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the Securities Act of 1933 |
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Pre-Effective Amendment No. |
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Post-Effective Amendment No. |
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and/or
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the Investment Company Act of 1940 |
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Amendment No. |
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Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 (the “Investment
Company Act”)). |
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Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under
the Investment Company Act. |
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Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3
under the Investment Company Act). |
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A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form). |
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Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act). |
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Emerging Growth Company (as defined by Rule 12b-2 under the Securities and Exchange Act of 1934). |
☐ |
If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.
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New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).
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Senior Securities | Aggregate Amount Outstanding | Asset Coverage per Unit | Involuntary Liquidating Price per Preferred share |
Average market value per
unit
(b)
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The Facility | $ |
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$ |
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$ | $ | ||||||||
2035 Notes | $ |
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$ |
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$ | $ | ||||||||
Series A Term Preferred Stock Due 2025 | $ |
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$ |
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$ |
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$ |
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Series D Term Preferred Stock Due 2029 | $ |
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$ |
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$ |
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$ |
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Series E Term Preferred Stock Due 2024 | $ |
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$ |
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$ |
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$ |
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Series F Term Preferred Stock Due 2027 | $ |
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$ |
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$ |
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$ |
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Series G Term Preferred Stock Due 2026 | $ |
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$ |
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$ |
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$ |
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Series H Term Preferred Stock Due 2026 | $ |
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$ |
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$ |
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$ |
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Series I Term Preferred Stock Due 2028 | $ |
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$ |
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$ |
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$ |
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(a)
The
asset coverage ratio of the Facility is calculated as our total assets, less all liabilities and indebtedness not represented by senior
securities, divided by the secured senior securities balance of the Facility. The asset coverage ratio of the 2035 Notes is calculated
as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by the secured senior securities
balance of the Facility and the 2035 Notes. This asset coverage ratio is multiplied by $1,000 to determine the Asset Coverage Per Unit
for the Facility and the 2035 Notes. The asset coverage ratio for a class of senior securities representing stock is calculated as our
total assets, less all liabilities and indebtedness not represented by senior securities, divided by secured senior securities representing
indebtedness plus the aggregate of the involuntary liquidation preference of secured senior securities which are stock. With respect to
the Preferred Stock, the asset coverage per unit figure is expressed in terms of dollar amounts per share of outstanding Preferred Stock
(based on a per share liquidation preference of $25).
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(b)
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(c)
Does
not include (i) the issuance by the Company of $39.5 million aggregate amount of Series J Term Preferred Stock including overallotments,
which was issued on August 3, 2021 and August 25, 2021 and (ii) the redemption by the Company of all outstanding shares of Series A Term
Preferred Stock on August 11, 2021.
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Senior Securities | Aggregate Amount Outstanding | Asset Coverage per Unit | Involuntary Liquidating Price per Preferred Share |
Average
Market Value per Unit(b)
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The Facility | $ | $ | $ | $ | ||||||||||
2035 Notes | $ |
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$ |
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$ | $ | ||||||||
Series A Term Preferred Stock Due 2025 | $ |
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$ |
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$ |
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$ |
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Series B Term Preferred Stock Due 2023 | $ |
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$ |
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$ |
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$ |
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Series C Term Preferred Stock Due 2024 | $ |
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$ |
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$ |
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$ |
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Series D Term Preferred Stock Due 2029 | $ |
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$ |
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$ |
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$ |
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Series E Term Preferred Stock Due 2024 | $ |
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$ |
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$ |
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$ |
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Series F Term Preferred Stock Due 2027 | $ |
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$ |
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$ |
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$ |
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(a)The asset coverage ratio of the Facility is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by the secured senior securities balance of the Facility. The asset coverage ratio of the 2035 Notes is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by the secured senior securities balance of the Facility and the 2035 Notes. This asset coverage ratio is multiplied by $1,000 to determine the Asset Coverage Per Unit for the Facility and the 2035 Notes. The asset coverage ratio for a class of senior securities representing stock is calculated as our total assets, less all liabilities and indebtedness not represented by senior securities, divided by secured senior securities representing indebtedness plus the aggregate of the involuntary liquidation preference of secured senior securities which are stock. With respect to the Preferred Stock, the asset coverage per unit figure is expressed in terms of dollar amounts per share of outstanding Preferred Stock (based on a per share liquidation preference of $25). | ||||||||||||||
(b)
Represents
the average daily closing market price per share of each respective series of Preferred Stock for the respective periods listed on NYSE
from June 30, 2019 to June 30, 2020. For series that were not outstanding at June 30, 2019, the average starts from the first day of trading
of that particular series.
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Preferred Stock | Aggregate Amount Outstanding |
Asset
Coverage per Preferred Share(c)
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Involuntary Liquidating Price per Preferred Share |
Average
Market Value per Unit(d)
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Series A Term Preferred Stock Due 2025 | $ |
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$ |
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$ |
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$ |
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Series B Term Preferred Stock Due 2023 | $ |
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$ |
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$ |
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Series C Term Preferred Stock Due 2024 | $ |
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$ |
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$ |
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Series D Term Preferred Stock Due 2029 | $ |
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$ |
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$ |
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Total Preferred Stock | $ |
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$ |
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(a)
For
financial reporting purposes, our Preferred Stock is considered to be debt. The Asset Coverage amount per $25 a share of Preferred Stock
(the dollar amount per share) reflects the amount of the Company’s total assets (less all liabilities not represented by borrowings
and Preferred Stock) per $25 a share of Preferred Stock of the combined amount of borrowings and outstanding Preferred Stock and the Asset
Coverage amounts per financial reporting purposes.
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(b)
Does
not include the issuance by the Company of (i) an additional $1,293,500 aggregate amount of Series D Term Preferred Stock, which was issued
on July 3, 2019 and (ii) $27,500,000 aggregate amount of Series E Term Preferred Stock, which was issued on October 7, 2019 and October
22, 2019. Also excluded are amounts borrowed under the Facility and the 2035 Notes.
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(c) Our
Series A Term Preferred Stock, Series B Term Preferred Stock, Series C Term Preferred Stock and Series D Term Preferred Stock each rank
pari passu, or equally, in right of payment and all other shares of preferred stock that we may issue in the future, and rank senior in
right of payment to all of our common stock. As such, the asset coverage per preferred share is the same across each series of preferred
stock.
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(d)
Represents
the average daily closing market price per share of each respective series of Preferred Stock for the respective periods listed on NYSE
from June 30, 2018 to June 30, 2019.
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Preferred Stock | Aggregate Amount Outstanding | Asset Coverage per Preferred Share | Involuntary Liquidating Price per Preferred Share |
Average Market Value per Unit
(b)
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Series A Term Preferred Stock Due 2025 | $ |
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$ |
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$ |
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$ |
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(a)
For
financial reporting purposes, preferred shares are considered to be debt. The Asset Coverage amounts per $25 per share of Preferred Stock
(the dollar amount per share) reflects the amount of Fund total assets (less all liabilities not represented by borrowings and preferred
shares) per $25 per share of Preferred Stock of the combined amount of borrowings and outstanding preferred shares and the Asset Coverage
amounts per financial reporting purposes.
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(b)
The
average market value is the settlement price as of June 29, 2018. There were no settled shares of Preferred Stock outstanding prior to
June 29, 2018.
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