward, as soon as practicable, the shares of common stock or other securities purchasable upon such exercise. If less than all of the rights represented by such subscription rights certificate are exercised, a new subscription certificate will be issued for the remaining rights. Prior to exercising their subscription rights, holders of subscription rights will not have any of the rights of holders of the securities purchasable upon such exercise. To the extent permissible under applicable law, we may determine to offer any unsubscribed offered securities directly to shareholders, persons other than shareholders, to or through agents, underwriters or dealers or through a combination of such methods, including pursuant to standby underwriting or other arrangements, as set forth in the applicable prospectus supplement and any related free writing prospectus. We have not previously completed such an offering of subscription rights.

Under the 1940 Act, we may generally only offer subscription rights (other than rights to subscribe expiring not later than 120 days after their issuance and issued exclusively and ratably to a class or classes of our security holders) on the condition that (1) the subscription rights expire by their terms within ten years; (2) the exercise price is not less than the current market value at the date of issuance; (3) our shareholders authorize the proposal to issue such subscription rights, and a “required” majority of our board of directors approves of such issuance on the basis that the issuance is in the best interests of us and our shareholders; and (4) if the subscription rights are accompanied by other securities, the subscription rights are not separately transferable unless no class of such subscription rights and the securities accompanying them has been publicly distributed. A “required” majority of our board of directors is a vote of both a majority of our directors who have no financial interest in the transaction and a majority of the directors who are not interested persons of the company. The 1940 Act also provides that the amount of our voting securities that would result from the exercise of all outstanding warrants, options and subscription rights at the time of issuance may not exceed 25% of our outstanding voting securities.

DESCRIPTION OF WARRANTS THAT WE MAY ISSUE

The following is a general description of the terms of the warrants we may issue from time to time. Particular terms of any warrants we offer will be described in the prospectus supplement and any related free writing prospectus relating to such warrants and will be subject to compliance with the 1940 Act.

We may issue warrants to purchase shares of our common stock, preferred stock or debt securities. Such warrants may be issued independently or together with shares of common or preferred stock or a specified principal amount of debt securities and may be attached or separate from such securities. We will issue each series of warrants under a separate warrant agreement to be entered into between us and a warrant agent. The warrant agent will act solely as our agent and will not assume any obligation or relationship of agency for or with holders or beneficial owners of warrants.

A prospectus supplement and any related free writing prospectus will describe the particular terms of any series of warrants we may issue, including the following:

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the title of such warrants;

●

the aggregate number of such warrants;

●

the price or prices at which such warrants will be issued;

●

the currency or currencies, including composite currencies, in which the price of such warrants may be payable;

●

if applicable, the designation and terms of the securities with which the warrants are issued and the number of warrants issued with each such security or each principal amount of such security;

●

in the case of warrants to purchase debt securities, the principal amount of debt securities purchasable upon exercise of one warrant and the price at which and the currency or currencies, including composite currencies, in which this principal amount of debt securities may be purchased upon such exercise;

●

in the case of warrants to purchase common stock or preferred stock, the number of shares of common stock or preferred stock, as the case may be, purchasable upon exercise of one warrant and the price at which and the currency or currencies, including composite currencies, in which these shares may be purchased upon such exercise;

●

the date on which the right to exercise such warrants will commence and the date on which such right will expire (subject to any extension);

●

whether such warrants will be issued in registered form or bearer form;

●

if applicable, the minimum or maximum amount of such warrants which may be exercised at any one time;

●

if applicable, the date on and after which such warrants and the related securities will be separately transferable;

●

the terms of any rights to redeem, or call such warrants;

●

information with respect to book-entry procedures, if any;

●

the terms of the securities issuable upon exercise of the warrants;

●

if applicable, a discussion of certain U.S. federal income tax considerations; and

●

any other terms of such warrants, including terms, procedures and limitations relating to the exchange and exercise of such warrants.

We and the warrant agent may amend or supplement the warrant agreement for a series of warrants without the consent of the holders of the warrants issued thereunder to effect changes that are not inconsistent with the provisions of the warrants and that do not materially and adversely affect the interests of the holders of the warrants.

Prior to exercising their warrants, holders of warrants will not have any of the rights of holders of the securities purchasable upon such exercise, including, in the case of warrants to purchase debt securities, the right to receive principal, premium, if any, or interest payments, on the debt securities purchasable upon exercise or to enforce covenants in the applicable indenture or, in the case of warrants to purchase common stock or preferred stock, the right to receive dividends or other distributions, if any, or payments upon our liquidation, dissolution or winding up or to exercise any voting rights.

Under the 1940 Act, we may generally only offer warrants provided that (1) the warrants expire by their terms within ten years, (2) the exercise price is not less than the market value of our common stock at the date of issuance, (3) our shareholders authorize the proposal to issue such warrants, and our board of directors approves such issuance on the basis that the issuance is in the best interests of us and our shareholders and (4) if the warrants are accompanied by other securities, the warrants are not separately transferable unless no class of such warrants and the securities accompanying them has been publicly distributed. The 1940 Act also provides that the amount of our voting securities that would result from the exercise of all outstanding warrants at the time of issuance may not exceed 25% of our outstanding voting securities.

Outstanding Security, Title [Text Block]

COMMON STOCK

Outstanding Security, Not Held [Shares]

49,202,703

Cover [Abstract]

Entity Address, Address Line Two

25th Floor

Entity Address, State or Province

NY

Contact Personnel Name

Eric A. Pinero

Financial Highlights [Abstract]

Senior Securities Coverage per Unit

$ 1,560

$ 1,620

$ 1,730

$ 1,810

$ 1,920

$ 2,120

$ 2,210

$ 2,130

$ 2,090

$ 2,490

$ 3,040

Financial Highlights [Abstract]

Senior Securities Coverage per Unit

$ 1,560

$ 1,620

1,730

1,810

1,920

2,120

2,210

2,130

2,090

2,490

3,040

Financial Highlights [Abstract]

Senior Securities Coverage per Unit

$ 1,560

$ 1,620

$ 1,730

1,810

1,920

2,120

2,210

2,130

2,090

2,490

3,040

Financial Highlights [Abstract]

Senior Securities Coverage per Unit

$ 1,560

$ 1,620

$ 1,730

1,810

1,920

2,120

2,210

2,130

2,090

2,490

3,040

Financial Highlights [Abstract]

Senior Securities Coverage per Unit

$ 1,560

$ 1,620

1,730

1,810

1,920

2,120

2,210

2,130

2,090

2,490

3,040

Financial Highlights [Abstract]

Senior Securities Coverage per Unit

$ 1,560

$ 1,620

1,730

$ 1,810

$ 1,920

$ 2,120

2,210

2,130

2,090

2,490

3,040

Financial Highlights [Abstract]

Senior Securities Coverage per Unit

$ 1,560

$ 1,620

$ 1,730

$ 1,810

$ 1,920

$ 2,120

2,210

2,130

2,090

2,490

3,040

Financial Highlights [Abstract]

Senior Securities Coverage per Unit

$ 1,560

$ 1,620

$ 1,740

$ 1,810

$ 1,920

2,120

2,210

2,130

2,090

2,490

3,040

Financial Highlights [Abstract]

Senior Securities Coverage per Unit

$ 1,560

$ 1,620

$ 1,730

$ 1,810

1,920

2,120

2,210

2,130

2,090

2,490

3,040

Financial Highlights [Abstract]

Senior Securities Coverage per Unit

$ 1,560

$ 1,620

$ 1,730

$ 1,810

1,920

2,120

2,210

2,130

2,090

2,490

3,040

Financial Highlights [Abstract]

Senior Securities Coverage per Unit

$ 1,560

$ 1,620

$ 1,730

$ 1,810

1,920

2,120

2,210

2,130

2,090

2,490

3,040

Financial Highlights [Abstract]

Senior Securities Coverage per Unit

$ 1,560

$ 1,620

$ 1,730

$ 1,810

$ 1,920

$ 2,120

2,210

2,130

2,090

2,490

3,040

Financial Highlights [Abstract]

Senior Securities Coverage per Unit

1,560

1,620

$ 1,730

$ 1,810

$ 1,920

$ 2,120

$ 2,210

$ 2,130

$ 2,090

$ 2,490

3,040

Financial Highlights [Abstract]

Senior Securities Coverage per Unit

1,560

1,620

$ 1,730

$ 1,810

$ 1,920

$ 2,120

$ 2,210

$ 2,130

$ 2,090

$ 2,490

3,040

Financial Highlights [Abstract]

Senior Securities Coverage per Unit

1,560

1,620

1,730

1,810

1,920

2,120

2,210

$ 2,130

$ 2,090

$ 2,490

3,040

Financial Highlights [Abstract]

Senior Securities Coverage per Unit

1,560

1,620

1,730

1,810

1,920

2,120

2,210

$ 2,130

$ 2,090

$ 2,490

$ 3,040

Financial Highlights [Abstract]

Senior Securities Coverage per Unit

$ 1,560

$ 1,620

$ 1,730

$ 1,810

$ 1,920

$ 2,120

$ 2,210

$ 2,130

$ 2,090

$ 2,490

$ 3,040

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Other Security, Description [Text Block]

The following is a general description of the terms of the warrants we may issue from time to time. Particular terms of any warrants we offer will be described in the prospectus supplement and any related free writing prospectus relating to such warrants and will be subject to compliance with the 1940 Act.

We may issue warrants to purchase shares of our common stock, preferred stock or debt securities. Such warrants may be issued independently or together with shares of common or preferred stock or a specified principal amount of debt securities and may be attached or separate from such securities. We will issue each series of warrants under a separate warrant agreement to be entered into between us and a warrant agent. The warrant agent will act solely as our agent and will not assume any obligation or relationship of agency for or with holders or beneficial owners of warrants.

A prospectus supplement and any related free writing prospectus will describe the particular terms of any series of warrants we may issue, including the following:

●

the title of such warrants;

●

the aggregate number of such warrants;

●

the price or prices at which such warrants will be issued;

●

the currency or currencies, including composite currencies, in which the price of such warrants may be payable;

●

if applicable, the designation and terms of the securities with which the warrants are issued and the number of warrants issued with each such security or each principal amount of such security;

●

in the case of warrants to purchase debt securities, the principal amount of debt securities purchasable upon exercise of one warrant and the price at which and the currency or currencies, including composite currencies, in which this principal amount of debt securities may be purchased upon such exercise;

●

in the case of warrants to purchase common stock or preferred stock, the number of shares of common stock or preferred stock, as the case may be, purchasable upon exercise of one warrant and the price at which and the currency or currencies, including composite currencies, in which these shares may be purchased upon such exercise;

●

the date on which the right to exercise such warrants will commence and the date on which such right will expire (subject to any extension);

●

whether such warrants will be issued in registered form or bearer form;

●

if applicable, the minimum or maximum amount of such warrants which may be exercised at any one time;

●

if applicable, the date on and after which such warrants and the related securities will be separately transferable;

●

the terms of any rights to redeem, or call such warrants;

●

information with respect to book-entry procedures, if any;

●

the terms of the securities issuable upon exercise of the warrants;

●

if applicable, a discussion of certain U.S. federal income tax considerations; and

●

any other terms of such warrants, including terms, procedures and limitations relating to the exchange and exercise of such warrants.

We and the warrant agent may amend or supplement the warrant agreement for a series of warrants without the consent of the holders of the warrants issued thereunder to effect changes that are not inconsistent with the provisions of the warrants and that do not materially and adversely affect the interests of the holders of the warrants.

Prior to exercising their warrants, holders of warrants will not have any of the rights of holders of the securities purchasable upon such exercise, including, in the case of warrants to purchase debt securities, the right to receive principal, premium, if any, or interest payments, on the debt securities purchasable upon exercise or to enforce covenants in the applicable indenture or, in the case of warrants to purchase common stock or preferred stock, the right to receive dividends or other distributions, if any, or payments upon our liquidation, dissolution or winding up or to exercise any voting rights.

Under the 1940 Act, we may generally only offer warrants provided that (1) the warrants expire by their terms within ten years, (2) the exercise price is not less than the market value of our common stock at the date of issuance, (3) our shareholders authorize the proposal to issue such warrants, and our board of directors approves such issuance on the basis that the issuance is in the best interests of us and our shareholders and (4) if the warrants are accompanied by other securities, the warrants are not separately transferable unless no class of such warrants and the securities accompanying them has been publicly distributed. The 1940 Act also provides that the amount of our voting securities that would result from the exercise of all outstanding warrants at the time of issuance may not exceed 25% of our outstanding voting securities.

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Other Security, Description [Text Block]

The following is a general description of the terms of the subscription rights we may issue from time to time. Particular terms of any subscription rights we offer will be described in the prospectus supplement and any related free writing prospectus relating to such subscription rights.

We may issue subscription rights to purchase common stock or other securities. Subscription rights may be issued independently or together with any other offered security and may or may not be transferable by the person purchasing or receiving the subscription rights. In connection with any subscription rights offering to our shareholders, we may enter into a standby underwriting or other arrangement with one or more underwriters or other persons pursuant to which such underwriters or other persons would purchase any offered securities remaining unsubscribed for after such subscription rights offering. In connection with any subscription rights offering to our shareholders, we would distribute certificates evidencing the subscription rights and a prospectus supplement and any related free writing prospectus to our shareholders on the record date that we set for receiving subscription rights in such subscription rights offering. Our common shareholders will indirectly bear the expenses of such subscription rights offerings, regardless of whether our common shareholders exercise any subscription rights.

The applicable prospectus supplement and any related free writing prospectus will describe the following terms of subscription rights in respect of which this prospectus is being delivered:

●

the period of time the offering would remain open (which shall be open a minimum number of days such that all record holders would be eligible to participate in the offering and shall not be open longer than 120 days);

●

the title and aggregate number of such subscription rights;

●

the exercise price or a formula for the determination of the exercise price for such subscription rights;

●

if applicable, the designation and terms of the securities with which the subscription rights are issued and the number of subscription rights issued with each such security or each principal amount of such security;

●

the ratio of the offering (which, in the case of transferable rights for common stock, will require a minimum of three shares to be held of record before a person is entitled to purchase an additional share);

●

the number or a formula for the determination of the number of such subscription rights issued to each shareholder;

●

the extent to which such subscription rights are transferable and the market on which they may be traded if they are transferable;

●

if applicable, a discussion of the material U.S. federal income tax considerations applicable to the issuance or exercise of such subscription rights;

●

the date on which the right to exercise such subscription rights would commence, and the date on which such rights will expire (subject to any extension);

●

the extent to which such subscription rights include an over-subscription privilege with respect to unsubscribed securities and the terms of such over-subscription privilege;

●

any termination right we may have in connection with such subscription rights offering;

●

the terms of any rights to redeem, or call such subscription rights;

●

the terms of the securities issuable upon exercise of the subscription rights;

●

if applicable, the material terms of any standby underwriting or other purchase arrangement that we may enter into in connection with the subscription rights offering; and

●

any other terms of such subscription rights, including exercise, settlement and other procedures and limitations relating to the transfer and exercise of such subscription rights.

Exercise of Subscription Rights

Subscription rights may be exercised as set forth in the prospectus supplement relating to the subscription rights offered thereby. Each subscription right would entitle the holder of the subscription right to purchase for cash or other consideration such amount of shares of common stock or other securities at such exercise price as will in each case be set forth in, or be determinable as set forth in, the prospectus supplement and any related free writing prospectus relating to the subscription rights offered thereby or another report filed with the SEC. Subscription rights may be exercised at any time up to the close of business on the expiration date for such subscription rights set forth in the applicable prospectus supplement and any related free writing prospectus. After the close of business on the expiration date, all unexercised subscription rights would become void.

Upon receipt of payment and the subscription rights certificate properly completed and duly executed at the corporate trust office of the subscription rights agent or any other office indicated in the prospectus supplement and any related free writing prospectus, we will forward, as soon as practicable, the shares of common stock or other securities purchasable upon such exercise. If less than all of the rights represented by such subscription rights certificate are exercised, a new subscription certificate will be issued for the remaining rights. Prior to exercising their subscription rights, holders of subscription rights will not have any of the rights of holders of the securities purchasable upon such exercise. To the extent permissible under applicable law, we may determine to offer any unsubscribed offered securities directly to shareholders, persons other than shareholders, to or through agents, underwriters or dealers or through a combination of such methods, including pursuant to standby underwriting or other arrangements, as set forth in the applicable prospectus supplement and any related free writing prospectus. We have not previously completed such an offering of subscription rights.

Under the 1940 Act, we may generally only offer subscription rights (other than rights to subscribe expiring not later than 120 days after their issuance and issued exclusively and ratably to a class or classes of our security holders) on the condition that (1) the subscription rights expire by their terms within ten years; (2) the exercise price is not less than the current market value at the date of issuance; (3) our shareholders authorize the proposal to issue such subscription rights, and a “required” majority of our board of directors approves of such issuance on the basis that the issuance is in the best interests of us and our shareholders; and (4) if the subscription rights are accompanied by other securities, the subscription rights are not separately transferable unless no class of such subscription rights and the securities accompanying them has been publicly distributed. A “required” majority of our board of directors is a vote of both a majority of our directors who have no financial interest in the transaction and a majority of the directors who are not interested persons of the company. The 1940 Act also provides that the amount of our voting securities that would result from the exercise of all outstanding warrants, options and subscription rights at the time of issuance may not exceed 25% of our outstanding voting securities.

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Security Dividends [Text Block]

For any series of preferred stock that we may issue, our board of directors will determine and the prospectus supplement and any related free writing prospectus relating to such series will describe:

●

the rate, whether fixed or variable, and time at which, and the preferences and conditions under which, any dividends will be paid on shares of such series, as well as whether such dividends are cumulative or non-cumulative and participating or non-participating;

Preferred Stock Restrictions, Other [Text Block]

For any series of preferred stock that we may issue, our board of directors will determine and the prospectus supplement and any related free writing prospectus relating to such series will describe:

●

any conditions or restrictions on our ability to issue additional shares of such series or other securities;

Security Dividends [Text Block]

Distributions may be paid to the holders of our common stock if, as and when authorized by our board of directors and declared by us out of funds legally available for such purpose.

Security Preemptive and Other Rights [Text Block]

shares of our common stock have no preemptive, exchange, conversion or redemption rights and are freely transferable, except where their transfer is restricted by federal and state securities laws or by contract. In the event of our liquidation, dissolution or winding up, each share of our common stock would be entitled to share ratably in all of our assets that are legally available for distribution after we pay all debts and other liabilities and subject to any preferential rights of holders of our preferred stock, if any preferred stock is outstanding at such time.