Stockholder transaction expenses:
Sales load (as a percentage of offering price)	—	%⁽¹⁾
Offering expenses (as a percentage of offering price)	—	%⁽²⁾
Dividend reinvestment plan expenses	—	%⁽³⁾
Total stockholder transaction expenses (as a percentage of offering price)	—	%⁽⁴⁾

Dividend Reinvestment and Cash Purchase Fees

^[2]

$ 0

Other Transaction Expenses [Percent]

^[3]

0.00%

Management Fees [Percent]

^[4],[5]

1.75%

Incentive Fees [Percent]

^[4],[7]

0.00%

Other Annual Expenses [Abstract]

Total Annual Expenses [Percent]

5.24%

Expense Example, Year 01

$ 46

Expense Example, Years 1 to 5

220

Purpose of Fee Table , Note [Text Block]

The following table is intended to assist you in understanding the costs and expenses that an investor in an offering will bear directly or indirectly. We caution you that some of the percentages indicated in the table below are estimates and may vary. The following table 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 “us” or “Neostellar Capital,” or that “we” will pay fees or expenses, you will indirectly bear such fees or expenses as an investor in Neostellar Capital Corp., however, your responsibility for such fees or expenses is limited to your investment in Neostellar Capital Corp. The fee table and example below include all fees and expenses of our consolidated subsidiaries.

Other Transaction Fees Basis, Maximum

$ 15

Financial Highlights [Abstract]

Senior Securities, Note [Text Block]

SENIOR SECURITIES

Information about our senior securities as of the end of the last ten fiscal years is presented in Part II, Item 5 in our most recent Annual Report on Form 10-K and is incorporated by reference into the registration statement of which this prospectus is a part. The report of CBIZ CPAs P.C., our independent registered public accounting firm, on the senior securities table as of December 31, 2025, and the report of Marcum LLP, our former independent registered public accounting firm, on the senior securities table as of December 31, 2024, 2023, 2022 and 2021, are attached as exhibits to our most recent Annual Report on Form 10-K and are incorporated by reference into the registration statement of which this prospectus is a part. CBIZ CPAs P.C. acquired the attest business of Marcum LLP effective November 1, 2024.

The following is a summary of our senior securities as of March 31, 2026 (unaudited):

Class and Year/Period	Total Amount Outstanding Exclusive of Treasury Securities⁽¹⁾		Asset Coverage Per Unit⁽²⁾		Involuntary Liquidating Preference Per Unit⁽³⁾		Average Market Value Per Unit⁽⁴⁾
March 31, 2026 (unaudited)
6.50% Convertible Notes due 2029⁽⁵⁾	$	35,000,000	$	6,105		—		N/A
6.00% Notes due 2026⁽⁶⁾	$	35,829,825	$	6,105		—	$	25.05
4.75% Convertible Senior Notes due 2023⁽⁷⁾	$	—	$	—		—		N/A
5.25% Convertible Senior Notes due 2018⁽⁸⁾	$	—	$	—		—		N/A
Credit Facility	$	—	$	—		—		N/A

(1)	Total gross amount of each class of senior securities outstanding at the end of the period presented, before deduction of discount and debt issuance costs.
(2)	Asset coverage per unit for a class of senior securities is the ratio of the carrying value of our total consolidated assets, less all liabilities and indebtedness not represented by senior securities, 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.
(3)	The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The “—” in this column indicates that the SEC expressly does not require this information to be disclosed for the types of senior securities representing indebtedness issued by the Company as of the stated time periods.
(4)	Average market value per unit for the 6.00% Notes due 2026 is based on the average of the daily closing prices of the 6.00% Notes due 2026 on the Nasdaq Global Select Market during the quarter ended March 31, 2026, and is expressed per $25 principal amount unit. “N/A” indicates that the applicable class of senior securities was not listed on a national securities exchange during the period presented.
(5)	The 6.50% Convertible Notes due 2029 were issued on August 14, 2024 in the amount of $25.0 million, on October 9, 2024 in the amount of $5.0 million, and on January 16, 2025 in the amount of an additional $5.0 million.
(6)	The 6.00% Notes due 2026 were issued on December 17, 2021. During the year ended December 31, 2024, 1,213,304 units of the 6.00% Notes due 2026 representing $30,332,600 in principal were repurchased. During the year ended December 31, 2025, 353,503 units of the 6.00% Notes due 2026 representing $8,837,575 in principal were repurchased.
(7)	For the year ended December 31, 2020, we issued 174,888 shares of our common stock and cash for fractional shares upon the conversion of $1,785,000 in aggregate principal amount of the 4.75% Convertible Senior Notes due 2023. The 4.75% Convertible Senior Notes due 2023 were repaid in full with interest on March 29, 2021.
(8)	The 5.25% Convertible Senior Notes due 2018 were repaid in full with interest on September 15, 2018.

Risk Factors [Table Text Block]

RISK FACTORS

Investing in our securities involves a high degree of risk. Before deciding whether to invest in our securities, you should carefully consider the risks and uncertainties described in the section titled “Risk Factors” in the applicable prospectus supplement and any related free writing prospectus, and discussed in the section titled “Risk Factors” in Part I, Item 1A of our most recent Annual Report on Form 10-K, the section titled “Risk Factors” in Part II, Item 1A of our most recent Quarterly Report on Form 10-Q, and any subsequent filings we have made with the SEC that are incorporated by reference into this prospectus or any prospectus supplement, together with other information in this prospectus, the documents incorporated by reference in this prospectus or any prospectus supplement, and any free writing prospectus that we may authorize for use in connection with this offering. The externalization-related risk factors in this prospectus update and, to the extent inconsistent with the risk factors incorporated by reference from our Annual Report on Form 10-K and Quarterly Report on Form 10-Q, supersede those incorporated risk factors, which were prepared while the Company was internally managed. The risks described in these documents are not the only ones we face. Additional risks and uncertainties that we are unaware of, or that we currently believe are not material, may also become important factors that adversely affect our business. Past financial performance may not be a reliable indicator of future performance, and historical trends should not be used to anticipate results or trends in future periods. If any of these risks actually occurs, our business, reputation, financial condition, results of operations, revenue, and future prospects could be seriously harmed. This could cause our net asset value and the trading price of our securities to decline, resulting in a loss of all or part of your investment. Please also read carefully the section titled “Cautionary Statement Regarding Forward-Looking Statements” in this prospectus.

Risks Relating to the Externalization and Our Externally Managed Structure

The following risk factors supplement, update and, to the extent inconsistent, supersede the risk factors incorporated by reference into this prospectus and relate to the Externalization and our operation as an externally managed BDC. You should carefully consider these risks, together with the other information in this prospectus and the documents incorporated by reference herein, before investing in our securities.

We depend upon the Adviser and its key personnel, and we have no employees. Following the Externalization, we have no employees and depend on the Adviser to manage our investment activities and the Administrator to provide administrative services. We depend on the diligence, skill and network of business contacts of the investment professionals of the Adviser and its affiliates, including Magnetar. The investment professionals who manage our portfolio are employees of the Adviser and are not obligated to dedicate any specific portion of their time to managing our business, and the departure of any of these key personnel could have a material adverse effect on our ability to achieve our investment objective.

The Investment Advisory Agreement and the Administration Agreement were not negotiated on an arm’s-length basis. The Investment Advisory Agreement and the Administration Agreement were negotiated between related parties, and certain of the Adviser’s investment professionals who negotiated these agreements on our behalf have economic interests in the Adviser. As a result, their terms, including the fees payable to the Adviser, may be less favorable to us than they would have been had they been negotiated with an unaffiliated third party.

We pay the Adviser a Base Management Fee based on our gross assets, which may create an incentive to incur leverage. Because the Base Management Fee is calculated as a percentage of our gross assets, including assets acquired with borrowed funds, the Adviser may have an incentive to increase our leverage in order to increase the Base Management Fee. The use of leverage increases the risk of investing in our securities.

The Incentive Fee may create incentives for the Adviser to make speculative investments or to use leverage. The Income-Based Fee is computed and paid on income that may include interest that is accrued but not yet received in cash, and the structure of the Incentive Fee may create an incentive for the Adviser to make investments that are riskier or more speculative than would otherwise be the case, or to use leverage to increase the return on our investments. In addition, because the Capital Gains Fee is based on realized capital gains on Eligible Investments, the Adviser may have an incentive to dispose of Pre-Existing Investments and redeploy the proceeds into Eligible Investments, which would increase the Incentive Fee payable to the Adviser.

We may pay the Income-Based Fee even if we incur a net loss. We may be required to pay the Income-Based Fee in a quarter in which we incur a net loss, because the Income-Based Fee is calculated on our Pre-Incentive Fee Net Investment Income and does not take into account realized or unrealized capital losses. As a result, the Income-Based Fee may be payable to the Adviser even if our net asset value decreases in a given period.

The Adviser and Magnetar may face conflicts of interest in allocating investment opportunities. The Adviser, Magnetar and their affiliates manage, and in the future may manage, other funds and accounts, including funds and accounts that have investment objectives or strategies that overlap with ours. As a result, the Adviser and its affiliates may face conflicts of interest in allocating investment opportunities among us and such other funds and accounts. Although the Adviser and Magnetar intend to adopt allocation policies designed to allocate opportunities on a fair and equitable basis, there can be no assurance that a particular opportunity that is suitable for us will be allocated to us.

Our ability to co-invest with affiliates is subject to exemptive relief that we have not yet obtained. We intend to apply for co-investment exemptive relief under the 1940 Act and, if the relief is obtained, to rely on it to co-invest alongside the Adviser, Magnetar and their affiliates in suitable negotiated investments. Until we obtain the Exemptive Relief, our ability to co-invest alongside the Adviser, Magnetar and their affiliates in privately negotiated transactions will be limited by the 1940 Act and the rules thereunder. There can be no assurance that we will obtain the Exemptive Relief, or that the conditions of any Exemptive Relief we obtain will not limit our ability to participate in attractive investment opportunities.

The Adviser’s services may not be exclusive. The Investment Advisory Agreement does not require the Adviser to provide investment management services to us on an exclusive basis, and the Adviser may in the future sponsor or advise other investment vehicles, including other BDCs, private funds, separately managed accounts and registered investment companies. As a result, the time and resources that the Adviser’s investment professionals devote to us may be diverted, and we may face additional conflicts of interest.

The Magnetar Investment may give rise to conflicts of interest, require cash payments and result in dilution or resales of our Common Stock. In connection with the Externalization, on July 16, 2026, MCP Investing LLC, an affiliate of the Magnetar JV Entity, purchased a $20,000,000 redeemable promissory note from us pursuant to the Securities Purchase Agreement. The note bears interest and, unless redeemed in connection with a Qualified Fundraising or repaid in connection with a change of control, must be repaid in cash at maturity, which could reduce cash available for investments and operations. Upon a Qualified Fundraising, the note will be redeemed and repaid through the issuance of shares of our Common Stock, and the issuance or resale of those shares under the registration rights granted to the Purchaser could be dilutive to existing stockholders or adversely affect the market price of our Common Stock. Upon a change of control, we must repay 105% of the outstanding principal and accrued interest in cash. In addition, Erik Falk, a Partner and Head of Strategy of Magnetar, serves on our Board of Directors as an interested director, which may give rise to additional conflicts of interest in matters relating to Magnetar and the Magnetar Investment.

The Adviser’s investment professionals have interests in the Externalization that may differ from the interests of our stockholders. In connection with the Externalization, certain of the Adviser’s investment professionals own interests in, and are employed by, the Adviser or the Administrator, and certain transaction-related cash bonuses, restricted-share grants, vesting accelerations and lock-up arrangements were tied to the consummation of the Externalization. These arrangements may create conflicts between their personal economic interests and the interests of our stockholders, including in connection with the negotiation and implementation of the Investment Advisory Agreement, the Administration Agreement and related transactions.

We may fail to realize the anticipated benefits of the Externalization. The Externalization may not produce the benefits that we anticipate, and the aggregate fees payable to the Adviser under the Investment Advisory Agreement could, in periods of declining asset values or poor investment performance, exceed the compensation we would have paid to our investment personnel under our former internally managed structure. In addition, following the Externalization, we directly bear investment advisory fees, expenses payable under the Administration Agreement, our allocable portion of overhead, and other operating, administration and transaction expenses, which could be higher than the costs we incurred under our former internally managed structure and reduce net investment income available for distributions.

Sales or restructurings of Pre-Existing Investments could change our fee profile and portfolio composition. Because the Incentive Fee applies only to Eligible Investments and not to Pre-Existing Investments, decisions by the Adviser to dispose of Pre-Existing Investments and redeploy proceeds into Eligible Investments could, over time, increase the Incentive Fee payable to the Adviser and alter the composition and risk profile of our portfolio. We cannot predict the timing or extent of any such dispositions or redeployments, which will depend on market conditions, portfolio company developments and the Adviser’s judgment.

Lowest Price or Bid

$ 9.76

$ 10.79

$ 8.70

$ 8.83

$ 8.05

$ 4.46

$ 4.97

$ 4.62

$ 3.63

$ 3.76

$ 3.39

$ 3.51

$ 3.19

$ 3.20

$ 2.93

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

^[10]

(0.00%)

^[11]

(0.00%)

^[12]

(24.80%)

26.30%

1.00%

(9.90%)

(4.50%)

(26.70%)

(35.70%)

(34.20%)

(45.90%)

(48.80%)

(46.50%)

(38.90%)

NAV Per Share

^[13]

$ (0)

^[11]

$ (0)

^[12]

$ (0)

^[11]

$ (0)

^[12]

$ 14.24

$ 8.09

$ 9.23

$ 9.18

$ 6.66

$ 6.68

$ 6.73

$ 6.94

$ 7.17

$ 7.99

$ 8.41

$ 7.35

$ 7.59

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

Rights Limited by Other Securities [Text Block]

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.

Long Term Debt, Title [Text Block]

DEBT SECURITIES

Long Term Debt, Dividends and Covenants [Text Block]

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 means any of the following:

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

●	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 within five days of its due date;

●	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 the outstanding debt securities of the series);

●	we file for bankruptcy or certain other events of bankruptcy, insolvency or reorganization occur and remain undischarged or unstayed for a period of 90 days;

●	the series of debt securities has an asset coverage, as such term is defined in the 1940 Act, of less than 100 per centum on the last business day of each of twenty-four consecutive calendar months, giving effect to any exemptive relief granted to the Company by the SEC; or

●	any other Event of Default in respect of debt securities of the series described in the prospectus supplement 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, interest, or sinking or purchase fund installment, if it in good faith considers the withholding of notice to be in the interest of the holders.

Remedies if an Event of Default Occurs

If an Event of Default has occurred and is continuing, the trustee or the holders of not less than 25% in principal amount of the outstanding debt securities of the affected series may (and the trustee shall at the request of such holders) 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 outstanding debt securities of the affected series if (1) we have deposited with the trustee all amounts due and owing with respect to the securities (other than principal that has become due solely by reason of such acceleration) and certain other amounts, and (2) any other Events of Default have been cured or waived.

Except in cases of default, where the trustee has some special duties, the trustee is not required to take any action under the indenture at the request of any holders unless the holders offer the trustee reasonable protection from expenses and liability (called an “indemnity”). If reasonable indemnity 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 with respect to the relevant series of debt securities 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 reasonable indemnity, security or both to the trustee against the costs, expenses 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 outstanding debt securities of that series 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

Holders of a majority in principal amount of the outstanding debt securities of the affected series may waive any past defaults other than:

●	the payment of principal, any premium or interest; or

●	in respect of a covenant that cannot be modified or amended without the consent of each holder.

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, we may not take any of these actions unless all the following conditions are met:

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

●	the merger or sale of assets must not cause a default on the debt securities and we must not already be in default (unless the merger or sale would cure the default). For purposes of this no-default test, a default would include an Event of Default that has occurred and has not been cured, as described under “Events of Default” above. A default for this purpose would also include any event that would be an Event of Default if the requirements for giving us a notice of default or our default having to exist for a specific period of time were disregarded;

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

●	we must satisfy any other requirements specified in the prospectus supplement 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 or the terms of any sinking fund with respect to any security;

●	reduce any amounts due on a debt security;

●	reduce the amount of principal payable upon acceleration of the maturity of an original issue discount or indexed security following a default or upon the redemption thereof or the amount thereof provable in a bankruptcy proceeding;

●	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 or prospectus supplement);

●	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 outstanding 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 with the consent of holders, 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 a series of debt securities issued under the indenture, voting together as one class for this purpose, may waive our compliance with some of our covenants applicable to that series of debt securities. However, we cannot obtain a waiver of a payment default or of any of the matters covered by the bullet points included above under “— 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 the principal face amount at original issuance or a special rule for that debt security described in the prospectus supplement; 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 or if we, any other obligor, or any affiliate of us or any obligor own such debt securities. Debt securities will also not be eligible to vote if they have been fully defeased as described later under “— 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. However, the record date may not be more than 30 days before the date of the first solicitation of holders to vote on or take such action. 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 that the provisions of covenant defeasance and full defeasance will not be applicable to that series.

Covenant Defeasance

Under current U.S. federal tax law and the indenture, 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 we achieved covenant defeasance and your debt securities were subordinated as described under “— Indenture Provisions — Subordination” below, such subordination would not prevent the trustee under the indenture from applying the funds available to it from the deposit described in the first bullet below to the payment of amounts due in respect of such debt securities for the benefit of the subordinated debt holders. In order to achieve covenant defeasance, we must do the following:

●	we must deposit in trust for the benefit of all holders of a series of debt securities a combination of cash (in such currency in which such securities are then specified as payable at stated maturity) or government obligations applicable to such securities (determined on the basis of the currency in which such securities are then specified as payable at stated maturity) that will generate enough cash to make interest, principal and any other payments on the debt securities on their various due dates and any mandatory sinking fund payments or analogous payments;

●	we must 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;

●	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;

●	defeasance must not result in a breach or violation of, or result in a default under, the indenture or any of our other material agreements or instruments;

●	no default or event of default with respect to such debt securities shall have occurred and be continuing and no defaults or events of default related to bankruptcy, insolvency or reorganization shall occur during the next 90 days; and

●	satisfy the conditions for covenant defeasance contained in any supplemental indentures.

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. For example, 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 such a shortfall. However, there is no assurance that we would have sufficient funds to make payment of the shortfall.

Full Defeasance

If there is a change in U.S. federal tax law or we obtain an IRS ruling, as described in the second bullet 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:

●	we must deposit in trust for the benefit of all holders of a series of debt securities a combination of cash (in such currency in which such securities are then specified as payable at stated maturity) or government obligations applicable to such securities (determined on the basis of the currency in which such securities are then specified as payable at stated maturity) that will generate enough cash to make interest, principal and any other payments on the debt securities on their various due dates and any mandatory sinking fund payments or analogous payments.

●	we must 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. Under current U.S. federal 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.

●	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 defeasance have been complied with.

●	defeasance must not result in a breach or violation of, or constitute a default under, the indenture or any of our other material agreements or instruments.

●	no default or event of default with respect to such debt securities shall have occurred and be continuing and no defaults or events of default related to bankruptcy, insolvency or reorganization shall occur during the next 90 days.

●	satisfy the conditions for full defeasance contained in any supplemental indentures.

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 your debt securities were subordinated as described later under “— Indenture Provisions — Subordination”, such subordination would not prevent the trustee under the indenture from applying the funds available to it from the deposit referred to in the first bullet of the preceding paragraph to the payment of amounts due in respect of such debt securities for the benefit of the subordinated debt holders.

Outstanding Security, Authorized [Shares]

100,000,000

Outstanding Security, Not Held [Shares]

26,473,222

Cover [Abstract]

Entity Address, Address Line Two

640 Fifth Avenue

Entity Address, City or Town

New York

Entity Address, Postal Zip Code

10019

Senior Securities Amount

^[14],[15]

$ 35,000,000

Preferred Stock Liquidating Preference

^[14],[17]

Financial Highlights [Abstract]

Senior Securities Coverage per Unit

^[16],[18]

$ 6,105

Senior Securities Average Market Value per Unit

^[18],[19]

$ 25.05

Financial Highlights [Abstract]

Senior Securities Coverage per Unit

^[16],[20]

Senior Securities Amount

^[15],[21]

Preferred Stock Liquidating Preference

^[17],[21]

Financial Highlights [Abstract]

Senior Securities Coverage per Unit

^[16]

Basis of Transaction Fees, Note [Text Block]

as a percentage of net assets attributable to common stock

Security Title [Text Block]

Common Stock

Security Voting Rights [Text Block]

Each share of our common stock is entitled to one vote on all matters submitted to a vote of stockholders, including the election of directors. Except as provided with respect to any other class or series of stock, the holders of our common stock will possess exclusive voting power. There is no cumulative voting in the election of directors, which means that holders of a majority of the outstanding shares of common stock can elect all of our directors, and holders of less than a majority of such shares will be unable to elect any director.

Security Preemptive and Other Rights [Text Block]

Shares of our common stock have no preemptive, conversion or redemption rights and are freely transferable, except where their transfer is restricted by federal and state securities laws or by contract.

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

Security Dividends [Text Block]

the rate 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 participating or non-participating

Security Liquidation Rights [Text Block]

the rights and preferences, if any, of holders of shares of such series upon our liquidation, dissolution or winding up of our affairs

Security Preemptive and Other Rights [Text Block]

any other relative powers, preferences and participating, optional or special rights of shares of such series, and the qualifications, limitations or restrictions thereof.

Other Security, Title [Text Block]

SUBSCRIPTION RIGHTS

Warrants or Rights, Called Title

subscription rights

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

Other Security, Description [Text Block]

DESCRIPTION OF OUR WARRANTS

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 relating to such warrants.

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 stock, preferred stock or 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 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 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 shall commence and the date on which such right will expire;

●	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;

●	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.

Each warrant will entitle the holder to purchase for cash such common stock or preferred stock at the exercise price or such principal amount of debt securities as shall in each case be set forth in, or be determinable as set forth in, the prospectus supplement relating to the warrants offered thereby. Warrants may be exercised as set forth in the prospectus supplement beginning on the date specified therein and continuing until the close of business on the expiration date set forth in the prospectus supplement. After the close of business on the expiration date, unexercised warrants will become void.

Upon receipt of payment and a warrant certificate properly completed and duly executed at the corporate trust office of the warrant agent or any other office indicated in the prospectus supplement, we will, as soon as practicable, forward the securities purchasable upon such exercise. If less than all of the warrants represented by such warrant certificate are exercised, a new warrant certificate will be issued for the remaining warrants. If we so indicate in the applicable prospectus supplement, holders of the warrants may surrender securities as all or part of the exercise price for 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 or conversion price is not less than the current market value at the date of issuance; (3) our stockholders authorize the issuance of such warrants, and our Board of Directors approves such issuance on the basis that the issuance is in the best interests of the Company and its stockholders; 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. As of the date of this prospectus, our stockholders have not authorized any issuance of warrants beyond those that would otherwise be permitted without stockholder approval under the 1940 Act.