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424B5
PIMCO Dynamic Income Fund
<div style="line-height:14.0pt;text-align:left"><span style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Objectives</span></span></div><div style="line-height:12.0pt;margin-top:3pt;text-align:left"><div style="margin-top:3pt"><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund seeks current income as a primary objective and capital appreciation as a secondary objective.</span></div></div><div style="line-height:14.0pt;margin-top:9pt;text-align:left"><div style="margin-top:9pt"><span style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Investment Strategy</span></span></div></div><div style="line-height:12.0pt;margin-top:3pt;text-align:left"><div style="margin-top:3pt"><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund seeks to achieve its investment objectives by utilizing a dynamic asset allocation strategy among multiple fixed income sectors in the global </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">credit markets, including corporate debt (including, among other things, fixed-, variable- and floating-rate bonds, loans (including, but not limited to, </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">bank and/or other syndicated loans and non-syndicated (private direct) loans), convertible securities and stressed debt securities issued by U.S. or </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">foreign (non-U.S.) corporations or other business entities, including emerging market issuers), mortgage-related and other asset-backed securities, </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">government and sovereign debt, taxable municipal bonds and other fixed-, variable- and floating-rate income-producing securities of U.S. and foreign </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(including emerging market) issuers. The Fund may invest in investment grade debt securities and below investment grade debt securities (commonly </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">referred to as “high yield” securities or “junk bonds”), including securities of defaulted, distressed and stressed issuers. The types of securities and </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">instruments in which the Fund may invest are summarized under “Portfolio Contents” in the accompanying Prospectus. The Fund cannot assure you </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">that it will achieve its investment objectives or that the Fund's investment program will be successful, and you could lose all of your investment in the </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund.</span></div></div>
<div style="line-height:14.0pt;margin-top:9pt;text-align:left"><div style="margin-top:9pt"><span style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Risks</span></span></div></div><div style="line-height:12.0pt;margin-top:3pt;text-align:left"><div style="margin-top:3pt"><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Investment in the Common Shares involves substantial risks arising from, among other strategies, the Fund’s ability to invest in debt instruments that </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are, at the time of purchase, rated below investment grade (below Baa3 by Moody’s Investors Service, Inc. or below BBB- by either S&P Global Ratings </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or Fitch Ratings, Inc.), or that are unrated but determined by Pacific Investment Management Company LLC (“PIMCO” or the “Investment Manager”) </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to be of comparable quality, the Fund’s exposure to foreign (including emerging markets) securities and currencies and to mortgage-related and other </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">asset-backed securities, and the Fund’s use of leverage. Debt instruments of below investment grade quality are regarded as having predominantly </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">speculative characteristics with respect to capacity to pay interest and to repay principal, and are commonly referred to as “high yield” securities or </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">“junk bonds.” The Fund’s exposure to foreign securities and currencies, and particularly to emerging markets securities and currencies, involves </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">special risks, including foreign currency risk and the risk that the securities may decline in response to unfavorable political and legal developments, </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">unreliable or untimely information or economic and financial instability. Mortgage-related and other asset-backed securities are subject to extension </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and prepayment risk and often have complicated structures that make them difficult to value. Because of the risks associated with investing in high </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">yield securities, foreign (including emerging markets) securities (and related exposure to foreign currencies) and mortgage-related and other </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">asset-backed securities, and using leverage, an investment in the Fund should be considered speculative. The sale of Common Shares by the Fund (or </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the perception that such sales may occur), particularly if sold at a discount to the then-current market price of the Common Shares, may have an </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adverse effect on the market price of the Common Shares.</span></div></div><div style="line-height:12.0pt;margin-top:3pt;text-align:left"><div style="margin-top:3pt"><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Before investing in the Common Shares, you should read the discussion of the principal risks of investing in the Fund in “Principal Risks of the Fund” </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">in the accompanying Prospectus. Certain of these risks are summarized in “Prospectus Summary—Principal Risks of the Fund” in the accompanying </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Prospectus. The Fund cannot assure you that it will achieve its investment objectives, and you could lose all of your investment in the Fund.</span></div></div>
<span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table is intended to assist investors in understanding the fees and expenses (annualized) that an investor in Common Shares of the </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund would bear, directly or indirectly, as a result of an offering. The table reflects the use of leverage attributable to the Fund’s reverse repurchase </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">agreements averaged over the fiscal year ended June 30, 2026 in an amount equal to 31.92% of the Fund’s average total managed assets including </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the assets attributable to such leverage (or 46.89% of the Fund's average total net assets attributable to Common Shares), and shows Fund expenses </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">as a percentage of net assets attributable to Common Shares. The percentages above do not reflect the Fund’s use of other forms of economic </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">leverage, such as credit default swaps or other derivative instruments. The table and example below are based on the Fund’s capital structure as of </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">June 30, 2026. The extent of the Fund’s assets attributable to leverage following an offering, and the Fund’s associated expenses, are likely to vary </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">(perhaps significantly) from these assumptions.</span>
<div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Shareholder Transaction Expenses</span></span><span style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></div></div><div style="margin-top:0.0pt">
<table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #00687D;empty-cells:show;width:538pt">
<tr style="height:15pt">
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:506.81pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;margin-top:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Sales load (as a percentage of offering price)</span></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:31.19pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:4pt;margin-right:3pt;margin-top:3pt;text-align:Center;white-space:nowrap"><span style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;">1.00%</span><span style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 4.5pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;">(1)</span> <div style="clear:right"> </div></div></div></td></tr>
<tr style="height:13pt">
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:506.81pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap"><span style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Offering Expenses Borne by Common Shareholders (as a percentage of offering price)</span></div></div></td>
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:31.19pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:4pt;margin-right:3pt;text-align:Center;white-space:nowrap"><span style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.02%</span></div></div></td></tr>
<tr style="height:9.5pt">
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:4pt;vertical-align:Top;width:506.81pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap"><span style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Dividend Reinvestment Plan Fees</span></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:4pt;vertical-align:Top;width:31.19pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:4pt;margin-right:3pt;text-align:Center;white-space:nowrap"><span style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</span><span style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 4.5pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;">(2)</span> <div style="clear:right"> </div></div></div></td></tr></table></div><div><div style="clear:both;margin-top:2.0pt;position:relative;width:100%"><div style="float:left;line-height:7pt;text-align:left;width:5.99pt"><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(1)</span></div><div style="float:left;line-height:10.0pt;margin-left:4.01pt;text-align:left;width:523.00pt"><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Represents the maximum commission with respect to the Common Shares being sold in this offering that the Fund may pay to JonesTrading in connection with sales of Common </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Shares effected by JonesTrading in this offering. This is the only sales load to be paid in connection with this offering. There is no guarantee that there will be any sales of Common </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Shares pursuant to this Prospectus Supplement and the accompanying Prospectus.</span></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:2.0pt;position:relative;width:100%"><div style="float:left;line-height:7pt;text-align:left;width:5.99pt"><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(2)</span></div><div style="float:left;line-height:10.0pt;margin-left:4.01pt;text-align:left;width:523.00pt"><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">You will pay brokerage charges if you direct your broker or the plan agent to sell your Common Shares that you acquired pursuant to a dividend reinvestment plan. You may also pay a </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">pro rata share of brokerage commissions incurred in connection with open-market purchases pursuant to the Fund’s Dividend Reinvestment Plan. See “Dividend Reinvestment Plan” in </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">the accompanying Prospectus.</span></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div>
as a percentage of offering price
0.01
as a percentage of offering price
0.0002
0
<div style="line-height:12.0pt;text-align:left"><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Annual Expenses</span></span><span style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></div><div style="line-height:0.0pt;margin-top:3pt;text-align:left"><div style="margin-top:3pt"> </div></div><div style="margin-top:0.0pt">
<table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #00687D;empty-cells:show;width:538pt">
<tr style="height:33.25pt">
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:421.35pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 4pt; text-align: center; white-space: nowrap; font-size: 7pt;"><span style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></div></div></td>
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:116.65pt"><div style="line-height:8.0pt;text-align:left"><div style="margin-left:4pt;margin-right:3pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Percentage of Net Assets Attributable</span></span><span style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; line-height: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></div><div style="margin-left:4pt;margin-right:3pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">to Common Shares (reflecting</span></span><span style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; line-height: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></div><div style="margin-left:4pt;margin-right:3pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">leverage attributable to reverse</span></span><span style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; line-height: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></div><div style="margin-left:4pt;margin-right:3pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">repurchase agreements)</span></span></div></div></td></tr>
<tr style="height:16.25pt">
<td style="background-color:azure;padding-bottom:4pt;padding-top:2.25pt;vertical-align:Top;width:421.35pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;margin-top:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Management Fees</span><span style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;">(1)</span> <div style="clear:right"> </div></div></div></td>
<td style="background-color:azure;padding-bottom:4pt;padding-top:2.25pt;vertical-align:Top;width:116.65pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:4pt;margin-right:3pt;margin-top:3pt;text-align:Center;white-space:nowrap"><span style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.62%</span></div></div></td></tr>
<tr style="height:13pt">
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:421.35pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap"><span style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Interest Payments on Borrowed Funds</span><span style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;">(2)</span> <div style="clear:right"> </div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:116.65pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:4pt;margin-right:3pt;text-align:Center;white-space:nowrap"><span style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.16%</span></div></div></td></tr>
<tr style="height:13pt">
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:421.35pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap"><span style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Other Expenses</span><span style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;">(3)</span> <div style="clear:right"> </div></div></div></td>
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:116.65pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:4pt;margin-right:3pt;text-align:Center;white-space:nowrap"><span style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.01%</span></div></div></td></tr>
<tr style="height:9.5pt">
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:4pt;vertical-align:Top;width:421.35pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap"><span style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total Annual Expenses</span><span style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;">(4)</span> <div style="clear:right"> </div></div></div></td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:4pt;vertical-align:Top;width:116.65pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:4pt;margin-right:3pt;text-align:Center;white-space:nowrap"><span style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.79%</span></div></div></td></tr></table></div><div><div style="clear:both;margin-top:2pt;position:relative;width:100%"><div style="float:left;line-height:7pt;text-align:left;width:5.99pt"><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(1)</span></div><div style="float:left;line-height:10.0pt;margin-left:4.01pt;text-align:left;width:523.00pt"><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Management fees include fees payable to the Investment Manager for advisory services and for supervisory, administrative and other services. The Fund pays for the advisory, </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">supervisory and administrative services it requires under what is essentially an all-in fee structure (the “unified management fee”). Pursuant to an investment management agreement, </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO is paid a Management Fee of 1.10% of the Fund’s average daily total managed assets. The Fund (and not PIMCO) will be responsible for certain fees and expenses, which are </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">reflected in the table above, that are not covered by the unified management fee under the investment management agreement. Please see “Management of the Fund –Investment </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Management Agreement” in the accompanying Prospectus for an explanation of the unified management fee and definition of “total managed assets.”</span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></span></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:2pt;position:relative;width:100%"><div style="float:left;line-height:7pt;text-align:left;width:5.99pt"><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(2)</span></div><div style="float:left;line-height:10.0pt;margin-left:4.01pt;text-align:left;width:523.00pt"><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Reflects the Fund’s use of leverage in the form of reverse repurchase agreements averaged over the fiscal year ended June 30, 2026, which represented 31.92% of the Fund’s average </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">total managed assets, including the assets attributable to such leverage (or 46.89% of the Fund's average net assets attributable to Common Shares), as of that date, at an annual </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">interest rate cost to the Fund of 4.53%, which is the weighted average interest rate cost during the period ended June 30, 2026. See “Use of Leverage - Effects of Leverage” in the </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">accompanying Prospectus. The actual amount of interest expense borne by the Fund will vary over time in accordance with the level of the Fund’s use of reverse repurchase agreements, </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">dollar rolls/buybacks and/or borrowings and variations in market interest rates. Borrowing expense is required to be treated as an expense of the Fund for accounting purposes. Any </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">associated income or gains (or losses) realized from leverage obtained through such instruments is not reflected in the Annual Expenses table above, but would be reflected in the </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s performance results.</span></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:2pt;position:relative;width:100%"><div style="float:left;line-height:7pt;text-align:left;width:5.99pt"><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(3)</span></div><div style="float:left;line-height:10.0pt;margin-left:4.01pt;text-align:left;width:523.00pt"><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“Other Expenses” are estimated for the Fund’s fiscal year ending June 30, 2027.</span></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div><div><div style="clear:both;margin-top:2pt;position:relative;width:100%"><div style="float:left;line-height:7pt;text-align:left;width:5.99pt"><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(4)</span></div><div style="float:left;line-height:10.0pt;margin-left:4.01pt;text-align:left;width:523.00pt"><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">“Interest Payments on Borrowed Funds” are borne by the Fund separately from the management fees paid to PIMCO. Excluding these expenses, Total Annual Expenses are 1.63%.</span></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div>
0.0162
0.0216
0.0001
0.0379
<span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Management fees include fees payable to the Investment Manager for advisory services and for supervisory, administrative and other services. The Fund pays for the advisory, </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">supervisory and administrative services it requires under what is essentially an all-in fee structure (the “unified management fee”). Pursuant to an investment management agreement, </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO is paid a Management Fee of 1.10% of the Fund’s average daily total managed assets. The Fund (and not PIMCO) will be responsible for certain fees and expenses, which are </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">reflected in the table above, that are not covered by the unified management fee under the investment management agreement. Please see “Management of the Fund –Investment </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Management Agreement” in the accompanying Prospectus for an explanation of the unified management fee and definition of “total managed assets.”</span>
“Other Expenses” are estimated for the Fund’s fiscal year ending June 30, 2027.
<div style="line-height:14.0pt;margin-top:9pt;text-align:left"><div style="margin-top:9pt"><span style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Example</span></span></div></div><div style="line-height:12.0pt;margin-top:3pt;text-align:left"><div style="margin-top:3pt"><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following example illustrates the expenses that you would pay on a $1,000 investment in Common Shares of the Fund (including an assumed </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">total sales load or commission of 1.00% and the other estimated costs of this offering to be borne by the holders of the Common Shares of 0.02%, </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">assuming (1) that the Fund’s net assets do not increase or decrease, (2) that the Fund incurs total annual expenses of 3.79% of net assets </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">attributable to Common Shares in years 1 through 10 (assuming assets attributable to reverse repurchase agreements representing approximately </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">31.92% of the Fund’s total managed assets) and (3) a 5% annual return</span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 6.5pt; position: relative; top: -4.25pt; letter-spacing: 0px;display:inline;"> (1)</span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">:</span><span style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </span><span style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div></div><div style="line-height:0.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"> </div></div><div style="margin-top:0.0pt">
<table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #00687D;empty-cells:show;width:538pt">
<tr style="height:12.25pt">
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:298pt"><div style="line-height:0.5pt;text-align:left"><div style="margin-left: 3pt; margin-right: 4pt; text-align: center; white-space: nowrap; font-size: 7pt;"><span style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;"> </span></span></div></div></td>
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:60pt"><div style="line-height:8.0pt;text-align:left"><div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">1 Year</span></span></div></div></td>
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:60pt"><div style="line-height:8.0pt;text-align:left"><div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">3 Years</span></span></div></div></td>
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:60pt"><div style="line-height:8.0pt;text-align:left"><div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">5 Years</span></span></div></div></td>
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:60pt"><div style="line-height:8.0pt;text-align:left"><div style="margin-left:4pt;margin-right:3pt;text-align:Center;white-space:nowrap"><span style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">10 Years</span></span></div></div></td></tr>
<tr style="height:12.75pt">
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.25pt;vertical-align:Top;width:298pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;margin-top:3pt;text-align:Left;white-space:nowrap"><span style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total Expenses Incurred</span></div></div></td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.25pt;vertical-align:Top;width:60pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:4pt;margin-right:4pt;margin-top:3pt;text-align:Center;white-space:nowrap"><span style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$38</span></div></div></td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.25pt;vertical-align:Top;width:60pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:4pt;margin-right:4pt;margin-top:3pt;text-align:Center;white-space:nowrap"><span style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$116</span></div></div></td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.25pt;vertical-align:Top;width:60pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:4pt;margin-right:4pt;margin-top:3pt;text-align:Center;white-space:nowrap"><span style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$196</span></div></div></td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.25pt;vertical-align:Top;width:60pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:4pt;margin-right:3pt;margin-top:3pt;text-align:Center;white-space:nowrap"><span style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$405</span></div></div></td></tr></table></div><div><div style="clear:both;margin-top:2pt;position:relative;width:100%"><div style="float:left;line-height:7pt;text-align:left;width:5.99pt"><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(1)</span></div><div style="float:left;line-height:10.0pt;margin-left:4.01pt;text-align:left;width:523.00pt"><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">The example above should not be considered a representation of future expenses. Actual expenses may be higher or lower than those shown. The example assumes that the estimated </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Interest Payments on Borrowed Funds and Other Expenses set forth in the Annual Expenses table are accurate, that the rate listed under Total Annual Expenses remains the same each </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">year and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. Moreover, the Fund’s actual rate of return may be </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">greater or less than the hypothetical 5% annual return shown in the example.</span></div></div><div style="clear: both; position: relative; max-height: 0px;"> </div></div>
38
116
196
405
<div style="line-height:14.0pt;margin-top:10pt;text-align:left"> <div style="margin-top:10pt"><span style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Capitalization</span></span></div> </div> <div style="line-height:12.0pt;margin-top:3pt;text-align:left"> <div style="margin-top:3pt"><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Pursuant to the Sales Agreement, the Fund may offer and sell Common Shares having an aggregate offering price of up to $3,000,000,000, from </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">time to time through JonesTrading as its agent for the offer and sale of the Common Shares under this Prospectus Supplement and the accompanying </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Prospectus. There is no guarantee that there will be any sales of the Common Shares pursuant to this Prospectus Supplement and the accompanying </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Prospectus. The table below assumes that the Fund will sell 197,498,354 Common Shares at an assumed price of $15.19 per share (the last reported </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sale price per share of the Common Shares on the NYSE on August 31, 2026). Actual sales, if any, of the Common Shares, and the actual application </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of the proceeds thereof, under this Prospectus Supplement and the accompanying Prospectus may be different than as set forth in the table below. In </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">addition, the price per share of any such sale may be greater or less than $15.19, depending on the market price of the Common Shares at the time </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">of any such sale. To the extent that the market price per share of the Common Shares on any given day is less than the NAV per share on such day, </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the Fund will instruct JonesTrading not to make any sales on such day.</span></div> </div> <div style="line-height:12.0pt;margin-top:3pt;text-align:left"> <div style="margin-top:3pt"><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table sets forth the Fund’s capitalization at June 30, 2026:</span></div> </div> <div style="color: rgb(30, 130, 151); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div><div style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on a historical basis, and</div><div style="clear: both; position: relative; max-height: 0px;"></div><div style="color: rgb(30, 130, 151); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div><div style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on a pro forma basis as adjusted to reflect (i) the assumed sale of 197,498,354 Common Shares at an assumed price of $15.19 per share (the </div><div style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">last reported sale price per share of the Common Shares on the NYSE on August 31, 2026), in an offering under this Prospectus Supplement </div><div style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">and the accompanying Prospectus; (ii) the investment of net proceeds assumed from such offering in accordance with the Fund’s investment </div><div style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">objectives and policies, after deducting (a) the assumed commission of $30,000,000 (representing an estimated commission paid to </div><div style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">JonesTrading of 1.00% of the gross proceeds in connection with sales of Common Shares effected by JonesTrading in this offering) and (b) </div><div style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">estimated offering expenses payable by the Fund of $1,592,324; and (iii) investment of net proceeds received from 2,687,936 Common </div><div style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Shares sold between July 1, 2026 and August 31, 2026 in a prior “at the market” offering (the “Prior ATM”).</div><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 1pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="clear: both; position: relative; max-height: 0px;"></div><div style="line-height:0.0pt;margin-top:6pt;text-align:left"> <div style="margin-top:6pt"></div> </div> <div style="margin-top:0.0pt">
<table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.5pt solid #00687D;empty-cells:show;width:538pt">
<tr style="height:12.25pt">
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:450.45pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left: 3pt; margin-right: 4pt; text-align: center; white-space: nowrap; font-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div> </div> </td>
<td colspan="2" style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:87.54pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:4pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of June 30, 2026</div></div></div> </div> </td> </tr>
<tr style="height:13.5pt">
<td style="background-color:azure;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:450.45pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left: 3pt; margin-right: 4pt; text-align: center; white-space: nowrap; font-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div> </div> </td>
<td style="background-color:azure;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:44.27pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Actual</div></div></div> </div> </td>
<td style="background-color:azure;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:43.27pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:4pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As Adjusted</div></div></div> </div> </td> </tr>
<tr style="height:16.25pt">
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:2.25pt;vertical-align:Top;width:450.45pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:3pt;margin-right:4pt;margin-top:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Composition of Net Assets (dollar amounts in thousands):</div></div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:2.25pt;vertical-align:Top;width:44.27pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left: 4pt; margin-right: 4pt; margin-top: 3pt; text-align: center; white-space: nowrap; font-size: 7.5pt;"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: -22.14pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:2.25pt;vertical-align:Top;width:43.27pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left: 4pt; margin-right: 3pt; margin-top: 3pt; text-align: center; white-space: nowrap; font-size: 7.5pt;"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: -22.14pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td> </tr>
<tr style="height:13pt">
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:450.45pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="display:inline;"></div><span style="letter-spacing: 0px; top: 0px;display:inline;">Common Shares</span>:</div></div> </div> </td>
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:44.27pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left: 4pt; margin-right: 4pt; text-align: center; white-space: nowrap; font-size: 7.5pt;"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: -22.14pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td>
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:43.27pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left: 4pt; margin-right: 3pt; text-align: center; white-space: nowrap; font-size: 7.5pt;"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: -22.14pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td> </tr>
<tr style="height:22.5pt">
<td style="background-color: rgb(255, 255, 255); padding-bottom: 4pt; padding-top: 4pt; vertical-align: top; width: 450.45pt; white-space: nowrap;"> <div style="line-height:9.5pt;text-align:left"> <div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares, par value $0.00001 per share, unlimited shares authorized (472,078,912 shares outstanding as of June 30, 2026, and </div><div style="color: rgb(0, 0, 0);font-family: "Arial Narrow";font-size: 7.5pt;/* margin-left: 10pt; */letter-spacing: 0px;top: 0px;display:inline;">674,114,846</div><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;">(</div><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;">1)</div><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"> shares </div></div> <div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 10pt; letter-spacing: 0px; top: 0px;display:inline;">estimated issued and outstanding as adjusted)</div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:44.27pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$5</div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:43.27pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$7</div></div> </div> </td> </tr>
<tr style="height:13pt">
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:450.45pt"> <div style="line-height:9.5pt;text-align:left"> <div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Paid-in-capital in excess of par</div></div> </div> </td>
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:44.27pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$9,806,924</div></div> </div> </td>
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:43.27pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$12,849,238</div></div> </div> </td> </tr>
<tr style="height:13pt">
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:450.45pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Distributable earnings (accumulated loss)</div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:44.27pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;">$(2,283,247)</div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:43.27pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;">$(2,462,452)</div></div> </div> </td> </tr>
<tr style="height:13pt">
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:450.45pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Net Assets Applicable to Holders of Common Shares</div></div></div> </div> </td>
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:44.27pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$7,523,682</div></div> </div> </td>
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:43.27pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$10,386,793</div></div> </div> </td> </tr>
<tr style="height:9.5pt">
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:4pt;vertical-align:Top;width:450.45pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Capitalization</div></div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:4pt;vertical-align:Top;width:44.27pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$7,523,682</div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:4pt;vertical-align:Top;width:43.27pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$10,386,793</div></div> </div> </td> </tr> </table> </div> <div style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(1)</div><div style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">This amount (i) includes 1,849,644 shares issued pursuant to the Fund’s dividend reinvestment plan between July 1, 2026 and August 31, 2026 (see “Dividend Reinvestment Plan” in </div><div style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">the accompanying Prospectus) and (ii) excludes Common Shares sold in the Prior ATM since August 31, 2026.</div><div style="clear: both; position: relative; max-height: 0px;"></div>
<span style="letter-spacing: 0px; top: 0px;display:inline;">Common Shares</span>:
674114846
<div style="line-height:14.0pt;margin-top:10pt;text-align:left"> <div style="margin-top:10pt"><span style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><span style="font-weight:bolder;display:inline;">Market and Net Asset Value Information</span></span></div> </div> <div style="line-height:12.0pt;margin-top:3pt;text-align:left"> <div style="margin-top:3pt"><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table sets forth, for each of the periods indicated, the high and low closing market prices of the Fund’s Common Shares on the NYSE, </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the high and low NAV per Common Share and the high and low premium/discount to NAV per Common Share. See “Net Asset Value” in the </span><span style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">accompanying Prospectus for information as to how the Fund’s NAV is determined.</span><span style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </span></div> </div>
<table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.4pt solid #00687D;empty-cells:show;width:538pt">
<tr style="height:19.25pt">
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:142pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left: 3pt; margin-right: 4pt; text-align: left; white-space: nowrap; font-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div> </div> </td>
<td colspan="2" style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:132pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Common share</div></div><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; line-height: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">market price</div></div><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 4.5pt; position: relative; top: -2.75pt; letter-spacing: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(1)</div></div> <div style="clear:right"></div> </div> </div> </td>
<td colspan="2" style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:132pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Common share</div></div><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; line-height: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">net asset value</div></div></div> </div> </td>
<td colspan="2" style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:132pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:4pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Premium (discount) as</div></div><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; line-height: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div> <div style="margin-left:4pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">a % of net asset value</div></div></div> </div> </td> </tr>
<tr style="height:13.5pt">
<td style="background-color:azure;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:142pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Quarter</div></div></div> </div> </td>
<td style="background-color:azure;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:66pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">High</div></div></div> </div> </td>
<td style="background-color:azure;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:66pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Low</div></div></div> </div> </td>
<td style="background-color:azure;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:66pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">High</div></div></div> </div> </td>
<td style="background-color:azure;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:66pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Low</div></div></div> </div> </td>
<td style="background-color:azure;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:66pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">High</div></div></div> </div> </td>
<td style="background-color:azure;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:66pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:4pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Low</div></div></div> </div> </td> </tr>
<tr style="height:16.25pt">
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:2.25pt;vertical-align:Top;width:142pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:3pt;margin-right:4pt;margin-top:3pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended June 30, 2026</div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:2.25pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;margin-top:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$17.71</div><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; line-height: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:2.25pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;margin-top:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$16.22</div><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; line-height: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:2.25pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;margin-top:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$16.22</div><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; line-height: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:2.25pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;margin-top:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$15.70</div><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; line-height: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:2.25pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;margin-top:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">10.14%</div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:2.25pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:3pt;margin-top:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.85%</div></div> </div> </td> </tr>
<tr style="height:13pt">
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:142pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended March 31, 2026</div></div> </div> </td>
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$18.96</div><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; line-height: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td>
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$16.52</div><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; line-height: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td>
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$17.01</div><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; line-height: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td>
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$16.04</div><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; line-height: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td>
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">12.32%</div></div> </div> </td>
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.99%</div></div> </div> </td> </tr>
<tr style="height:13pt">
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:142pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended December 31, 2025</div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$19.91</div><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; line-height: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$17.32</div><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; line-height: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$17.13</div><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; line-height: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$16.82</div><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; line-height: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">16.77%</div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.91%</div></div> </div> </td> </tr>
<tr style="height:13pt">
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:142pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended September 30, 2025</div></div> </div> </td>
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$20.07</div></div> </div> </td>
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$18.85</div></div> </div> </td>
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$17.11</div></div> </div> </td>
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$16.71</div></div> </div> </td>
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">17.57%</div></div> </div> </td>
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">12.48%</div></div> </div> </td> </tr>
<tr style="height:9.4pt">
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:4pt;vertical-align:Top;width:142pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended June 30, 2025</div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$19.87</div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$17.02</div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$16.97</div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$16.26</div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">17.09%</div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.72%</div></div> </div> </td> </tr> </table>
<table cellpadding="0" cellspacing="0" style="text-align:start; border-bottom:0.4pt solid #00687D;empty-cells:show;width:538pt">
<tr style="height:19.25pt">
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:142pt"> <div style="line-height:0.5pt;text-align:left"> <div style="margin-left: 3pt; margin-right: 4pt; text-align: left; white-space: nowrap; font-size: 7pt;"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></div> </div> </td>
<td colspan="2" style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:132pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Common share </div></div></div> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">market price</div></div><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 4.5pt; position: relative; top: -2.75pt; letter-spacing: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">(1)</div></div></div> </div> </td>
<td colspan="2" style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:132pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Common share </div></div></div> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">net asset value</div></div></div> </div> </td>
<td colspan="2" style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:132pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:4pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Premium (discount) as </div></div></div> <div style="margin-left:4pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">a % of net asset value</div></div></div> </div> </td> </tr>
<tr style="height:13.5pt">
<td style="background-color:azure;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:142pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Quarter</div></div></div> </div> </td>
<td style="background-color:azure;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:66pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">High</div></div></div> </div> </td>
<td style="background-color:azure;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:66pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Low</div></div></div> </div> </td>
<td style="background-color:azure;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:66pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">High</div></div></div> </div> </td>
<td style="background-color:azure;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:66pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Low</div></div></div> </div> </td>
<td style="background-color:azure;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:66pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">High</div></div></div> </div> </td>
<td style="background-color:azure;border-bottom:0.5pt solid #00687D;padding-bottom:2.25pt;padding-top:2.25pt;vertical-align:Bottom;width:66pt"> <div style="line-height:8.0pt;text-align:left"> <div style="margin-left:4pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(0, 104, 125); font-family: "Arial Narrow"; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Low</div></div></div> </div> </td> </tr>
<tr style="height:13.25pt">
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:2.25pt;vertical-align:Top;width:142pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended March 31, 2025</div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:2.25pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$20.05</div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:2.25pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$18.34</div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:2.25pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$17.29</div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:2.25pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$16.94</div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:2.25pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">16.81%</div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:2.25pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">7.13%</div></div> </div> </td> </tr>
<tr style="height:13pt">
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:142pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended December 31, 2024</div></div> </div> </td>
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$20.85</div></div> </div> </td>
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$18.33</div></div> </div> </td>
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$17.44</div></div> </div> </td>
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$17.05</div></div> </div> </td>
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">19.76%</div></div> </div> </td>
<td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">7.01%</div></div> </div> </td> </tr>
<tr style="height:9.4pt">
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:4pt;vertical-align:Top;width:142pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended September 30, 2024</div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$20.27</div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$18.70</div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$17.41</div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$16.75</div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">16.73%</div></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:4pt;vertical-align:Top;width:66pt"> <div style="line-height:7.5pt;text-align:left"> <div style="margin-left:4pt;margin-right:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: "Arial Narrow"; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">10.06%</div></div> </div> </td> </tr> </table> <div> <div style="clear:both;margin-top:2.0pt;position:relative;width:100%"> <div style="float:left;line-height:7pt;text-align:left;width:5.99pt"><div style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(1)</div></div> <div style="float:left;line-height:10.0pt;margin-left:4.01pt;text-align:left;width:523.00pt"><div style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Such prices reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not represent actual transactions.</div></div> </div> <div style="clear: both; position: relative; max-height: 0px;"></div> </div> <div style="line-height:12.0pt;margin-top:3.0pt;text-align:left"> <div style="margin-top:3pt"><div style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s NAV per Common Share at the close of business on August 31, 2026 was $15.60 and the last reported sale price of a Common Share on </div><div style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">the NYSE on that day was $15.19, representing a (2.63)% discount to such NAV. As of August 31, 2026, the net assets of the Fund attributable to </div><div style="color: rgb(51, 51, 51); font-family: "Arial Narrow"; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares were $7,435,517,744 and the Fund had outstanding 476,616,492 Common Shares.</div><div style="color: rgb(0, 0, 0); font-family: "Arial Narrow"; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div> </div>
17.71
16.22
16.22
15.7
0.1014
0.0285
18.96
16.52
17.01
16.04
0.1232
0.0299
19.91
17.32
17.13
16.82
0.1677
0.0291
20.07
18.85
17.11
16.71
0.1757
0.1248
19.87
17.02
16.97
16.26
0.1709
0.0272
20.05
18.34
17.29
16.94
0.1681
0.0713
20.85
18.33
17.44
17.05
0.1976
0.0701
20.27
18.7
17.41
16.75
0.1673
0.1006
Such prices reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not represent actual transactions.
15.6
15.19
-0.0263
476616492
Represents the maximum commission with respect to the Common Shares being sold in this offering that the Fund may pay to JonesTrading in connection with sales of Common Shares effected by JonesTrading in this offering. This is the only sales load to be paid in connection with this offering. There is no guarantee that there will be any sales of Common Shares pursuant to this Prospectus Supplement and the accompanying Prospectus.
You will pay brokerage charges if you direct your broker or the plan agent to sell your Common Shares that you acquired pursuant to a dividend reinvestment plan. You may also pay a pro rata share of brokerage commissions incurred in connection with open-market purchases pursuant to the Fund’s Dividend Reinvestment Plan. See “Dividend Reinvestment Plan” in the accompanying Prospectus.
Management fees include fees payable to the Investment Manager for advisory services and for supervisory, administrative and other services. The Fund pays for the advisory, supervisory and administrative services it requires under what is essentially an all-in fee structure (the “unified management fee”). Pursuant to an investment management agreement, PIMCO is paid a Management Fee of 1.10% of the Fund’s average daily total managed assets. The Fund (and not PIMCO) will be responsible for certain fees and expenses, which are reflected in the table above, that are not covered by the unified management fee under the investment management agreement. Please see “Management of the Fund –Investment Management Agreement” in the accompanying Prospectus for an explanation of the unified management fee and definition of “total managed assets.”
Reflects the Fund’s use of leverage in the form of reverse repurchase agreements averaged over the fiscal year ended June 30, 2026, which represented 31.92% of the Fund’s average total managed assets, including the assets attributable to such leverage (or 46.89% of the Fund's average net assets attributable to Common Shares), as of that date, at an annual interest rate cost to the Fund of 4.53%, which is the weighted average interest rate cost during the period ended June 30, 2026. See “Use of Leverage - Effects of Leverage” in the accompanying Prospectus. The actual amount of interest expense borne by the Fund will vary over time in accordance with the level of the Fund’s use of reverse repurchase agreements, dollar rolls/buybacks and/or borrowings and variations in market interest rates. Borrowing expense is required to be treated as an expense of the Fund for accounting purposes. Any associated income or gains (or losses) realized from leverage obtained through such instruments is not reflected in the Annual Expenses table above, but would be reflected in the Fund’s performance results.
“Other Expenses” are estimated for the Fund’s fiscal year ending June 30, 2027.
“Interest Payments on Borrowed Funds” are borne by the Fund separately from the management fees paid to PIMCO. Excluding these expenses, Total Annual Expenses are 1.63%.
The example above should not be considered a representation of future expenses. Actual expenses may be higher or lower than those shown. The example assumes that the estimated Interest Payments on Borrowed Funds and Other Expenses set forth in the Annual Expenses table are accurate, that the rate listed under Total Annual Expenses remains the same each year and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater or less than those assumed. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% annual return shown in the example.
Such prices reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not represent actual transactions.
This amount (i) includes 1,849,644 shares issued pursuant to the Fund’s dividend reinvestment plan between July 1, 2026 and August 31, 2026 (see “Dividend Reinvestment Plan” in the accompanying Prospectus) and (ii) excludes Common Shares sold in the Prior ATM since August 31, 2026.