0001798618 2025-12-17 2025-12-17 0001798618 2025-11-28 0001798618 2025-11-28 2025-11-28 0001798618 cik0001798618:CommonStocksMember 2025-12-17 2025-12-17 0001798618 cik0001798618:CommonSharesMember 2025-12-17 2025-12-17 0001798618 cik0001798618:CommonSharesMember 2025-07-01 2025-09-30 0001798618 cik0001798618:CommonSharesMember 2025-04-01 2025-06-30 0001798618 cik0001798618:CommonSharesMember 2025-01-01 2025-03-31 0001798618 cik0001798618:CommonSharesMember 2024-10-01 2024-12-31 0001798618 cik0001798618:CommonSharesMember 2024-07-01 2024-09-30 0001798618 cik0001798618:CommonSharesMember 2024-04-01 2024-06-30 0001798618 cik0001798618:CommonSharesMember 2024-01-01 2024-03-31 0001798618 cik0001798618:CommonSharesMember 2023-10-01 2023-12-31 0001798618 cik0001798618:CommonSharesMember 2023-07-01 2023-09-30 pure iso4217:USD shares iso4217:USD shares 0001798618 false 424B5 424B5 PIMCO Dynamic Income Opportunities Fund <div style="line-height:14.0pt;text-align:left"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment Objectives</div></div></div><div style="line-height:12.0pt;margin-top:3pt;text-align:left"><div style="margin-top:3pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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.</div></div></div><div style="line-height:14.0pt;margin-top:9pt;text-align:left"><div style="margin-top:9pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Investment Strategy</div></div></div></div><div style="line-height:12.0pt;margin-top:3pt;text-align:left"><div style="margin-top:3pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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, convertible securities and </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">stressed, distressed and defaulted debt securities issued by U.S. or foreign (non-U.S.) corporations or other business entities, including emerging </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">market issuers), mortgage-related and other asset-backed instruments, government and sovereign debt, taxable municipal bonds, and other fixed-, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">variable- and floating-rate income-producing securities of U.S. and foreign issuers, including emerging market issuers. The Fund may invest without </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">limitation in investment grade debt obligations and below investment grade debt obligations (commonly referred to as “high yield” securities or </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">“junk bonds”), including securities of stressed, distressed or defaulted issuers. The types of securities and instruments in which the Fund may invest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">are summarized under “Portfolio Contents” in the accompanying Prospectus. The Fund cannot assure you that it will achieve its investment objectives </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">or that the Fund's investment program will be successful, and you could lose all of your investment in the Fund.</div></div></div> <div style="line-height:14.0pt;margin-top:9pt;text-align:left"><div style="margin-top:9pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Risks</div></div></div></div><div style="line-height:12.0pt;margin-top:3pt;text-align:left"><div style="margin-top:3pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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&amp;P Global Ratings </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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”) </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">adverse effect on the market price of the Common Shares.</div></div></div><div style="line-height:12.0pt;margin-top:3pt;text-align:left"><div style="margin-top:3pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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” </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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.</div></div></div> <div style="line-height:12.0pt;margin-top:3pt;text-align:left"><div style="margin-top:3pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 in the form of reverse repurchase agreements </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">averaged over the period ended June 30, 2025 in an amount equal to 37.18% of the Fund’s average total managed assets (including the assets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">attributable to such leverage (or 59.19% of the Fund's average net assets attributable to Common Shares), and shows Fund expenses as a </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">percentage of net assets attributable to Common Shares. The percentages above do not reflect the Fund’s use of other forms of economic leverage, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">such as credit default swaps or other derivative instruments. The table and example below are based on the Fund’s capital structure as of June 30, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">2025. The extent of the Fund’s assets attributable to leverage following an offering, and the Fund’s associated expenses, are likely to vary (perhaps </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">significantly) from these assumptions.</div></div></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left"><div style="margin-top:6pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Shareholder Transaction Expenses</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></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"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Sales load (as a percentage of offering price)</div></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"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;">1.00%</div><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;">(1)</div> <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"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; 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)</div></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"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.04%</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: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"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Dividend Reinvestment Plan Fees</div></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"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">None</div><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;">(2)</div> <div style="clear:right"> </div> </div></div></td></tr></table></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">1</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Shares pursuant to this Prospectus Supplement and the accompanying Prospectus. Actual sales of Common Shares under this Prospectus Supplement and the accompanying </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Prospectus, if any, may be less than as set forth in this table. In addition, the price per share of any such sale may be greater or less than the price set forth in this table, depending on </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">the market price of the Common Shares at the time of any such sale.</div><div style="clear: both; position: relative; max-height: 0px;"></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">2</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">the accompanying Prospectus.</div><div style="clear: both; position: relative; max-height: 0px;"></div> 0.01 as a percentage of offering price 0.0004 0 <div style="line-height:12.0pt;text-align:left"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Annual Expenses</div></div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;"> </div></div></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;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; 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:#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"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Percentage of Net Assets Attributable</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">to Common Shares (reflecting</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">leverage attributable to reverse</div></div><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">repurchase agreements)</div></div></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"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Management Fees</div><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;">(1)</div> <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"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.83%</div></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"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Interest Payments on Borrowed Funds</div><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;">(2)</div> <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"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.38%</div></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"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Other Expenses</div><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;">(3)</div> <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"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.01%</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: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"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total Annual Expenses</div><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 4.5pt; margin-left: 0pt; position: relative; top: -3pt; letter-spacing: 0px;display:inline;">(4)</div> <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"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">5.22%</div></div></div></td></tr></table></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(1)</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO is paid a Management Fee of 1.15% of the Fund’s average daily total managed assets. The Fund (and not PIMCO) will be responsible for certain fees and expenses, which are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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.”</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;"></div><div style="clear: both; position: relative; max-height: 0px;"></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(2)</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 period ended June 30, 2025, which represented 39.75% of the Fund’s average </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">total managed assets, including the assets attributable to leverage (or 59.19% of the Fund's average net assets attributable to Common Shares), as of that date, at an annual interest </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">rate cost to the Fund of 5.616%, which is the weighted average interest rate cost during the period ended June 30, 2025. See “Use of Leverage—Effects of Leverage” in the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s performance results.</div><div style="clear: both; position: relative; max-height: 0px;"></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(3)</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">Other Expenses are estimated for the Fund’s current fiscal year ending June 30, 2026.</div><div style="clear: both; position: relative; max-height: 0px;"></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">(4)</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 1.84%.</div><div style="clear: both; position: relative; max-height: 0px;"></div> 0.0183 0.0338 0.0001 0.0522 <div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">PIMCO is paid a Management Fee of 1.15% of the Fund’s average daily total managed assets. The Fund (and not PIMCO) will be responsible for certain fees and expenses, which are </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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.”</div> Other Expenses are estimated for the Fund’s current fiscal year ending June 30, 2026. <div style="line-height:14.0pt;margin-top:9pt;text-align:left"><div style="margin-top:9pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Example</div></div></div></div><div style="line-height:12.0pt;margin-top:3pt;text-align:left"><div style="margin-top:3pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 0.04%), </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 5.22% of net assets </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 37.18% of the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Fund’s total managed assets) and (3) a 5% annual return</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 6.5pt; position: relative; top: -4.25pt; letter-spacing: 0px;display:inline;"> (1)</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">:</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></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;"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; 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:#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"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">1 Year</div></div></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"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">3 Years</div></div></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"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">5 Years</div></div></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"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">10 Years</div></div></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"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Total Expenses Incurred</div></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"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$52</div></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"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$157</div></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"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$261</div></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"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$519</div></div></div></td></tr></table></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">1</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">greater or less than the hypothetical 5% annual return shown in the example.</div><div style="clear: both; position: relative; max-height: 0px;"></div> 52 157 261 519 <div style="line-height:12.0pt;margin-top:3pt;text-align:left"><div style="margin-top:3pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The following table sets forth the Fund’s capitalization at June 30, 2025:</div></div></div><div style="color: rgb(30, 130, 151); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">■</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on a pro forma basis as adjusted to reflect (i) the assumed sale of 35,868,006 Common Shares at an assumed price of $13.94 per share (the </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">last reported sale price per share of the Common Shares on the NYSE on November 28, 2025), in an offering under this Prospectus </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">Supplement and the accompanying Prospectus, (ii) the investment of net proceeds assumed from such offering in accordance with the Fund’s </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">investment objectives and policies, after deducting the assumed commission of $5,000,000 representing an estimated commission paid to </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">estimated offering expenses payable by the Fund of $570,018, and (iii) investment of net proceeds received from 5,147,617 Common Shares </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">sold between July 1, 2025 and November 28, 2025 in a prior “at the market” offering (the “Prior ATM”).</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; line-height: 12pt; letter-spacing: 0px; top: 0px;display:inline;"> </div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; 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="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:456.18pt"><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: &quot;Arial Narrow&quot;; 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:81.82pt"><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: &quot;Arial Narrow&quot;; font-size: 7pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">As of June 30, 2025</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:456.18pt"><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: &quot;Arial Narrow&quot;; 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:40.39pt"><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: &quot;Arial Narrow&quot;; 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:41.43pt"><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: &quot;Arial Narrow&quot;; 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:456.18pt"><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: &quot;Arial Narrow&quot;; 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:40.39pt"><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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: -20.2pt; 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:41.43pt"><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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: -21.21pt; 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:456.18pt"><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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Common Shares:</div></div></div></td> <td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:40.39pt"><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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: -20.2pt; 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:41.43pt"><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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: -21.21pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div></td></tr> <tr style="height:22.5pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:456.18pt"><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: &quot;Arial Narrow&quot;; 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 (131,766,528 shares outstanding as of June 30, 2025, and 173,640,262</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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:40.39pt"><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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$1</div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:41.43pt"><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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$2</div></div></div></td></tr> <tr style="height:13pt"> <td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:456.18pt"><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: &quot;Arial Narrow&quot;; 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:40.39pt"><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: &quot;Arial Narrow&quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;">$2,433,244</div></div></div></td> <td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:41.43pt"><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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$3,009,886</div></div></div></td></tr> <tr style="height:13pt"> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:456.18pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Distributable earnings (accumulated loss)</div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:40.39pt"><div style="line-height:7.5pt;text-align:left"><div style="margin-left:4pt;margin-right:4pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$(720,096)</div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:41.43pt"><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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$(794,173)</div></div></div></td></tr> <tr style="height:13pt"> <td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:456.18pt"><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: &quot;Arial Narrow&quot;; 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:40.39pt"><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: &quot;Arial Narrow&quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;">$1,713,149</div></div></div></td> <td style="background-color:azure;padding-bottom:4pt;padding-top:4pt;vertical-align:Top;width:41.43pt"><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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$2,215,715</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:456.18pt"><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: &quot;Arial Narrow&quot;; 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:40.39pt"><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: &quot;Arial Narrow&quot;; font-size: 7.5pt; letter-spacing: 0px; top: 0px;display:inline;">$1,713,149</div></div></div></td> <td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:4pt;vertical-align:Top;width:41.43pt"><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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$2,215,715</div></div></div></td></tr></table></div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 5pt; position: relative; top: -3.25pt; letter-spacing: 0px;display:inline;">1</div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">This amount (i) includes 858,111 shares issued pursuant to the Fund’s dividend reinvestment plan between July 1, 2025 and November 28, 2025 (see “Dividend Reinvestment Plan” in </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 8pt; letter-spacing: 0px; top: 0px;display:inline;">the accompanying Prospectus) and (ii) excludes Common Shares sold in the Prior ATM since November 28, 2025.</div><div style="clear: both; position: relative; max-height: 0px;"></div> Common Shares: 173640262 <div style="line-height:14.0pt;margin-top:10pt;text-align:left"><div style="margin-top:10pt"><div style="color: rgb(0, 104, 125); font-family: &quot;Arial Narrow&quot;; font-size: 12pt; letter-spacing: 0px; top: 0px;display:inline;"><div style="font-weight:bolder;display:inline;">Market and Net Asset Value Information</div></div></div></div><div style="line-height:12.0pt;margin-top:3pt;text-align:left"><div style="margin-top:3pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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, </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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 </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">accompanying Prospectus for information as to how the Fund’s NAV is determined.</div><div style="color: rgb(0, 0, 0); font-family: &quot;Arial Narrow&quot;; font-size: 1pt; letter-spacing: 0px; top: 0px;display:inline;"> </div></div></div><div style="margin-top:0.0pt"> <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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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:#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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$14.12</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$13.32</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$13.31</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$12.89</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">6.25%</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.52%</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: &quot;Arial Narrow&quot;; 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: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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$13.88</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$12.24</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$13.02</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$12.48</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">6.69%</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(3.62)%</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: &quot;Arial Narrow&quot;; 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: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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$14.08</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$13.33</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$13.21</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$12.90</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">6.77%</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.25%</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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$14.37</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$13.12</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$13.35</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$12.97</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">8.05%</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:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">1.00%</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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$14.12</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$13.15</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$13.32</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$12.65</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">6.19%</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">2.26%</div></div></div></td></tr></table></div><div style="margin-top:0.0pt"> <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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended June 30, 2024</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$13.38</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$12.48</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$12.80</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$12.40</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">5.29%</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:3pt;text-align:Center;white-space:nowrap"><div style="color: rgb(63, 63, 63); font-family: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">0.16%</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended March 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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$13.23</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$12.24</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$12.68</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$12.35</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">5.59%</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(1.45)%</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended December 31, 2023</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$12.48</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$10.68</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$12.42</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$11.63</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">3.65%</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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(8.33)%</div></div></div></td></tr> <tr style="height:9.4pt"> <td style="background-color:azure;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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">Quarter ended September 30, 2023</div></div></div></td> <td style="background-color:azure;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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$13.21</div></div></div></td> <td style="background-color:azure;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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$11.88</div></div></div></td> <td style="background-color:azure;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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$12.76</div></div></div></td> <td style="background-color:azure;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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">$12.04</div></div></div></td> <td style="background-color:azure;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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">4.95%</div></div></div></td> <td style="background-color:azure;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: &quot;Arial Narrow&quot;; font-size: 7.5pt; margin-left: 0pt; letter-spacing: 0px; top: 0px;display:inline;">(1.65)%</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:2.88pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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:7.12pt;text-align:left;width:523.00pt"><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; 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: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">The Fund’s NAV per Common Share at the close of business on November 28, 2025 was $13.36 and the last reported sale price of a Common Share </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">on the NYSE on that day was $13.94, representing a 4.34% premium to such NAV. As of November 28, 2025, the net assets of the Fund attributable </div><div style="color: rgb(51, 51, 51); font-family: &quot;Arial Narrow&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;display:inline;">to Common Shares were $<div style="display:inline;">1,839,298,842</div> and the Fund had outstanding 137,653,386 Common Shares.</div></div></div> 14.12 13.32 13.31 12.89 0.0625 0.0252 13.88 12.24 13.02 12.48 0.0669 -0.0362 14.08 13.33 13.21 12.9 0.0677 0.0325 14.37 13.12 13.35 12.97 0.0805 0.01 14.12 13.15 13.32 12.65 0.0619 0.0226 13.38 12.48 12.8 12.4 0.0529 0.0016 13.23 12.24 12.68 12.35 0.0559 -0.0145 12.48 10.68 12.42 11.63 0.0365 -0.0833 13.21 11.88 12.76 12.04 0.0495 -0.0165 Such prices reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not represent actual transactions. 13.36 13.94 0.0434 137653386 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. Actual sales of Common Shares under this Prospectus Supplement and the accompanying Prospectus, if any, may be less than as set forth in this table. In addition, the price per share of any such sale may be greater or less than the price set forth in this table, depending on the market price of the Common Shares at the time of any such sale. 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. 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. 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 1.15% 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 period ended June 30, 2025, which represented 39.75% of the Fund’s average total managed assets, including the assets attributable to leverage (or 59.19% 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 5.616%, which is the weighted average interest rate cost during the period ended June 30, 2025. 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 current fiscal year ending June 30, 2026. “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 1.84%. Such prices reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not represent actual transactions. This amount (i) includes 858,111 shares issued pursuant to the Fund’s dividend reinvestment plan between July 1, 2025 and November 28, 2025 (see “Dividend Reinvestment Plan” in the accompanying Prospectus) and (ii) excludes Common Shares sold in the Prior ATM since November 28, 2025.