<SEC-DOCUMENT>0001104659-20-135317.txt : 20210728
<SEC-HEADER>0001104659-20-135317.hdr.sgml : 20210728

<ACCEPTANCE-DATETIME>20201215103600

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0001104659-20-135317

CONFORMED SUBMISSION TYPE:	N-2

PUBLIC DOCUMENT COUNT:		9

FILED AS OF DATE:		20201214

DATE AS OF CHANGE:		20210528


FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			StoneCastle Financial Corp.

		CENTRAL INDEX KEY:			0001578987

		IRS NUMBER:				900934878

		STATE OF INCORPORATION:			DE



	FILING VALUES:

		FORM TYPE:		N-2

		SEC ACT:		1940 Act

		SEC FILE NUMBER:	811-22853

		FILM NUMBER:		201388556



	BUSINESS ADDRESS:	

		STREET 1:		100 FILLMORE STREET, SUITE 325

		CITY:			DENVER

		STATE:			CO

		ZIP:			80206

		BUSINESS PHONE:		(303) 398-2929



	MAIL ADDRESS:	

		STREET 1:		100 FILLMORE STREET, SUITE 325

		CITY:			DENVER

		STATE:			CO

		ZIP:			80206




FILER:


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			StoneCastle Financial Corp.

		CENTRAL INDEX KEY:			0001578987

		IRS NUMBER:				900934878

		STATE OF INCORPORATION:			DE



	FILING VALUES:

		FORM TYPE:		N-2

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-251349

		FILM NUMBER:		201388557



	BUSINESS ADDRESS:	

		STREET 1:		100 FILLMORE STREET, SUITE 325

		CITY:			DENVER

		STATE:			CO

		ZIP:			80206

		BUSINESS PHONE:		(303) 398-2929



	MAIL ADDRESS:	

		STREET 1:		100 FILLMORE STREET, SUITE 325

		CITY:			DENVER

		STATE:			CO

		ZIP:			80206



<IS-FILER-A-NEW-REGISTRANT>N

<IS-FILER-A-WELL-KNOWN-SEASONED-ISSUER>N

<FILED-PURSUANT-TO-GENERAL-INSTRUCTION-A2>N

<IS-FUND-24F2-ELIGIBLE>N

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>As filed with the Securities and Exchange
Commission on December 14, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Securities Act File No.&nbsp;333-</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Investment Company Act File No.&nbsp;811-22853</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;N-2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings"><B>&#120;</B></FONT><B>
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT> <B>Pre-Effective
Amendment No. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings">&#168;</FONT> <B>Post-Effective
Amendment No. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>and</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings"><B>&#120;</B></FONT><B>
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings"><B>&#120;</B></FONT><B>
<FONT STYLE="font-size: 10pt">Amendment No. 17</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>STONECASTLE FINANCIAL CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in
Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>100 Fillmore Street, Suite 325, Denver,
Colorado 80206<BR>
</B>(Address of Principal Executive Offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s Telephone Number,&nbsp;Including
Area Code: <B>(303) 398-2929</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sanjai Bhonsle<BR>
StoneCastle-ArrowMark Asset Management, LLC<BR>
100 Fillmore Street, Suite 325, Denver, Colorado 80206<BR>
</B> (Name and Address of Agent for Service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Copies of communications to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>John P. Falco,&nbsp;Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Troutman Pepper Hamilton Sanders LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>3000 Two Logan Square</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>18th and Arch Streets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Philadelphia, PA 19103</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">If the only securities being registered
on this Form are being offered pursuant to dividend or interest reinvestment plans, check the following box <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">If any securities being registered
on this Form will be offered on a delayed or continuous basis in reliance on Rule&nbsp;415&nbsp;under the&nbsp;Securities Act of
1933&nbsp;(the &ldquo;Securities Act&rdquo;), other than securities offered in connection with dividend or interest reinvestment
plans, check the following box <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">If this Form is a registration
statement pursuant to General Instruction A.2 or a post-effective amendment thereto, check the following box <FONT STYLE="font-family: Wingdings">&#120;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">If this Form is a registration statement
pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission
pursuant to Rule&nbsp;462(e)&nbsp;under the&nbsp;Securities Act, check the following box <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">If this Form is a post-effective amendment
to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of
securities pursuant to Rule&nbsp;413(b)&nbsp;under the&nbsp;Securities Act, check the following box <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">It is proposed that this filing will
become effective (check appropriate box):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Wingdings">&#120;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>when declared effective pursuant to Section 8(c) of the Securities Act</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Check each box that appropriately characterizes
the Registrant:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="font-size: 10pt">Registered&nbsp;Closed-End&nbsp;Fund&nbsp;(closed-end&nbsp;company that is registered under the&nbsp;Investment Company Act of 1940&nbsp;(the &ldquo;Investment Company Act&rdquo;)).</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="font-size: 10pt">Business Development Company&nbsp;(closed-end&nbsp;company that intends or has elected to be regulated as a business development company under the&nbsp;Investment Company Act.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="font-size: 10pt">Interval Fund (Registered&nbsp;Closed-End&nbsp;Fund or a Business Development Company that makes periodic repurchase offers under Rule&nbsp;23c-3&nbsp;under the&nbsp;Investment Company Act).</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="font-size: 10pt">A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="font-size: 10pt">Well-Known Seasoned Issuer (as defined by Rule&nbsp;405&nbsp;under the&nbsp;Securities Act).</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="font-size: 10pt">Emerging Growth Company (as defined by Rule&nbsp;12b-2&nbsp;under the Securities and&nbsp;Exchange Act of 1934).</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="font-size: 10pt">If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="font-size: 10pt">New Registrant (registered or regulated under the&nbsp;Investment Company Act&nbsp;for less than 12 calendar months preceding this filing).</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE UNDER
THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title&nbsp;of&nbsp;Securities<BR>
Being&nbsp;Registered</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount&nbsp;Being<BR>
Registered&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proposed&nbsp;Maximum<BR>
Aggregate&nbsp;Offering&nbsp;Price&nbsp;(1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount&nbsp;of&nbsp;Registration<BR>
Fee&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Shares of Common Stock, $0.001 par value per share</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Shares of Preferred Stock, $0.001 par value per share</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Subscription Rights</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Debt Securities</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-left: 10pt; text-align: center; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Total</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">150,000,000</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">16,365</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;There are being registered hereunder such indeterminate
number of shares of common stock, preferred stock, subscription rights and debt securities as shall have an aggregate offering
price not to exceed $150,000,000, less the aggregate dollar amount of all securities previously issued hereunder. If any debt
securities are issued at an original issue discount, then the offering price of such debt securities shall be in such greater
principal amount as shall result in an aggregated offering price not to exceed $150,000,000, less the aggregate dollar amount
of all securities previously issued hereunder. The securities registered hereunder also include such indeterminate number of securities
of each identified class of securities, which may be offered from time to time in unspecified numbers and at indeterminate prices,
and as may be issued upon conversion, redemption, repurchase, exchange or exercise of any securities registered hereunder, including
under any applicable anti-dilution provisions of any of such securities. In addition, the securities being registered hereunder
includes such indeterminate number of securities of each identified class of securities as may be issuable with respect to the
securities being registered hereunder as a result of stock splits, stock dividends or similar transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Registrant hereby amends this Registration Statement
on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment that
specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities
Act or until this Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting
pursuant to said Section 8(a), may determine.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B>&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #FF4040">&nbsp;&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #FF4040"><B>The information in this prospectus is not
complete and may be changed.&nbsp; We may not sell these securities until the registration statement filed with the Securities
and Exchange Commission is effective.&nbsp; This prospectus is not an offer to sell these securities and it is not soliciting an
offer to buy these securities in any state or jurisdiction where the offer or sale is not permitted.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #FF4040">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #FF4040"><B>Preliminary Prospectus
Subject to completion, dated December 14, 2020</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left">BASE PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><IMG SRC="tm2038277-1_n2img001.jpg" ALT=""></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">$150,000,000</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common Stock<BR>
Preferred Stock<BR>
Subscription Rights<BR>
Debt Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Investment Company.</I></B> StoneCastle
Financial Corp. (&ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our&rdquo; or &ldquo;the Company&rdquo;) is a non-diversified, closed-end
management investment company under the Investment Company Act of 1940, as amended (the &ldquo;Investment Company Act&rdquo;).
We have elected to be treated, and intend to comply with the requirements to qualify annually, as a regulated investment company
(&ldquo;RIC&rdquo;) under Subchapter M of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;). We are managed
by StoneCastle-ArrowMark Asset Management, LLC (&ldquo;StoneCastle-ArrowMark&rdquo; or the &ldquo;Adviser&rdquo;), an investment
adviser that is a wholly-owned subsidiary of ArrowMark Colorado Holdings, LLC (&ldquo;ArrowMark Partners&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Investment Objectives.</I></B> Our
primary investment objective is to provide stockholders with current income, and to a lesser extent capital appreciation. We are
focused on income generation, capital preservation, and providing risk-adjusted rates of return. There can be no assurance that
we will achieve our investment objectives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may offer, from time to time, in one
or more offerings or series, together or separately, up to $150 million of our common stock, preferred stock, subscription rights
or debt securities, which we refer to, collectively, as the &ldquo;securities.&rdquo; We may sell our securities through underwriters
or dealers, &ldquo;at-the-market&rdquo; to or through a market maker into an existing trading market or otherwise directly to
one or more purchasers or through agents or through a combination of methods of sale. The identities of such underwriters, dealers,
market makers or agents, as the case may be, will be described in one or more supplements to this prospectus. The securities may
be offered at prices and on terms to be described in one or more supplements to this prospectus. In the event we offer common
stock, the offering price per share of our common stock exclusive of any underwriting commissions or discounts will not be less
than the net asset value (&ldquo;NAV&rdquo;) per share of our common stock at the time we make the offering except (1)&nbsp;in
connection with a rights offering to our existing stockholders, (2)&nbsp;with the consent of the majority of our common stockholders
and approval of our board of directors or (3)&nbsp;under such circumstances as the Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
may permit. See &ldquo;Risk Factors&rdquo; for more information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>IMPORTANT NOTICE TO SHAREHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Beginning on January 1, 2021, as permitted
by regulations adopted by the Securities and Exchange Commission, paper copies of the Company's shareholder reports will no longer
be sent by mail, unless you specifically request paper copies of the reports from the Company or from your financial intermediary,
such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each
time a report is posted and provided with a website link to access the report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you already elected to receive shareholder
reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder
reports and other communications from the Company or your financial intermediary electronically by contacting your financial intermediary
(such as a broker-dealer or bank); other shareholders may call the Company at (212)-468-5441.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You may elect to receive all future reports
in paper free of charge. You can inform the Company or your financial intermediary that you wish to continue receiving paper copies
of your shareholder reports by contacting your financial intermediary (such as a broker-dealer or bank); other shareholders may
call the Company at (212)-468-5441. Your election to receive reports in paper will apply to all funds held with the Company complex
or your financial intermediary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B>&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investing in our securities involves
risks. See &ldquo;Risk Factors&rdquo; beginning on page&nbsp;42 of this prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Neither the SEC nor any state securities
commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation
to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is December
14, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our common stock is listed on the NASDAQ
Global Select Market under the symbol &ldquo;BANX&rdquo;. On September 30, 2020, the last reported sale price of our common stock
on the NASDAQ Global Select Market was $20.89 per share, and the net asset value (&ldquo;NAV&rdquo;) of the Company&rsquo;s common
stock was $19.41 per common share, representing a discount to NAV of (7.08%).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus sets forth
information about us that a prospective investor should know before investing. This prospectus may not be used to consummate
sales of securities by us through underwriters, dealers or agents unless it is accompanied by a prospectus supplement. You
should read this prospectus, any accompanying prospectus supplements, and the documents incorporated by reference herein or
therein, carefully and retain it for future reference. We have filed a Statement of Additional Information, dated December
14, 2020, containing additional information about us with the SEC, which is incorporated by reference in its entirety into
this prospectus. You may request a free copy of the Statement of Additional Information or our annual and semi-annual reports
or make shareholder inquiries or request other information about us by calling us collect at (212)-468-5441 or by writing to
us at 100 Fillmore Street, Suite 325, Denver, Colorado 80206. You can also obtain, free of charge, a copy of our Statement of
Additional Information and our annual and semi-annual reports to stockholders on our website at <I>www.stonecastle-financial.com</I>.
The content contained in, or that can be accessed through, our website is not a part of this prospectus. You can review and
copy the same information free from the SEC&rsquo;s website at <I>http://www.sec.gov</I>, on which you may view our Statement
of Additional Information, and other materials incorporated by reference to this prospectus and other information about us. <B>Our
common stock does not represent a deposit or obligation of, and is not guaranteed or endorsed by, any bank or other insured
depository institution and is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board
or any other government agency.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>No dealer, salesperson or other person
is authorized to give any information or to represent anything not contained or incorporated by reference in this prospectus or
any accompanying prospectus supplement. You must not rely on any unauthorized information or representations not contained in
this prospectus or any accompanying prospectus supplement as if we had authorized it. We are offering to sell, and seeking offers
to buy, shares of securities only in jurisdictions where offers and sales are permitted. This prospectus and any accompanying
prospectus supplement does not constitute an offer to sell or the solicitation of an offer to buy any security other than the
securities offered by this prospectus and any accompanying prospectus supplement, nor does this prospectus or any accompanying
prospectus supplement constitute an offer to sell or the solicitation of an offer to buy securities by anyone in any jurisdiction
in which such offer or solicitation would be unlawful. The information contained in this prospectus and any accompanying prospectus
supplement is accurate only as of the date of this prospectus and any accompanying prospectus supplement, regardless of the time
of delivery of this prospectus, any accompanying prospectus or any sale of securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">TABLE OF
CONTENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Page</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">PROSPECTUS SUMMARY</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt">1</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">FEES AND EXPENSES</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">14</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">FINANCIAL HIGHLIGHTS</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">16</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING
    STATEMENTS</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">16</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">TRADING AND NET ASSET VALUE INFORMATION</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">17</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">USE OF PROCEEDS</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">18</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">DISTRIBUTION POLICY</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">18</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">THE COMPANY</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">19</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">LEVERAGE</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">32</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">MANAGEMENT</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">36</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">RISK FACTORS</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">42</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">DETERMINATION OF NET ASSET VALUE</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">66</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">DIVIDEND REINVESTMENT PLAN</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">68</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">PLAN OF DISTRIBUTION</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">70</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">DESCRIPTION OF SECURITIES</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">71</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">81</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">CERTAIN ERISA CONSIDERATIONS</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">88</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">CLOSED-END FUND STRUCTURE</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">89</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">INDEPENDENT REGISTERED PUBLIC ACCOUNTING
    FIRM</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">89</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">ADMINISTRATOR, CUSTODIAN, TRANSFER
    AND DIVIDEND PAYING AGENT AND REGISTRAR</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">89</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">LEGAL MATTERS</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">90</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">INCORPORATION BY REFERENCE</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">90</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">PROSPECTUS
SUMMARY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The following summary highlights information
contained elsewhere in this prospectus. You should read the entire prospectus, including &ldquo;Risk Factors,&rdquo; before making
a decision to invest in our securities. This summary may not contain all of the information that you should consider before investing
in the securities of StoneCastle Financial Corp. In the prospectus, unless the context suggests otherwise, references to &ldquo;we,&rdquo;
 &ldquo;us,&rdquo; &ldquo;Company,&rdquo; &ldquo;our company&rdquo; or &ldquo;our&rdquo; refer to StoneCastle Financial Corp.,
a Delaware corporation and its subsidiaries; references to &ldquo;Adviser&rdquo; mean StoneCastle-ArrowMark Asset Management,
LLC (&ldquo;StoneCastle-ArrowMark&rdquo;), a Delaware limited liability company; references to &ldquo;ArrowMark Partners&rdquo;
or &ldquo;ArrowMark&rdquo; mean ArrowMark Colorado Holdings, LLC, the parent of our Adviser; references to &ldquo;common stock&rdquo;
or &ldquo;shares&rdquo; mean the common stock of StoneCastle Financial Corp; and references to &ldquo;securities&rdquo; mean the
common stock, preferred stock, subscription rights and debt securities of StoneCastle Financial Corp.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">StoneCastle Financial Corp. is a non-diversified,
closed-end management investment company registered under the Investment Company Act of 1940, as amended (the &ldquo;Investment
Company Act&rdquo;). We have elected to be treated, and intend to comply with the requirements to qualify annually, as a regulated
investment company (&ldquo;RIC&rdquo;) under Subchapter M of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investment Objectives</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our primary investment objective is to
provide stockholders with current income, and to a lesser extent, capital appreciation. We are focused on income generation, capital
preservation, and providing risk-adjusted rates of return. There can be no assurance that we will achieve our investment objectives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investment Strategies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We attempt to achieve our investment objectives
through investment in preferred equity, subordinated debt, convertible securities, alternative capital securities (sometimes known
as regulatory capital securities) and common equity issued by national, regional and community banks and financial institutions
and companies that provide goods and services to banking companies. See &ldquo;Banking Sector Focus&rdquo; and &ldquo;Alternative
Capital Securities.&rdquo; We make investments that will generally be expected to pay us dividends and interest on a current basis
and generate capital gains over time. We may seek to enhance our returns through the use of warrants, options and other equity
conversion features. We also invest in similar securities of larger regional, national and money center banks domiciled in the
United States, global money center banks and companies that provide goods and/or services to banking companies. Together with
banks, we refer to these types of companies as banking-related businesses and, under normal circumstances, invest at least 80%
of the value of our net assets plus the amount of any borrowings for investment purposes in such businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We focus our portfolio on making long-term,
passive, non-control investments in the bank sector and banking-related securities seeking regulatory capital for organic growth,
acquisitions and other refinancing activities. We intend to continue to direct investments in numerous issuers differentiated
by asset size, business models and geographies. We also may invest in an option strategy that will normally consist of writing
(selling) call options on bank equity securities in our portfolio (&ldquo;covered calls&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We indirectly invest in securities issued
by banks through structured securities and credit derivatives. We currently invest in equity and junior debt tranches of collateralized
loan obligations, or CLOs, and other debt securitizations, that are collateralized by a portfolio consisting primarily of unsecured,
subordinated loans made to (and, to a lesser extent, unsecured, subordinated debentures and notes issued by) community banks or
savings institutions or their respective holding companies. We may also invest in other securities and instruments that are related
to these investments or that our Adviser believes are consistent with our investment objectives, including senior debt tranches
of CLOs and loan accumulation facilities. These indirect investments provide exposure to and focus on the same types of direct
investments that we make in banking companies and, accordingly, our investments in structured securities and credit derivatives
that provide exposure to banking-related business are considered an investment in banking-related businesses. We believe that
the use of such instruments complement our overall strategy and enhance the diversity of our holdings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With the proceeds of future equity offerings
we will seek to grow and further diversify our portfolio of investments. We may also incur additional leverage to the extent permitted
by the Investment Company Act. See &ldquo;Leverage.&rdquo; Although we normally seek to invest substantially all of our assets
in banking-related securities, we reserve the ability to invest up to 20% of our assets in other types of securities and instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, we may take temporary defensive
positions that are inconsistent with our investment strategy in attempting to respond to adverse market, economic, political or
other conditions. If we do so, we may not achieve our investment objective. We may also choose not to take defensive positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Adviser</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">StoneCastle-ArrowMark Asset Management,
LLC (&ldquo;StoneCastle-ArrowMark&rdquo;), an SEC-registered investment adviser dedicated to the banking sector, was newly formed
on December 3, 2019 and manages our assets. Our Adviser is registered with the SEC under the Investment Advisers Act of 1940,
as amended (the &ldquo;Investment Advisers Act&rdquo;). Our Adviser is wholly-owned by ArrowMark Colorado Holdings, LLC (together
with its affiliates &ldquo;ArrowMark Partners&rdquo; or &ldquo;ArrowMark&rdquo;). Founded in 2007, ArrowMark Partners is a 100%
privately-owned and SEC-registered investment adviser based in Denver, Colorado. As of September 30, 2020 the firm managed $19.5
billion in assets on behalf of a broad array of institutional clients and professional asset allocators across alternative credit
and capacity constrained equity strategies, as well as through the $5 billion corporate and lending business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of our Adviser&rsquo;s investment
decisions is reviewed and approved for us by our Adviser&rsquo;s investment committee, the members of which may also act as the
investment committee for other investment vehicles managed by our Adviser or its affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Adviser, in addition to its own resources,
may access experienced investment professionals and senior investment personnel of ArrowMark and its affiliates. Our Adviser intends
to capitalize on the significant deal origination, credit underwriting, due diligence, investment structuring, execution, portfolio
management and monitoring experience of ArrowMark Partners&rsquo; investment professionals. Biographical information for key members
of our Adviser&rsquo;s investment team is set forth below under &ldquo;Management&mdash;Biographical Information.&rdquo; As our
investment adviser, our Adviser is obligated to allocate investment opportunities among us and its other clients in accordance
with its allocation policy; however, there can be no assurance that our Adviser will allocate such opportunities to us fairly
or equitably in the short-term or over time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Banking Sector Focus</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We pursue our investment objective by
taking advantage of a broad spectrum of available investment opportunities in the bank sector, including securities in U.S. community
banks, larger regional, national and money center banks domiciled in the United States, global money center banks and companies
that provide goods and/or services to banking companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We invest in public and privately-held
community banks located throughout the United States. For the purpose of our investment objectives and this prospectus, we define
 &ldquo;community bank&rdquo; to mean banks, savings associations and their holding companies with less than $10 billion in consolidated
assets that serve local markets. As of September 30, 2020, the community banking sector is a highly fragmented $2.5 trillion industry,
comprised of 4,590 banks located throughout the United States, including underserved rural, semi-rural, suburban and other niche
markets. Community banks generally have simple, straightforward business models and geographically concentrated credit exposure.
Community banks typically do not have exposure to non-U.S. credit and are focused on lending to borrowers in their distinct communities.
As a result, we believe that community banks frequently have a better understanding of the local businesses they finance than
larger banking organizations. Many of these community banks are well established, having been in business on average for more
than 75 years, and having survived many economic cycles, including the most recent financial crisis. We invest directly in community
banks differentiated by asset sizes, business models and geographies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also invest in similar securities of
larger regional, national and money center banks domiciled in the United States, global money center banks and companies that
provide goods and/or services to banking companies. Additionally, we utilize alternative capital securities in the portfolio consistent
with our investment strategy. We typically invest in alternative capital securities issued by larger, regulated global money center
banks and backed by a diverse range of underlying corporate credits held by the bank itself. Banks issue alternative capital transactions
to optimize capital ratios, reduce balance sheet concentrations and respond to regulatory changes. Through the structure of the
alternative capital transaction, the issuing bank retains meaningful exposure to the underlying collateral pool which helps to
promote alignment with investors and incentive to maintain disciplined underwriting standards. Alternative capital transactions
are driven by long-term trusted relationships and only a relatively small group of financial institutions are known to participate.
We intend to continue to direct investments into alternative capital securities with high quality collateral and diversified exposure
that has the potential to generate floating rate current income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Market Opportunity</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company was formed to invest to support
the ongoing capital needs of banks and banking-related institutions. We believe that the banking sector continues to offer a broad
spectrum of available opportunities that are consistent with our investment objective. We believe that the community banking sector
continues to be attractive due to the strong long-term performance of community banks and the general lack of investment competition
from institutional investors. Specifically the Company seeks investment opportunities in preferred equity, subordinated debt,
convertible securities and common equity in the U.S. community bank sector as well as alternative capital securities issued by
a regulated banking institution. The Company also believes similar investments in securities of larger U.S. banks, global money
center banks and companies that provide goods and/or services to banking companies represent attractive market opportunities.
Alternative capital securities will likely increase as an important component of the Company&rsquo;s overall investment portfolio.
As with all investments, investments in alternative capital securities are subject to several risks. See, &ldquo;Risks&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Summary of Principal Risks</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An investment in our securities involves
risk, and we urge you to consult your tax and legal advisors before making an investment in our securities. You could lose some
or all of your investment. See &ldquo;Risk Factors.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An investment in our common stock involves
significant risks, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Related to Our Operations</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">There
                                         can be no assurance that we will achieve our business objectives.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our
                                         performance is highly dependent on our Adviser.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Most
                                         of our assets will be unrated, illiquid, and their fair value may not be readily determinable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our
                                         Adviser may rely on assumptions that prove to be incorrect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our
                                         Adviser and its affiliates may serve as investment adviser to other funds, investment
                                         vehicles and investors, which may create conflicts of interest not in the best interest
                                         of us or our stockholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">TARP
                                         Preferred are perpetual, which means these securities do not have a maturity date and
                                         we are not permitted to cause them to be redeemed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">TARP
                                         Preferred are callable, which means the issuer may buy back these securities. As of June
                                         30, 2020, the current dividend rate on the majority of TARP Preferred is 9%. A majority
                                         of these securities experienced a dividend rate increase to 9% from 5% in late 2013 or
                                         through early 2015.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We
                                         expect that the majority of the new issue preferred stock in which we invest will be
                                         non-cumulative and our portfolio may consist of (i) up to 100% of non-cumulative preferred
                                         equity securities, (ii) a substantial amount of cumulative preferred equity securities
                                         or (iii) any combination thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Alternative
                                         capital securities are subject to several risks. In particular, to all capital securities,
                                         banking regulators could change or amend existing banking regulations which could affect
                                         the regulatory treatment of alternative capital securities, where stricter regulation
                                         could make alternative capital securities less desirable, or undesirable, for banks to
                                         issue, reducing the supply of new investments. Should an adverse regulatory development
                                         occur in the future, it would likely result in the bank issuer of such securities being
                                         able to redeem an investment early, which subjects the Company to reinvestment risk.
                                         Alternative capital securities remain subject to the same sector specific and other risks
                                         as any banking-related investment that the Company may acquire, including, but not limited
                                         to, credit risk, interest rate risk, currency risk, prepayments, adverse changes in market
                                         value or liquidity and the quality of the loans extended by each bank to its clients.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="vertical-align: top; text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The
                                         Company is subject to equity and other risks in the normal course of pursuing its investment
                                         objectives and may enter into options written to hedge against changes in interest rates,
                                         foreign exchange rates and values of equities. Such options may relate to particular
                                         securities or domestic stock indices and may or may not be listed on a domestic securities
                                         exchange or cleared by the Options Clearing Corporation. An option contract is a commitment
                                         that gives the purchaser of the contract the right, but not the obligation, to buy or
                                         sell an underlying asset at a specific price on or before a specified future date. On
                                         the other hand, the writer of an option contract is obligated, upon the exercise of the
                                         option, to buy or sell an underlying asset at a specific price on or before a specified
                                         future date. The Company may invest in writing covered calls based on underlying bank
                                         equity securities in its portfolio. <FONT STYLE="background-color: white">The use of
                                         covered calls on bank equity securities may require the Company to sell portfolio securities
                                         at inopportune times or for prices other than current market values, may limit the amount
                                         of appreciation the Company can realize on an investment, or may cause the Company to
                                         hold a security it might otherwise sell.</FONT> The Company also has the additional risk
                                         of being unable to enter into a closing transaction at an acceptable price if a liquid
                                         secondary market does not exist. Option contracts also involve the risk that they may
                                         result in loss due to unanticipated developments in market conditions or other causes.
                                         Written options are initially recorded as liabilities to the extent of premiums received
                                         and subsequently marked to market to reflect the current value of the option written.
                                         Gains or losses are realized when the option transaction expires or closes. When an option
                                         is exercised, the proceeds on sales for a written call option or the purchase cost for
                                         a written put option is adjusted by the amount of the premium received. Listed option
                                         contracts present minimal counterparty credit risk since they are exchange traded and
                                         the exchange&rsquo;s clearinghouse, as counterparty to all exchange-traded options, guarantees
                                         the options against default.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We
                                         operate with leverage, which may adversely affect our return on our assets and may reduce
                                         cash available for distribution.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Securities
                                         for which market quotations or valuations are not available are valued at fair value
                                         in good faith by or at the direction of the Company&rsquo;s Board of Directors. Various
                                         factors may be reviewed in order to make a good faith determination of a security&rsquo;s
                                         fair value. These factors may include, but are not limited to, the type and cost of the
                                         security; the fundamental analytical data relating to the investment; an evaluation of
                                         the forces which influence the market in which the security is sold, including the liquidity
                                         and depth of the market; information as to any transactions or offers with respect to
                                         the security; price, yield and the extent of public or private trading in similar securities
                                         of the issuer or comparable companies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our
                                         investments will be subject to dividend and interest rate fluctuations, and we are subject
                                         to interest rate risk. In particular, our investments in subordinated or unsecured debt
                                         securities that are perpetual or have maturities in excess of ten years subject us to
                                         a high degree of interest rate risk.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The
                                         recent global outbreak of the COVID-19 virus and the resulting pandemic has disrupted
                                         economic markets and the economic impact, duration and spread of the COVID-19 pandemic
                                         remains uncertain at this time. The operational and financial performance of some of
                                         the portfolio banks in which we make investments may be impacted by COVID-19, which may
                                         in turn impact the valuation of our investments and results of our operations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Investments
                                         denominated in foreign currencies as well as currency hedge transactions will be subject
                                         to fluctuations in value.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We
                                         may acquire CLO equity and junior debt securities that are subordinated to more senior
                                         tranches of CLO debt. CLO equity and junior debt securities are typically highly levered
                                         and, therefore, the junior debt and equity tranches in which we are currently invested
                                         and in which we may invest will be subject to a higher degree of risk of total loss.
                                         Investors in CLO securities indirectly bear risks of the collateral held by such CLOs.
                                         We generally have the right to receive payments only from the CLOs, and generally do
                                         not have direct rights against the underlying borrowers or the entity that sponsored
                                         the CLO. While the CLOs in which we invest or may invest generally enable the investor
                                         to acquire interests in a pool of senior secured loans without the expenses associated
                                         with directly holding the same investments, we generally pay a proportionate share of
                                         the CLOs&rsquo; administrative and other expenses. Although it is difficult to predict
                                         whether the prices of assets underlying CLOs will rise or fall, these prices (and, therefore,
                                         the prices of the CLOs&rsquo; securities) are influenced by the same types of political
                                         and economic events that affect issuers of securities and capital markets generally.
                                         CLOs present risks including default (credit), interest rate and prepayment risks. The
                                         interests we acquire in CLOs generally are thinly traded or have only a limited trading
                                         market. CLO securities are typically privately offered and sold, even in the secondary
                                         market. As a result, investments in CLO securities are illiquid and the price at which
                                         these securities are sold may be less than the price used to calculate <FONT STYLE="background-color: white">our
                                         NAV.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We
                                         may compete with a number of other prospective investors for desirable investment opportunities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We
                                         may generate low or negative rates of return on capital, and we may not be able to execute
                                         our business plans as expected, if at all.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our
                                         business model depends to a significant extent upon strong referral relationships, and
                                         our inability to maintain or develop these relationships, as well as the failure of these
                                         relationships to generate investment opportunities, could adversely affect our business.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">If
                                         we are unable to source investments effectively, we may be unable to achieve our investment
                                         objective.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our
                                         quarterly results may fluctuate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We
                                         make distributions to our stockholders on a quarterly basis out of assets legally available
                                         for distribution, including net investment income, capital gains, paid-in capital and
                                         borrowings. If the amount of any distribution exceeds our net investment income or capital
                                         gains, then all or a portion of such distribution could constitute a return of capital
                                         to stockholders rather than dividend income for tax purposes. A return of capital distribution
                                         has the effect of lowering stockholders&rsquo; basis in their shares, which will result
                                         in higher tax liability when the shares are sold, even if such shares have not increased
                                         in value or have, in fact, lost value. In addition to the tax consequences, such a distribution
                                         is a return of a shareholder&rsquo;s own investment, but distributed net of Company expenses,
                                         and will decrease the funds available for investment by the Company. For our fiscal years
                                         ended December 31, 2019 and 2018, all of the distributions the Company made to stockholders
                                         consisted of income generated from our investment portfolio. Derivatives transactions
                                         may limit our income or result in losses.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Financing
                                         arrangements with lenders or preferred shareholders may limit our ability to make dividend
                                         payments to our stockholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We
                                         may change our business strategy and operational policies without stockholder consent
                                         (unless stockholder consent is specifically required by the Investment Company Act),
                                         which may result in a determination to pursue riskier business activities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Laws
                                         and regulations may prohibit the banks in which we invest from paying interest and/or
                                         dividends to us.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Legal
                                         and regulatory changes could occur that may adversely affect us.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We
                                         may be required to register as a commodity pool operator.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Market
                                         fluctuations caused by force majeure, terrorism or certain other acts may adversely affect
                                         our performance.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Changes
                                         in interest rates may affect our net investment income, reinvestment risk and the probability
                                         of defaults of our investments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Related to Our Use of Leverage</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We
                                         currently have a bank loan to finance investments as a form of leverage. We also have
                                         authority to issue preferred stock or engage in reverse repurchase agreements to finance
                                         investments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Leverage
                                         exaggerates the effects of market downturns or upturns on the NAV and market value of
                                         our common stock, as well as on distributions to holders of our common stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Leverage
                                         can also increase the volatility of our NAV, and expenses related to leverage can reduce
                                         our income.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">In
                                         the case of leverage, if our assets decline in value so that asset coverage requirements
                                         for any borrowings or preferred stock would not be met, we may be prevented from paying
                                         distributions, which could jeopardize our qualification for pass-through tax treatment,
                                         make us liable for excise taxes and/or force us to sell portfolio securities at an inopportune
                                         time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The
                                         use of leverage through investments such as CLO equity or junior debt securities that
                                         inherently involve leverage, may magnify our risk of loss. CLO equity or junior debt
                                         securities are very highly leveraged, and therefore the CLO securities in which we are
                                         currently invested and in which we intend to invest are subject to a higher degree of
                                         loss since the use of leverage magnifies losses.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.25in">The Company utilizes a revolving
credit agreement with Texas Capital Bank, N.A. (&ldquo;Texas Capital Bank&rdquo;) (the Credit Facility&rdquo;). The terms of the
Credit Facility were last amended in May 2017, to provide for a maximum borrowing amount of $62 million and a fee of London Interbank
Offered Rate (&ldquo;LIBOR&rdquo;) +2.35%, with a maturity date of May 2022. The Credit Facility contains customary covenants,
negative covenants and default provisions, including covenants that limit our ability to incur additional debt or consolidate
or merge into or with any person, other than as permitted, or sell, lease or otherwise transfer, directly or indirectly, all or
substantially all of its assets. Prior to the May 2017 amendment, the Credit Facility had been with a syndicate of financial institutions
that was led by Texas Capital Bank, it had a five-year term maturing in June 2019, was priced at a term of 1, 2 or 3-month LIBOR
plus 2.85%, and permitted us to borrow up to $70.0 million. As of June 30, 2020, $33.0 million was committed and drawn on the
Credit Facility. The United Kingdom&rsquo;s Financial Conduct Authority had announced plans to phase out the use of LIBOR by the
end of 2021. However, on November&nbsp;18, 2020, ICE Benchmark Administration Limited (&ldquo;IBA&rdquo;), the LIBOR administrator,
announced that it will consult on its intention to cease publication of euro, sterling, Swiss franc and yen LIBORs after December&nbsp;31,
2021, and on November&nbsp;30, 2020, IBA announced that it will issue a consultation on extending the discontinuation date for
U.S. dollar LIBOR to June&nbsp;30, 2023. Acknowledging IBA&rsquo;s announcement regarding U.S. dollar LIBOR, the Federal Reserve
Board , the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency noted that extending the publication
of U.S. dollar LIBOR until June&nbsp;30, 2023&nbsp;would allow most legacy U.S. dollar LIBOR contracts to mature before LIBOR
experiences disruptions and cautioned that banks entering into new contracts that use U.S. dollar LIBOR as a reference rate after
December&nbsp;31, 2021 would create safety and soundness risks. Therefore, banks are encouraged to cease entering into new contracts
that use U.S. dollar LIBOR as a reference rate as soon as practicable and in any event by December&nbsp;31, 2021. There is currently
no definitive information regarding the future utilization of LIBOR or of any particular replacement rate. Abandonment of or modifications
to LIBOR could have adverse impacts on newly issued financial instruments and existing financial instruments which reference LIBOR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The
                                         Credit Facility imposes asset coverage requirements, which are more stringent than those
                                         imposed by the Investment Company Act, or by our policies. In addition, we agreed not
                                         to purchase assets not contemplated by the investment policies and restrictions in effect
                                         when the Credit Facility became effective unless changes to these policies and restrictions
                                         are consented to by Texas Capital Bank.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The
                                         covenants or guidelines under the Credit Facility could impede the Adviser from fully
                                         managing our portfolio in accordance with our investment objectives and policies. Furthermore,
                                         non-compliance with such covenants or the occurrence of other events could lead to the
                                         cancellation of the Credit Facility.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">For
                                         as long as the Credit Facility remains in effect, we may not incur additional debt under
                                         any other facility, except in limited circumstances.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The
                                         Credit Facility allows us to prepay borrowings under the Credit Facility at any time.
                                         We do not anticipate that such guidelines will have a material adverse effect on the
                                         holders of our common stock or on our ability to achieve our investment objectives. We
                                         may also consider alternative measures of obtaining leverage in the future.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">See &ldquo;Leverage,&rdquo; and also &ldquo;Risk
Factors&mdash;Risks Related to Our Use of Leverage,&rdquo; for further information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Related to Investing in the Banking Sector</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our
                                         assets will be concentrated in the banking industry, potentially exposing us to greater
                                         risks than companies that invest in multiple sectors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We
                                         primarily invest in equity and debt securities issued by banks, subjecting us to unique
                                         risks.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">All
                                         of our investments are subject to liquidity risk, but we may face higher liquidity risk
                                         if we invest in debt obligations and other securities that are unrated and issued by
                                         banks that have no corporate rating.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We
                                         expect to keep our portfolio of securities and investments focused on the bank sector,
                                         which would make us more economically vulnerable in the event of a downturn in the banking
                                         industry.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A
                                         large number of community banks may fail during times of economic stress.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We
                                         expect to keep our portfolio of securities and investments focused on the bank sector,
                                         with an emphasis on community banks whose business is subject to greater lending risks
                                         than larger banks.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Bank Regulatory and Geopolitical Risk</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The
                                         banking institutions in which we invest, including global money center banks, are subject
                                         to substantial regulations that could adversely affect their ability to operate and the
                                         value of our investments. In addition, geopolitical instability, natural disasters, including
                                         outbreaks of infectious diseases, or in times of significant global market downturns,
                                         which may impact the value of alternative capital securities or other investments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We
                                         may become subject to adverse current or future banking regulations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Ownership
                                         of our stock by certain types of regulated institutions may subject us to additional
                                         regulations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Investments
                                         in banking institutions and transactions related to our portfolio investments may require
                                         approval from one or more regulatory authorities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">If
                                         we were deemed to be a bank holding company or thrift holding company, bank holding companies
                                         or thrift holding companies that invest in us would be subject to certain restrictions
                                         and regulations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The
                                         Financial Accounting Standards Board, or FASB, has issued a new credit impairment model,
                                         the Current Expected Credit Loss, or CECL model, which must be implemented by banks and
                                         certain other companies beginning in 2021. Under the CECL model, entities subject to
                                         the model will be required to present certain financial assets carried at amortized cost,
                                         such as loans held for investment and held-to-maturity debt securities, at the net amount
                                         expected to be collected. The measurement of expected credit losses is to be based on
                                         information about past events, including historical experience, current conditions, and
                                         reasonable and supportable forecasts that affect the collectability of the reported amount.
                                         This measurement will take place at the time the financial asset is first added to the
                                         balance sheet and periodically thereafter. This differs significantly from the &quot;incurred
                                         loss&quot; model, which delays recognition until it is probable a loss has been incurred.
                                         CECL may create more volatility in the companies in which we invest, and this in turn
                                         could affect the value of our portfolio.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Related to Our Adviser and/or its Affiliates</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our
                                         performance is dependent on our Adviser, and we may not find a suitable replacement if
                                         the management agreement is terminated.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The
                                         departure or death of any of the members of senior management of our Adviser or ArrowMark
                                         Partners may adversely affect our ability to achieve our business objective; our management
                                         agreement does not require the availability to us of any particular individuals.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">If
                                         our Adviser ceases to be our manager under our management agreement, financial institutions
                                         that provided our credit facilities may not provide future financing to us.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our
                                         Adviser&rsquo;s liability is limited under our management agreement, and we have agreed
                                         to indemnify our Adviser against certain liabilities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">There
                                         may be potential conflicts of interest between our management and our Adviser, on one
                                         hand, and the interest of our common stockholders, on the other.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We
                                         are limited in our ability to conduct transactions with affiliates.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our
                                         Adviser&rsquo;s investment committee is not independent from its management.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We
                                         may compete with our Adviser&rsquo;s current and future investment vehicles for access
                                         to capital and assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">There
                                         may be other conflicts of interest in our relationship with our Adviser and/or its affiliates
                                         that could negatively affect our earnings.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our
                                         Adviser&rsquo;s management of our business is subject to the oversight of our board of
                                         directors, but our board of directors will not approve each business decision made by
                                         our Adviser.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our
                                         Adviser may be incentivized to incur additional leverage, up to the extent permitted
                                         by regulations, even if additional leverage is not in the best interests of the Company&rsquo;s
                                         stockholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Related to Offerings</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The
                                         price for our common stock may be volatile.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The
                                         price for our common stock is subject to market risk.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Future
                                         offerings of debt securities or preferred stock, which would rank senior to our common
                                         stock upon our liquidation, and future offerings of equity securities, which would dilute
                                         our existing stockholders and may be senior to our common stock for the purposes of dividend
                                         and liquidating distributions, may adversely affect the market value of our common stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Related to Taxation</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Despite
                                         our election to be treated as a RIC, we may not be able to meet the requirements to maintain
                                         an election to be treated as a RIC.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">We
                                         will be subject to corporate-level federal income tax on all of our income if we are
                                         unable to maintain RIC status under Subchapter M of the Code.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Whether
                                         an investment in a RIC is appropriate for a Non-U.S. Stockholder will depend upon the
                                         Non-U.S. Stockholder&rsquo;s particular circumstances.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>We strongly urge you to review carefully
the discussion under &ldquo;Material U.S. Federal Income Tax Considerations&rdquo; and to seek advice based on your particular
circumstances from an independent tax advisor.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Competitive Advantages</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that our significant focus
on the banking sector provides us with a strong competitive advantage relative to non-specialized investors. We believe that we
are well-suited to meet the capital needs of the banking sector.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Targeted Investment Characteristics</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our business strategy focuses on minimizing
risk by using a disciplined underwriting process for all of our sector investments. Proprietary fundamental research is the basis
for all investment decisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to our investments in community
banks, we seek banks that exhibit the following characteristics:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Experienced
                                         Management. We seek to invest in community banks with management teams or sponsors that
                                         are experienced in running local banking businesses and managing risk. We seek community
                                         banks that have a particular market focus, expertise in that market, and a track record
                                         of success. Further, we actively seek to invest in banks with senior management teams
                                         with significant ties to their local communities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Stability
                                         of Earnings. We seek to invest in community banks with the potential to generate stable
                                         cash flows over long periods of time, and therefore we presently seek out institutions
                                         that have a defined lending strategy and predictable sources of interest revenues, stable
                                         sources of deposits and predictable expenses.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Stability
                                         of Market. We seek to invest in community banks whose core business is conducted in one
                                         or more geographic markets that have sustainable local economies. The market characteristics
                                         we seek include stable or growing employment bases and favorable long-term demographic
                                         trends, among other characteristics.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Growth
                                         Opportunities. We seek to invest in healthy community banks headquartered in markets
                                         that provide significant organic growth opportunities, or are headquartered in highly
                                         fragmented markets where industry consolidation is likely providing the opportunity for
                                         community banks to grow through acquisitions of smaller competitors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Strong
                                         Competitive Position. We focus on community banks that have developed strong market positions
                                         within their respective markets and that are well positioned to capitalize on growth
                                         opportunities. We seek to invest in companies that demonstrate competitive advantages
                                         that should help to protect and potentially expand their market position and profitability.
                                         Typically, we do not expect to invest in newly organized institutions or community banks
                                         having highly speculative business plans.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Visibility
                                         of Exit. When investing in common equity, we seek investments that we expect to result
                                         in an exit opportunity. Exits may come through the conversion of an investment into public
                                         shares; an initial public offering of shares by the bank; the sale of the bank; or the
                                         repurchase of shares by the bank or another financial investor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to our investments in alternative
capital securities, we seek to invest in issues that exhibit the following characteristics:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Investor
                                         and Issuer Alignment: We seek to invest in alternative capital securities where the issuing
                                         bank originated the underlying loans with the intention to be held on the bank&rsquo;s
                                         balance sheet. We seek alternative capital transactions where the issuing bank retains
                                         meaningful exposure to the underlying collateral pool through a structure that creates
                                         alignment with investors by incentivizing the issuing bank to maintain disciplined underwriting
                                         processes and standards.<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>


</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">High
                                         Quality Collateral: We generally seek to invest in alternative capital securities where
                                         the underlying collateral is at or near investment grade at the time of issuance.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Diversified
                                         Exposure: We seek to invest in alternative capital securities where the underlying collateral
                                         is diversified across geographies, sectors, and individual borrowers. Additionally, we
                                         seek securities that are subject to guidelines which enforce collateral diversification
                                         over the expected life.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Floating
                                         Rate, Current Income: We seek to invest in alternative capital securities that have a
                                         floating rate structure to help mitigate interest rate risk.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investments</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We primarily invest in bank-related securities
including community banks, other FDIC-insured institutions and alternative capital transactions, as well as in companies that
provide goods and/or services to banking companies. We have an existing pipeline of potential investments that meet our criteria,
consisting primarily of preferred equity, subordinated debt, convertible securities and, to a lesser extent, common equity. We
invest in accordance with our Adviser&rsquo;s investment policy in primarily the following assets:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Preferred and Common Equity Assets</I>.
We continue to receive capital requests from numerous community banks regarding potential investments initially in amounts ranging
from approximately $3 million to $20 million per investment.&nbsp; Preferred stock may have fixed or variable dividend rates,
which may be subject to rate caps and collars.&nbsp; In connection with our investments, we may also receive options or warrants
to purchase common or preferred equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Regardless of the type of capital security,
we intend to invest the majority of our portfolio in institutions that are currently paying dividends or interest on their securities,
that our Adviser believes have the ongoing ability to pay dividends or interest on their securities, and that are not currently
a party to any regulatory enforcement actions that would limit or hinder their ability to pay dividends or interest.&nbsp; While
we do not intend to invest a significant portion of our funds in institutions that do not meet these criteria, we may invest in
institutions that our Adviser believes have the ability to emerge from such conditions, pay any accrued interest or cumulative
unpaid dividends at emergence and begin the normalized payment of interest or dividends in arrears and/or as frequently stipulated
by the issuance in question.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">From time to time, we may also invest
in Tier 2 qualifying debt securities (long term subordinated debt securities) and other debt securities or hybrid instruments
issued by community banks or their holding companies. Additionally, we may invest in Tier 1 qualifying debt securities. These
debt securities may have fixed or floating interest rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Alternative Capital Securities</I>.
We invest in alternative capital securities (which are also known as regulatory capital securities) issued by various regulated
banking institutions. Alternative capital securities are generally securities that are issued by a regulated banking institution
as an alternative to issuing common equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="background-color: white"><I>Covered
Calls and Other Option Transactions.</I>&nbsp;The Company intends to provide current income from short-term gains earned through
an option strategy which will normally consist of writing (selling) call options on bank equity securities in its portfolio (&ldquo;covered
calls&rdquo;). Any premiums received by the Company from writing options may result in short-term capital gains. Writing a covered
call is the selling of an option contract entitling the buyer to purchase an underlying security that the Company owns. When the
Company sells a call option, it generates current income from short-term gains in the form of the premium paid by the buyer of
the call option, but the Company forgoes the opportunity to participate in any increase in the value of the underlying equity
security above the exercise price of the option. The writer of the call option has the obligation, upon exercise of the option,
to deliver the underlying security or currency upon payment of the exercise price during the option period.</FONT></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I>Convertible
Securities</I>. We may invest in convertible securities. Convertible securities include any debt securities or preferred stock
which may be converted into common stock or which carry the right to purchase common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Generally, convertible securities entitle
us to exchange the securities for a specified number of shares of common stock, usually of the same company, at specified prices
within a certain period of time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The terms of any convertible security
determine its ranking in a company&rsquo;s capital structure. In the case of subordinated convertible debentures, the holders&rsquo;
claims on assets and earnings are subordinated to the claims of other creditors, and are senior to the claims of preferred and
common shareholders. In the case of convertible preferred stock, the holders&rsquo; claims on assets and earnings are subordinated
to the claims of all creditors and are senior to the claims of common shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Convertible securities have characteristics
similar to both debt and equity securities. Due to the conversion feature, the market value of convertible securities tends to
move together with the market value of the underlying common stock. As a result, selection of convertible securities, to a great
extent, is based on the potential for capital appreciation that may exist in the underlying stock. The value of convertible securities
is also affected by prevailing interest rates, the credit quality of the issuer, and any call provisions. In some cases, the issuer
may cause a convertible security to convert to common stock. In other situations, it may be advantageous for us to cause the conversion
of convertible securities to common stock. If a convertible security converts to common stock, we may hold such common stock in
our portfolio even if we would not invest in the common stock of such issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">We may invest in contingent securities
structured as contingent convertible securities also known as &ldquo;CoCos&rdquo;. Contingent convertible securities are typically
issued by non-U.S. banks and are designed to behave like bonds in times of economic health yet absorb losses when a pre-determined
trigger event occurs. A contingent convertible security is a hybrid debt security either convertible into equity at a predetermined
share price or written down in value based on the specific terms of the individual security if a pre-specified trigger event occurs
(the &ldquo;Trigger Event&rdquo;). Unlike traditional convertible securities, the conversion of a contingent convertible security
from debt to equity is &ldquo;contingent&rdquo; and will occur only in the case of a Trigger Event. Trigger Events vary by instrument
and are defined by the documents governing the contingent convertible security. Such Trigger Events may include a decline in the
issuer&rsquo;s capital below a specified threshold level, increase in the issuer&rsquo;s risk weighted assets, the share price
of the issuer falling to a particular level for a certain period of time and certain regulatory events.</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Collateralized Loan Obligations and
other Structured Securities. </I>A CLO is a special purpose vehicle that is formed to finance a pool of loans which meet predefined
investment criteria. It generally raises capital by issuing both debt and equity securities. Typically, a CLO will issue various
classes, or &ldquo;tranches,&rdquo; of debt broadly categorized as senior and subordinate debt tranches as well as an equity tranche.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">CLO securities receive cash flows generated
by underlying collateral according to a defined payment waterfall. Principal and interest payments to CLO debt tranches are typically
paid sequentially, with senior debt tranches receiving cash flows prior to subordinate debt tranches. The risk and return to CLO
debt tranches vary depending upon each tranche&rsquo;s right to collect cash flows generated by the underlying collateral. CLO
debt tranches are generally rated, with ratings ranging from the highest investment grade to below investment grade, with coupons
commensurate with the risk of each tranche. CLO debt tranches are also generally structured with covenants which, if violated,
divert cash flows to the senior tranches prior to making any interest or principal payments to subordinate debt tranches or equity
tranches.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unlike debt securities issued by CLOs,
CLO equity securities are not rated and do not have contractually stated payment schedules. At origination, the weighted average
interest rate of all CLO debt tranches is generally lower than the weighted average interest earned by a CLO&rsquo;s underlying
collateral, resulting in an interest rate spread. CLO equity securities receive residual cash flows, or the interest spread, generated
by the underlying collateral after obligated payments for CLO debt securities and other expenses of the CLO have been made.&nbsp;
CLO equity tranches typically comprise approximately 10%-20% of total capital raised by a CLO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CLO equity tranches can generate relatively
front-end loaded cash flows. CLO equity cash flows are also highly dependent on the credit performance of their underlying collateral
pool. If loans within the collateral pool default, the reduced amount of performing collateral leads to lower cash flows available
for distribution through CLO waterfalls, resulting in lower residual cash flows available for equity tranches. Residual cash flows
are also impacted by changes in portfolio spreads for CLO collateral. Declines in spreads on newly issued collateral during the
reinvestment period result in lower residual cash flows available for equity tranches.</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Community Funding 2018, LLC (&ldquo;CF
2018&rdquo;)</I>. As of November 1, 2020, the Company has invested $22.4 million in the interests of CF 2018, representing all
of the outstanding securities of CF 2018. CF 2018 is a structured financing vehicle that finances, originates and services loans
to FDIC-insured community banks or savings institutions or their respective holding companies (&ldquo;Obligors&rdquo;). Such
loans are pledged as collateral to secure loans made to CF 2018 by one more insurance companies (&ldquo;Lender&rdquo;) under a
credit and security agreement with a final maturity date in July 2028. The Obligors are generally not publicly rated by any rating
agency. The loans held by CF 2018 may have greater credit and liquidity risks than investment-grade corporate obligations that
are publicly rated. These loans are not deposits and are not insured by the FDIC or any government agency or instrumentality thereof.
The Company purchased its interests in CF 2018 with an initial contribution of cash and securities and subsequent cash contributions.
The CF 2018 Interests are unsecured equity interests that do not bear a stated rate of interest but entitle us to receive distributions
on each payment date solely to the extent of excess interest proceeds and/or principal proceeds, if any. This means that we can
only lose the amount that we invested in CF 2018, we are not liable for the liabilities of CF 2018, and we will not receive distributions
from CF 2018 for a period until CF 2018 pays its interest and principal payments to the Lender for that period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CF 2018 has retained StoneCastle Investment
Management, LLC (the &ldquo;Servicer&rdquo;) to perform certain administrative functions pursuant to a servicing agreement dated
February 7, 2018 (the &ldquo;Servicing Agreement&rdquo;). Pursuant to the terms of the Servicing Agreement, the Servicer, among
other things, monitors and services CF 2018&rsquo;s collateral loans, provides to the CF 2018&rsquo;s lenders, collateral administrator
and administrative agent certain information and reviews the reports prepared pursuant to the credit agreement. Under the terms
of the Servicing Agreement, Servicer is entitled to a fee payable in arrears in an amount equal to 0.30% per annum of the sum
of the aggregate principal balance of the collateral loans (excluding any ineligible, defaulted or defaulted loans). This fee
is paid directly by CF 2018 to the Servicer. The Servicer has agreed to remit its fees received under the Servicing Agreement
to us so long as we continue to hold all of the interests of CF 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that securitizations such as
CF 2018 enable us to deploy our capital efficiently and to increase our capacity to generate income from providing financing to
community banks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><I>TARP Assets</I>. We own and may continue
to own one or more portfolios of perpetual preferred stock issued by community banks under the U.S. Department of the Treasury&rsquo;s
(&ldquo;U.S. Treasury&rdquo;) Troubled Asset Relief Program (&ldquo;TARP&rdquo;) Capital Purchase Plan. Under TARP, more than
450 community banks issued in excess of $10 billion of perpetual preferred stock in 2008 and 2009 (&ldquo;TARP Preferred&rdquo;)
and approximately $2.2 billion in TARP Preferred issued by approximately 121 institutions. We typically purchase these securities
through secondary market transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Leverage</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have borrowed funds and expect to continue
to borrow to fund our investment activities, which is also known as utilizing leverage. While we may enter into borrowing arrangements
with banks or other lenders that are unsecured, we currently fund a portion of our investments with a secured debt facility. We
will operate with leverage through recourse and non-recourse collateralized financings, private or public offerings of debt, warehouse
facilities, secured and unsecured bank credit facilities, reverse repurchase agreements and other borrowings. Additionally, we
may create one or more wholly-owned special purpose subsidiaries to facilitate secured borrowing structures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have borrowed to fund a portion of
our assets and limit our overall borrowing to meet the limitations set forth under the Investment Company Act. Accordingly, we
will limit (i)&nbsp;leverage from debt securities to one-third of our total assets, including the proceeds of such borrowings,
at the time such borrowings are calculated and (ii)&nbsp;the total aggregate liquidation value and outstanding principal amount
of any preferred stock and debt securities to 50% or less of the amount of our total assets (including the proceeds of debt securities
and preferred stock) less liabilities and indebtedness not represented by our debt securities and preferred stock, each in accordance
with the requirements of the Investment Company Act. Although we have no present intention to do so, we may also operate with
leverage by issuing preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We seek a leverage ratio, based on a variety
of factors including market conditions and our Adviser&rsquo;s market outlook, where the rate of return, net of applicable expenses,
on the Company&rsquo;s investment portfolio investments purchased with leverage exceeds the costs associated with such leverage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 30, 2020, we incurred leverage
through borrowings under the Credit Facility that permitted the Company to borrow up to $62 million as of that date of which $33.0
million was committed and drawn. Our asset coverage ratio as of June 30 2020, was 503%. See &ldquo;Leverage&mdash;Effects of Leverage&rdquo;
for a description of our credit agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following the completion of the offering,
we may increase the amount of leverage outstanding. We may incur additional borrowings in order to maintain our desired leverage
ratio of 30%. Leverage creates a greater risk of loss, as well as a potential for more gain, for the common stock than if leverage
was not used. Interest on borrowings may be at a fixed or floating rate, and the interest at a floating rate generally will be
based on short-term rates. The costs associated with our use of leverage, including the issuance of such leverage and the payment
of dividends or interest on such leverage, will be borne entirely by the holders of common stock. As long as the rate of return,
net of our applicable expenses, on our investment portfolio investments purchased with leverage exceeds the costs associated with
such leverage, we will generate more return or income than will be needed to pay such costs. In this event, the excess will be
available to pay higher dividends to holders of common stock. Conversely, if the return on such assets is less than the cost of
leverage and our other expenses, the return to the holders of our common stock will diminish. To the extent that we use leverage,
the NAV and market price of our common stock and the yield to holders of common stock will be more volatile. Our leveraging strategy
may not be successful. Our Adviser&rsquo;s fee is based on &ldquo;Managed Assets&rdquo;, which means our total assets (including
cash and cash equivalents and any assets purchased with or attributable to any borrowed funds). Because our Adviser&rsquo;s fee
is based on Managed Assets, our Adviser&rsquo;s fee will be higher if we utilize leverage. See &ldquo;Risks Related to Our Use
of Leverage.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to reduce the interest rate and
credit risks associated with our investments and use of leverage, we expect to utilize derivatives including interest rate swaps,
caps, floors and forward transactions and credit default swaps, total return swaps and credit-linked notes. In addition, we may
utilize futures and warrants in order to hedge against changes in market prices of the securities of the publicly-traded banks
in which we invest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Conflicts of Interest</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Adviser is subject to certain conflicts
of interest in our management. These conflicts arise primarily from the involvement of our Adviser and its affiliates in other
activities that may conflict with our activities. Our Adviser and its affiliates engage in a broad spectrum of activities. In
the ordinary course of their business activities, they may engage in activities where their interests or the interests of their
clients may conflict with our interests and the interest of the holders of our common stock. Other present and future activities
of our Adviser and its affiliates may give rise to additional conflicts of interest which may have a negative impact on us and
the holders of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Adviser&rsquo;s compliance department,
together with compliance personnel and resources of ArrowMark, oversees the Adviser&rsquo;s policies and procedures which are
designed to ensure compliance with the securities laws and to mitigate potential conflicts of interest.. The Adviser&rsquo;s policies
and procedures system emphasize the principle of fair and equitable allocation of appropriate opportunities to our Adviser&rsquo;s
clients over time. As a result of our Advisor&rsquo;s allocation policies, we may not be able to invest in all opportunities that
are appropriate for us and this may have the effect of reducing our potential earnings. Although our Adviser has agreed with us
that it will allocate opportunities among its clients pursuant to its written policies and procedures, there is no assurance that
these policies and procedures will work as intended or that we will be allocated our fair share of investment opportunities over
time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Corporate Information</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our principal executive offices are located
at 100 Fillmore Street, Suite 325, Denver, CO 80206. Our telephone number is (212)-468-5441.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Adviser Information</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The offices of our Adviser are located
at 100 Fillmore Street, Suite 325, Denver, CO 80206. The telephone number for our Adviser is (212)-468-5441.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Who May&nbsp;Want to Invest</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investors should consider their investment
goals, time horizons and risk tolerance before investing in our securities. An investment in our securities is not appropriate
for all investors, and our securities are not intended to be a complete investment program. Our securities are designed as a long-term
investment and not as a trading vehicle. Our securities may be an appropriate investment for investors who are seeking:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">potential
                                         recurring dividend and interest cash flow;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an
                                         investment company focused primarily on the bank sector;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an
                                         investment company whose capital structure may be significantly leveraged;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an
                                         investment company that will invest in preferred equity, subordinated debt, alternative
                                         capital securities, convertible securities and common equity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an
                                         investment company that may be suitable for retirement or other tax-exempt accounts;
                                         and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">professional
                                         securities selection and active management by an experienced advisor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">FEES AND
EXPENSES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table is intended to assist
you in understanding the costs and expenses that an investor in shares of our common stock will bear, directly or indirectly.
Other expenses are estimated and may vary. Except where the context suggests otherwise, whenever this prospectus contains a reference
to fees or expenses paid by &ldquo;you&rdquo; or &ldquo;us&rdquo; or that &ldquo;we&rdquo; will pay fees or expenses, stockholders
will indirectly bear such fees or expenses. <B>We caution you that certain of the indicated percentages in the table below indicating
annual expenses are estimates and may vary.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Stockholder Transaction Expenses (as a percentage of offering
    price):</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Sales Load (1)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Offering Expenses (2)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Dividend Reinvestment Plan Expenses(3)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><B>Total Stockholder Transaction Expenses</B></TD><TD STYLE="font-size: 10pt"><B>&nbsp;</B></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: right"><B>&nbsp;</B></TD><TD STYLE="font-size: 10pt; text-align: left"><B>%</B></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Annual Expenses (as a percentage of net assets attributable
    to common stock):</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 87%; font-size: 10pt">Management Fees(4)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">2.67</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Interest payments on borrowed funds(5)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.43</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Acquired fund fees and expenses (6)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.00</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Other Expenses (estimated for the current fiscal year)(7)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1.25</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt"><U>Total Annual Expenses (8)</U></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">5.35</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">In the event that the securities to
                                         which this prospectus relates are sold to or through underwriters or agents, a corresponding
                                         prospectus supplement will disclose the applicable sales load.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">The related prospectus supplement
                                         will disclose the estimated amount of total offering expenses (which may include offering
                                         expenses borne by third parties on our behalf), the offering price and the offering expenses
                                         borne by us as a percentage of the offering price.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">The expenses associated with the administration
                                         of our dividend reinvestment plan are included in &ldquo;Other Expenses.&rdquo; Participants
                                         in the dividend reinvestment plan that instruct the plan administrator to sell shares
                                         obtained under the plan may be accessed a $15 transaction fee by the plan administrator
                                         and the proceeds of such sale will be net of brokerage commissions, fees and transaction
                                         costs. For more details about the plan, see &ldquo;Dividend Reinvestment Plan.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">For the purposes of calculating our
                                         expenses, we have assumed the maximum contractual management fee of 1.75% of Managed
                                         Assets. See &ldquo;Management&mdash;Management Agreement.&rdquo;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(5)</TD><TD STYLE="text-align: justify">We entered into a revolving credit
                                         agreement on June 9, 2014. Interest expense assumes that leverage will represent approximately
                                         30% of our Managed Assets (as defined under &ldquo;Management&mdash;Management Agreement&mdash;Management
                                         Fee&rdquo;) and charge interest or involve payment at a rate set by an interest rate
                                         transaction at an annual average rate of approximately 3.32% for the six months ended
                                         June 30, 2020. We have assumed for purposes of these expense estimates that we will utilize
                                         leverage for the entire year.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(6)</TD><TD STYLE="text-align: justify">Includes fees and expenses of approximately
                                         0.00% incurred indirectly as a result of investment in shares of one or more &ldquo;Acquired
                                         Funds,&rdquo; which include (i) investment companies, or (ii) companies that would be
                                         an investment company under Section 3(a) of the 1940 Act except for exceptions under
                                         Sections 3(c)(1) and 3(c)(7) under the 1940 Act.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(7)</TD><TD STYLE="text-align: justify">Pursuant to the
                                         management agreement, our Adviser furnishes us, or arranges for the furnishing of office
                                         facilities and clerical and administrative services necessary for our operation (other
                                         than services provided by our custodian, accounting agent, administrator, dividend and
                                         interest paying agent and other service providers). We bear all expenses incurred in
                                         our operations, and we will bear the expenses related to any future offering. &ldquo;Other
                                         Expenses&rdquo; above includes all such costs not borne by our Adviser, which may include
                                         but are not limited to overhead costs of our business, commissions, fees paid to CAB
                                         Marketing, LLC and CAB, L.L.C., subsidiaries of the ABA, as part of our exclusive investment
                                         referral and endorsement relationships with those subsidiaries, fees and expenses connected
                                         with our investments and auditing, accounting and legal expenses. Our agreements with
                                         CAB Marketing, LLC and CAB, L.L.C. terminated effective August 31, 2020, and require
                                         an additional payment of $150,000 in the year following termination in recognition of
                                         the trailing benefit of the CAB name license. See &ldquo;Management&mdash;Management
                                         Agreement&mdash;Payment of Our Expenses.&rdquo; &ldquo;Other Expenses&rdquo; also includes
                                         Acquired Fund fees and expenses, which expenses are estimated to not exceed one basis
                                         point of our average net assets for the current fiscal year.</TD>
</TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(8)</TD><TD STYLE="text-align: justify">Total Annual Expenses may not correlate
                                         to the ratio of expenses to average net assets disclosed in the Company&rsquo;s annual
                                         and semi-annual reports to stockholders in the financial highlights table, which reflects
                                         operating expenses of the Company and does not include &ldquo;Acquired Fund&rdquo; fees
                                         and expenses.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Example<SUP>1</SUP></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following example demonstrates the
hypothetical dollar amount of total cumulative expenses that would be incurred over various periods with respect to a hypothetical
investment in our common stock. These amounts are based upon the assumption that our annual operating expenses remain at the levels
set forth in the table above and that the annual return on investments before fees and expenses is 5%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">1 Year</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">3 Years</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">5 Years</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">10 Years</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: left">You would pay the following expenses on a $1,000 investment, assuming
    a 5% annual return:</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The purpose of the table and example above
is to assist you in understanding the various costs and expenses that an investor in any future offering will bear directly or
indirectly. The example and the expenses in the tables above should not be considered a representation of our future expenses,
and actual expenses may be greater or less than those shown.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, while the example assumes, as
required by the SEC, a 5% annual return, our performance will vary and may result in a return greater or less than 5%. In addition,
while the example assumes reinvestment of all distributions at NAV, participants in our dividend reinvestment plan may receive
common stock valued at the market price in effect at that time. This price may be at, above or below NAV. See &ldquo;Dividend
Reinvestment Plan&rdquo; for additional information regarding our dividend reinvestment plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUP>1</SUP> Example to be completed by
amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The &ldquo;Other Expenses&rdquo; shown
in the table and related footnote above are based on estimated amounts for our current fiscal year of operation unless otherwise
indicated. If we issue fewer shares of common stock, all other things being equal, certain of these percentages would increase.
For additional information with respect to our expenses, see &ldquo;Management&rdquo; and &ldquo;Dividend Reinvestment Plan.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">FINANCIAL
HIGHLIGHTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information in &ldquo;Financial Highlights&rdquo; of our
most recent annual shareholder report on Form N-CSR is incorporated by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">CAUTIONARY
STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The matters discussed under &ldquo;Prospectus
Summary,&rdquo; &ldquo;Risk Factors,&rdquo; &ldquo;Distribution Policy,&rdquo; &ldquo;The Company&rdquo; and elsewhere in this
prospectus, as well as in future oral and written statements by our management, that are forward-looking statements are based
on current management expectations that involve substantial risks and uncertainties that could cause actual results to differ
materially from the results expressed in, or implied by, these forward-looking statements. Forward-looking statements relate to
future events or our future financial performance. We generally identify forward-looking statements by terminology such as &ldquo;may,&rdquo;
 &ldquo;will,&rdquo; &ldquo;should,&rdquo; &ldquo;expects,&rdquo; &ldquo;plans,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;could,&rdquo;
 &ldquo;intends,&rdquo; &ldquo;targets,&rdquo; &ldquo;projects,&rdquo; &ldquo;contemplates,&rdquo; &ldquo;believes,&rdquo; &ldquo;estimates,&rdquo;
 &ldquo;predicts,&rdquo; &ldquo;potential&rdquo; or &ldquo;continue&rdquo; or the negative of these terms or other similar words.
Important assumptions include our ability to originate new investments and achieve certain levels of return, the availability
to us of additional capital and the ability to maintain certain debt to asset ratios. In light of these and other uncertainties,
the inclusion of a forward-looking statement in this prospectus should not be regarded as a representation by us that our plans
or objectives will be achieved. Statements regarding the following subjects are forward-looking by their nature:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                         business strategy;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                         ability to use effectively the proceeds of any future offering and manage our anticipated
                                         growth;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                         ability to obtain future financing arrangements;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">estimates
                                         relating to, and our ability to make, future distributions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                         ability to compete in the marketplace;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">market
                                         trends;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">projected
                                         capital and operating expenditures, including fees paid to our affiliates; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         impact of technology on our operations and business.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our beliefs, assumptions and expectations
can change as a result of many possible events or factors, not all of which are known to us or are within our control. If a change
occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our
forward-looking statements. You should carefully consider these risks before you make an investment decision with respect to our
securities, along with the following factors that could cause actual results to vary from our forward-looking statements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         factors referenced in this prospectus, including those set forth under the sections captioned
                                         &ldquo;Risk Factors&rdquo; and &ldquo;The Company;&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">general
                                         volatility of the capital markets and the market price of our common stock;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes
                                         in our business strategy;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">availability,
                                         terms and deployment of capital;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">availability
                                         of qualified personnel;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes
                                         in the sectors in which we invest, interest rates or the general economy;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">increased
                                         rates of default and/or decreased recovery rates relating to our investments;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes
                                         in applicable laws, rules or regulations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                         ability to continue to meet the requirements for treatment as a RIC;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">increased
                                         prepayments relating to our investments; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         degree and nature of our competition.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we believe that the expectations
reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance
or achievements. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this
prospectus. We are not obligated, and do not undertake an obligation, to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">TRADING
AND NET ASSET VALUE INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth, for the
quarters indicated, the highest and lowest prices on the NASDAQ Global Select Market per share of common stock, and the NAV per
share and the premium to or discount from NAV, on the date of each of the high and low market prices. The table also sets forth
the number of Shares traded on the NASDAQ Global Select Market during the respective quarters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center">NAV
    per Share on Date of<BR> Market Price(1)</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center">NASDAQ
    Global Select<BR> Market Price Per Share(2)</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center">Premium/(Discount)
    to NAV<BR> on Date of Market Price(3)</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center">Trading</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif">During Quarter Ended</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center">High</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center">Low</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center">High</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center">Low</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center">High</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center">Low</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center">Volume(4)</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 16%">March 31, 2018</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">21.58</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">21.58</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">22.75</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">20.26</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">5.4</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">(6.1</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left">)%</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 9%; text-align: right">1,794,698</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">June 30, 2018</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">22.01</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">22.01</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">24.92</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">21.24</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">13.2</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">(3.5</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">882,169</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">September 30, 2018</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">22.04</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">22.04</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">23.00</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">21.50</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">4.4</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">(2.5</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">793,820</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">December 31, 2018</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">21.43</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">21.43</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">22.61</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">16.75</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">5.5</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">(21.8</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">1,324,033</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">March 31, 2019</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">21.63</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">21.63</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">22.43</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">19.12</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">3.7</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">(11.6</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">867,370</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">June 30, 2019</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">21.80</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">21.80</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">22.35</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">21.00</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">2.5</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">(3.7</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">566,945</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">September 30, 2019</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">21.75</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">21.75</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">22.44</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">20.62</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">3.2</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">(5.2</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">702,466</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">December 31, 2019</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">21.83</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">21.83</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">23.92</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">21.86</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">9.6</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">(0.1</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">1,021,569</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">March 31, 2020</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">19.00</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">19.00</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">22.96</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">9.25</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">20.8</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">(51.3</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">1,914,534</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">June 30, 2020</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">20.27</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">20.27</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">18.55</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">12.46</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">(8.5</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">(38.5</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">981,721</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">September 30, 2020</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">20.89</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">20.89</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">20.09</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">15.33</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">(3.8</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">(26.6</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right">877,204</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1) Based on our computations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2) Source: The NASDAQ Global Select Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3) Based on our computations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(4) Source: Bloomberg.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 30, 2020, our per share NAV
was $20.89 and our per share market price was $19.41. As of December 8, 2020 our per share market price was $20.80, representing
a (0.43% discount to such NAV).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We cannot predict whether our common stock
will trade at a premium or discount to NAV in the future. Our issuance of common stock may have an adverse effect on prices for
our common stock in the secondary market by increasing the number of common shares available, which may put downward pressure
on the market price for our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shares of closed-end funds frequently
trade at a market price that is less than the value of the net assets attributable to those shares (a &ldquo;discount&rdquo;).
The possibility that our shares will trade at a discount from NAV is a risk separate and distinct from the risk that our NAV will
decrease. The risk of purchasing shares of a closed-end fund that might trade at a discount or unsustainable premium is more pronounced
for investors who wish to sell their shares in a relatively short period of time after purchasing them because, for those investors,
realization of a gain or loss on their investments is likely to be more dependent upon the existence of a premium or discount
than upon portfolio performance. Our shares are not redeemable at the request of stockholders. We may repurchase our shares in
the open market or in private transactions, although we have no present intention to do so. Stockholders desiring liquidity may,
subject to applicable securities laws, trade their shares on the NASDAQ Global Select or other markets on which such shares may
trade at the then current market value, which may differ from the then current NAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">USE OF
PROCEEDS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise specified in a prospectus
supplement, we intend to use substantially all of the proceeds from a sale of our securities, net of expenses, for general corporate
purposes, which may include, making investments in accordance with our investment objective and policies. We anticipate that the
proceeds will be invested promptly as investment opportunities are identified, depending on market conditions and the availability
of appropriate securities, and it is anticipated to take not more than approximately three to six months from the closing of any
offering. Pending investment, the proceeds will be invested in short-term cash-equivalent instruments. Although we anticipate
that a substantial portion of the proceeds from any offering will be invested pursuant to our investment objective and policies,
some of the proceeds may be used to make capital gain distributions required to maintain our tax status as a RIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">DISTRIBUTION
POLICY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to pay quarterly distributions
to our stockholders in an amount, and on a timely basis, sufficient to obtain and maintain our status as a RIC; investment company
taxable income includes, among other items, dividends, interest and the excess of any net short-term capital gains over net long-term
capital losses, reduced by deductible expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have elected to be treated, and intend
to comply with the requirements to qualify annually, as a RIC. For federal income tax purposes, as a RIC we are required to distribute
substantially all of our net investment income each year both to avoid federal income tax on our distributed income and to avoid
a potential excise tax. If our ability to make distributions on our common stock is limited, such limitations could, under certain
circumstances, impair our ability to maintain a qualification for taxation as a RIC, which would have adverse consequences for
our stockholders. See &ldquo;Material U.S. Federal Income Tax Considerations.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will pay all dividends at the discretion
of our board of directors, and the dividends we pay will depend on a number of factors, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">distribution
                                         requirements under the Investment Company Act and to maintain our status as a RIC.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                         financial condition; general business conditions; actual results of operations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         timing of the deployment of our capital; debt service requirements;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">availability
                                         of cash distributions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                         operating expenses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any
                                         contractual, legal and regulatory restrictions on the payment of distributions by us
                                         to our stockholders including debt covenants imposed by lenders to the Company; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">other
                                         factors our board of directors in its discretion may deem relevant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a stockholder&rsquo;s common stock
is registered directly with us or with a brokerage firm that participates in our dividend reinvestment plan, distributions will
be automatically reinvested in additional common stock under the dividend reinvestment plan unless a stockholder elects to receive
distributions in cash. If a stockholder elects to receive distributions in cash, payment will be made by check. See &ldquo;Dividend
Reinvestment Plan.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">THE COMPANY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">StoneCastle Financial Corp. was organized
on February&nbsp;7, 2013 as a Delaware corporation, established to make investments in the banking sector throughout the United
States. The Company invests in the U.S. community bank sector, as well as larger regional, national and money center U.S. banks,
global money center banks and financial institutions and companies that provide goods and/or services to banking companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We attempt to achieve our investment objectives
through investments in preferred equity, subordinated debt, convertible securities, alternative capital securities and common
equity issued by national, regional and community banks and financial institutions and companies that provide goods and services
to banking. See &ldquo;Banking Sector Focus&rdquo; and &ldquo;Alternative Capital Securities.&rdquo; We make investments that
will generally be expected to pay us dividends and interest on a current basis and may generate capital gains over time. We may
seek to enhance our returns through the use of warrants, options and other equity conversion features. We also invest in similar
securities of larger U.S. domiciled regional, national and money center banks, global money center banks and companies that provide
goods and/or services to banking companies. Together with banks, we refer to these types of companies as banking-related businesses
and intend, under normal circumstances, to invest at least 80% of the value of our net assets plus the amount of any borrowings
for investment purposes in such businesses<FONT STYLE="background-color: white">. In addition, as part of its investment strategy,
the Company intends to provide current income from short-term gains earned through an option strategy that will normally consist
of writing (selling) call options on bank equity securities in its portfolio (&ldquo;covered calls&rdquo;). </FONT>We have elected
to be treated, and intend to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Adviser</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">StoneCastle-ArrowMark Asset Management,
LLC (&ldquo;StoneCastle-ArrowMark&rdquo;), an SEC-registered investment adviser dedicated to the banking sector, was newly formed
on December 3, 2019 and manages our assets. Our Adviser is registered with the SEC under the Investment Advisers Act of 1940,
as amended (the &ldquo;Investment Advisers Act&rdquo;). Our Adviser has access to investment professionals, including from its
affiliates, which collectively manage a significant pool of assets across various sectors, including the banking sector. Our Adviser&rsquo;s
investment philosophy is grounded in disciplined, fundamental, bottom-up credit and investment analysis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to continue to use our Adviser&rsquo;s
existing banking infrastructure to identify attractive investment opportunities and to underwrite and monitor our investment portfolio.
Our Adviser is wholly-owned by ArrowMark Colorado Holdings, LLC (together with its affiliates &ldquo;ArrowMark Partners&rdquo;
or &ldquo;ArrowMark&rdquo;). Founded in 2007, ArrowMark Partners is a 100% privately-owned and SEC-registered investment adviser
based in Denver, Colorado. As of September 30, 2020 the firm managed $19.5 billion in assets on behalf of a broad array of institutional
clients and professional asset allocators across alternative credit and capacity constrained equity strategies, as well as through
the $5 billion corporate and lending business. ArrowMark&rsquo;s unique approach provides extensive insights across the capital
structure of financial institutions. ArrowMark has a skilled understanding of how to manage complex risk/reward tradeoffs through
the firm&rsquo;s process of Risk-First fundamental research. ArrowMark&rsquo;s team has collective experience navigating multiple
economic climates and market cycles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Adviser&rsquo;s bank investment platform
is consistent with the Company&rsquo;s long-term strategy of aligning its investment capabilities to create value for shareholders.
Since ArrowMark Partners&rsquo; inception, it has demonstrated a track record of identifying investment opportunities within and
related to the banking sector. The ArrowMark team has the advantage of banking relationships and expertise developed over decades
in the investment industry. Certain members of the ArrowMark team have had prior roles at global financial institutions and broad
knowledge of financial services, banking, and investment management industries. ArrowMark&rsquo;s ability to continue successful
execution of the Company&rsquo;s investment goals and strategies is best demonstrated by ArrowMark&rsquo;s history of banking-related
investments, including experience partnering with larger financial institutions to invest over $2.5 billion in alternative capital
transactions since 2010 and successful participation in the Federal Reserve&rsquo;s Term Asset-Backed Securities Loan Facility
program, which was a funding facility that helped market participants meet the credit needs of households and small businesses
by supporting the issuance of asset-backed securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of our Adviser&rsquo;s investment
decisions is reviewed and approved for us by our Adviser&rsquo;s investment committee, the members of which may also act as the
investment committee for other investment vehicles managed by our Advisor or its affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Adviser, in addition to its own resources,
may access experienced investment professionals and senior investment personnel of ArrowMark and its affiliates. Our Adviser intends
to capitalize on the significant deal origination, credit underwriting, due diligence, investment structuring, execution, portfolio
management and monitoring experience of ArrowMark Partners&rsquo; investment professionals. Biographical information for key members
of our Adviser&rsquo;s investment team is set forth below under &ldquo;Management&mdash;Biographical Information.&rdquo; As our
investment adviser, our Adviser is obligated to allocate investment opportunities among us and its other clients in accordance
with its allocation policy; however, there can be no assurance that our Adviser will allocate such opportunities to us fairly
or equitably in the short-term or over time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Banking Sector Focus</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to pursue our investment objective
by taking advantage of a broad spectrum of available investment opportunities in the bank sector, including securities in U.S.
community banks, larger U.S. domiciled regional, national and money center banks, global money center banks and companies that
provide goods or services to banking companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to continue investing in public
and privately-held community banks located throughout the United States. For the purpose of our investment objectives and this
prospectus, we define &ldquo;community bank&rdquo; to mean banks, savings associations and their holding companies with less than
$10 billion in consolidated assets that serve local markets. Community banks generally have simple, straight-forward business
models and geographically concentrated credit exposure. Community banks typically do not have exposure to non-U.S. credit and
are focused on lending to borrowers in their distinct communities. As a result, we believe that community banks frequently have
a strong understanding of the local businesses they finance. Many of these community banks are well established, having been in
business on average for more than 75 years and have survived many economic cycles, including the most recent financial crisis.
We expect to continue to direct community bank investments in numerous issuers differentiated by asset sizes, business models
and geographies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also invest in similar securities of
larger U.S. domiciled banks, global money center banks and companies that provide goods and/or services to banking companies.
Additionally, we intend to continue utilizing alternative capital securities in the portfolio consistent with our investment strategy.
We typically invest in alternative capital securities issued by larger, regulated U.S. and global money center banks and backed
by a diverse range of underlying corporate credits held by the bank itself. Banks issue alternative capital transactions to optimize
capital ratios, reduce balance sheet concentrations and respond to regulatory changes. Through structure of the alternative capital
transaction, the issuing bank retains meaningful exposure to the underlying collateral pool which helps to promote alignment with
investors and incentive to maintain discipline underwriting standards. Alternative capital transactions are driven by long-term
trusted relationships and only a relatively small group of financial institutions are known to participate. We intend to continue
to direct investments into alternative capital securities with high quality collateral and diversified exposure that has the potential
to generate floating rate current income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Market Opportunity</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company was formed to invest in support
of the ongoing capital needs of bank and banking-related institutions. We believe that the banking sector continues to offer a
broad spectrum of available opportunities that are consistent with our investment objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that the banking sector, including
community banks, is attractive due to the strong long-term performance of community banks and the general lack of investment competition
from institutional investors. We believe that the environment for investing in banks, including community banks is attractive
for the following reasons:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Long-Term
                                         Resiliency of Community Banks.</I> The community banking industry has a long history
                                         of resiliency and historically has exhibited a low rate of failure. According to data
                                         from the FDIC, since 1934, FDIC insured banks and thrifts have failed at an annual rate
                                         of 0.35%, with peak cycle one-year failure rates of 3.22% in 1989 (S&amp;L crisis), 1.96%
                                         in 2010 (Great Recession) and 0.54% in each of 1937 and 1938 (Great Depression). We believe
                                         that these figures are comparable with Baa and Ba Moody&rsquo;s rated corporate bond
                                         default rates, which experienced an average annual default rate since 1920 of approximately
                                         0.26% for Moody&rsquo;s Baa-rated corporate bonds and 1.01% for Ba-rated bonds, with
                                         the highest one year default rates of 1.99% and 11.71%, for Baa-rated and Ba-rated corporate
                                         bonds, respectively, as reported in an Annual Default study released on February 1, 2019.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Greater
                                         Equity Cushions.</I> While community banks are generally subject to the same regulations
                                         as their larger competitors, community banks have historically maintained significantly
                                         larger amounts of equity capital. Given that community banks do not typically have access
                                         to different forms of capital from the public markets, most equity in community banks
                                         is comprised of common equity, a form considered of the highest quality by federal and
                                         state banking regulators. As of September 30, 2020, banks with less than $10 billion
                                         of assets maintained Tier 1 risk-based capital ratios 2.10% higher than banks with more
                                         than $10 billion of assets. Given that banks over $10 billion have 0.69% higher non-current
                                         loans to loans (0.69% vs. 0.51%), community banks generally have significantly better
                                         equity cushions than their larger competitors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Large
                                         Fragmented Market.</I> Community banks collectively controlled nearly $2.9 trillion of
                                         financial assets as of December 31, 2019. Despite significant industry consolidation
                                         since 1980, as of December 31, 2019 there were still more than 5,000 FDIC-insured banks
                                         in the United States. As of such date, more than 87% of these banks had less than $10
                                         billion of assets and many primarily service their local communities. We believe that
                                         the highly fragmented nature of the industry poses significant challenges for potential
                                         investors seeking to implement a diversified investment strategy.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Robust
                                         Demand for Capital.</I> Regulatory changes are requiring all banks to hold increased
                                         levels of capital. This requirement creates what we believe to be strong demand for capital
                                         in the form of preferred equity, subordinated debt, convertible securities and, to a
                                         lesser extent, common equity. Further, capital is needed to facilitate ongoing consolidation
                                         within the banking industry, including acquisitions of failed banks from the FDIC. Lastly,
                                         organic growth of well-positioned institutions also supports demand. Our Adviser estimates
                                         that the community banking sector will require billions of dollars of capital over the
                                         next several years to facilitate (i)&nbsp;compliance with heightened regulatory capital
                                         ratios, (ii) acquisition of competitors and failed banks and (iii)&nbsp;organic asset
                                         growth. This estimate is in part based on the size of the trust preferred CDO market
                                         and the phase out of trust preferred securities from the definition of Tier 1 capital.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Sector
                                         Overlooked by Institutional Capital Providers.</I> We believe that many investors historically
                                         have avoided investing in community banks due to the small size of these banks, their
                                         heavy regulation, the Bank Holding Company Act, which imposes ownership restrictions
                                         and the perception that community banks are riskier than larger financial institutions.
                                         In addition, many capital providers lack the necessary technical expertise to evaluate
                                         the quality of the small- and mid-sized privately-held community banks and lack a network
                                         of relationships to identify attractive opportunities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Opportunities
                                         for Investments in Larger Banks Through Alternative Capital Securities. </I>We intend
                                         to continue to direct investments into alternative capital securities with high quality
                                         collateral and diversified exposure that has the potential to generate floating rate
                                         current income. Changing regulations and capital requirement needs cause typically larger,
                                         global money center banks to issue such securities. Successful investments in such securities
                                         often depends on long-term trusted relationships. We believe our experience and reputation
                                         in the banking industry will allow us to participate in such investments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Competitive Advantages</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that our significant focus
on the banking sector provides us with a strong competitive advantage relative to non-specialized investors. We intend to pursue
our investment objective by taking advantage of our considerable experience partnering with larger banks and global money center
banks through alternative capital transactions. We believe we are uniquely suited capitalize on this market opportunity in the
banking sector for the following reasons:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Differentiated
                                         Approach</I>. With considerable experience investing in alternative capital securities
                                         since 2010, we have refined a flexible investment process that continues to adapt as
                                         the market and opportunity set evolve allowing us to selectively pursue opportunities
                                         aligned with our investment objectives.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Pronounced
                                         Sourcing Advantages</I>. Relationships, scale and reputation developed by the team over
                                         decades in the banking industry and ten years of consistent participation in the asset
                                         class serve as a core component of our ability to access alternative capital securities.
                                         Our extensive sourcing network and relationships with long-term issuers that have been
                                         cultivated through ongoing engagement are supportive of our highly selective investment
                                         process.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Adept
                                         Structuring and Negotiation</I>. Our team is experienced in developing customized transactions
                                         with unique terms that allow us to tailor security structures to a range of collateral
                                         types, issuers and regulatory guidelines. With a focus on mitigating risk, we believe
                                         in our ability to develop the optimal combination of structural attributes, collateral
                                         characteristics and issuer alignment when investing in alternative capital securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>&ldquo;Risk-First&rdquo;
                                         Fundamental Research</I>. We place equal emphasis on in-depth fundamental analysis of
                                         security structure, underlying collateral, and the issuer&rsquo;s underwriting process
                                         to develop a proprietary assessment of collateral risk and the potential for losses.
                                         We utilize the appropriate resources with sector specialization and diverse expertise
                                         necessary to perform loan-level analysis of collateral pools. We have the unique advantage
                                         to draw upon the insights developed through years of alternative capital investment experience
                                         that includes information from ongoing monitoring of underlying borrowers, transition
                                         rates, workouts and recoveries in historical investments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Disciplined
                                         Risk Management</I>. We seek to mitigate unintended risks through thorough due diligence,
                                         conservative asset selection, investment discretion, and disciplined portfolio construction.
                                         Our dynamic investment approach enhances our ability to manage the potential for systemic
                                         and idiosyncratic risks by focusing on multi-layered diversification of collateral, counterparty,
                                         sectors and geographies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Experience
                                         in the Community Banking Sector</I>. The current investment platform of our Adviser provides
                                         us with significant advantages in sourcing, evaluating, executing and managing investments.
                                         This proprietary software and database system, known as RAMPART (see below) has been
                                         developed over the past decade and is designed to track bank investments and provide
                                         the investment professionals with significant operational leverage. As used in the investment
                                         advisory business, we believe this software system provides us with a competitive advantage.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>ArrowMark
                                         Pipeline</I>. Sourcing capital securities such as alternative capital securities can
                                         be a barrier to entry for many investors, and requires a network of relationships with
                                         large bank issuers as, historically, capital securities such as alternative capital securities
                                         have been acquired through privately negotiated bi-lateral transactions. ArrowMark Partners
                                         has been investing in capital securities similar to the alternative capital securities
                                         since 2010 and, with approximately $3.69 billion invested in such securities as of September
                                         30, 2020, is an active investor in the sector. ArrowMark Partners has a pipeline of investment
                                         opportunities in Alternative Capital Securities, a portion of which has been allocated
                                         to the Company. Given ArrowMark Partners&rsquo; investment pipeline, alternative capital
                                         securities will likely increase as a percentage of the Company&rsquo;s overall investment
                                         portfolio.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Experienced
                                         Management Team.</I> Our investment team is comprised of professionals who have substantial
                                         expertise investing in community banks, and includes former senior bankers, credit officers,
                                         private equity investors, rating agency analysts, bank examiners, fixed income specialists
                                         and attorneys.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Specialized/Proprietary
                                         Systems.</I> The Adviser&rsquo;s proprietary analytic systems/database that is dedicated
                                         to analyzing banks (the &ldquo;RAMPART&rdquo; systems) currently tracks and analyzes
                                         every bank in the United States and provides our investment professionals with significant
                                         operational leverage, allowing our team to sort through vast amounts of data to screen
                                         for potential investments. We believe that few institutional investors have developed
                                         infrastructure comparable to RAMPART.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Disciplined
                                         Investment Philosophy and Risk Management.</I> Our Adviser&rsquo;s senior investment
                                         professionals have substantial experience structuring investments that balance the needs
                                         of banks with appropriate levels of risk control. Our Adviser&rsquo;s investment approach
                                         for us emphasizes current income and, to a lesser extent, capital appreciation through
                                         common equity, warrants, options and conversion features. Given that a significant portion
                                         of our investments to be fixed income-like (including preferred stock), preservation
                                         of capital is our priority and we seek to minimize downside risk by investing in banks
                                         that exhibit the potential for long-term stability (See &ldquo;The Company&mdash;Investment
                                         Process and Due Diligence&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Few
                                         Organized Competitors.</I> We believe that several factors render many U.S. investors
                                         and financial institutions ill-suited to lend to or invest in community banks. Historically,
                                         the relatively small size of individual community banks and certain regulatory requirements
                                         limiting control have deterred many institutional investors, including private equity
                                         investors, from making those investments. We believe that, as a consequence, few institutional
                                         investors have developed and possess the specialized skills and infrastructure to efficiently
                                         analyze and monitor investments in community banks on a large scale. Based on the experience
                                         of our management team, investing in community banks requires specialized skills and
                                         infrastructure, including: (i)&nbsp;the ability to analyze small community banking institutions
                                         and the local economies in which they do business; (ii)&nbsp;specialized systems to analyze
                                         and track vast amounts of bank performance data; (iii)&nbsp;a deep understanding and
                                         working relationship with state and federal regulators that oversee community banks;
                                         and (iv)&nbsp;brand awareness within the community banking industry and a strong reputation
                                         as a long-term partner that understands the needs of community banks to originate investment
                                         opportunities successfully.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Extended
                                         Investment Horizon.</I> Unlike private equity investors, we are not subject to standard
                                         periodic capital return requirements. These provisions often force private equity investors
                                         to seek returns on their investments through mergers, public equity offerings or other
                                         liquidity events more quickly than they otherwise might prefer, potentially resulting
                                         in a lower overall return to investors. We believe that our flexibility to make investments
                                         with a long-term view, and without the capital return requirements of traditional private
                                         investment funds, provides us with the opportunity to generate attractive returns on
                                         invested capital.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investments</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We primarily invest in bank-related securities
including community banks, other larger FDIC-insured institutions, global money center banks and alternative capital transactions.
We may also invest in companies that provide goods and/or services to banking companies. We invest in accordance with our Adviser&rsquo;s
investment policy in primarily the following assets:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Preferred and Common Equity Assets:
</I>We continue to receive capital requests from numerous community banks regarding potential investments initially in amounts
ranging from approximately $1 million to $20 million per investment. Preferred stock may have fixed or variable dividend rates,
which may be subject to rate caps and collars. In connection with our investments, we may also receive options or warrants to
purchase common or preferred equity. We may also purchase common stock of companies listed on recognized exchanges, and may write
call options (covered calls) on bank equity securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Regardless of the type of capital security,
we intend to invest the majority of our portfolio in institutions that are currently paying dividends or interest on their securities,
that our Adviser believes have the ongoing ability to pay dividends or interest on their securities, and that are not currently
a party to any regulatory enforcement actions that would limit or hinder their ability to pay dividends or interest. While we
do not intend to invest a significant portion of our funds in institutions that do not meet these criteria, we may invest in institutions
that our Adviser believes have the ability to emerge from such conditions, pay any accrued interest or cumulative unpaid dividends
at emergence and begin the normalized payment of interest or dividends in arrears and/or as frequently stipulated by the issuance
in question.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, we may also invest
in Tier 2 qualifying debt securities (long-term subordinated debt securities) and other debt securities or hybrid instruments
issued by community banks or their holding companies. Additionally, we may invest in Tier 1 qualifying debt securities. These
debt securities may have fixed or floating interest rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Regulatory capital regulations adopted
in response to the Dodd-Frank Act and Basel III require banks to increase their Tier 1 capital and reduce their leverage ratios.
These regulations also generally require that, in order to qualify as Tier 1 capital, preferred stock must be non-cumulative in
nature (only TARP Preferred and certain securities issued by small bank holding companies, defined as holding companies with less
than $500 million in consolidated assets, may be cumulative and qualify as Tier 1 capital). We expect that the majority of the
new issue preferred stock in which we invest will be non-cumulative. While these existing and any future regulatory capital requirements
may cause community banks to raise additional capital, these regulations may make some community banks less likely to pay dividends
on preferred stock and common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, future changes in regulatory
capital regulations may negatively or positively affect our investments and may subject us to additional pre-payment and capital
redeployment risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Most of our assets are and, we expect,
will be illiquid, and their fair value may not be readily determinable. Accordingly, there can be no assurance that we will be
able to realize the value at which we carry such assets if we need to dispose of them. As a result, we can provide no assurance
that any given asset could be sold at a price equal to the value at which we carry it. We believe that a majority of the investments
we will make will not be rated by a nationally recognized statistical rating organization (&ldquo;NRSRO&rdquo;). If such investments
were rated by a NRSRO, we believe they may be rated below investment grade.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Alternative Capital Securities</I></B>.
We may invest in alternative capital securities issued by various regulated banking institutions. Alternative capital securities
are generally securities that are issued by a regulated banking institution as an alternative to issuing common equity&nbsp; The
Company believes that the Alternative Capital Securities offer a variety of benefits to issuers, including the absence of shareholder
dilution, a reduction of credit risk and improved capital/profitability ratios. We believe that the Alternative Capital Securities
offer the opportunity for attractive returns relative to the risks taken and to other credit investments currently available.
Given the Company&rsquo;s investment objective of income and capital preservation, we believe that Alternative Capital Securities
are well suited for its long-term investment portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="background-color: white"><B><I>Covered
Calls on Bank Equity Securities and Other Option Transactions.</I></B>&nbsp;The Company intends to provide current income from
short-term gains earned through an option strategy which will normally consist of writing (selling) call options on bank equity
securities in its portfolio (&ldquo;covered calls&rdquo;). Any premiums received by the Company from writing options may result
in short-term capital gains. Writing a covered call is the selling of an option contract entitling the buyer to purchase an underlying
security that the Company owns. When the Company sells a call option, it generates current income from short-term gains in the
form of the premium paid by the buyer of the call option, but the Company forgoes the opportunity to participate in any increase
in the value of the underlying equity security above the exercise price of the option. The writer of the call option has the obligation,
upon exercise of the option, to deliver the underlying security or currency upon payment of the exercise price during the option
period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Convertible Securities: </I>We may
invest in convertible securities. Convertible securities include any debt securities or preferred stock which may be converted
into common stock or which carry the right to purchase common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Generally, convertible securities entitle
us to exchange the securities for a specified number of shares of common stock, usually of the same company, at specified prices
within a certain period of time. The terms of any convertible security determine its ranking in a company&rsquo;s capital structure.
In the case of subordinated convertible debentures, the holders&rsquo; claims on assets and earnings are subordinated to the claims
of other creditors and are senior to the claims of preferred and common shareholders. In the case of convertible preferred stock,
the holders&rsquo; claims on assets and earnings are subordinated to the claims of all creditors and are senior to the claims
of common shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Convertible securities have characteristics
similar to both debt and equity securities. Due to the conversion feature, the market value of convertible securities tends to
move together with the market value of the underlying common stock. As a result, selection of convertible securities, to a great
extent, is based on the potential for capital appreciation that may exist in the underlying stock. The value of convertible securities
is also affected by prevailing interest rates, the credit quality of the issuer, and any call provisions. In some cases, the issuer
may cause a convertible security to convert to common stock. In other situations, it may be advantageous for us to cause the conversion
of convertible securities to common stock. If a convertible security converts to common stock, we may hold such common stock in
our portfolio even if we would not invest in the common stock of such issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may invest in contingent securities
structured as contingent convertible securities also known as &ldquo;CoCos&rdquo;. Contingent convertible securities are typically
issued by non-U.S. banks and are designed to behave like bonds in times of economic health yet absorb losses when a pre-determined
trigger event occurs. A contingent convertible security is a hybrid debt security either convertible into equity at a predetermined
share price or written down in value based on the specific terms of the individual security if a pre-specified trigger event occurs
(the &ldquo;Trigger Event&rdquo;). Unlike traditional convertible securities, the conversion of a contingent convertible security
from debt to equity is &ldquo;contingent&rdquo; and will occur only in the case of a Trigger Event. Trigger Events vary by instrument
and are defined by the documents governing the contingent convertible security. Such Trigger Events may include a decline in the
issuer&rsquo;s capital below a specified threshold level, increase in the issuer&rsquo;s risk weighted assets, the share price
of the issuer falling to a particular level for a certain period of time and certain regulatory events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contingent convertible securities are
subject to the credit, interest rate, high yield security, foreign security and markets risks associated with bonds and equities,
and to the risks specific to convertible securities in general. Contingent convertible securities are also subject to additional
risks specific to their structure including conversion risk. Because Trigger Events are not consistently defined among contingent
convertible securities, this risk is greater for contingent convertible securities that are issued by banks with capital ratios
close to the level specified in the Trigger Event. In addition, coupon payments on contingent convertible securities are discretionary
and may be cancelled by the issuer at any point, for any reason, and for any length of time. The discretionary cancellation of
payments is not an event of default and there are no remedies to require re-instatement of coupon payments or payment of any past
missed payments. Coupon payments may also be subject to approval by the issuer&rsquo;s regulator and may be suspended in the event
there are insufficient distributable reserves. Due to uncertainty surrounding coupon payments, contingent convertible securities
may be volatile and their price may decline rapidly in the event that coupon payments are suspended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Contingent convertible securities typically
are structurally subordinated to traditional convertible bonds in the issuer&rsquo;s capital structure. In certain scenarios,
investors in contingent convertible securities may suffer a loss of capital ahead of equity holders or when equity holders do
not. Contingent convertible securities are also subject to extension risk. Contingent convertible securities are perpetual instruments
and may only be callable at predetermined dates upon approval of the applicable regulatory authority. There is no guarantee that
we will receive return of principal on contingent convertible securities. Convertible contingent securities are a newer form of
instrument and the regulatory environment for these instruments continues to evolve. Because the market for contingent convertible
securities is evolving, it is uncertain how the larger market for contingent convertible securities would react to a Trigger Event
or coupon suspension applicable to a single issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The value of contingent convertible securities
is unpredictable and will be influenced by many factors such as: (i) the creditworthiness of the issuer and/or fluctuations in
such issuer&rsquo;s applicable capital ratios; (ii) supply and demand for contingent convertible securities; (iii) general market
conditions and available liquidity; and (iv) economic, financial and political events that affect the issuer, its particular market
or the financial markets in general.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Collateralized Loan Obligations and
other Structured Securities. </I> A CLO is a special purpose vehicle that is formed to finance a pool of loans which meet predefined
investment criteria. It generally raises capital by issuing both debt and equity securities. Typically, a CLO will issue various
classes, or &ldquo;tranches,&rdquo; of debt broadly categorized as senior and subordinate debt tranches as well as an equity tranche.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CLO securities receive cash flows generated
by underlying collateral according to a defined payment waterfall. Principal and interest payments to CLO debt tranches are typically
paid sequentially, with senior debt tranches receiving cash flows prior to subordinate debt tranches. The risk and return to CLO
debt tranches vary depending upon each tranche&rsquo;s right to collect cash flows generated by the underlying collateral. CLO
debt tranches are generally rated, with ratings ranging from the highest investment grade to below investment grade, with coupons
commensurate with the risk of each tranche. CLO debt tranches are also generally structured with covenants which, if violated,
divert cash flows to the senior tranches prior to making any interest or principal payments to subordinate debt tranches or equity
tranches.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unlike debt securities issued by CLOs,
CLO equity securities are not rated and do not have contractually stated payment schedules. At origination, the weighted average
interest rate of all CLO debt tranches is generally lower than the weighted average interest earned by a CLO&rsquo;s underlying
collateral, resulting in an interest rate spread. CLO equity securities receive residual cash flows, or the interest spread, generated
by the underlying collateral after obligated payments for CLO debt securities and other expenses of the CLO have been made. CLO
equity tranches typically comprise approximately 10%-20% of total capital raised by a CLO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">CLO equity tranches can generate relatively
front-end loaded cash flows. CLO equity cash flows are also highly dependent on the credit performance of their underlying collateral
pool. If loans within the collateral pool default, the reduced amount of performing collateral leads to lower cash flows available
for distribution through CLO waterfalls, resulting in lower residual cash flows available for equity tranches. Residual cash flows
are also impacted by changes in portfolio spreads for CLO collateral. Declines in spreads on newly issued collateral during the
reinvestment period result in lower residual cash flows available for equity tranches.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that CLOs and other debt securitizations
enable us to deploy our capital efficiently and to increase our capacity to provide financing to community banks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>TARP Assets:</I> We own and may continue
to own one or more portfolios of perpetual preferred stock issued by community banks under the U.S. Treasury&rsquo;s TARP Capital
Purchase Plan. Under TARP, more than 450 community banks issued in excess of $10 billion of TARP Preferred in 2008 and 2009 and
approximately $2.2 billion million in TARP Preferred issued by approximately 121 institutions. We intend to purchase these securities
through secondary market transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to the U.S. Treasury, the TARP
Capital Purchase Program was launched to stabilize the financial system by providing capital to viable financial institutions
of all sizes throughout the nation. The Capital Purchase Program was designed to bolster the capital position of viable institutions
of all sizes and to build confidence in these institutions and the financial system as a whole. The U.S. Treasury initially committed
more than one-third of all TARP funding, $250 billion, to the Capital Purchase Program, which was later reduced to $218 billion
in March&nbsp;2009. At the end of the investment period for the program, the U.S. Treasury had invested approximately $205 billion
under the Capital Purchase Program in 707 financial institutions in 48 states, including more than 450 small and community banks
and 22 certified community development financial institutions. The U.S. Treasury&rsquo;s investments through the Capital Purchase
Program, made in the form of cumulative preferred stock or debt securities, generally pay the U.S. Treasury a 5% dividend on preferred
shares for the first five years and a 9% rate thereafter. In addition, the U.S. Treasury received warrants to purchase common
shares or other securities from the banks during the Capital Purchase Program investment period. The purpose of the additional
securities was to enable taxpayers to reap additional returns on their investments as banks recovered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While some institutions that received
capital from the TARP Capital Purchase Program were troubled and may remain troubled today due to heightened levels of non-performing
assets, among other things, we believe that a number of participating institutions currently exhibit healthy fundamental characteristics
that will make acceptable investment candidates for us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While we may invest in TARP Preferred
issued by community banks that are current on their dividend payments, we may in certain instances invest in TARP Preferred issued
by community banks that are not current if we believe they will become current in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 30, 2020, the current dividend
rate on the majority of TARP Preferred is 9%. A majority of these securities experienced a dividend rate increase to 9% from 5%
in late 2013 or through early 2015. Due to this significant increase in the dividend rate from 5%, there may be a strong incentive
for banks to repurchase, or refinance, their TARP Preferred. We believe that the ability for a bank to redeem its outstanding
TARP Preferred is primarily predicated upon its ability to raise additional capital, which is likely required to be obtained at
a lower cost than its TARP Preferred. While it is possible for an issuer to redeem its TARP Preferred, because these are perpetual
securities, they do not include acceleration rights exercisable by the holder. In the event our investments are pre-paid or &ldquo;called,&rdquo;
it may take significant time for us to redeploy the proceeds into new acceptable investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investment Selection</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Adviser&rsquo;s investment professionals
are responsible for negotiating, structuring and managing our investments, and operate under the oversight of our board of directors
and the Adviser&rsquo;s investment committee. Some of our investment professionals may also be members of our board of directors,
and may be subject to conflicts of interest. See &ldquo;Certain Relationships and Related Party Transactions&mdash;Conflicts of
Interest Within ArrowMark Partners.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Current Yield Plus Growth Potential</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to focus on making investments
in the bank sector that generate substantial current income in the form of dividends or interest. See &ldquo;Risk Factors&mdash;Risks
Related to Our Operations.&rdquo; In the case of investments with fixed dividends or interest, the continuity of these payments
is paramount, and consequently we seek issuers that have business models that we believe will be stable over long periods of time.
We also continue to seek to generate capital gains by investing in banks using various equity strategies, including common equity,
warrants, convertible securities and options. We continue to seek to invest in equity-related instruments in circumstances where
we believe a company has the potential to generate above average growth or is undervalued. To a lesser extent, we may also generate
revenue in the form of commitment, origination or structuring fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Target Portfolio Company Characteristics</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have identified several quantitative,
qualitative and relative value criteria that we believe are important in identifying and investing in prospective bank and banking-related
securities. While these criteria provide general guidelines for our investment decisions, each prospective security in which we
choose to invest may not meet all of these criteria. Generally, we intend to utilize our access to information generated by our
Adviser&rsquo;s investment professionals to identify prospective portfolio companies and to structure investments efficiently
and effectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Qualified Management Team</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We generally require that the community
banks we invest in have management teams that are experienced in running banking businesses and managing risk. We seek management
teams that have expertise in their market, thorough knowledge of the loans held by their institution and a track record of success.
Further, we seek senior management teams with significant ties to their local communities. These management teams may have strong
technical, financial, managerial and operational capabilities, established governance policies and incentive structures to encourage
management to succeed while acting in the best long-term interests of their investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Undervalued Investments</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We focus on those investments that appear
undervalued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sensitivity Analyses</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We typically perform sensitivity analyses
to determine the effects of changes in market conditions on any proposed investment. These sensitivity analyses may include, among
other things, simulations of changes in interest rates, changes in unemployment rates, changes in home prices, changes in economic
activity and other events that would affect the performance of our investment. In general, we do not commit to any proposed investment
that will not provide at least a minimum return under any of these analyses and, in particular, the sensitivity analysis relating
to changes in interest rates and unemployment rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Business Combinations</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We seek to invest in community banks whose
business models and expected future cash flows make them attractive business combination transaction candidates, either as buyer
or seller. These companies include candidates for strategic acquisition by other industry participants and companies that may
conduct an initial public offering of common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investment Process and Due Diligence</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In conducting due diligence, our Adviser
typically uses and intends to continue to use available public information, including &ldquo;call reports&rdquo; and other quarterly
filings required by bank regulators, due diligence questionnaires and discussions with the management teams at the respective
institutions. In many cases, our Adviser will also compile private information obtained pursuant to confidentiality agreements
about the institution, its portfolio of loans and securities, its customers and related deposits, compliance information, regulatory
information and any such additional information that could be necessary to complete its due diligence on the company. Although
our Adviser may use research provided by third parties when available, primary emphasis is placed on proprietary analysis and
valuation models conducted and maintained by our Adviser&rsquo;s investment professionals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The due diligence process followed by
our Adviser&rsquo;s investment professionals is highly detailed and follows a structure they have developed over the past decade.
Our Adviser seeks to exercise discipline with respect to the pricing of its investments and institute appropriate structural protections
in our investment agreements to the extent banking regulations permit. After our Adviser&rsquo;s investment professionals undertake
initial due diligence of a prospective investment, our Adviser&rsquo;s investment committee determines whether to approve the
initiation of more extensive due diligence. At the conclusion of the diligence process, our Adviser&rsquo;s investment committee
is informed of critical findings and conclusions. The due diligence process typically includes many of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">review
                                         of historical and prospective financial information;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">review
                                         of regulatory filings and history of relevant regulatory actions or other legal proceedings
                                         against the institution;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">review
                                         and analysis of financial models and projections;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">analysis
                                         of historical underwriting processes and standards;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">review
                                         of due diligence questionnaires that include detail on loans and other assets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">interviews
                                         with management and key employees of the prospective bank;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">review
                                         of the prospective bank&rsquo;s geographic footprint and competitive and economic conditions
                                         within the operating area; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">review
                                         of contingent liabilities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additional due diligence with respect
to any investment may be conducted on our behalf by our legal counsel and accountants, as well as by other outside advisors and
consultants, as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the conclusion of the due diligence
process, our Adviser&rsquo;s investment professionals present a detailed investment proposal to our Adviser&rsquo;s investment
committee. The investment committee&rsquo;s policy is that the consent of two of the three members is required to approve the
committee&rsquo;s decision to invest in a security and the consent of two of the three members is required to sell a security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investment Structure for Direct Investments in Community
Banks</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Once we have determined that a prospective
community bank is suitable for a newly originated direct investment, we work with the management of that company to structure
an investment that the parties believe is suitable from an economic and regulatory perspective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We anticipate structuring our direct investments
in a variety of forms to meet our investment criteria and to meet the capital needs of the community banks in which we invest.
Banking is a highly regulated industry and investments in these institutions must be tailored to adhere to various regulatory
standards, which change from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Typically, FDIC-insured banks are wholly-owned
by a regulated holding company, and the primary asset of the holding company is the stock of the bank(s). We intend to invest
in both community banks and their holding companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We anticipate structuring the majority
of our direct investments as preferred equity, subordinated debt, convertible securities and common equity that pay cash dividends
and interest on a recurring or customized basis. In conjunction with our preferred stock (and to a lesser extent, our debt investments),
we intend to obtain warrants or equity conversion options by which we may increase our investments in banks. We do not intend
to become regulated as a bank holding company or savings and loan holding company and intend to structure our investments such
that they represent less than 24.9% of any portfolio bank&rsquo;s equity capital and thereby avoid causing us to be deemed a bank
holding company. See &ldquo;Risk Factors&mdash;Risks Related to Banking Regulations Affecting Our Business.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The types of securities in which we may
invest include, but are not limited to, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Preferred
                                         Stock.</I> We anticipate structuring these investments as perpetual preferred stock to
                                         allow our portfolio company issuers to treat our investment in them as Tier 1 capital
                                         under current regulatory capital standards. We believe that nearly all newly issued preferred
                                         stock will be non-cumulative in order for it to qualify as Tier 1 capital of the applicable
                                         portfolio company. Such preferred stock may also include rights to convert the preferred
                                         stock into common stock under specified circumstances and on specified terms. While we
                                         do not intend to invest a significant portion of the proceeds of any future offering
                                         in the preferred stock of institutions that are not current in their dividends, we may
                                         invest in them to some extent if we believe their institutions have the ability to become
                                         current in their dividend payments in the future.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>TARP
                                         Preferred.</I> We will also seek to invest in cumulative and non-cumulative, preferred
                                         stock issued under the TARP Capital Purchase Program. While a number of community banks
                                         that have issued TARP Preferred have deferred one or more schedule payments on a cumulative
                                         basis, we believe numerous institutions exhibit fundamentally strong characteristics
                                         and may be attractive investment candidates for us. While these attractive candidates
                                         will generally be those that are current on their dividend payments, we may in certain
                                         instances invest in TARP Preferred of community banks that are not current if we believe
                                         they will become current in the future and by contract have an obligation to pay all
                                         dividend payments that were not previously paid. While the majority of TARP Preferred
                                         is cumulative, a portion of TARP Preferred currently outstanding is non-cumulative in
                                         nature. Presently, we do not intend to invest in non-current, non-cumulative TARP Preferred.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Subordinated
                                         Debt.</I> We anticipate structuring these investments as subordinated unsecured debt.
                                         Subordinated loans are expected to have maturities often years or longer with no amortization
                                         until loan maturity to allow our portfolio company borrowers to treat the investment
                                         as Tier 2-qualifying capital. Under current market conditions, the interest rate on subordinated
                                         loans ranges between 4% to 5.5%, excluding any equity warrants we may receive.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Common
                                         Stock.</I> We will also seek to make minority common equity investments in publicly-traded
                                         and select privately-held institutions. We will target internal rates of return between
                                         15%-20%, including dividends. Under market conditions as of the date of this prospectus,
                                         the dividend rate on common stock of community banks ranges between 1-3%.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Warrants
                                         and Options.</I> We may receive warrants or options to buy minority equity interests
                                         in connection with our direct subordinated debt and preferred equity investments. As
                                         a result, as a portfolio company appreciates in value, we may achieve additional investment
                                         return from these equity interests. We may structure such warrants to include provisions
                                         protecting our rights as a minority-interest holder. In many cases, we may also seek
                                         to obtain registration rights in connection with these equity interests, which may include
                                         demand and &ldquo;piggyback&rdquo; registration rights. We may also write covered calls
                                         against our bank equity investments.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investments in Alternative Capital
Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">The Company may make opportunistic investments
in alternative capital securities transactions entered into primarily with global money center banks and other deposit-taking
institutions (also known in the marketplace as &ldquo;regulatory capital securities&rdquo; transactions), the objective of which
is generally to allow such banks and other deposit-taking institutions to reduce their risk-weighted asset calculations on portfolios
of assets, or otherwise optimize the capital required to be held against such exposures, in order to manage their required capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Structure
                                         of Alternative Capital Securities. </I>Alternative capital securities may be structured
                                         in a variety of ways and are highly bespoke to the needs of the bank or other deposit-taking
                                         institution involved. In many cases, the bank or other deposit-taking institution will
                                         establish a special purpose vehicle (an &ldquo;<B><I>SPV</I></B>&rdquo;), which will
                                         issue credit-linked notes or other debt instruments (the &ldquo;<B><I>notes</I></B>&rdquo;)
                                         to investors (and to the bank or deposit-taking institutions itself) for cash. The cash
                                         proceeds of the issue of notes to the investors will often be deposited by the SPV with
                                         the bank or other deposit-taking institution, but they can be deposited elsewhere particularly
                                         in situations where the creditworthiness of the bank or bank&rsquo;s or other deposit-taking
                                         institution is weak. The bank or other deposit-taking institution will typically retain
                                         a portion of credit loss exposures of the collateral. The remainder of the credit loss
                                         exposures will mostly be held by external investors, such as the Fund, via the notes.
                                         The bank or other deposit-taking institution makes periodic payments to the SPV of an
                                         amount sufficient for the SPV to pay the required interest and principal sums on the
                                         notes. The amount of interest and principal payable on the notes will be linked to the
                                         credit performance of the collateral.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in">Alternative capital securities
may also be structured as securitizations, where the collateral is actually transferred to the SPV and the payments on the notes
are derived directly from the cash flows arising from the collateral. Alternative capital securities may also be structured as
swaps or similar structure. In each case, the economics of the transaction are intended to transfer the risk of loss of the referenced
credit exposures to the Company with the bank typically retaining certain exposures as described above. The structure of alternative
capital securities continues to evolve.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in">In addition to the instruments
described above, the Company may use derivatives instruments such as options, swaps, and index-related derivatives including both
listed and over-the-counter instruments. The Company may invest cash balances in asset-backed securities, money market securities,
mortgage-related securities, inflation protected and other index-linked securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Monitoring of Investments</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The investment professionals of our Adviser
and its affiliates will monitor each individual investment for adherence to the original investment thesis set by our investment
professionals. This monitoring may be accomplished by review of quarterly regulatory filings, other financial data, local and
national economic data, news reports, and regulatory actions and changes to bank regulations, tax laws and US GAAP that may impact
the banks in which we invest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Valuation Process</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We value our assets in accordance with
U.S. GAAP and rely on multiple valuation techniques, reviewed on a quarterly basis by our board of directors. As most of our investments
are not expected to have market quotations, our board of directors undertakes a multi-step valuation process each quarter, as
described below and as described in more detail in &ldquo;Net Asset Value&rdquo; below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Investment
                                         Team Valuation.</I> Each investment will be valued by the investment professionals of
                                         our Adviser.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Third
                                         Party Valuation.</I> We have retained an independent valuation firm to provide a valuation
                                         report for each investment at least once per fiscal year. These reports are provided
                                         to our board of directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Investment
                                         Committee.</I> The investment committee of our Adviser will review the valuation report
                                         provided by the investment team and the independent valuation firm.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>Final
                                         Valuation Determination.</I> Our board of directors discusses and reviews the valuations
                                         with our Adviser&rsquo;s investment committee and, if they choose, with the independent
                                         valuation firm. Our board of directors then determines the fair value of each investment
                                         in our portfolio in good faith.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Competition</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our primary competitors in providing financing
and capital to community banks include public and private funds, commercial banks, investment banks, correspondent banks, commercial
financing companies, high net worth individuals, private equity funds and hedge funds. In addition, some of our competitors may
have higher risk tolerances or different risk assumptions, which could allow them to consider a wider variety of investments than
us. Also, certain of our competitors may be better able to hedge against these risks due to having a more diversified portfolio
or being registered as a commodity pool operator. We also believe that many of our competitors are established bank holding companies,
which allows them to make investments that are in excess of 24.9% ownership interest, investments that are not feasible for us
since we do not intend to become a bank holding company. Further, many of our competitors are not subject to the regulatory restrictions
that the Investment Company Act imposes on us as an investment company or to the source-of-income, asset diversification and distribution
requirements we intend to satisfy to qualify as a RIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Brokerage Allocation and Other Practices</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because we expect that most of the assets
that we hold will be illiquid, we will generally acquire and dispose of our investments in privately negotiated transactions,
and we may use brokers in the course of our business. Subject to policies established by our board of directors, we do not expect
to execute transactions through any particular broker or dealer, but we will seek to obtain the best net results for us, taking
into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty
of execution, operational facilities of the firm, the firm&rsquo;s risk and skill in positioning blocks of securities. While we
will generally seek reasonably competitive trade execution costs, we will not necessarily pay the lowest spread or commission
available. Subject to applicable legal requirements, we may select a broker based partly on brokerage or research services provided
to us. In return for such services, we may pay a higher commission than other brokers would charge if we determine in good faith
that such commission is reasonable in relation to the services provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Staffing</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company does not currently have or
expect to have any employees. Employees of StoneCastle-ArrowMark or its affiliates provide the services necessary for our business.
Our executive officers described under &ldquo;Management&rdquo; are employees or principals of our Adviser or StoneCastle Partners,
the parent company of the Company&rsquo;s prior investment manager, as indicated in the Statement of Additional Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Properties</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our principal executive offices are located
at 100 Fillmore Street, Suite 325, Denver, Colorado 80206. Our telephone number is (212)-468-5441. We have entered into arrangements
with the Adviser pursuant to which the Adviser has agreed to provide us, or arrange for, the provision of office space and facilities.
See &ldquo;Management&mdash;Management Agreement&mdash;Administration Services.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Legal Proceedings</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">In May 2019, StoneCastle Financial Corp.,
its former investment adviser, and several other entities related to its former investment adviser were named as defendants in
a lawsuit filed by Island Intellectual Property in the United States District Court for the Southern District of New York (the
 &quot;Federal Lawsuit&quot;). The Federal Lawsuit alleged that the defendants committed patent violations and certain other claims
related to intellectual property rights. Although StoneCastle Financial Corp. is named as a defendant, the complaint does not
allege any specific actions undertaken by StoneCastle Financial Corp. StoneCastle Financial Corp. with the other defendants filed
a motion to dismiss the complaint, which was granted on May 25, 2020. The plaintiff subsequently appealed the Federal Lawsuit
decision regarding the patent claims and pursued its other claims that were the subject of the Federal Lawsuit in state court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">The same plaintiff, Island Intellectual
Property, along with Landing Rock Group LLC, a corporate affiliate, filed a lawsuit in New York state court against StoneCastle
Financial Corp. and the other defendants (the &quot;State Lawsuit&quot;) in June 2020. Except for the patent claims, the State
Lawsuit alleges substantially the same claims as those asserted in the Federal Lawsuit. It does not allege any specific actions
undertaken by StoneCastle Financial Corp. The Company believes the claims are untrue and intends to contest them in the state
court and in the U.S. Court of Appeals for the Federal Circuit .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Portfolio Turnover</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the six months ended June 30, 2020
and for the fiscal year ended December 31, 2019, our portfolio turnover rate was 12% and 13%, respectively. Portfolio turnover
rate is not considered a limiting factor in the execution of investment decisions for us. A higher turnover rate results in correspondingly
greater brokerage commissions and other transactional expenses that we bear.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">LEVERAGE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Use of Leverage</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to operate with leverage through
recourse and non-recourse collateralized financings, private or public offerings of debt, warehouse facilities, secured and unsecured
bank credit facilities, reverse repurchase agreements and other borrowings. We may also operate with leverage by issuing preferred
stock. Under normal circumstances, we will not employ leverage above one-third of our total assets at time of incurrence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The borrowing of money and the issuance
of preferred securities represent the leveraging of our common stock. We do not use leverage unless our board of directors believes
that leverage will serve the best interests of our stockholders. The principal factor used in making this determination is whether
the potential return is likely to exceed the cost of leverage. Therefore, in making the determination whether to use leverage,
we must rely on estimates of leverage costs and expected returns. Actual costs of leverage vary over time depending on interest
rates and other factors, and actual returns vary depending on many factors. We do not anticipate using leverage where the estimated
costs of using such leverage and the ongoing cost of servicing the payment obligations on such leverage exceed the estimated return
on the proceeds of such leverage. Our board of directors will also consider other factors, including whether the current investment
opportunities will help us achieve our investment objectives and strategies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Leverage creates a greater risk of loss,
as well as potential for more gain, for our common stock than if leverage is not used. Leverage capital would have complete priority
upon distribution of assets on liquidation or otherwise over common stock. We expect to invest the net proceeds derived from any
use or issuance of leverage capital according to the investment objectives and strategies described in this prospectus. As long
as our leverage capital is invested in securities that provide a higher rate of return than the dividend rate or interest rate
of the leverage capital after taking its related expenses into consideration, the leverage will cause our common stockholders
to receive a higher rate of income than if we were not leveraged. Conversely, if the return derived from such securities is less
than the cost of leverage (including increased expenses to us), our total return will be less than if leverage had not been used,
and, therefore, the amount available for distribution to our common stockholders will be reduced. In the latter case, our Adviser
in its best judgment nevertheless may determine to maintain our leveraged position if it expects that the long term benefits to
our common stockholders of so doing will outweigh the current reduced return. There is no assurance that we will be successful
in enhancing the level of our total return. The NAV of our common stock will be reduced by the fees and issuance costs of any
leverage capital. There is no assurance that outstanding amounts we borrow may allow prepayment by us prior to final maturity
without significant penalty, but we do not expect any sinking fund or mandatory retirement provisions. Outstanding amounts would
be payable at maturity or such earlier times as we may agree. We may be required to prepay outstanding amounts or incur a penalty
rate of interest in the event of the occurrence of certain events of default. We may be expected to indemnify our lenders, particularly
any banks, against liabilities they may incur related to their loan to us. Utilizing leverage may also restrict our ability to
pay dividends, which could lead to a loss of our RIC status. We may also be required to secure any amounts borrowed from a bank
by pledging our investments as collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Leverage creates risk for holders of our
common stock, including the likelihood of greater volatility of our NAV and the value of our shares, and the risk of fluctuations
in interest rates on leverage capital, which may affect the return to the holders of our common stock or cause fluctuations in
the distributions paid on our common stock. The fee paid to our Adviser is calculated on the basis of our Managed Assets, including
proceeds from leverage capital. During periods in which we use leverage, the fee payable to our Adviser is and will be higher
than if we did not use leverage. Consequently, we and our Adviser may have differing interests in determining whether to leverage
our assets. Our board of directors monitors our use of leverage and this potential conflict.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Investment Company Act, we are
not permitted to issue preferred stock unless immediately after such issuance, the value of our total assets (including the proceeds
of such issuance) less all liabilities and indebtedness not represented by senior securities is at least equal to 200% of the
total of the aggregate amount of senior securities representing indebtedness plus the aggregate liquidation value of the outstanding
preferred stock. Stated another way, we may not issue preferred stock that, together with outstanding preferred stock and debt
securities, has a total aggregate liquidation value and outstanding principal amount of more than 50% of the amount of our total
assets, including the proceeds of such issuance, less liabilities and indebtedness not represented by senior securities. In addition,
we are not permitted to declare any cash dividend or other distribution on our common stock, or purchase any of our shares of
common stock (through tender offers or otherwise), unless we would satisfy this 200% asset coverage after deducting the amount
of such dividend, distribution or share purchase price, as the case may be. We may, as a result of market conditions or otherwise,
be required to purchase or redeem preferred stock, or sell a portion of our investments when it may be disadvantageous to do so,
in order to maintain the required asset coverage. Furthermore, if we redeem any preferred stock, it would result in a long-term
decrease in cash available to be distributed to holders of our common stock in the form of dividends. Common stockholders would
bear the costs of issuing preferred stock, which may include offering expenses and the ongoing payment of dividends. Under the
Investment Company Act, we may only issue one class of preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Investment Company Act, we are
not permitted to issue debt securities or incur other indebtedness constituting senior securities unless, immediately thereafter,
the value of our total assets (including the proceeds of the indebtedness) less all liabilities and indebtedness not represented
by senior securities is at least equal to 300% of the amount of the outstanding indebtedness. Stated another way, we may not issue
debt securities in a principal amount of more than one-third of the amount of our total assets, including the amount borrowed,
less all liabilities and indebtedness not represented by senior securities. We also must maintain this 300% asset coverage for
as long as the indebtedness is outstanding. The Investment Company Act provides that we may not declare any cash dividend or other
distribution on common or preferred stock, or purchase any of our shares of stock (through tender offers or otherwise), unless
we would satisfy this 300% asset coverage after deducting the amount of the dividend, other distribution or share purchase price,
as the case may be. If the asset coverage for indebtedness declines to less than 300% as a result of market fluctuations or otherwise,
we may be required to redeem debt securities, or sell a portion of our investments when it may be disadvantageous to do so. Under
the Investment Company Act, we may only issue one class of senior securities representing indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Effects of Leverage</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The borrowings under our Credit Facility
at June 30, 2020 and December 31, 2019, 2018, 2017, and 2016 were $33.0, $17.7, $51, $25.8, and $61.5 million, respectively. Our
asset coverage ratios as of June 30, 2020 and December 31, 2019, 2018, 2017, 2016 and 2015 were 503%, 909%, 375%, 648%, 325% and
663%, respectively. See &ldquo;Risks Related to Our Use of Leverage&rdquo; for a brief description of the Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">The following table is designed
to illustrate the annual rate of interest on the senior securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Average&nbsp;Daily Loan Balance*</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Weighted&nbsp;Average<BR>
    Interest&nbsp;Rate %</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Maximum&nbsp;Daily
    <BR> Loan Outstanding</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 30%; font-size: 10pt; text-align: right">15,454,396</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 30%; font-size: 10pt; text-align: right">3.32</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD><TD STYLE="width: 2%; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 30%; font-size: 10pt; text-align: right">62,000,000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">*For the holding period from January 1,
2020 through June 30, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Assuming the utilization of leverage in
the amount of 30% of our total assets and an annual interest rate of 2.49875% payable on such leverage (based on market rates
as of the date of this prospectus), the additional income that we must earn (net of debt-related expenses) in order to cover such
leverage is approximately $1,570,742. Our actual costs of leverage may be higher or lower than that assumed in the previous example.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following the completion of the offering,
we may increase the amount of leverage outstanding. We may incur additional borrowings in order to maintain our desired leverage
ratio of 30%. Leverage creates a greater risk of loss, as well as a potential for more gain, for the common stock than if leverage
was not used. Interest on borrowings may be at a fixed or floating rate, and the interest at a floating rate generally will be
based on short-term rates. The costs associated with our use of leverage, including the issuance of such leverage and the payment
of dividends or interest on such leverage, will be borne entirely by the holders of common stock. As long as the rate of return,
net of our applicable expenses, on our investment portfolio investments purchased with leverage exceeds the costs associated with
such leverage, we will generate more return or income than will be needed to pay such costs. In this event, the excess will be
available to pay higher dividends to holders of common stock. Conversely, if the return on such assets is less than the cost of
leverage and our other expenses, the return to the holders of our common stock will diminish. To the extent that we use leverage,
the NAV and market price of our common stock and the yield to holders of common stock will be more volatile. Our leveraging strategy
may not be successful. Because our Adviser&rsquo;s fee is based on total assets (including any assets acquired with the proceeds
of leverage), our Adviser&rsquo;s fee will be higher if we utilize leverage. See &ldquo;Risks Related to Our Use of Leverage.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table is designed to illustrate
the effect of leverage on the return to a holder of our common stock in the amount of approximately 30% of our total assets, assuming
a cost of leverage of 3.32% and hypothetical annual returns of our portfolio of minus 10% to plus 10%. As the table shows, leverage
generally increases the return to holders of common stock when portfolio return is positive and greater than the cost of leverage
and decreases the return when the portfolio return is negative or less than the cost of leverage. The figures appearing in the
table are hypothetical and actual returns may be greater or less than those appearing in the table. See &ldquo;Risk Factors&mdash;Risks
Related to Our Use of Leverage.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Assumed&nbsp;Portfolio&nbsp;Return&nbsp;(Net&nbsp;of&nbsp;Expenses)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">(10%)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">(5%)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">0%</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">5%</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">10%</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 30%; font-size: 10pt; text-align: left">Corresponding Common Stock Return</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">-15.7</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">-8.6</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">-1.4</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">5.7</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">12.9</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Derivative Transactions</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Interest Rate Derivative Transactions.
</I>We may use interest rate transactions such as swaps, caps, floors, forwards, swaptions and rate-linked notes to attempt to
reduce the interest rate risk arising from our investments and use of leverage or to provide exposure to the same types of investments
that we make in community banking companies. The use of interest rate transactions is a highly specialized activity that involves
investment techniques and risks different from those associated with ordinary portfolio security transactions. In an interest
rate swap, we would agree to pay to the other party to the interest rate swap (known as the &ldquo;counterparty&rdquo;) a fixed
rate payment in exchange for the counterparty agreeing to pay to us a variable rate payment intended to approximate our variable
rate payment obligation on any variable rate borrowings. The payment obligations would be based on the notional amount of the
swap. An interest rate &ldquo;swaption&rdquo; is an option to enter into an interest rate swap. In an interest rate cap, we would
pay a premium to the counterparty up to the interest rate cap and, to the extent that a specified variable rate index exceeds
a predetermined fixed rate of interest, would receive from the counterparty payments equal to the difference based on the notional
amount of such cap. In an interest rate floor, we would be entitled to receive, to the extent that a specified index falls below
a predetermined interest rate, payments of interest on a notional principal amount from the party selling the interest rate floor.
In a forward rate agreement, we would be entitled to receive (or be obligated to pay) the difference between the interest rate
on the amount specified in the forward rate agreement and the interest rate on such amount on the date the agreement expires.
A fixed-rate note is a type of debt instrument with a fixed rate of interest (known as the &ldquo;coupon rate&rdquo;) that is
payable at specified times before maturity. A floating-rate note will pay us a variable amount on the principal amount of the
note but the note&rsquo;s value rises when interest rates rise (as opposed to bonds, which decrease in value when interest rates
rise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depending on the state of interest rates
in general, our use of interest rate transactions could affect our ability to make required interest payments on any outstanding
fixed income securities or preferred stock. To the extent there is a decline in interest rates, the value of the interest rate
transactions could decline. If the counterparty to an interest rate transaction defaults, we would not be able to use the anticipated
net receipts under the interest rate transaction to offset our cost of financial leverage. See &ldquo;Risk Factors&mdash;Risks
Related to Our Operations&mdash;Derivatives transactions may limit our income or result in losses.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have claimed an exclusion from the
definition of the term &ldquo;commodity pool operator&rdquo; under the Commodity Exchange Act of 1936, as amended (&ldquo;CEA&rdquo;),
pursuant to Regulation 4.5 under the CEA. So long as we maintain this exclusion, we will not be deemed a commodity pool operator
under the CEA, and we anticipate that neither we nor our Adviser will be subject to regulation or registration as a commodity
pool operator or commodity trading advisor under the CEA. Although we do not currently intend to, if we use commodity futures,
commodity option contracts futures or swaps other than for bona fide hedging purposes, as defined under the CEA regulations, our
aggregate initial margin and premiums on these positions (after taking into account unrealized profits and unrealized losses on
any such positions and excluding the amount by which options that are &ldquo;in-the-money&rdquo; at the time of purchase) will
not exceed 5% of our NAV. Furthermore, the aggregate net notional value of commodity futures, commodity option contracts futures
and swaps other than for bona fide hedging purposes will not exceed 100% of our NAV (after taking into account unrealized profits
and unrealized losses on any such positions). If, however, we exceed either of these thresholds, we will no longer qualify for
this exclusion and will need to register as a commodity pool operator (&ldquo;CPO&rdquo;) under the CEA. If we were required to
register as a CPO, the disclosure and operations of the Company would need to comply with all applicable regulations governing
commodity pools and CPOs. Additionally, if required to register as a CPO, we would be required to become a member of the National
Futures Association (&ldquo;NFA&rdquo;) and be subject to the NFA&rsquo;s rules and bylaws. Compliance with these additional registration
and regulatory requirements would increase the Company&rsquo;s operating expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Credit Derivative Transactions.</I>
We may utilize credit derivatives, such as credit default swaps, total return swaps or credit-linked notes to &ldquo;buy&rdquo;
credit protection, in which case we would attempt to mitigate the risk of default or credit quality deterioration in all or a
portion of our portfolio of bank securities to hedge against changes in the market price of bank securities in which we invest.
We may also utilize total return swaps or credit-linked notes to provide exposure to the same types of investments that we make
in community banking companies. A credit default swap is an agreement between two parties to exchange the credit risk of a particular
issuer or reference entity. The Company does not &ldquo;sell&rdquo; credit default swaps. In a credit default transaction, we
as buyer would pay periodic fees in return for payment by the seller which is contingent upon an adverse credit event occurring
with respect to the underlying issuer or reference entity. The seller collects periodic fees from us and profits if the credit
of the underlying issuer or reference entity remains stable or improves while the swap is outstanding, but the seller would be
required to pay an agreed upon amount to us as buyer (which may be the entire notional amount of the swap) in the event of an
adverse credit event in the issuer or reference entity. A credit-linked note is structured as a security with an embedded credit-default
swap. Total return swap agreements are contracts in which one party agrees to make periodic payments to another party based on
the change in market value of the assets underlying the contract, which may include a specified security, basket of securities
or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate
or the total return from other underlying assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Equity Derivative Transactions.</I>
We may engage in equity derivatives transactions, including the use of futures, options and warrants to hedge against changes
in the market prices of bank equity securities in which we invest or to provide exposure to and focus on the same types of investments
that we make in community banking companies. Options, futures and warrants are contracts involving the right to receive or the
obligation to deliver assets or money depending on the performance of one or more underlying assets, instruments or a market or
economic index. An option gives its owner the right, but not the obligation, to buy (&ldquo;call&rdquo;) or sell (&ldquo;put&rdquo;)
a specified amount of a security at a specified price within a specified time period. We may purchase or sell options on the publicly
traded bank equity securities in which we may invest. When we purchase an over-the-counter option, it increases our credit risk
exposure to the counterparty. Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery,
and a seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. No price is paid
upon entering into a futures contract. Rather, upon purchasing or selling a futures contract, we would be required to deposit
collateral (&ldquo;margin&rdquo;) equal to a percentage (generally less than 10%) of the contract value. Each day thereafter until
the futures position is closed, we will pay additional margin representing any loss experienced as a result of the futures position
the prior day or be entitled to a payment representing any profit experienced as a result of the futures position the prior day.
Warrants are securities that entitle the holder to buy the underlying stock of the issuing company at a fixed exercise price until
the expiration date of the warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The banks in which we invest may include,
as part of the consideration of our investment in such banks&rsquo; equity or debt securities, a grant of warrants, options and
other equity conversion features by which we may increase our investment in such banks over time. While we may or may not exercise
our rights under such instruments, we may trade in these warrants, options and other equity conversion features or otherwise use
them to leverage our capital. In instances where our derivative transactions may be deemed to create leverage under the Investment
Company Act, we will separately segregate with our custodian cash or high quality liquid investments having a value, at all times
through exercise, at least equal to our potential payment obligations under such derivative transactions or otherwise ensure that
the amount of such obligations together with our other leverage obligations, does not exceed 33% of our total assets. See &ldquo;Risk
Factors&mdash;Risks Related to Our Operations.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Currency Hedging Techniques</I>. We
may use currency hedging techniques, including (a) purchasing and selling currency futures contracts and options thereon, (b)
purchasing and selling currency forward contracts, and (c) engaging in foreign currency exchange transactions on a spot (i.e.,
cash) basis at the spot rate prevailing in the foreign currency exchange market. For example, the Company may enter into forward
foreign currency exchange contracts to help protect its holdings against unfavorable changes in currency exchange rates. A forward
foreign currency exchange contract is an agreement to buy or sell a country&rsquo;s currency at a specific price on a specific
date, usually 30, 60 or 90 days in the future. In other words, the contract guarantees an exchange rate on a given date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">MANAGEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors provides the overall
supervision and review of our affairs. Management of our portfolio is the responsibility of our Adviser&rsquo;s investment committee.
Our Adviser&rsquo;s investment committee is composed of Sanjai Bhonsle, Karen Reidy, and Kaelyn Abrell. Our Adviser&rsquo;s investment
team, led by Mr. Bhonsle, a partner of ArrowMark Partners, will be responsible for negotiating, structuring and managing our investments.
The investment professionals of our Adviser and its affiliates have significant experience sourcing, analyzing, investing and
managing investments in the banking sector. For the background of our investment professionals, see &ldquo;Investment Committee.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect to continue to focus our securities
portfolio on making long-term, passive, non-control investments in the bank sector and banking-related securities. We intend to
continue to direct investments in numerous issuers differentiated by asset sizes, business models and geographies to create a
more stable, long-term portfolio of assets. Our Adviser monitors our portfolio companies and market concentrations and may adjust
its underwriting criteria based on market conditions and portfolio concentrations. Our Adviser&rsquo;s monitoring operations include
sensitivity analyses to determine the effects of changes in market conditions on our asset portfolio. These analyses may include
simulations of changes in interest rates, changes in economic activity and other events that would affect the forecasted performance
of our assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Directors and Officers</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our business and affairs are managed under
the direction of our board of directors. Accordingly, our board of directors provides broad supervision over our affairs, including
supervision of the duties performed by our Adviser. Our Adviser is responsible for our day-to-day operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investment Committee</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management of our portfolio is the responsibility
of our Adviser&rsquo;s investment committee. Our Adviser&rsquo;s investment committee is currently comprised of Sanjai Bhonsle,
Karen Reidy, and Kaelyn Abrell. The investment committee&rsquo;s policy is that the consent of two of the three members is required
to approve the committee&rsquo;s decision to invest in a security and the consent of two of the three members is required to sell
a security. Biographical information about each member of our Adviser&rsquo;s investment committee is set forth below. See the
accompanying Statement of Additional Information for more information about our investment committee members&rsquo; compensation,
other accounts managed, and each investment committee member&rsquo;s ownership of our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The names, ages and addresses of the members
of our Adviser&rsquo;s investment committee, together with their principal occupations and other affiliations during the past
five years, are set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Members of our Investment Committee</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font-size: 10pt; font-weight: bold">Name</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">Age</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Position(s)&nbsp;Held&nbsp;with<BR>
    Company</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Principal&nbsp;Occupation(s)<BR>
    Last&nbsp;5&nbsp;Years</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Other&nbsp;Directorships<BR>
    Last&nbsp;5&nbsp;Years</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; width: 12%; font-size: 10pt; text-align: left">Sanjai Bhonsle</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%; font-size: 10pt; text-align: left">50</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 22%; font-size: 10pt; text-align: left">Class III Director; Chairman of the Board&nbsp;&amp; Chief Executive
    Officer; Investment Committee Member</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 26%; font-size: 10pt; text-align: left">Partner and Portfolio Manager at ArrowMark
    Partners from 2012&ndash;Present</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 27%; font-size: 10pt; text-align: left">Brown RI Management, LLC and Affiliates from
    2018&ndash;Present</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: left">Karen Reidy</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: left">53</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: left">Class I Director; Investment Committee Member</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: left">Partner and Portfolio Manager at ArrowMark Partners from
    2008&ndash;Present</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Brown RI Management, LLC and Affiliates from 2018&ndash;Present</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: left">Kaelyn Abrell</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: left">45</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: left">Investment Committee Member</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Partner and Portfolio Manager at ArrowMark Partners from 2008&ndash;Present</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: left">None</TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Biographical Information</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following sets forth certain biographical
information for our investment committee members:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Sanjai Bhonsle</B>. Mr. Bhonsle joined
ArrowMark in October 2012 and serves as Partner and Portfolio Manager for ArrowMark's leveraged loan investments and CLO funds.
Prior to joining ArrowMark, he founded MB Consulting Partners in 2009, where he specialized in financial and operational restructuring
advisory to stressed and distressed middle-market companies. With more than 10 years of restructuring experience, he has led several
assignments across various industries. Mr. Bhonsle was a Senior Portfolio Manager at GSO Capital Partners, a subsidiary of The
Blackstone Group, and member of the Investment and Management Committee (2005-2009). Prior to joining GSO Capital Partners, Mr.
Bhonsle was an Assistant Portfolio Manager for RBC Capital Partners' debt investment group and was a member of the Investment
Committee (2001-2005). He also led the group's restructuring efforts related to distressed investments and represented the firm's
interests on creditor committees. From 1999-2001, Mr. Bhonsle was a Senior Investment Analyst at Indosuez Capital Partners. Mr.
Bhonsle received a bachelor's degree in Mechanical Engineering from the University of Wisconsin &mdash; Madison and an MBA from
the Eli Broad Graduate School of Management at Michigan State University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Karen Reidy</B>. Ms. Reidy is a founding
Partner and co-manages ArrowMark's collateralized loan obligation and specialty finance investments and research analyst team.
Prior to founding ArrowMark, Ms. Reidy served as Executive Vice President and Portfolio Manager at Janus capital, managing $10
billion for two strategies: Janus Balanced Fund and Janus Core Equity Fund, as well as institutional separate accounts (2000-2005).
Ms. Reidy was also the Assistant Portfolio Manager of the Janus Fund (1998-2000). She joined Janus Capital as an equity analyst
in 1995. Prior to Janus Capital Group, she worked at PricewaterhouseCoopers LLC in the audit and mergers and acquisitions departments.
Ms. Reidy graduated from the University of Colorado with a bachelor's degree and holds the Chartered Financial Analyst designation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Kaelyn Abrell. </B>Ms. Abrell is a
Partner and Portfolio Manager of ArrowMark&rsquo;s private credit funds and separately managed accounts and leads the firm&rsquo;s
fixed income efforts in securitized investments, including regulatory capital relief since 2010. Ms. Abrell was also the lead
analyst for the firm&rsquo;s participation in the Term Asset-Backed Securities Loan Facility (&ldquo;TALF&rdquo;) program. Prior
to joining ArrowMark in 2008, she was an analyst at Janus Capital Group where her areas of focus included residential and commercial
mortgage-backed securities, asset-backed securities, and interest rates (2004-2008). Previously, Ms. Abrell worked at Great-West
Life where she was Assistant Portfolio Manager of $5.5 billion in separate account, general account and total return assets with
a focus on high quality fixed income securities (1998-2004). Ms. Abrell graduated from Illinois State University with a bachelor&rsquo;s
degree in Economics and earned an MBA from Indiana University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management Agreement</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management Services</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">StoneCastle-ArrowMark Asset Management,
LLC, an investment adviser that is a wholly-owned subsidiary of ArrowMark Colorado Holdings, LLC, serves as our investment adviser,
subject to the overall supervision and review of our board of directors. Pursuant to a management agreement, our Adviser provides
us with investment research, advice and supervision and furnishes us continuously with an investment program, consistent with
our investment objective and policies. Our Adviser also determines from time to time what securities we shall purchase, and what
securities shall be held or sold, what portions of our assets shall be held uninvested as cash or in other qualified short-term
investments or liquid assets, maintains books and records with respect to all of our transactions and will report to our board
of directors on our investments and performance. Our Adviser was formed in December 2019. Our Adviser&rsquo;s affiliate, ArrowMark
Partners, is a registered investment adviser formed in 2007.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Adviser has no full-time employees
and relies on the officers, employees and resources of its affiliated entities. All of the members of the investment committee
of our Adviser are affiliates of, but not employees of, StoneCastle-ArrowMark, and may have other significant responsibilities
with ArrowMark Partners and its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Adviser&rsquo;s services to us under
the management agreement will not be exclusive, and while it is not currently contemplated, our Adviser is free to furnish the
same or similar services to other entities, including businesses which may directly or indirectly compete with us, so long as
our Adviser&rsquo;s services to us are not impaired by the provision of such services to others. Our Adviser intends to allocate
investment opportunities in a fair and equitable manner consistent with our investment objectives and strategies so that we will
not be disadvantaged in relation to any other client of the Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Administration Services</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the management agreement,
our Adviser also furnishes us, or arranges for the furnishing of office facilities and clerical and administrative services necessary
for our operation (other than services provided by our custodian, accounting agent, administrator, dividend and interest paying
agent and other service providers). Our Adviser is authorized to cause us to enter into agreements with third parties to provide
such services. To the extent we request, our Adviser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">oversees
                                         the performance and payment of the fees of our service providers and makes reports and
                                         recommendations to our board of directors such matters as the parties deem desirable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">responds
                                         to inquiries and otherwise assists such service providers in the preparation and filing
                                         of regulatory reports, proxy statements and stockholder communications, and the preparation
                                         of materials and reports for our board of directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">establishes
                                         and oversees the implementation of borrowing facilities or other forms of leverage authorized
                                         by our board of directors; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">supervises
                                         any other aspect of our administration as may be agreed upon by us and our Adviser.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management Fee</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the management agreement,
we have agreed to pay our Adviser a fee for the management and administration services described above. The management fee is
0.4375% (1.75% annualized) of our Managed Assets, calculated and paid quarterly in arrears within fifteen days of the end of each
calendar quarter. The term &ldquo;Managed Assets&rdquo; as used in the calculation of the management fee means our total assets
(including cash and cash equivalents and any assets purchased with or attributable to any borrowed funds). The management fee
for any partial quarter will be appropriately prorated. Our Adviser is not paid an incentive fee and does not participate in our
profits in its capacity as Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Advisor may from time to time waive
its advisory fee and such waivers may include the ability of the Advisor to recoup such fees subject to certain conditions, including
that no amounts may be recouped more than three years from the date of the waiver or reimbursement. Management fees paid to the
Advisor for the period from February 12, 2020 to June 30, 2020 were $1,066,549.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2
</SUP></FONT>Management fees paid to the Company&rsquo;s prior investment advisor, StoneCastle Asset Management LLC (&ldquo;SAM&rdquo;),
pursuant to a management agreement between the Company and SAM dated November 1, 2013, for the period from January 1, 2020 through
February 12, 2020, and fiscal years ended December 31, 2019 and 2018 were respectively, $270,955, $2,989,685 and $3,329,460. See,
 &ldquo;Duration and Termination&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Payment of Our Expenses</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">StoneCastle-ArrowMark serves as our investment
adviser in accordance with the terms of the management agreement. Subject to the overall supervision of our board of directors,
our Adviser manages our day-to-day operations and provides us with investment management services. Under the terms of the management
agreement, StoneCastle-ArrowMark does and will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">determine
                                         the composition of our portfolio, the nature and timing of the changes therein and the
                                         manner of implementing such changes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">identify,
                                         evaluate and negotiate the structure of the investments we make (including performing
                                         due diligence on our prospective portfolio companies);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">close,
                                         monitor and administer the investments we make, including the exercise of any voting
                                         or consent rights; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">provide
                                         us with such other investment advisory, research and related services as we may, from
                                         time to time, reasonably require for the investment of our assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We bear all expenses not specifically
assumed by our Adviser and incurred in our operations, and we will bear the expenses related to any future offering. We will reimburse
our Adviser to the extent our Adviser pays these expenses. The compensation and allocable routine overhead expenses of all investment
professionals of our Adviser , when and to the extent engaged in providing us investment advisory services, will be provided and
paid for by our Adviser and not us, although we will reimburse our Adviser an amount equal to our allocable portion of overhead
and other expenses incurred by our Adviser in performing its administrative obligations under the management agreement. The fees
and expenses borne by us may include, but are not limited to, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">other
                                         than as provided under &ldquo;Management Fee&rdquo; above, expenses of maintaining and
                                         continuing our existence and related overhead, including, to the extent such services
                                         are provided by personnel of our Adviser or its affiliates in performing it administrative
                                         obligations, including without limitation furnishing office space and facilities and
                                         administrative and compliance personnel compensation, training and benefits;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         fees, expenses and disbursements of any third party administrator or compliance firm
                                         retained by the Company or the Adviser to provide any of the administrative services
                                         referenced above, to the extent not provided by personnel of the Adviser or its affiliates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">commissions,
                                         spreads, fees and other expenses connected with the acquisition, holding, monitoring
                                         and disposition of securities and the Company&rsquo;s other investments, including placement
                                         and similar fees in connection with direct placements entered into by or on behalf of
                                         the Company or any subsidiary thereof, and travel or other expenses incurred in connection
                                         with performing due diligence on its prospective portfolio companies or monitoring and
                                         overseeing its existing portfolio companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">auditing,
                                         accounting and legal expenses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><SUP>2</SUP>&nbsp;&nbsp;On February 12,
2020, the Adviser succeeded SAM as the Company&rsquo;s Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><P STYLE="margin-top: 0; margin-bottom: 0"></P>
                                                    <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Symbol">&middot;</FONT></P></TD><TD STYLE="text-align: justify">taxes
                                         and interest; governmental fees;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expenses
                                         of listing our shares with a stock exchange, and expenses of issue, sale, repurchase
                                         and redemption (if any) of our securities, including expenses of conducting tender offers
                                         for the purpose of repurchasing our securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expenses
                                         of registering and qualifying us and our securities under federal and state securities
                                         laws and of preparing and filing registration statements and amendments for such purposes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expenses
                                         of communicating with stockholders, including website expenses and the expenses of preparing,
                                         printing and mailing press releases, reports and other notices to stockholders and of
                                         meetings of stockholders and proxy solicitations therefor;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expenses
                                         of preparing and filing reports to governmental officers and commissions, including,
                                         without limitation, our periodic report preparation and filing obligations with the SEC;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">insurance
                                         expenses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">association
                                         membership dues;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">fees,
                                         expenses and disbursements of custodians and subcustodians for all services to us (including
                                         without limitation safekeeping of funds, securities and other investments, keeping of
                                         books, accounts and records and determination of NAVs);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">fees,
                                         expenses and disbursements of transfer agents, dividend and interest paying agents, stockholder
                                         servicing agents and registrars for all services to us;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">fees,
                                         expenses and disbursements, including travel expenses, incurred in connection with the
                                         marketing and promotion of the Company, including the fees, expenses and disbursements
                                         of any person with whom the Company (or the Adviser on behalf of the Company) enters
                                         into an endorsement relationship;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">compensation
                                         and expenses of the Company&rsquo;s Independent Directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">pricing,
                                         valuation and other consulting, due diligence or analytical services employed in considering
                                         and valuing our actual or prospective investments;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">all
                                         expenses incurred in leveraging of our assets through a line of credit or other indebtedness
                                         or issuing and maintaining preferred stock;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">all
                                         expenses incurred in connection with our organization and any offering of common or preferred
                                         shares, including underwriting discounts and commissions; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">such
                                         non-recurring items as may arise, including expenses incurred in litigation, proceedings
                                         and claims and our obligation to indemnify our directors, officers and stockholders with
                                         respect thereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Expenses that are reimbursable to our
Adviser are submitted to the independent members of our board of directors for their approval prior to reimbursement thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Allocation Policy</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Adviser and its affiliates
allocate investment opportunities among client accounts on a fair and consistent basis, and do not favor any one client or
account over any other. In certain cases, investment opportunities may be made by our Adviser other than on a pro rata basis.
In determining to which accounts our Adviser will allocate investment opportunities, and in determining the shares to
allocate to a particular account, our Adviser and its affiliates do not consider:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         levels of fees earned from accounts or the fact that certain accounts may pay performance-based
                                         fees;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">different
                                         compensation payable to portfolio managers based on the performance of certain accounts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         ability of particular clients to send business to or otherwise benefit our Adviser in
                                         exchange for allocations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         identity of account holders (including the fact that certain accounts may be proprietary
                                         or maintained on behalf of investment vehicles that our Adviser sponsors);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in
                                         the case of allocations of initial public offerings, market movement generally or the
                                         performance of the shares since the execution of the order in question;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         prior performance of accounts; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether
                                         an account is new to our Adviser.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">CAB Marketing, LLC and CAB, L.L.C.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have in the past entered into exclusive
investment referral and endorsement relationships with the CAB Marketing, LLC and CAB, L.L.C., subsidiaries of the ABA. Pursuant
to the agreements governing these relationships, CAB Marketing, LLC assisted us with the promotion and identification of potential
investment opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These agreements, terminated effective
August 31, 2020, require an additional payment of $150,000 in the year following termination in recognition of the trailing benefit
of the CAB name license. The ABA and its subsidiaries have not endorsed any future offering, and you should not construe references
to them in this prospectus as such an endorsement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Duration and Termination</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The management agreement with our Adviser
initially became effective on February 12, 2020 and unless earlier terminated, it will continue in effect for an initial period
of two years and from year to year thereafter, but only so long as each continuance is specifically approved by (i) our board
of directors or the vote of a majority of our voting securities and (ii) the vote of a majority of our independent directors.
A discussion regarding the basis for the board&rsquo;s approval of the management agreement is provided in the Company&rsquo;s
Annual Report to stockholders for the fiscal year ended December 31, 2019, which is publicly filed with the SEC. The management
agreement with our Adviser was approved by our board of directors on December 5, 2019 and by the Company&rsquo;s Stockholders
by the vote of a majority of the outstanding voting securities of the Company on February 7, 2020. The management agreement with
our Adviser may be terminated at any time, without payment or penalty, by vote of our board of directors, by vote of a majority
of our voting securities, or by our Adviser, in each case on not less than 60 days&rsquo; written notice. As required by the Investment
Company Act, the management agreement with our Adviser will terminate automatically in the event of its assignment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Liability of Adviser and Indemnification</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The management agreement provides that
our Adviser will not be liable to us in any way for any default, failure or defect in any of the securities comprising our portfolio
if it has satisfied the duties and the standard of care, diligence and skill set forth in the management agreement. The management
agreement further states that we will indemnify the Adviser for any losses, damages, claims, costs, charges, expenses or liabilities
except to the extent such amounts result from our Adviser&rsquo;s willful misfeasance, bad faith or gross negligence in the performance
of its duties or by reason of the reckless disregard of its duties and obligations under the management agreement or as otherwise
prohibited by applicable law. As a result, our Adviser may not be liable to us for breaches of its duty of care, diligence or
skill.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">License Agreement</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">StoneCastle-ArrowMark has obtained a perpetual,
non-exclusive license to the &ldquo;StoneCastle&rdquo; trademark. The Company has agreed to cease using the name &ldquo;StoneCastle&rdquo;
as part of the Company&rsquo;s name, to change its legal name so as to not contain the word &ldquo;StoneCastle&rdquo; or any variant
thereof (and, if required, shall use best efforts to obtain consent of the stockholders of the Company with respect to the foregoing),
and to cease using the related &ldquo;StoneCastle&rdquo; logo if the Company ceases, for any reason, to employ the Adviser or
one of its approved affiliates as the Company&rsquo;s investment adviser. Future names adopted by the Company for itself, insofar
as such names include any trademark of the Adviser or any mark with the potential for confusion with the Adviser may only be used
by the Company with the approval of the Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">RISK FACTORS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>An investment in our securities involves
a high degree of risk. You should carefully consider the following information, together with the other information contained
in this prospectus, before investing in our securities. In connection with the forward-looking statements that appear in this
prospectus, you should also carefully review the cautionary statement referred to above under &ldquo;Cautionary Statement Concerning
Forward-Looking Statements.&rdquo;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Related to Our Operations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">There can be no assurance that we will achieve
our business objectives.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The results of our operations will depend
on many factors, including, but not limited to, the availability of opportunities for the acquisition of assets, the level and
volatility of interest rates, readily accessible short- and long-term funding alternatives, conditions in the financial markets,
general economic conditions and the performance of our Adviser. If we do not implement our investment strategy successfully, our
business could be harmed or fail entirely, with the consequence that our net income, and therefore the level of dividends payable
on our common stock, could be adversely affected, and our common stock could be worth less than the initial investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Adviser was organized in December
2019 to provide investment advice to us and to continue the investment strategies of the Company since its initial public offering
in 2013. ArrowMark Partners formed our Adviser to invest in the U.S. community bank sector as well as larger financial institutions
and companies that provide goods and/or services to banking companies. Consistent with the current policy, StoneCastle-ArrowMark
currently intends that, under normal circumstances, the Company will continue to invest at least 80% of the value of the Company&rsquo;s
net assets plus the amount of any borrowings for investment purposes in such banking-related businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">We depend upon key personnel of our Adviser, ArrowMark
Partners and their affiliates</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are an externally managed investment
company, and therefore we do not have any internal management capacity or employees. We depend on the diligence, expertise and
business relationships of the senior management of our Adviser and its affiliates to achieve our investment objective. We expect
that our Adviser will evaluate, negotiate, structure, close and monitor our investments in accordance with the terms of the management
agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Adviser is an affiliate of ArrowMark
Partners and, in turn, depends upon access to the investment professionals and other resources of ArrowMark Partners and its affiliates
to fulfill its obligations to us under the management agreement. Our Adviser also depends upon ArrowMark Partners to obtain access
to deal flow generated by the professionals of ArrowMark Partners. ArrowMark Partners and its affiliates also provide our Adviser
with resources necessary to fulfill these obligations, including by making available to the Adviser experienced investment professionals
and access to the senior investment personnel of ArrowMark Partners for purposes of evaluating, negotiating, structuring, closing
and monitoring our investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We depend upon the senior professionals
of ArrowMark Partners and its affiliates to maintain relationships with potential sources of investment opportunities, and we
intend to rely to a significant extent upon these relationships to provide us with potential investment opportunities. We cannot
assure you that these individuals will continue to directly or indirectly provide investment advice to us. If these individuals,
including the members of our investment committee, do not maintain their existing relationships with our affiliates, maintain
existing relationships or develop new relationships with other sources of investment opportunities, we may not be able to grow
our investment portfolio. In addition, individuals with whom the senior professionals of ArrowMark Partners or its affiliates
have relationships are not obligated to provide us with investment opportunities. Therefore, we cannot assure you that such relationships
will generate investment opportunities for us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">If our Adviser is unable to manage our investments
effectively, we may be unable to achieve our investment objective.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ability to achieve our investment
objective depends on our ability to manage and grow our business. This depends, in turn, on our Adviser&rsquo;s ability to identify,
invest in and monitor companies that meet our investment criteria. The achievement of our investment objectives on a cost-effective
basis will depend upon our Adviser&rsquo;s execution of our investment process, its ability to provide competent, attentive and
efficient services to us and our access to leverage on acceptable terms. Our Adviser has substantial responsibilities under the
management agreement. Our future success will depend on the continued service of the senior management team of our Adviser and
the personnel of its affiliates who are made available to our Adviser . These persons are engaged in other business activities,
which could distract them, divert their time and attention or otherwise cause them not to dedicate a significant portion of their
time to our investments, which could slow our rate of investment. Any failure to manage our business and our future growth effectively
could have a material adverse effect on our business, financial condition, results of operations and cash flows. In addition,
to the extent that our assets continue to grow, our Adviser may have to source additional personnel, and to the extent it is unable
to source qualified individuals, our growth may be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">We may not replicate the historical
results achieved by other entities managed or sponsored by members of our investment committee or by ArrowMark Partners or its
affiliates.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our primary focus in making investments
generally differs from that of many of the investment funds, accounts or other investment vehicles that are or have been managed
by members of our investment committee or sponsored by ArrowMark Partners or its affiliates. In addition, investors in our common
stock do not acquire an interest in any such investment funds, accounts or other investment vehicles that are or have been managed
by members of our investment committee or sponsored by ArrowMark Partners or its affiliates. We cannot assure you that we will
replicate the historical results achieved by members of the investment committee, and we caution you that our investment returns
could be substantially lower than the returns achieved by them in prior periods. Additionally, all or a portion of the prior results
may have been achieved in particular market conditions which may never be repeated. Moreover, current or future market volatility
and regulatory uncertainty may have an adverse impact on our future performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Most of our assets will be illiquid, and their
fair value may not be readily determinable.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">It
is expected that a substantial portion of the securities and instruments in which the Company invests will not trade on any exchange
and will be illiquid. The Company may also invest in restricted securities. Investments in restricted securities could have the
effect of increasing the amount of the Company&rsquo;s assets invested in illiquid securities if qualified institutional buyers
are unwilling to purchase these securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Illiquid
and restricted securities may be difficult to dispose of at a fair price at the times when the Company believes it is desirable
to do so. The market price of illiquid and restricted securities generally is more volatile than that of more liquid securities,
which may adversely affect the price that the Company pays for or recovers upon the sale of such securities. Illiquid and restricted
securities are also more difficult to value, especially in challenging markets. The Adviser&rsquo;s judgment may play a greater
role in the valuation process. Investment of the Company&rsquo;s assets in illiquid and restricted securities may restrict the
Company&rsquo;s ability to take advantage of market opportunities. To dispose of an unregistered security, the Company, where
it has contractual rights to do so, may have to cause such security to be registered. A considerable period may elapse between
the time the decision is made to sell the security and the time the security is registered, thereby enabling the Company to sell
it. Contractual restrictions on the resale of securities vary in length and scope and are generally the result of a negotiation
between the issuer and acquiror of the securities. In either case, the Company would bear market risks during that period. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Certain
fixed-income instruments are not readily marketable and may be subject to restrictions on resale. Fixed-income instruments may
not be listed on any national securities exchange and no active trading market may exist for certain </FONT>of the fixed-income
instruments in which the Company will invest. Where a secondary market exists, the market for some fixed-income instruments may
be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. In addition, dealer inventories
of certain securities are at historic lows in relation to market size, which indicates a potential for reduced liquidity as dealers
may be less able to &ldquo;make markets&rdquo; for certain fixed-income securities.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Adviser may rely on assumptions that prove
to be incorrect.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will employ strategies which depend
upon the reliability, accuracy and analyses of our Adviser&rsquo;s analytical models. To the extent such models (or the assumptions
underlying them) do not prove to be correct, we may not perform as anticipated, which could result in material losses. All models
ultimately depend upon the judgment of the investment professionals and the assumptions embedded in the models. To the extent
that, with respect to any investment, the judgment or assumptions are incorrect, we can suffer material losses. The models that
our management team uses to assess and control our risk exposures reflect assumptions about the degrees of correlation or lack
thereof among prices of various asset classes or other market indicators, and in times of market stress or other unforeseen circumstances
previously uncorrelated indicators may become correlated, or conversely previously correlated indicators may move in different
directions. These types of market movements may at times limit the effectiveness of any hedging strategies that we may employ
and cause us to incur material losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our investments may be highly subordinated
and subject to leveraged securities risk. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our investments may include equity investments
in CLOs and other structured financings and may include junior debt investments in CLOs, which involve a number of significant
risks. CLO equity and junior debt securities are typically highly levered and, therefore, the junior debt and equity tranches
in which we are currently invested and in which we may invest will be subject to a higher degree of risk of total loss. In particular,
investors in CLO securities indirectly bear risks of the collateral held by such CLOs. We generally have the right to receive
payments only from the CLOs, and generally do not have direct rights against the underlying borrowers or the entity that sponsored
the CLO. While the CLOs in which invest or may invest generally enable the investor to acquire interests in a pool of senior secured
loans without the expenses associated with directly holding the same investments, we generally pay a proportionate share of the
CLOs&rsquo; administrative and other expenses. In addition, we may have the option in certain CLOs to contribute additional amounts
to the CLO issuer for purposes of acquiring additional assets or curing coverage tests, thereby increasing our overall exposure
and capital at risk to such CLO. Although it is difficult to predict whether the prices of assets underlying CLOs will rise or
fall, these prices (and, therefore, the prices of the CLOs&rsquo; securities) are influenced by the same types of political and
economic events that affect issuers of securities and capital markets generally. The interests we acquire in CLOs generally are
thinly traded or have only a limited trading market. CLO securities are typically privately offered and sold, even in the secondary
market. As a result, investments in CLO securities are illiquid and the price at which these securities are sold may be less than
the price used to calculate our NAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Our Adviser and its affiliates
may serve as investment adviser to other funds, investment vehicles and investors, which may create conflicts of interest not
in the best interest of us or our stockholders.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2020 our Adviser and
its affiliates managed $19.5 billion in assets on behalf of a broad array of institutional clients and professional asset allocators
across alternative credit and capacity constrained equity strategies, as well as through the $5 billion corporate and lending
business.&nbsp; Our Adviser may advise clients in addition to us in the future. Our Adviser and its affiliates intend to allocate
investment opportunities and collective expenses among their respective clients fairly and equitably and in accordance with their
allocation policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our investment
portfolio is recorded at fair value, with our board of directors having final responsibility for overseeing, reviewing and approving,
in good faith, our estimate of fair value and, as a result, there is uncertainty as to the value of our investments.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white">Unlike publicly
traded common stock which trades on national exchanges, there is no central place or exchange for some of the Company&rsquo;s
investments to trade. Due to the lack of centralized information and trading, the valuation of loans or fixed-income instruments
may carry more risk than that of common stock. Uncertainties in the conditions of the financial market, unreliable reference data,
lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. In addition, other
market participants may value securities differently than the Company. As a result, the Company may be subject to the risk that
when an instrument is sold in the market, the amount received by the Company is less than the value of such loans or fixed income
instruments carried on the Company&rsquo;s books.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white">Stockholders
should recognize that valuations of illiquid assets involve various judgments and consideration of factors that may be subjective.
As a result, the NAV of the Company, as determined based on the fair value of its investments, may vary from the amount ultimately
received by the Company from its investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors has engaged the
services of a nationally recognized independent valuation firm to help it determine the value of each investment for which a market
price is not available. Our board of directors also reviews valuations of such investments provided by the Adviser. Furthermore,
we rely heavily on the investment committee of our Adviser in making determinations of the fair value of our investments. Our
board of directors regularly reviews and evaluates our valuation methodology and any such valuation service it uses and the historical
accuracy of such valuation methodologies. Our board of directors also reviews valuations of such investments provided by the Adviser
and assigns the valuation it determines to best represent the fair value of such investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our investments will be subject to dividend and
interest rate fluctuations, and we may incur interest rate risk.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our investments are likely to include
preferred stock with variable dividend rates and may include debt or hybrid instruments with floating interest rates and equity
and junior debt tranches issued by a CLO or similar issuer. Variable rate and floating rate investments earn interest at rates
that adjust from time to time (typically monthly) based upon an index. The amount of income we receive from our investments may
fluctuate based upon changes in interest rates and, in a declining and/or low interest rate environment, these investments will
produce less income, which will impact our operating performance. Fixed dividend rate and interest rate investments, however,
do not have adjusting rates and the relative value of the fixed cash flows from these investments may decrease as prevailing interest
rates rise or increase as prevailing interest rates fall, causing potentially significant changes in our NAV. We may employ various
hedging strategies to limit the effects of changes in interest rates (and in some cases credit spreads), including engaging in
interest rate swaps, caps, floors and other interest rate derivative products. No strategy can completely insulate us from the
risks associated with interest rate changes, and there is a risk that our strategies may provide no protection at all and will
potentially compound the impact of changes in interest rates. Hedging transactions involve certain additional risks such as counterparty
risk, leverage risk, the legal enforceability of hedging contracts, the early repayment of hedged transactions and the risk that
unanticipated and significant changes in interest rates may cause a significant loss of basis in the instrument and a change in
current period expense. We cannot assure you that we will be able to enter into hedging transactions or that such hedging transactions
will adequately protect us against the foregoing risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may compete with a number of other prospective
investors for desirable investment opportunities.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While we believe that there is presently
a general lack of investment competition for investment opportunities in the community banking sector from institutional investors
including publicly traded investment companies, hedge funds and private equity funds, such investors do exist. In addition, competition
among institutional investors and investment managers for any bank related investments may increase significantly. While the competitive
landscape for investors in alternative capital securities has broadened modestly over the last ten years, the core investor base
remains relatively concentrated due to the relatively high barriers to entry facing new investors. In addition to established
competitors, new competitors may be established at any time. Increasing competitive conditions may adversely impact our ability
to meet our business objectives, which in turn could adversely impact our ability to meet debt service obligations or make dividend
payments to our stockholders. Some of our competitors may have a lower cost for borrowing funds than us or greater access to funding
sources not available to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">We may generate low or negative
rates of return on capital, and we may not be able to execute our business plans as quickly as expected, if at all.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We anticipate that it may take up to six
months to utilize fully the net proceeds received from any future offering; however, we may take longer to utilize such proceeds
fully. This six-month period and any additional delay may result from a lack of attractive investment opportunities or from competition
with other market participants for investments in the banking sector. We may initially invest the proceeds from any future offering
in cash, cash equivalents, securities issued or guaranteed by the U.S. government or its instrumentalities or agencies, high-quality,
short-term money market instruments, short-term debt securities, certificates of deposit, bankers&rsquo; acceptances and other
bank obligations, commercial paper or other liquid fixed income securities. Because these temporary investments may generate lower
projected returns than our core business strategy, we may experience lower returns during this period, which may result in low
distributions in this initial period, or possibly no distributions at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Our business model depends
to a significant extent upon strong referral relationships, and our inability to maintain or develop these relationships, as well
as the failure of these relationships to generate investment opportunities, could adversely affect our business.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect that our Adviser and its affiliates
will maintain their relationships with intermediaries, financial institutions, investment bankers, commercial bankers, financial
advisors, attorneys, accountants, consultants and other individuals within their networks, and we will rely to a significant extent
upon these relationships to provide us with potential investment opportunities. If our Adviser fails to maintain its existing
relationships or develop new relationships with sources of investment opportunities, we will not be able to grow our investment
portfolio. In addition, individuals with whom our Adviser and its affiliates have relationships are not obligated to provide us
with investment opportunities, and, therefore, there is no assurance that such relationships will generate investment opportunities
for us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we are unable to source investments effectively,
we may be unable to achieve our investment objective.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ability to achieve our investment
objective depends on our Adviser&rsquo;s ability to identify, evaluate and invest in suitable securities that meet our investment
criteria. Accomplishing this result on a cost-effective basis is largely a function of our Adviser&rsquo;s marketing capabilities,
management of the investment process, ability to provide efficient services and access to financing sources on acceptable terms.
Failure to manage our future growth effectively could have a material adverse effect on our business, financial condition and
results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our results may fluctuate from period to period.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We could experience fluctuations in our
operating results from one fiscal period to the next due to a number of factors, including the return on our investments expenses,
variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition
in our markets and general economic conditions. Restrictions and provisions in any future credit facilities, debt securities or
other leverage instruments may also limit our ability to make distributions. As a result of these factors, results for any period
should not be relied upon as being indicative of performance in future periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Derivatives transactions may limit our income or
result in losses.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><FONT STYLE="background-color: white">The
Company&rsquo;s derivative investments have risks, including the imperfect correlation between the value of such instruments and
the underlying asset, rate or index, which creates the possibility that the loss on such instruments may be greater than the gain
in the value of the underlying asset, rate or index; </FONT>the loss of principal; the possible default of the other party to
the transaction; and illiquidity of the derivative investments. If a counterparty becomes bankrupt or otherwise fails to perform
its obligations under a derivative contract due to financial difficulties, the Company may experience significant delays in obtaining
any recovery under the derivative contract in a bankruptcy or other reorganization proceeding, or may not recover at all. In addition,
in the event of the insolvency of a counterparty to a derivative transaction, the derivative contract would typically be terminated
at its fair market value. If the Company is owed this fair market value in the termination of the derivative contract and its
claim is unsecured, the Company will be treated as a general creditor of such counterparty, and will not have any claim with respect
to the underlying security. Certain of the derivative investments in which the Company may invest may, in certain circumstances,
give rise to a form of financial leverage, which may magnify the risk of owning such instruments. The ability to successfully
use derivative investments depends on the ability of the Adviser to predict pertinent market movements, which cannot be assured.
In addition, amounts paid by the Company as premiums and cash or other assets held in margin accounts with respect to the Company&rsquo;s
derivative investments would not be available to the Company for other investment purposes, which may result in lost opportunities
for gain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The derivative instruments and techniques
that the Company may principally use include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify; background-color: white"><B><I>Futures.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;A
futures contract is a standardized agreement to buy or sell a specific quantity of an underlying instrument at a specific price
at a specific future time. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying
instrument. Depending on the terms of the particular contract, futures contracts are settled through either physical delivery
of the underlying instrument on the settlement date or by payment of a cash settlement amount on the settlement date. A decision
as to whether, when and how to use futures involves the exercise of skill and judgment and even a well-conceived futures transaction
may be unsuccessful because of market behavior or unexpected events. In addition to the derivatives risks discussed above, the
prices of futures can be highly volatile, using futures can lower total return, and the potential loss from futures can exceed
the Company&rsquo;s initial investment in such contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 24.45pt; background-color: white"><B><I>Covered
Calls on Bank Equity Securities and Other Option Transactions</I></B>. There are several risks associated with transactions in
options on securities. For example, there are significant differences between the securities and options markets that could result
in an imperfect correlation between these markets, causing a given covered call option transaction not to achieve its objectives.
A decision as to whether, when and how to use covered calls (or other options) on bank equity securities involves the exercise
of skill and judgment, and even a well-conceived transaction may be unsuccessful because of market behavior or unexpected events.
The use of options may require the Company to sell portfolio securities at inopportune times or for prices other than current
market values, may limit the amount of appreciation the Company can realize on an investment, or may cause the Company to hold
a security it might otherwise sell. As the writer of a covered call option on bank equity securities, the Company forgoes, during
the option&rsquo;s life, the opportunity to profit from increases in the market value of the security covering the call option
above the exercise price of the call option, but has retained the risk of loss should the price of the underlying security decline.
Although such loss would be offset in part by the option premium received, in a situation in which the price of a particular bank
equity security on which the Company has written a covered call option declines rapidly and materially or in which prices in general
on all or a substantial portion of the stocks on which the Company has written covered call options decline rapidly and materially,
the Company could sustain material depreciation or loss in its net assets to the extent it does not sell the underlying securities
(which may require it to terminate, offset or otherwise cover its option position as well). The writer of an option has no control
over the time when it may be required to fulfill its obligation as a writer of the option. Once an option writer has received
an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and
must deliver the underlying security at the exercise price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 24.45pt; background-color: white">There
can be no assurance that a liquid market will exist when the Company seeks to close out an option position. Reasons for the absence
of a liquid secondary market for exchange-traded options include the following: (i) there may be insufficient trading interest;
(ii) restrictions may be imposed by an exchange on opening transactions or closing transactions or both; (iii) trading halts,
suspensions or other restrictions may be imposed with respect to particular classes or series of options; (iv) unusual or unforeseen
circumstances may interrupt normal operations on an exchange; (v) the trading facilities of an exchange or the Options Clearing
Corporation (the &ldquo;OCC&rdquo;) may not be adequate to handle current trading volume; or (vi) the relevant exchange could,
for economic or other reasons, decide or be compelled at some future date to discontinue the trading of options (or a particular
class or series of options). If trading were discontinued, the secondary market on that exchange (or in that class or series of
options) would cease to exist. However, outstanding options on that exchange that had been issued by the OCC as a result of trades
on that exchange would continue to be exercisable in accordance with their terms. The Company&rsquo;s ability to terminate OTC
options may be more limited than with exchange-traded options and may involve the risk that counterparties participating in such
transactions will not fulfill their obligations. If the Company were unable to close out a covered call option that it had written
on a bank equity security, it would not be able to sell the underlying security unless the option expired without exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 24.45pt; background-color: white">The
hours of trading for options may not conform to the hours during which the underlying securities are traded. To the extent that
the options markets close before the markets for the underlying securities, significant price and rate movements can take place
in the underlying markets that cannot be reflected in the options markets. Call options are marked to market daily and their value
will be affected by changes in the value of and dividend rates of the underlying common stocks, an increase in interest rates,
changes in the actual or perceived volatility of the stock market and the underlying common stocks and the remaining time to the
options&rsquo; expiration. Additionally, the exercise price of an option may be adjusted downward before the option&rsquo;s expiration
as a result of the occurrence of certain corporate events affecting the underlying bank equity security, such as extraordinary
dividends, stock splits, merger or other extraordinary distributions or events. A reduction in the exercise price of an option
would reduce the Company&rsquo;s capital appreciation potential on the underlying security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 24.45pt; background-color: white"><I>Limitation
on Covered Call Writing Risk.</I>&nbsp;The number of covered call options on bank equity securities the Company can write is limited
by the number of shares of the corresponding common stock the Company holds. Furthermore, the Company&rsquo;s covered call options
on bank equity securities and other options t<FONT STYLE="background-color: white">ransactions will be subject to limitations
established by each of the exchanges, boards of trade or other trading facilities on which such options are traded. These limitations
govern the maximum number of options in each class which may be written or purchased by a single investor or group of investors
acting in concert, regardless of whether the options are written or purchased on the same or different exchanges, boards of trade
or other trading facilities or are held or written in one or more accounts or through one or more brokers. As a result, the number
of covered call options on bank equity securities that the Company may write or purchase may be affected by options written or
purchased by it and other investment advisory clients of the Adviser. An exchange, board of trade or other trading facility may
order the liquidation of positions found to be in excess of these limits, and it may impose certain other sanctions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 24.45pt; background-color: white"><B><I>Swaps.
</I></B>A swap contract is an agreement between two parties pursuant to which the parties exchange payments at specified dates
on the basis of a specified notional amount, with the payments calculated by reference to specified securities, indexes, reference
rates, currencies or other instruments. Most swap agreements provide that when the period payment dates for both parties are the
same, the payments are made on a net basis (i.e., the two payment streams are netted out, with only the net amount paid by one
party to the other). The Company&rsquo;s obligations or rights under a swap contract entered into on a net basis will generally
be equal only to the net amount to be paid or received under the agreement, based on the relative values of the positions held
by each counterparty. Swap agreements are particularly subject to counterparty credit, liquidity, valuation, correlation and leverage
risk. Certain standardized swaps are now subject to mandatory central clearing requirements and others are now required to be
exchange-traded. While central clearing and exchange-trading are intended to reduce counterparty and liquidity risk, they do not
make swap transactions risk-free. Swaps could result in losses if interest rate or foreign currency exchange rates or credit quality
changes are not correctly anticipated by the Company or if the reference index, security or investments do not perform as expected.
The Company&rsquo;s use of swaps may include those based on the credit of an underlying security, commonly referred to as &ldquo;credit
default swaps.&rdquo; Where the Company is the buyer of a credit default swap contract, it would be entitled to receive the par
(or other agreed-upon) value of a referenced debt obligation from the counterparty to the contract only in the event of a default
or similar event by a third party on the debt obligation. If no default occurs, the Company would have paid to the counterparty
a periodic stream of payments over the term of the contract and received no benefit from the contract. When the Company is the
seller of a credit default swap contract, it receives the stream of payments but is obligated to pay an amount equal to the par
(or other agreed-upon) value of a referenced debt obligation upon the default or similar event of that obligation. The use of
credit default swaps can result in losses if the Company&rsquo;s assumptions regarding the creditworthiness of the underlying
obligation prove to be incorrect. The Company will &ldquo;cover&rdquo; its swap positions by segregating an amount of cash and/or
liquid securities as required by the 1940 Act and applicable SEC interpretations and guidance from time to time. In cases where
the Company is the writer, or seller, of a swap agreement, the segregated amount will be equal to the full,&nbsp;un-netted&nbsp;amount
of the Company&rsquo;s contractual obligation (the &ldquo;notional amount&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">We may, in certain circumstances
permitted by law, change our business strategy and operational policies without stockholder consent, which may result in a determination
to pursue riskier business activities.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With majority consent of our board of
directors, we may change our business strategy for how we invest in bank sector opportunities at any time without the consent
of our stockholders (unless stockholder consent is specifically required by the Investment Company Act), which could result in
our acquiring subsidiaries or assets that are different from, and possibly riskier than, the strategy described in this prospectus.
For example, we could change our strategy to focus to a greater extent on investing in common stock rather than preferred stock,
subordinated debt and convertible securities. However, we will endeavor to notify investors of any such material change in business
strategy and operational policies no later than our subsequent semi-annual or annual report, as applicable, filed with the SEC.
A change in our business strategy may increase our exposure to interest rate, mark to market risks or other risks. Our board of
directors will determine our operational policies and may amend or revise our policies, including our policies with respect to
our investments, operations, indebtedness, capitalization and distributions or approve transactions that deviate from these policies,
without a vote of, or notice to, our stockholders (unless stockholder consent is specifically required by the Investment Company
Act). Operational policy changes could adversely affect the market price of our common stock and our ability to make distributions
to our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Laws and regulations may prohibit the banks in
which we invest from paying interest and/or dividends to us.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividend payments by banks are subject
to legal and regulatory limitations imposed by applicable state and federal bank regulatory agencies. For instance, banks will
be prohibited from paying cash dividends to their stockholders or holding company parents to the extent that any such payment
would reduce the bank&rsquo;s capital below required capital levels. To the extent these regulatory capital requirements are increased,
banks may find it more difficult to declare and pay dividends on the preferred stock they have issued and, to the extent that
such preferred stock is non-cumulative, may be more reluctant to declare such dividends. Regulatory approval may also be required
for a bank to declare a dividend if the total of all dividends declared by it in any calendar year exceeds the total of the bank&rsquo;s
net profits for that year combined with its retained net profits of the preceding two years, less any required transfer to surplus
or a fund for the retirement of any preferred stock. The ability of banks to pay dividends will also depend upon other factors,
including their debt and equity structure, earnings and financial condition, need for capital, and other factors, including economic
conditions, and tax considerations. To the extent we invest in the holding companies of banks, the only funds available for the
payment of dividends on the capital stock of the holding company may be the cash and cash equivalents held by the holding company,
dividends paid by the bank to the holding company and borrowings. The banks in which we invest may be constrained in their ability
to pay dividends by these factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Legal and regulatory changes could occur that may
adversely affect us.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white">U.S. and&nbsp;non-U.S.&nbsp;government
agencies and other regulators regularly adopt new regulations and legislatures enact new statutes that affect the investments
held by the Company, the strategies used by the Company or the level of regulation or taxation that applies to the Company. For
example, the Tax Cuts and Jobs Act of 2017, among other things, significantly changed the taxation of business entities (including
by significantly lowering corporate tax rates), the deductibility of interest expense, and the timing in which certain income
items are recognized (potentially including, in certain cases, income from debt and other financial instruments). These statutes
and regulations may impact the investment strategies, performance, costs and operations of the Company or the taxation of its
shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white">Changes in government
legislation, regulation and/or intervention may change the way the Adviser or the Company is regulated, affect the expenses incurred
directly by the Company and the value of its investments and limit and/or preclude the Company&rsquo;s ability to implement, or
increase the Company&rsquo;s costs associated with implementing, its investments strategies. Changes to tax laws and regulations
may also result in certain tax consequences for the Company and/or investors. Government regulation may change frequently and
may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects. In addition
to exposing the Company to potential new costs and expenses, additional regulation or changes to existing regulation may also
require changes to the Company&rsquo;s investment practices. The Adviser cannot predict the effects of any new governmental regulation
that may be implemented, and there can be no assurance that any new governmental regulation will not adversely affect the Company&rsquo;s
ability to achieve its respective investment objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may be required to register as a commodity pool
operator.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have claimed an exclusion from the
definition of the term &ldquo;commodity pool operator&rdquo; pursuant to Regulation 4.5 under the CEA with respect to the Company.
While we currently expect that our activities will remain within the scope of the exclusion, if we change our hedging and risk
management strategies, we may be required to register under the CEA as a commodity pool operator, and the Adviser may be required
to register under the CEA as a commodity trading adviser, each of which would increase our regulatory and compliance costs and
expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: 6 -->
<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Market fluctuations caused by force majeure, terrorism
or certain other events may adversely affect our performance.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to historic market risks,
our performance may be adversely affected by market fluctuations resulting from certain risks which are unprecedented in nature
or magnitude and therefore not amenable to existing risk management techniques which are based on modeling past events and assigning
probabilities to the recurrence of those events. Such events include, without limitation, catastrophic acts of terror, imposition
or declaration of martial law, mass disruption of telecommunications facilities, pandemics resulting from bio-terror attacks or
outbreaks of fatal disease, cyber-terror and terrorist attacks on financial markets, exchanges and payments systems and acts of
providence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From early 2020 through the date of this
prospectus, an extreme downturn in the credit markets, the global economy, and other financial markets, has developed and worsened,
resulting in dramatic deterioration in the asset quality of many banks and companies in the financial services industry. These
conditions, caused by the novel coronavirus (COVID-19) global pandemic that emerged in December 2019, have continued and, combined
with declining business and consumer confidence and increased unemployment, have precipitated a deep economic recession and fears
of a possible depression. It is difficult to predict how long these conditions will continue, whether they will continue to deteriorate
and which markets, products and businesses will continue to be adversely affected. The success of the Company may depend on the
recovery of the economy and such markets and there is no assurance that these conditions will stabilize or improve so as to allow
the Adviser to pursue attractive investment opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Changes in interest rates may affect our net investment
income, reinvestment risk and the probability of defaults of our investments.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Rising
interest rates tend to extend the duration of securities, making them more sensitive to changes in interest rates. The value of
longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result,
in a period of rising interest rates, securities may exhibit additional volatility and may lose value. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><B><I>Collateralized
Loan Obligations (&ldquo;CLOS&rdquo;) and Collateralized Debt Obligations (&ldquo;CDOS&rdquo;).</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">CLOs
and CDOs are typically privately offered and sold, and thus, are not registered under the securities laws, which means less information
about the security may be available as compared to publicly offered securities and only certain institutions may buy and sell
them. As a result, investments in CDOs may be characterized by the Company as illiquid securities. An active dealer market may
exist for CDOs that can be resold in Rule 144A transactions, but there can be no assurance that such a market will exist or will
be active enough for the Company to sell such securities. In addition to the typical risks associated with fixed-income securities
and asset-backed securities, CDOs carry other risks including, but not limited to: (i)&nbsp;the possibility that distributions
from collateral securities will not be adequate to make interest or other payments; (ii)&nbsp;the risk that the collateral may
default, decline in value or quality, or be downgraded by a rating agency; (iii)&nbsp;the Company may invest in tranches of CDOs
that are subordinate to other tranches, diminishing the likelihood of payment; (iv)&nbsp;the structure and complexity of the transaction
and the legal documents could lead to disputes among investors regarding the characterization of proceeds; (v)&nbsp;risk of forced
 &ldquo;fire sale&rdquo; liquidation due to technical defaults such as coverage test failures; and (vi)&nbsp;the CDO&rsquo;s manager
may perform poorly.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Additional Risks Related to Investments
in CLOs.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white">The CLOs and
other CDOs in which the Company may invest are Structured Products. Holders of Structured Products bear risks of the underlying
assets and are subject to counterparty risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white">The Company may
have the right to receive payments only from the structured product, and generally does not have direct rights against the issuer
or the entity that sold the assets to be securitized. While certain Structured Products enable the investor to acquire interests
in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors
in Structured Products generally pay their share of the structured product&rsquo;s administrative and other expenses. Although
it is difficult to predict whether the prices of assets underlying Structured Products will rise or fall, these prices (and, therefore,
the prices of Structured Products) will be influenced by the same types of political and economic events that affect issuers of
securities and capital markets generally. If the issuer of a structured product uses shorter-term financing to purchase longer-term
securities, the issuer may be forced to sell its securities at below-market prices if it experiences difficulty in obtaining short-term
financing, which may adversely affect the value of the Structured Products owned by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white">Certain structured
products may be thinly traded or have a limited trading market. Structured Products are typically privately offered and sold.
As a result, investments in Structured Products may be characterized by the Company as illiquid securities. In addition to the
general risks associated with fixed-income securities discussed herein, Structured Products carry additional risks, including,
but not limited to: (i)&nbsp;the possibility that distributions from collateral securities will not be adequate to make interest
or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the investments
in Structured Products are subordinate to other classes or tranches thereof; and (iv) the complex structure of the security may
not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of a bankruptcy or insolvency
of an issuer or borrower of a loan that we hold or of an underlying asset held by a CLO or other vehicle in which we invest, a
court or other governmental entity may determine that our claims or those of the relevant CLO are not valid or not entitled to
the treatment we expected when making our initial investment decision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Various laws enacted for the protection
of debtors may apply to the underlying assets in our investment portfolio. The information in this and the following paragraph
represents a brief summary of certain points only, is not intended to be an extensive summary of the relevant issues and is applicable
with respect to U.S. issuers and borrowers only. The following is not intended to be a summary of all relevant risks. Similar
avoidance provisions to those described below are sometimes available with respect to non-U.S. issuers or borrowers, and there
is no assurance that this will be the case which may result in a much greater risk of partial or total loss of value in that underlying
asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a court in a lawsuit brought by an
unpaid creditor or representative of creditors of an issuer or borrower of underlying assets, such as a trustee in bankruptcy,
were to find that such issuer or borrower did not receive fair consideration or reasonably equivalent value for incurring the
indebtedness constituting such underlying assets and, after giving effect to such indebtedness, the issuer or borrower (1) was
insolvent; (2) was engaged in a business for which the remaining assets of such issuer or borrower constituted unreasonably small
capital; or (3) intended to incur, or believed that it would incur, debts beyond our ability to pay such debts as they mature,
such court could decide to invalidate, in whole or in part, the indebtedness constituting the underlying assets as a fraudulent
conveyance, to subordinate such indebtedness to existing or future creditors of the issuer or borrower or to recover amounts previously
paid by the issuer or borrower in satisfaction of such indebtedness. In addition, in the event of the insolvency of an issuer
or borrower of underlying assets, payments made on such underlying assets could be subject to avoidance as a &ldquo;preference&rdquo;
if made within a certain period of time (which may be as long as one year under U.S. Federal bankruptcy law or even longer under
state laws) before insolvency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Related to Our Use of Leverage</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will continue to operate with leverage, which
may adversely affect our return on our assets and may reduce cash available distribution.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will continue to operate with leverage,
which we may incur in the form of recourse and non-recourse collateralized financings, private or public offerings of debt, warehouse
facilities, secured and unsecured bank credit facilities, repurchase agreements or other borrowings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We currently have a bank loan to finance
investments as a form of leverage. We also have authority to issue preferred stock or engage in reverse repurchase agreements
to finance investments. Leverage exaggerates the effects of market downturns or upturns on the NAV and market value of our common
stock, as well as on distributions to holders of common stock. Leverage can also increase the volatility of the Company&rsquo;s
NAV, and expenses related to leverage can reduce the Company&rsquo;s income. In the case of leverage, if our assets decline in
value so that applicable asset coverage requirements for any borrowings or preferred stock would not be met, the Company may be
prevented from paying distributions, which could jeopardize its qualification for pass-through tax treatment, make it liable for
excise taxes and/ or force it to sell portfolio securities at an inopportune time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As noted above, the Company has entered
into the Credit Facility with Texas Capital Bank to borrow up to $62.0 million of which $33.0 million has been committed and drawn
as of June 30, 2020. Such borrowings constitute financial leverage. The Credit Facility contains customary covenant, negative
covenant and default provisions, including covenants that limit the Company&rsquo;s ability to incur additional debt or consolidate
or merge into or with any person, other than as permitted, or sell, lease or otherwise transfer, directly or indirectly, all or
substantially all of its assets. The covenants also impose on the Company asset coverage requirements, which are more stringent
than those imposed on the Company by the Investment Company Act, as well as the Company&rsquo;s policies. In addition, the Company
agreed not to purchase assets not contemplated by the investment policies and restrictions in effect when the Credit Facility
became effective unless changes to these policies and restrictions are consented to by Texas Capital Bank. The covenants or guidelines
could impede the Adviser from fully managing the Company&rsquo;s portfolio in accordance with the Company&rsquo;s investment objectives
and policies. Furthermore, non-compliance with such covenants or the occurrence of other events could lead to the cancellation
of the Credit Facility. The Company may not incur additional debt from any other party, except in limited circumstances. Such
restrictions apply only so long as the Credit Facility remains in effect. We must comply with the guidelines established by the
Credit Facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we have no present intention
to do so, we may also operate with leverage by issuing preferred stock. Any form of leverage may include contractual terms that
are unfavorable to our stockholders, including limitations on our ability to declare and distribute dividends. Such terms will
likely also contain restrictive covenants that impose asset coverage requirements, voting right requirements and restrictions
on the composition of our assets, and limit the use of our investment techniques and strategies, any or all of which may have
an adverse effect on us and our ability to pay dividends. If we are unable to repay or refinance maturing debt on the date it
is due, we may be forced to seek other sources of capital to repay the maturing debt that may be expensive or dilutive to existing
stockholders. To the extent that we are unable to find additional financing or extend or refinance our debt when it becomes due
and we do not have sufficient cash to redeem such debt, we may be required to liquidate assets that are illiquid and difficult
to sell for fair value and the sale of assets may occur at a time when it would not otherwise be desirable to do so. Failure to
meet any contractual term set forth by our lenders, including maturity, may result in a default, a forced sale of assets or reduced
operational flexibility, or a significant loss or complete loss for our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Leverage is a speculative technique that
may adversely affect our earnings or book value. If the return on assets acquired with borrowed funds or other leveraged proceeds
does not exceed the cost of the leverage and our cost of operations, the use of leverage could cause us to lose money.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Successful use of leverage depends on
our Adviser&rsquo;s ability to predict or hedge correctly cash flows generated by our assets, which depends upon default rates,
interest rates, refinancing and prepayment rates, timing of recoveries and various other factors. Our actual use of leverage may
vary depending on our ability to obtain credit facilities and the lender&rsquo;s and rating agencies&rsquo; estimate of the stability
of our cash flows. The return on our assets and cash available for distribution to our stockholders may be reduced by changes
in market conditions that cause the cost of these financings to increase relative to the income that can be derived from our assets.
Defaults and lower than expected recoveries, as well as delays in recoveries on defaults, could rapidly erode our equity. Debt
service payments will reduce cash flow available for distributions to stockholders. In addition, lenders from whom we may borrow
money or holders of our debt securities will have claims on our assets that are superior to the claims of our common stockholders,
and we may grant a security interest in our assets when we undertake leverage. In the case of a liquidation event, those lenders
or note holders would receive proceeds before our common stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Financing arrangements with lenders or preferred
stockholders may limit our ability to make dividend payments to our stockholders.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We depend on the ability of our operations
to generate positive cash-flow measured as the positive difference between the yield on our assets and the cost of our funds.
Because we use leverage to increase our return on equity, we may be subject to contractual operational limitations, including
limitations on our ability to make dividends to our stockholders. If, as a consequence of these various limitations and restrictions,
we are unable to generate sufficient funds for distributions from our assets or we are not in compliance with the terms of our
debt agreements or any new series of preferred stock, we may not be able to make expected dividend payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Related to Investing in Community Banking Sector</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Our assets will be concentrated
in the banking industry, potentially exposing us to greater risks than companies that invest in multiple sectors.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white">Companies in
the group of industries related to banks and diversified financials are often subject to extensive governmental regulation and
intervention, which may adversely affect the scope of their activities, the prices they can charge and the amount of capital they
must maintain. Governmental regulation may change frequently and may have significant adverse consequences for companies in the
group of industries related to banks and diversified financials, including effects not intended by such regulation. The impact
of recent or future regulation in various countries on any individual financial company or on the industries as a whole cannot
be predicted. A focus on community banks may make the Company more economically vulnerable in the event of a downturn in the banking
industry. Community banks may face heightened risks of failure during times of economic downturns than larger banks. Community
banks may also be subject to greater lending risks than larger banks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white">Certain risks
may impact the value of investments in the group of industries related to banks and diversified financials more severely than
those of investments outside these industries, including the risks associated with companies that operate with substantial financial
leverage. Companies in the group of industries related to banks and diversified financials may also be adversely affected by increases
in interest rates and loan losses, decreases in the availability of money or asset valuations, credit rating downgrades and adverse
conditions in other related markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The group of
industries related to banks and diversified financials is also a target for cyber attacks and may experience technology malfunctions
and disruptions. In recent years, cyber attacks and technology failures have become increasingly frequent and have caused significant
losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Risks specific to the bank and diversified
financial group of industries also may include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 24.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify; background-color: white"><B><I>Asset
quality and credit risk.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;When financial institutions loan money, commit to loan money or enter
into a letter of credit or other contract with a counterparty, they incur credit risk, or the risk of losses if their borrowers
do not repay their loans or their counterparties fail to perform according to the terms of their contract. The companies in which
the Company will invest offer a number of products which expose them to credit risk, including loans, leases and lending commitments,
derivatives, trading account assets and assets&nbsp;held-for-sale.&nbsp;Financial institutions allow for and create loss reserves
against credit risks based on an assessment of credit losses inherent in their credit exposure (including unfunded credit commitments).
This process, which is critical to their financial results and condition, requires difficult, subjective and complex judgments,
including forecasts of economic conditions and how these economic predictions might impair the ability of their borrowers to repay
their loans. As is the case with any such assessments, there is always the chance that the financial institutions in which the
Company invests will fail to identify the proper factors or that they will fail to accurately estimate the impacts of factors
that they identify. Failure to identify credit risk factors or the impact of credit factors may result in increased&nbsp;non-performing&nbsp;assets,
which will result in increased loss reserve provisioning and reduction in earnings. Poor asset quality can also affect earnings
through reduced interest income which can impair a bank&rsquo;s ability to service debt obligations or to generate sufficient
income for equity holders. Bank failure may result due to inadequate loss reserves, inadequate capital to sustain credit losses
or reduced earnings due to&nbsp;non-performing&nbsp;assets. The Company will not have control over the asset quality of the financial
institutions in which the Company will invest, and these institutions may experience substantial increases in the level of their&nbsp;non-performing&nbsp;assets
which may have a material adverse impact on the Company&rsquo;s investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 24.45pt; background-color: white"><B><I>Capital
risk.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;A bank&rsquo;s capital position is extremely important to its overall financial condition
and serves as a cushion against losses. U.S. banking regulators have established specific capital requirements for regulated banks.
Federal banking regulators proposed amended regulatory capital regulations in response to the Dodd-Frank Act and the international
capital and liquidity requirements set forth by the Basel Committee on Banking Supervision (&ldquo;Basel III&rdquo;) protocols
which would impose even more stringent capital requirements. In the event that a regulated bank falls below certain capital adequacy
standards, it may become subject to regulatory intervention including, but not limited to, being placed into a FDIC-administered
receivership or conservatorship. The regulatory provisions under which the regulatory authorities act are intended to protect
depositors. The deposit insurance fund and the banking system are not intended to protect shareholders or other investors in other
securities issued by a bank or its holding company. The effect of inadequate capital can have a potentially adverse consequence
on the institution&rsquo;s financial condition, its ability to operate as a going concern and its ability to operate as a regulated
financial institution and may have a material adverse impact on the Company&rsquo;s investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 24.45pt; background-color: white"><B><I>Earnings
risk.</I>&nbsp;&nbsp;&nbsp;&nbsp;</B>Earnings are the primary means for financial institutions to generate capital to support
asset growth, to provide for loan losses and to support their ability to pay dividends to shareholders. The quantity as well as
the quality of earnings can be affected by excessive or inadequately managed credit risk that may result in losses and require
additions to loss reserves, or by high levels of market risk that may unduly expose an institution&rsquo;s earnings to volatility
in interest rates. The quality of earnings may also be diminished by undue reliance on extraordinary gains, nonrecurring events,
or favorable tax effects. Future earnings may be adversely affected by an inability to forecast or control funding and operating
expenses, net interest margin compression improperly executed or&nbsp;ill-advised&nbsp;business strategies, or poorly managed
or uncontrolled exposure to other risks. Deficient earnings can result in inadequate capital resources to support asset growth
or insufficient cash flow to meet the financial institution&rsquo;s near-term obligations. Under certain circumstances, this may
result in the financial institution being required to suspend operations or the imposition of a&nbsp;cease-and-desist&nbsp;order
by regulators which could potentially impair the Company&rsquo;s investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 24.45pt; background-color: white"><B><I>Management
risk.</I>&nbsp;&nbsp;&nbsp;&nbsp;</B>The ability of management to identify, measure, monitor and control the risks of an institution&rsquo;s
activities and to ensure a financial institution&rsquo;s safe, sound and efficient operation in compliance with applicable laws
and regulations are critical. Depending on the nature and scope of an institution&rsquo;s activities, management practices may
need to address some or all of the following risks: credit, market, operating, reputation, strategic, compliance, legal, liquidity
and other risks.<B>&nbsp;</B>The Company will not have direct or indirect control over the management of the financial institutions
in which the Company will invest and, given the Company&rsquo;s long-term investment strategy, it is likely that the management
teams and their policies may change. The inability of management to operate their financial institution in a safe, sound and efficient
manner in compliance with applicable laws and regulations, or changes in management of financial institutions in which the Company
invests, may have an adverse impact on the Company&rsquo;s investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 24.45pt; background-color: white"><B><I>Litigation
risk.</I>&nbsp;&nbsp;&nbsp;&nbsp;</B>Financial institutions face significant legal risks in their businesses, and the volume of
claims and amount of damages and penalties claimed in litigation and regulatory proceedings against financial institutions remain
high. Substantial legal liability or significant regulatory action against the companies in which the Company invests could have
material adverse financial effects or cause significant reputational harm to these companies, which in turn could seriously harm
their business prospects. Legal liability or regulatory action against the companies in which the Company invests could have material
adverse financial effects on the Company and adversely affect the Company&rsquo;s earnings and book value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 24.45pt; background-color: white"><B><I>Market
risk.</I>&nbsp;&nbsp;&nbsp;&nbsp;</B>The financial institutions in which the Company will invest are directly and indirectly affected
by changes in market conditions. Market risk generally represents the risk that values of assets and liabilities or revenues will
be adversely affected by changes in market conditions. Market risk is inherent in the financial instruments associated with the
operations and activities including loans, deposits, securities, short-term borrowings, long-term debt, trading account assets
and liabilities and derivatives of the financial institutions in which the Company will invest. Market risk includes, but is not
limited to, fluctuations in interest rates, equity and futures prices, and changes in the implied volatility of interest rates,
equity and futures prices and price deterioration or changes in value due to changes in market perception or actual credit quality
of the issuer. Accordingly, depending on the instruments or activities impacted, market risks can have wide ranging, complex adverse
effects on the operations and overall financial condition of the financial institutions in which the Company will invest as well
as adverse effects on the Company&rsquo;s results from operations and overall financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 24.45pt; background-color: white"><B><I>Monetary
policy risk.</I>&nbsp;&nbsp;&nbsp;</B>&nbsp;Monetary policies have had, and will continue to have, significant effects on the
operations and results of financial institutions. There can be no assurance that a particular financial institution will not experience
a material adverse effect on its net interest income in a changing interest rate environment. Factors such as the liquidity of
the global financial markets, and the availability and cost of credit may significantly affect the activity levels of customers
with respect to the size, number and timing of transactions. Fluctuation in interest rates, which affect the value of assets and
the cost of funding liabilities, are not predictable or controllable, may vary and may impact economic activity in various regions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 24.45pt; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; text-align: justify; background-color: white"><B><I>Competition.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;The
group of industries related to banks and diversified financials, including the banking sector, is extremely competitive, and it
is expected that the competitive pressures will increase. Merger activity in the financial services industry has resulted in and
is expected to continue to result in, larger institutions with greater financial and other resources that are capable of offering
a wider array of financial products and services. The group of industries related to banks and diversified financials has become
considerably more concentrated as numerous financial institutions have been acquired by or merged into other institutions. The
majority of financial institutions in which the Company will invest will be relatively small with significantly fewer resources
and capabilities than larger institutions; this size differential puts them at a competitive disadvantage in terms of product
offering and access to capital. Technological advances and the growth of&nbsp;e-commerce&nbsp;have made it possible for&nbsp;non-financial&nbsp;institutions
and&nbsp;non-bank&nbsp;financial institutions to offer products and services that have traditionally been offered by banking and
other financial institutions. It is expected that the cross-industry competition and inter-industry competition will continue
to intensify and may be adverse to the financial institutions in which the Company invests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.45pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 24.45pt; background-color: white"><B><I>Regulatory
risk.</I></B>&nbsp;&nbsp;&nbsp;&nbsp;Financial institutions, including community banks, are subject to various state and federal
banking regulations that impact how they conduct business, including but not limited to how they obtain funding, their ability
to operate and the value of the Company&rsquo;s investments. Changes to these regulations could have an adverse effect on their
operations and operating results and the Company&rsquo;s investments. The Company expects to make long-term investments in financial
institutions that are subject to various state and federal regulations and oversight. Congress, state legislatures and the various
bank regulatory agencies frequently introduce proposals to change the laws and regulations governing the banking <FONT STYLE="background-color: white">industry
in response to the Dodd-Frank Act, Consumer Financial Protection Bureau (the &ldquo;CFPB&rdquo;) rulemaking or otherwise. The
likelihood and timing of any proposals or legislation and the impact they might have on the Company&rsquo;s investments in financial
institutions affected by such changes cannot be determined and any such changes may be adverse to the Company&rsquo;s investments.
Ownership of the stock of certain types of regulated banking institutions may subject the Company to additional regulations. Investments
in banking institutions and transactions related to the Company&rsquo;s investments may require approval from one or more regulatory
authorities. If the Company were deemed to be a bank holding company or thrift holding company, bank holding companies or thrift
holding companies that invest in the Company would be subject to certain restrictions and regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may invest in equity and debt securities issued
by community banks, subjecting us to unique risks.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect to invest in securities issued
by community banks that qualify as Tier 1 or Tier 2 capital for regulatory capital purposes. These investments may consist primarily
of preferred equity as well as subordinated debt, convertible securities and, to a lesser extent, common equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Equity, unlike debt securities, does not
have a stated maturity and it is uncertain when, if ever, we will receive our invested amounts or expected returns on such investments.
During our holding period, the only source of investment income on such common equity securities may be dividend income or valuation
gains. New financial products continue to be developed, and we may invest in any products that may be developed to the extent
that such investment is consistent with our business plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain of these securities, particularly
debt securities and certain hybrid capital instruments, may be long-dated in nature and may contain provisions that enable the
issuing institution to defer payment of interest or dividends without resulting in bankruptcy or default. Furthermore, even though
an institution has the financial capacity to make such payments, regulatory approval may be withheld to make such payment, and
in the absence of such approval, the issuing institution will not be able to make such interest or dividend payment to us. The
longer-term nature of these instruments limits the liquidity of these instruments and may increase the risk of holding these investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investments in holding companies generally
subject investors to increased risks because holding companies generally hold all their assets in their subsidiaries and are dependent
on distributions from their subsidiaries to service their interest obligations and for ultimate principal repayment. In the event
of a default or a bankruptcy, holders of securities issued by holding companies may suffer from increased losses or lower recoveries
and may be subordinated to securities issued directly by the holding company&rsquo;s subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">All of our investments are
subject to liquidity risk, but we may face higher liquidity risk if we invest in debt obligations and other securities that are
unrated and issued by banks that have no corporate rating.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All of our investments are subject to
liquidity risk, however, we are likely to invest in debt obligations that are unrated and that are issued by banks that have no
corporate rating by a nationally recognized statistical rating organization. In such cases, there may not be an active market
for these securities and our investments may be subject to significant liquidity risk in the event we are required to sell such
investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">We expect to manage a portfolio
of securities, focused on the bank market, which would make us more economically vulnerable in the event of a downturn in the
banking industry.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our portfolio consists of preferred equity,
subordinated debt, alternative capital, debt securities and common equity investments in U.S. and foreign domiciled banks, in
addition to possibly other securities.. These investments are subject to the risk factors affecting the banking industry, and
that could cause a general market decline in the value of bank stocks. Individual banks, as well as the banking industry in general,
may be adversely affected by negative economic and market conditions throughout the United States or in the local economies in
which banks operate, including negative conditions caused by recent disruptions in the financial markets. In addition, changes
in trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve
System, may have an adverse impact on banks&rsquo; loan portfolios and allowances for loan losses. As a result, we may experience
higher rates of default with respect to our bank investments in the event of a downturn in the banking industry. Also, losses
could occur in individual investments held by us because of specific circumstances related to each bank. These factors could have
a material adverse effect on our financial condition, results of operations or liquidity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">A large number of community banks may fail during
times of significant economic stress.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to data from the FDIC, since
1934, banks and thrifts have failed at an annual rate of 0.35%, with peak cycle one-year failure rates of 3.22% in 1989 (S&amp;L
crisis), 1.96% in 2010 (Great Recession) and 0.54% in each of 1937 and 1938 (Great Depression). However, despite the low percentage
of banks that have failed compared to the number of banks in the U.S. during the relevant time period, during periodic times of
significant economic stress, bank earnings decline and a significant number of banks may fail. For instance, during the savings
and loan crisis during the 1980s through 1992, there were a total of 2,870 failures out of 14,364 FDIC-insured banks in existence
on December&nbsp;31, 1980. From January&nbsp;1, 2008 through December 9, 2020, which includes the most recent financial crisis,
there were 549 failures, most of which were community banks, out of approximately 8,534 FDIC-insured banks in existence on December&nbsp;31,
2007, with the highest one-year failure rate of 3.22% in 1989 for the savings and loan crisis and 1.96% in 2010 for the most recent
financial crisis. The number of failed community banks since 2007 was highest in certain regions in which real estate values declined
disproportionately more than the national average, including Florida, Georgia,&nbsp;Illinois and California.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">According to the FDIC Quarterly Banking
Profile dated September 30, 2020, 52 of 5,033 FDIC-insured banks were included on the FDIC&rsquo;s list of &ldquo;Problem Institutions.&rdquo;
While historically, only a small fraction of banks on the list of &ldquo;Problem Institutions&rdquo; fail and only 8 FDIC-insured
banks failed in 2017, as of December 31, 2017 (representing an approximate annualized failure rate of only 0.14%, which is similar
to the average annual rate of default for Baa3 Corporate Credit since 1934), some level of additional bank failure is likely.
We intend to invest the majority of our portfolio in institutions that are currently paying dividends or interest on their securities,
that have the ability to pay dividends or interest on the securities they issue, and/or that are not a party to regulatory enforcement
actions that would limit or hinder their payment of dividends or interest or otherwise demonstrate that they are in troubled condition.
We believe that such institutions are unlikely to be included in the FDIC&rsquo;s list of &ldquo;Problem Institutions&rdquo; and
are less likely to fail than many of their peers. Nevertheless, it is possible that some portion of the community banks in which
we invest may fail, particularly if the U.S. economy stagnates or another financial crisis occurs. If we invest in banks that
fail, we are likely to lose most or all of our investment in such institutions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">We expect to manage a portfolio
of securities, focused on the bank market, with investments in community banks whose business is subject to greater lending risks
than larger banks.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Community banks have different lending
risks than larger banks. They provide services to their local communities. Their ability to diversify their economic risks is
limited by their own local markets and economies. They lend primarily to small to medium-sized businesses, professionals and individuals
which may expose them to greater lending risks than those of banks that are lending to larger, better-capitalized businesses with
longer operating histories. They manage their credit exposure through careful monitoring of loan applicants and loan concentrations
in particular industries, and through loan approval and review procedures. They have established evaluation processes designed
to determine the adequacy of their allowances for loan losses. Although these evaluation processes use historical and other objective
information, the classification of loans and the establishment of loan losses is an estimate based on experience, judgment and
expectations regarding their borrowers, the economies in which they and their borrowers operate, as well as the judgment of their
regulators. We cannot assure you that their loan loss reserves will be sufficient to absorb future loan losses or prevent a material
adverse effect on their business, financial condition or results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Related to Banking Regulations and Banking Investments
Affecting Our Business</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following summary does not purport
to be a comprehensive description of all of the federal and state statutes and regulations which govern U.S. banking institutions
that may be relevant to a decision to invest in the Company. The statutes or regulations discussed are only brief summaries of
those provisions which are, in their entirety, complex and subject to interpretation. Further, the statutes or regulations governing
the U.S. banking system and the interpretation thereof are subject to change. In addition, it does not purport to deal with all
of the consequences applicable to investors in regulated financial institutions. Each prospective investor is strongly urged to
consult its own legal advisors with respect to the consequences under applicable regulatory regimes governing banking institutions
and investors therein of the purchase and ownership of common stock in the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">The banking institutions in
which we will invest are subject to substantial regulations that could adversely affect their ability to operate and the value
of our investments.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We invest substantially all of our assets
in banks and their holding companies and therefore our portfolio investments are subject to existing and potential new regulations
that may be adverse to them. Banking institutions, including banks and savings and loan associations, holding companies thereof,
and their subsidiaries and affiliates (collectively, &ldquo;banking institutions&rdquo;) are highly regulated entities that are
subject to extensive regulatory and legal restrictions and limitations and to supervision, examination and enforcement by state
and federal regulatory authorities. In addition, the banking crisis in the United States that began in 2007 has resulted in increased
regulations, and we anticipate that further regulations will be implemented in the future. The laws and regulations affecting
banks, and the interpretations thereof, are subject to material changes, and any such changes may adversely impact portfolio investments
and could result in the Company facing material losses or having to divest some or all of its investments under adverse market
conditions. As a result of the extensive federal and state restrictions and limitations, supervision and enforcement, banking
institutions have less operational flexibility and are generally subject to greater regulatory risks than companies in other industries
that are less regulated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Numerous and Extensive Regulations.
</I>There are various federal statutes that regulate U.S. banking institutions, including, the Bank Holding Company Act of 1956,
the Federal Deposit Insurance Act, the Federal Reserve Act, the National Bank Act, the Home Owners&rsquo; Loan Act of 1933 (the
 &ldquo;HOLA&rdquo;), the Securities Act, the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;), the Investment
Advisers Act and the Investment Company Act. These federal statutes have been amended, often materially, over the years and may
continue to be amended in the future, and the consequences of such future amendments may be materially adverse to the Company&rsquo;s
investments or the financial services industry in general. In addition to these various federal statutes, federal regulatory agencies,
including among others the Federal Reserve Board, the Office of the Comptroller of the Currency (the &ldquo;OCC&rdquo;), the FDIC
and the CFPB, together in certain cases with state banking regulatory agencies (individually, a &ldquo;Regulatory Agency&rdquo;
or, collectively, the &ldquo;Regulatory Agencies&rdquo;), have adopted regulations and guidelines which are subject to interpretation,
and which continue to be amended and revised and such amendments and revisions or a change in interpretation of existing regulations
or guidelines may be materially adverse to the Company&rsquo;s portfolio companies or the financial services industry in general.
Much of the regulatory framework that has been developed is intended to protect depositors, the FDIC and the banking system in
general and, as such, stockholders in such regulated institutions may be disadvantaged, in some cases materially, by amendments
and revisions to such statutes, regulations or guidelines, or interpretations thereof, or by the enforcement of such statutes
and regulations by Regulatory Agencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Adverse consequences, including without
limitation civil penalties, fines, suspension or termination of deposit insurance, may result in the event that any banking institution
fails to comply with applicable rules&nbsp;or regulations. These rules&nbsp;and regulations are complex and are subject to interpretation
and may be subject to change, which imposes compliance risk on the entities that are subject to these rules&nbsp;and may be adverse
to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, banking institutions are
subject to various quantitative judgments by Regulatory Agencies, which may include subjective judgments regarding credit risk,
interest rate and liquidity risk, operational risk and other factors, including subjective judgments on the &ldquo;safety&rdquo;
or &ldquo;soundness&rdquo; of an institution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>New FASB CECL regulations may create
volatility in our earnings and the level of our allowance for credit losses.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Financial Accounting Standards Board,
or FASB, has issued a new credit impairment model, the Current Expected Credit Loss, or CECL model, which must be implemented
by banks and certain other companies beginning in 2021. Under the CECL model, entities subject to the model will be required to
present certain financial assets carried at amortized cost, such as loans held for investment and held-to-maturity debt securities,
at the net amount expected to be collected. The measurement of expected credit losses is to be based on information about past
events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability
of the reported amount. This measurement will take place at the time the financial asset is first added to the balance sheet and
periodically thereafter. This differs significantly from the &quot;incurred loss&quot; model, which delays recognition until it
is probable a loss has been incurred. CECL may create more volatility in the companies in which we invest, and this in turn could
affect the value of our portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Non U.S. Investment Risk</I>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">The adoption of new international banking
and insurance guidelines may cause uncertainty or disruptions in the global banking industry. Adverse conditions in the global
banking industry and credit markets may adversely impact the value of our investments to the extent we make investments in global
financial institutions. Investments in securities of non-U.S. issuers involve special risks not usually associated with investing
in securities of U.S. companies, including political and economic considerations, such as greater risks of expropriation and nationalization,
confiscatory taxation, the potential difficulty of repatriating funds, social, political and economic instability and adverse
diplomatic developments; the possibility of the imposition of withholding or other taxes on dividends, interest, capital gain
or other income; the small size of the securities markets in such countries and the low volume of trading, resulting in potential
lack of liquidity and in price volatility; fluctuations in the rate of exchange between currencies and costs associated with currency
conversion; and certain government policies that may restrict the Company&rsquo;s investment opportunities. In addition, there
may be different types of, and lower quality, information available about a non-U.S. company than a U.S. company. There is also
less regulation, generally, of the securities markets in many foreign countries than there is in the United States, and such markets
may not provide the same protections available in the United States. Corporate governance standards may be lower in non-U.S. markets.
With respect to certain countries there may be the possibility of political, economic or social instability, the imposition of
trading controls, import duties or other protectionist measures, various laws enacted for the protection of creditors, greater
risks of nationalization or diplomatic developments which could materially adversely affect the Company&rsquo;s investments in
those countries. The Company&rsquo;s investment in non-U.S. countries may also be subject to withholding or other taxes, which
may be significant and may reduce the Company&rsquo;s returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Brokerage commissions, custodial services
and other costs relating to investment in international securities markets may be more expensive than in the United States. In
addition, clearance and settlement procedures may be different in foreign countries and, in certain markets, such procedures have
been unable to keep pace with the volume of securities transactions, thus making it difficult to conduct such transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Capital Adequacy Requirements and
Alternative Capital Securities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Capital Adequacy Requirements. </I>Banking
institutions are required to meet certain capital adequacy guidelines or rules&nbsp;that involve assessments of their assets and
liabilities, including contingent and off-balance sheet items and other items which may be based on subjective inputs, as determined
by the Regulatory Agencies. The Federal Reserve Board has established minimum capital adequacy requirements that are calculated
in relation to assets and various off-balance sheet exposures. The Dodd-Frank Act imposes more stringent capital requirements
on bank holding companies and savings and loan holding companies by, among other things, applying consolidated capital requirements
to savings and loan holding companies, imposing leverage ratios on bank holding companies and savings and loan holding companies
and prohibiting new trust preferred issuances from counting as Tier 1 capital. In addition, in response to the Dodd-Frank Act
requirements and the Basel III protocols, the Regulatory Agencies have proposed more stringent capital requirements that, if adopted
in their current form, would apply to community banks. These restrictions may significantly limit the future capital strategies
of community banks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Non-compliance with capital adequacy requirements
may result in limitations on operations or other orders, which may be materially adverse to the financial institutions in which
we invest. If a depository institution fails to meet certain capital adequacy standards or requirements (such institution is referred
to as an &ldquo;undercapitalized institution&rdquo; if it is not well capitalized or adequately capitalized), the appropriate
Regulatory Agency may be required by law to take one or more actions with respect to such undercapitalized institution. These
actions may include requiring the institution to issue new shares, merge with another depository institution, restrict the rates
of interest such institution pays on deposits, restrict asset growth, terminate certain activities or forcing it to divest of
certain or all of its subsidiaries, dismiss certain directors or officers, place the depository institution into an FDIC-administered
receivership or conservatorship or take any other action that, in the Regulatory Agency&rsquo;s judgment, will resolve the problems
of the institution at the least possible loss to the FDIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Alternative Capital Securities Risk.
</I>The Company&rsquo;s investments in alternative capital securities are subject to several risks. Where regulators feel the
scale, scope of spirit of a bank&rsquo;s regulatory capital relief strategy has become overly aggressive, they might enforce stricter
regulation that makes the strategy more costly or impractical for the bank. Under the terms governing the Company&rsquo;s investments
or potential investments in alternative capital securities, it is expected that adverse regulatory developments may result in
the bank being able to terminate the Company&rsquo;s alternative capital securities investments early, which subjects the Company
to reinvestment risk. Another risk relates to the inherent information asymmetry in such alternative capital securities investments,
whereby the bank selling the alternative capital securities normally would have better knowledge of those assets than the Company
and, as result, may only make higher risk assets available for investment. Finally, there is a risk of deterioration of the loan
portfolio due to poor underwriting of the bank or extrinsic factors such as weak economic conditions that could adversely affect
the value of the alternative capital securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may become subject to adverse current or future
banking regulations.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will seek to structure our investments
to avoid being regulated by various banking authorities. Therefore, we do not currently expect to be regulated by any state or
federal banking regulatory bodies and will have significant flexibility with respect to the manner in which we operate. However,
if we are deemed to have acquired control of one or more banking institutions, we would become a bank holding company subject
to the Bank Holding Company Act and the regulations thereunder or a savings and loan holding company subject to the HOLA and the
regulations thereunder. While the rules&nbsp;for bank holding companies and savings and loan holding companies vary, the Federal
Reserve Board will generally find that we control a banking institution if we own 25% or more of any class of voting securities
or 33% or more of the total equity (voting or non-voting) of a banking institution; or if we own 10% or more of the voting stock
of the banking institution and we have representation on the board of directors of the banking institution or other indicia of
control (such as control in any manner of the election of a majority of the institution&rsquo;s directors, or a determination
by the regulator that we have the power to direct, or directly or indirectly to exercise a controlling influence over, the management
or policies of the banking institution). There is a presumption of non-control if we own or control less than 5% of the outstanding
shares of any class of voting securities. If we are deemed to have acquired control of one or more banking institutions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we
                                         would become subject to supervision and examination by the applicable Regulatory Agencies,
                                         including the Federal Reserve Board;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         Federal Reserve Board would subject us to periodic reporting requirements applicable
                                         to bank holding companies or savings and loan holding companies; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we
                                         would become subject to restrictions on non-banking activities (i.e. any activity other
                                         than banking or managing or controlling banks or performing services for its subsidiaries)
                                         applicable to bank holding companies and savings and loan holding companies, including
                                         restrictions on acquiring direct or indirect ownership or control of more than 5% of
                                         any class of voting securities of any company engaged in non-bank activities. We would
                                         only be permitted to engage in, or acquire an interest in companies that engage in, activities
                                         that the Federal Reserve Board has determined to be incidental to the activity of banking
                                         or managing or controlling banks to a limited extent. These restricted activities include,
                                         among other activities, owning and operating a savings association, escrow company, trust
                                         company or insurance agency; acting as an investment or financial advisor, or providing
                                         securities brokerage services; and, in the case of a financial holding company or unitary
                                         savings and loan holding company, activities that are financial in nature, incidental
                                         to financial activities or complementary to a financial activity, such as lending activities,
                                         insurance and underwriting equity securities. In addition to restrictions on permissible
                                         activities and investments, bank holding companies, financial holding companies, and
                                         their subsidiary banks are prohibited from entering into certain tying arrangements in
                                         connection with extension of credit, lease, sale of property or provision of any services
                                         should the Federal Reserve Board find the arrangement resulting in anti-competitive practices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, if we were deemed to be in
control of a bank which is not &ldquo;well capitalized&rdquo; or not &ldquo;well managed&rdquo; as defined by the relevant Regulatory
Agency, the Federal Reserve Board and certain other Regulatory Agencies would have the authority to impose various limitations
or regulatory actions on us, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">limitations
                                         on our ability to pay dividends or distributions to our stockholders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">forced
                                         divestiture of certain of our investments deemed by such Regulatory Agency as in danger
                                         of becoming insolvent and as posing significant risk to the undercapitalized institution;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">requiring
                                         us to provide financial support to the portfolio bank under the Federal Reserve Board&rsquo;s
                                         &ldquo;source of strength&rdquo; doctrine when we would otherwise be disinclined to do
                                         so or when we would consider itself unable to do so, which could force us to satisfy
                                         such obligation through divesture of other assets or through raising additional funds
                                         from existing stockholders or third-party investors; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         imposition by the FDIC of &ldquo;cross-guarantee&rdquo; liability upon any commonly controlled
                                         insured depository institutions for deposit insurance losses incurred by the FDIC. A
                                         depository institution&rsquo;s liability under the cross-guarantee provision is generally
                                         senior to (i)&nbsp;obligations to stockholders or (ii)&nbsp;any obligation or liability
                                         owed to any affiliate of such depository institution. Thus, portfolio companies that
                                         are insured depository institutions may be subject to such cross-guarantee liability
                                         with respect to other portfolio companies that are also insured depository institutions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ownership of our stock by certain types of regulated
institutions may subject us to additional regulations.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a bank holding company or savings and
loan holding company stockholder is deemed to control us, we would be subject to the &ldquo;umbrella&rdquo; supervision of the
Federal Reserve Board and potentially other regulatory agencies and such supervision may expose us to the regulatory burdens discussed
above and to additional expenses or limitations in carrying out its investment objective, which may be materially adverse to the
holders of our common stock. In the event that a bank holding company or savings and loan holding company stockholder is deemed
to control us, it would have to obtain prior approval or non-objection of the Federal Reserve Board whenever the Company acquires,
directly or indirectly, more than 5% of any class of voting securities of a U.S. bank or of a non-bank financial company (unless,
in the case of a non-bank financial company, such bank holding company stockholders is a financial holding company). In the event
that a bank holding company or savings and loan holding company stockholder controls us, we could not, without prior approval
of the Federal Reserve Board, acquire more than 5% of any class of voting securities of any non-financial company, unless the
bank holding company stockholder that controls us is a financial holding company; however, if each bank holding company stockholder
that controls us is a financial holding company, we could make any investment in any non-financial company (but not in a bank
or non-bank financial company) pursuant to the Bank Holding Company Act. If a bank holding company stockholder or savings and
loan holding company controls us, then any direct or indirect investment by us in more than 5% of any class of voting securities
of a foreign company (including a foreign bank) would have to comply with the provisions promulgated by the Federal Reserve Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Investments in banking institutions
and transactions related to our portfolio investments may require approval from one or more regulatory authorities.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We would be required to seek prior approval
from the Federal Reserve Board in order to acquire control of more than 5% of the outstanding shares of any class of voting securities
or 25% or more of the total equity (voting and non-voting) or other controlling interests of a bank, bank holding company or financial
holding company. In addition, bank holding companies (but, not financial holding companies) are required to obtain approval prior
to purchasing 25% or more of the total equity of a non-bank financial company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We would be required to seek prior approval
from the Federal Reserve Board or the OCC if we proposed to acquire control of a savings and loan association or a savings and
loan holding company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">If we were deemed to be a
bank holding company or savings and loan holding company, bank holding companies or savings and loan holding companies that invest
in us will be subject to certain restrictions and regulations.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we were deemed to be a bank holding
company or savings and loan holding company, a bank holding company or savings and loan holding company stockholder could acquire
less than 5% of any class of our stock, and less than 25% of our total equity, without Federal Reserve Board approval, provided
that such bank holding company or savings and loan holding company stockholder does not control us. If we made controlling investments,
directly or indirectly in a U.S. bank, then any bank holding company or savings and loan holding company stockholder that acquires
more than 5% of any class of voting interests or 25% of our total equity would be required to receive prior written approval of
the Federal Reserve Board before acquiring such interests. Bank holding company or savings and loan holding company stockholders
that are not financial holding companies may be required to obtain prior approval from the Federal Reserve Board prior to acquiring
more than 5% of any class of voting interests or 25% of our total equity if we make non-controlling or controlling investments
in non-bank financial companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each prospective investor that is or may
become a bank holding company or financial holding company or savings and loan holding company is strongly urged to consult its
own legal advisors with respect to the consequences under applicable regulatory regimes regarding banking institutions and investors
therein of the purchase and ownership of our shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Related to Our Adviser and/or its Affiliates</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our performance is dependent on our Adviser, and
we may not find a suitable replacement if the management agreement is terminated.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Some of our executive officers are also
executive officers of our Adviser or its affiliates. We have no separate facilities, employees or management and rely on our Adviser,
which has significant discretion as to the implementation of our operating policies and strategies. We will depend on our Adviser
and its affiliates for certain services including administrative and business advice. We are subject to the risk that our Adviser
will terminate the management agreement and that no suitable replacement will be found. Investors who are not willing to rely
on our Adviser or ArrowMark Partners should not invest in our common stock. The employees, systems and facilities of our Adviser
and ArrowMark Partners may be utilized by other funds and companies advised by them or their affiliates. Our Advisor may not have
sufficient access to such employees, systems and facilities in order to comply with its obligations under the management agreement.
We believe that our success depends to a significant extent upon the experience of the executive officers, portfolio managers
and employees of ArrowMark or its affiliates, whose employment is not guaranteed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">The departure or death of
any of the members of senior management of our Adviser or ArrowMark Partners may adversely affect our ability to achieve our business
objective; our management agreement does not require the availability to us of any particular individuals.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We depend on the diligence, skill and
network of business contacts of the employees of our Adviser and ArrowMark Partners and its affiliates, whose investment professionals
will evaluate, negotiate, structure, close and monitor our assets. Our future success depends on the continued service of the
management team of the Adviser and ArrowMark Partners and its affiliates, and that continued service is not guaranteed. The management
agreement does not obligate that any particular individual&rsquo;s services be made available to us. The departure, death or disability
of any of the members of the management of the Adviser or ArrowMark Partners could have a material adverse effect on our ability
to achieve our business objective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If our Adviser ceases to be
our manager under our management agreement, financial institutions that provided our credit facilities may not provide future
financing to us.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial institutions that will finance
our investments pursuant to credit facilities or reverse repurchase agreements arranged by our Adviser may require that our Adviser
serve as our manager as a condition to making continued advances to us under these credit facilities. Additionally, if our Adviser
ceases to be our adviser, each of these financial institutions under these credit facilities may terminate their facility and
their obligation to advance funds to us in order to finance our future investments. If our Adviser ceases to be our manager for
any reason and we are not able to obtain financing under these credit facilities, our growth maybe limited and our earnings and
book value may be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Adviser&rsquo;s liability
is limited under our management agreement, and we have agreed to indemnify our Adviser against certain liabilities.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to our management agreement with
our Adviser, its affiliates and their officers, directors, managing members, members and employees will not be liable to us, our
directors, or our stockholders for acts performed in accordance with and pursuant to our management agreement, except by reason
of acts constituting willful misconduct, bad faith or gross negligence, or as otherwise required by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to our management agreement,
we will indemnify our Adviser, its affiliates and their officers, directors, managing members, members, employees and certain
other parties against all losses, expenses and costs or damages arising out of or in connection with actions of such indemnified
party or failure to act on the part of such indemnified party all in connection with our investment activities or in respect of
our management agreement or the services provided by our manager or ArrowMark Partners to us, in the absence of willful misfeasance,
gross negligence or bad faith. See &ldquo;Management&mdash;Management Agreement.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There may be potential conflicts
of interest between our management or Adviser, on one hand, and the interest of our common stockholders, on the other.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Adviser is subject to certain conflicts
of interest in our management. These conflicts will arise primarily from the involvement of our Adviser and its affiliates in
other activities that may conflict with our activities. Our Adviser and its affiliates engage in a broad spectrum of activities.
In the ordinary course of their business activities, they may engage in activities where their interests or the interests of their
clients may conflict with our interests and the interests of the holders of our common stock. Other present and future activities
of our Adviser and its affiliates may give rise to additional conflicts of interest which may have a negative impact on us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Adviser&rsquo;s compliance department
and legal department will oversee its conflict-resolution system. The program places particular emphasis on the principle of fair
and equitable allocation of appropriate opportunities and of common fees and expenses to our Adviser&rsquo;s clients over time.
As a result of our Adviser&rsquo;s allocation policies, we may not be able to invest in all opportunities that are appropriate
for us and this may have the effect of reducing our potential earnings. Although our Adviser has agreed with us that it will allocate
opportunities, fees and expenses among its clients pursuant to its written policies and procedures, there is no assurance that
these policies and procedures will work as intended or that we will be allocated our fair share of investment opportunities over
time or appropriately allocated the fees and expenses of the Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">We are limited in our ability
to conduct transactions with affiliates.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Investment Company Act imposes restrictions
on transactions we can conduct with our affiliates. These restrictions prohibit us from buying or selling any security directly
from or to any portfolio company of a registered investment company or private equity fund managed by StoneCastle-ArrowMark, ArrowMark
Partners or any of their respective affiliates. These restrictions also prohibit certain &ldquo;joint&rdquo; transactions with
certain of our affiliates, which could include investments in the same portfolio company (whether at the same or different times).
These limitations may limit the scope of investment opportunities that would otherwise be available to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Our Adviser&rsquo;s investment
committee is not independent from its management.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Adviser&rsquo;s investment committee
is comprised exclusively of our affiliated persons, and they are the same individuals who manage our assets. The individuals comprising
our Adviser&rsquo;s investment committee may have inherent conflicts of interest with the holders of common stock, since they
also advise other investment companies affiliated with us. We cannot guarantee that the investment opportunities provided to us
will have better results than investment opportunities provided to our affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">We may compete with our Adviser&rsquo;s
current and future investment vehicles for access to capital and assets.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Adviser and its affiliates may sponsor
or manage additional investment funds in the future. Although these funds may have different business objectives and operate differently
than we do, we may nonetheless compete with these funds for capital or assets or for access to the benefits that we expect our
Adviser to provide to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">There may be other conflicts
of interest in our relationship with our Adviser and/or its affiliates that could negatively affect our earnings.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Adviser and/or its affiliates manage,
sponsor and invest in other secured borrowings via special purpose vehicles, investment funds, hedge funds and separate accounts
and may in the future sponsor additional investment funds and other investments in community banks, commercial loans, municipal
debt and other targeted assets in the community banking sector, and some of the members of our board of directors and officers
or members of our Adviser&rsquo;s investment committee may serve as officers and/or directors of these other entities. This may
give rise to conflicts of interest, including that certain assets appropriate for us may also be appropriate for one or more of
these entities, and our Adviser may decide to allocate a particular opportunity other than to us. Our Adviser will often make
asset purchase and sale decisions for us and any subsidiaries at the same time as asset purchase and sale decisions are being
made for other affiliated entities for which our Adviser or one of our Adviser&rsquo;s affiliates is the investment adviser, in
which case our Adviser will face conflicts in the allocation of business opportunities. Our Adviser and/or its affiliates may
also engage in additional management and investment opportunities in the future which may compete with us for business opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The restrictive covenants that would govern
our potential secured borrowings may have greater limitations on the disposition and reinvestment of assets than do other accounts
managed by our Adviser. This may result in dispositions and reinvestments not being able to be made on as advantageous a basis
as our Adviser may be able to achieve for such other accounts and such other dispositions and reinvestments may adversely affect
the price at which such assets can be sold or purchased on our behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Our Adviser&rsquo;s management
of our business is subject to the oversight of our board of directors, but our board of directors will not approve each business
decision made by our Adviser.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Adviser is authorized to follow a
very broad business approach, including the selection of the amount and form of leverage we will employ. Our policies do not impose
any limitations on the types of investments within the banking sector and, as a result, we cannot predict with any certainty the
percentage of our assets that will be in each category. We may change our business strategy and policies for how we invest in
banking-related securities without a vote of stockholders. Our board of directors will periodically review our business approach
and our assets. However, our board of directors will not review each proposed purchase. In addition, in conducting periodic reviews,
our board of directors will rely primarily on information provided to it by our Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Adviser may be incentivized to incur additional
leverage, up to the extent permitted by regulations.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Adviser&rsquo;s management fee is
based on our gross assets at the end of each quarter, not net of any leverage that we incur. Our Adviser therefore may be incentivized
to increase our leverage within regulatory limits in order to increase our asset value. Additional leverage may pose risks that
could adversely affect our results of operations and our ability to declare and pay dividends. See &ldquo;Leverage&rdquo; and
 &ldquo;Risk Factors&mdash;Risks Related to our Operations.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Our </I>Adviser <I>can resign on not
less than 60 days&rsquo; notice, and we may not be able to find a suitable replacement within that time, resulting in a disruption
in our operations that could adversely affect our financial condition, business and results of operations.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Adviser has the right, under the management
agreement, to resign at any time upon not less than 60 days&rsquo; written notice, whether we have found a replacement or not.
If our Adviser resigns, we may not be able to find a new investment adviser or hire internal management with similar expertise
and ability to provide the same or equivalent services on acceptable terms within 60 days, or at all. If we are unable to do so
quickly, our operations are likely to experience a disruption, our financial condition, business and results of operations as
well as our ability to pay distributions are likely to be adversely affected and the market price of our shares may decline. In
addition, the coordination of our internal management and investment activities is likely to suffer if we are unable to identify
and reach an agreement with a single institution or group of executives having the expertise possessed by our Adviser and its
affiliates. Even if we are able to retain comparable management, whether internal or external, the integration of such management
and their lack of familiarity with our investment objective may result in additional costs and time delays that may adversely
affect our business, financial condition, results of operations and cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Related to Offerings</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">The price for our common stock may be volatile.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The trading price of our common stock
following any future offering may fluctuate substantially. The price of our common stock that will prevail in the market after
any future offering may be higher or lower than the price you pay and the liquidity of our common stock may be limited, in each
case depending on many factors, some of which are beyond our control and may not be directly related to our operating performance.
These factors include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes
                                         in the value of our portfolio of investments;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">price
                                         and volume fluctuations in the overall stock market from time to time;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">significant
                                         volatility in the market price and trading volume of securities of similar investment
                                         companies; our dependence on the banking sector and changes in conditions relating to
                                         that sector; our inability to deploy or invest our capital;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">fluctuations
                                         in interest rates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any
                                         shortfall in revenue or net income or any increase in losses from levels expected by
                                         investors or securities analysts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">operating
                                         performance of companies comparable to us;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes
                                         in regulatory policies with respect to investment companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our
                                         ability to borrow money or obtain additional capital;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">losing
                                         RIC status under the Code;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">actual
                                         or anticipated changes in our earnings or fluctuations in our operating results or changes
                                         in the expectations of securities analysts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">general
                                         economic conditions and trends;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">departures
                                         of key personnel; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">exchange-related
                                         technological disruptions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shares of closed-end investment companies often
trade at a discount to their net asset value.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We cannot predict the prices at which
our common stock will trade. Although our common stock is listed on the NASDAQ Global Select Market, an active trading market
for our shares may not be sustained. In the absence of an active trading market for our common stock, investors may not be able
to sell their common stock at or above the offering price or our NAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shares of closed-end investment companies
have in the past frequently traded at discounts to their NAV and our common stock may also be discounted in the market. This characteristic
is a risk separate and distinct from the risk that our NAV could decrease as a result of our investment activities and may be
greater for investors expecting to sell their shares in a relatively short period following completion of any future offering.
We cannot assure you whether our common stock will trade above, at or below our NAV. Whether investors will realize gains or losses
upon the sale of our common stock will depend entirely upon whether the market price of our common stock at the time of sale is
above or below the investor&rsquo;s purchase price for our common stock. Because the market price of our common stock is affected
by factors such as NAV, distribution levels (which are dependent, in part, on expenses), supply of and demand for our common stock,
stability of distributions, trading volume of our common stock, general market and economic conditions, and other factors beyond
our control, we cannot predict whether our common stock will trade at, below or above NAV or at, below or above the offering price.
In addition, if shares of our common stock trade below their NAV, we will generally not be able to issue additional shares of
common stock at their market price without first obtaining the approval of our stockholders and our independent directors to such
issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Future offerings of debt securities
or preferred stock, which would rank senior to our common stock upon our liquidation, and future offerings of equity securities,
which would dilute our existing stockholders and may be senior to our common stock for the purposes of dividend and liquidating
distributions, may adversely affect the market value of our common stock.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you purchase our common stock in any
future offering, the price that you pay will be greater than the NAV per share of common stock immediately following any future
offering. This discrepancy is in large part due to the expenses we will incur in connection with the consummation of any future
offering. In the future, we may attempt to increase our capital resources by making offerings of debt or additional offerings
of equity securities, including offerings of preferred stock, the terms of which may be determined in the discretion of our board
of directors. Upon liquidation, holders of our debt securities and holders of our preferred stock and lenders with respect to
other borrowings will receive a distribution of our available assets prior to the holders of our common stock. Additional equity
offerings may dilute the holdings of our existing stockholders or reduce the market price of our common stock, or both. Our preferred
stock, if issued, could have a preference on liquidating distributions or a preference on dividend payments that could limit our
ability to make a dividend distribution to the holders of our common stock. Because our decision to issue securities in any future
offering will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing
or nature of our future offerings. Thus, holders of our common stock bear the risk of our future offerings reducing the market
value of our common stock and diluting their holdings of shares in us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Related to Taxation</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may not be able to meet the requirements to
maintain RIC status.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to qualify as a RIC, we must
be registered as a management company under the Investment Company Act at all times during each taxable year and meet an income
test, a diversification/asset test and certain distribution requirements. Failure to meet the income test and the diversification/asset
test requirements could result in the discontinuance of our treatment as a RIC, which would increase our tax expense and could
adversely affect our NAV, results of operations and ability to distribute dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will be subject to corporate-level
federal income tax on all of our income if we are unable to maintain RIC status under Subchapter M of the Code.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we fail to qualify for or maintain
RIC status for any reason, and we do not qualify for certain relief provisions under the Code, we would be subject to corporate-level
federal income tax (and any applicable state and local taxes) and our stockholders would be subject to the federal income tax
rules&nbsp;that apply to stockholders in a regular, or &ldquo;C,&rdquo; corporation. The conversion from a RIC to a regular, or
 &ldquo;C,&rdquo; corporation could have a materially adverse tax impact on us and our stockholders in the taxable year in which
RIC status is lost and in future taxable years. Further, if we seek to re-establish RIC status after operating as a regular, or
 &ldquo;C,&rdquo; corporation, because we will have operated as a regular corporation, we would have to distribute to our stockholders
our pre-election earnings and may also be taxed on the gain in appreciated assets that we hold when we re-elect to be a RIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Whether an investment in a
RIC is appropriate for a Non-U.S. Stockholder will depend upon the Non-U.S. Stockholder&rsquo;s particular circumstances.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Code section 871(k) provides certain &ldquo;look-through&rdquo;
treatment to Non-U.S. Stockholders (as defined in &ldquo;Material U.S. Federal Income Tax Considerations&rdquo;), permitting interest-related
dividends and short-term capital gains not to be subject to U.S. withholding tax. It should also be noted that withholding would
still apply (generally at a 30% rate or lower applicable treaty rate) to the extent that distributions are from the Company&rsquo;s
dividend income, interest income from non-U.S. sources or foreign currency gains. <B>We strongly urge you to review carefully
the discussion under &ldquo;Material U.S. Federal Income Tax Considerations&rdquo; and to seek advice based on your particular
circumstances from an independent tax advisor.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">DETERMINATION
OF NET ASSET VALUE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will determine and publish the NAV
of our common stock on at least a quarterly basis and at such other times as our board of directors may determine. Our NAV equals
the value of our total assets (the value of the securities held plus cash or other assets, including interest accrued but not
yet received, dividends declared but not yet received), less: all of our liabilities and including (i)&nbsp;accrued expenses;
(ii)&nbsp;accumulated and unpaid dividends on any outstanding preferred stock; (iii)&nbsp;the aggregate liquidation preference
of any outstanding preferred stock; (iv)&nbsp;accrued and unpaid interest payments on any outstanding indebtedness; (v)&nbsp;the
aggregate principal amount of any outstanding indebtedness; and (vi)&nbsp;any distributions payable on our common stock. The NAV
per share of common stock equals our NAV divided by the number of outstanding shares of common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will determine fair value of our assets
and liabilities in accordance with valuation procedures that our board of directors adopts. Generally, we seek to obtain market
quotes from independent parties for each of our investments. Our board of directors has engaged the services of one or more regionally
or nationally recognized independent valuation firms to help it determine the value of each investment for which a market price
is not available. Our board of directors also reviews valuations of such investments provided by the Adviser. Securities for which
market quotations are readily available shall be valued at &ldquo;market value.&rdquo; If a market value cannot be obtained or
if our Adviser determines that the value of a security as so obtained does not represent a fair value as of the measurement date
(due to a significant development subsequent to the time its price is determined or otherwise), fair value for the security shall
be determined pursuant to the methodologies established by our board of directors. Our board of directors regularly reviews and
evaluates our valuation methodology and any such valuation service it uses and the historical accuracy of such valuation methodologies.
Our board of directors also reviews valuations of such investments provided by the Adviser and assigns the valuation it determines
to best represent the fair value of such investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The
                                         fair value for publicly-traded equity securities and equity-related securities will be
                                         determined by using readily available market quotations from the principal market, if
                                         available. For equity and equity-related securities that are freely tradable and listed
                                         on a securities exchange or over the counter market, fair value will be determined using
                                         the last sale price on that exchange or over-the-counter market on the measurement date.
                                         If the security is listed on more than one exchange, we will use the price of the exchange
                                         that we consider to be the principal exchange on which the security is traded. If a security
                                         is traded on the measurement date, then the last reported sale price on the exchange
                                         or OTC market on which the security is principally traded, up to the time of valuation,
                                         will be used. If there were no reported sales on the security&rsquo;s principal exchange
                                         or OTC market on the measurement date, then the average between the last bid price and
                                         last asked price, as reported by the pricing service, will be used. We will obtain direct
                                         written broker-dealer quotations if a security is not traded on an exchange or quotations
                                         are not available from an approved pricing service.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">An
                                         equity security of a publicly traded company acquired in a private placement transaction
                                         is subject to restrictions on resale that can affect the security&rsquo;s liquidity and
                                         fair value. Such securities that are convertible into publicly traded common stock or
                                         securities that may be sold pursuant to Rule&nbsp;144 shall generally be valued based
                                         on the fair value of the freely tradable common stock counterpart, less an applicable
                                         discount. Generally, the discount will initially be equal to the discount at which we
                                         purchased the securities. To the extent that such securities are convertible or otherwise
                                         become freely tradable within a time frame that may be reasonably determined, an amortization
                                         schedule may be determined for the discount.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our
                                         board of directors uses the services of one or more regionally or nationally recognized
                                         independent valuation firms to aid it in determining the fair value of these securities.
                                         The methods for valuing these securities may include: fundamental analysis (sales, income
                                         or earnings multiples,&nbsp;etc.), discounts from market prices of similar securities,
                                         purchase price of securities, subsequent private transactions in the security or related
                                         securities, or discounts applied to the nature and duration of restrictions on the disposition
                                         of the securities, as well as a combination of these and other factors. Because such
                                         valuations, and particularly valuations of private securities and private companies,
                                         are inherently uncertain, may fluctuate over short periods of time, and may be based
                                         on estimates, our determinations of fair value may differ materially from the values
                                         that would have been used if a ready market for these securities existed. Our NAV could
                                         be adversely affected if our determinations regarding the fair value of our investments
                                         were materially higher than the values that we ultimately realize upon the disposal of
                                         such securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Fixed
                                         income securities (other than the short-term securities as described below) are valued
                                         by (i)&nbsp;using readily available market quotations based upon the last updated sale
                                         price or a market value from an approved pricing service generated by a pricing matrix
                                         based upon yield data for securities with similar characteristics; or (ii)&nbsp;by obtaining
                                         a direct written broker-dealer quotation from a dealer who has made a market in the security.
                                         A fixed income security acquired in a private placement transaction without registration
                                         is subject to restrictions on resale that can affect the security&rsquo;s liquidity and
                                         fair value. Among the various factors that can affect the value of a privately placed
                                         security are (i)&nbsp;whether the issuing company has freely trading fixed income securities
                                         of the same maturity and interest rate (either through an initial public offering or
                                         otherwise); (ii)&nbsp;whether the company has an effective registration statement in
                                         place for the securities; and (iii)&nbsp;whether a market is made in the securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Short-term
                                         securities, including bonds, notes, debentures and other fixed income securities and
                                         money market instruments such as certificates of deposit, commercial paper, bankers&rsquo;
                                         acceptances and obligations of domestic and foreign banks, with remaining maturities
                                         of 60 days or less, for which reliable market quotations are readily available are valued
                                         on an amortized cost basis at current market quotations as provided by an independent
                                         pricing service or principal market maker. Short-term securities normally will be valued
                                         at amortized cost unless market condition or other factors lead to a determination of
                                         fair value at a different amount.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Other
                                         assets, including equity investments for which there is no market, will be valued at
                                         market value pursuant to written valuation procedures adopted by our board of directors,
                                         or if a market value cannot be obtained (including with respect to classes of investments
                                         noted above) or if our Adviser determines that the value of a security as so obtained
                                         does not represent a fair value as of the measurement date (due to a significant development
                                         subsequent to the time its price is determined or otherwise), fair value shall be determined
                                         pursuant to the methodologies established by our board of directors. In making these
                                         determinations, our board of directors has engaged an independent valuation firm to assist
                                         in determining the fair value of our investments. The methods for valuing these investments
                                         may include fundamental analysis, discounts from market prices of similar securities,
                                         purchase price of securities, subsequent private transactions in the security or related
                                         securities, or discounts applied to the nature and duration of restrictions on the disposition
                                         of the securities, as well as a combination of these and other factors. We intend for
                                         such a third-party valuation firm to provide valuation advice with respect to approximately
                                         25% of our investment portfolio each quarter.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Valuations of public company securities
determined pursuant to fair value methodologies will be presented to our board of directors or a designated committee thereof
for approval at the next regularly scheduled board meeting. See &ldquo;Risk Factors&mdash;Risks Related to Our Adviser and/or
its Affiliates.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">DIVIDEND
REINVESTMENT PLAN</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have a dividend reinvestment plan for
our stockholders. Our plan is an &ldquo;opt out&rdquo; dividend reinvestment plan. As a result, if a stockholder&rsquo;s shares
are registered directly with us or with a brokerage firm that participates in our dividend reinvestment plan (the &ldquo;Plan&rdquo;)
through the facilities of the Depository Trust Company (&ldquo;DTC&rdquo;), and such stockholder&rsquo;s account is coded for
dividend reinvestment by such brokerage firm, all distributions are automatically reinvested for stockholders by Computershare
Trust Company, N.A., as Plan agent (the &ldquo;Plan Agent&rdquo;), in additional common stock (unless a stockholder is ineligible
or elects otherwise). If a stockholder opts out of the Plan, such stockholder&rsquo;s account is not coded dividend reinvestment
by such brokerage firm, and such stockholder receives distributions in cash. If a stockholder&rsquo;s shares are registered with
a brokerage firm that does not participate in the Plan through the facilities of DTC, a stockholder will need to ask its investment
professional to determine what arrangements can be made to set up its account to participate in the Plan if desired, and, until
such arrangements are made, a stockholder receives distributions in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the case that newly issued shares of
our common stock are used to implement the Plan, the number of shares of common stock to be delivered to a participating stockholder
is determined by dividing the total dollar amount of the dividends payable to such stockholder by 97% of the average market prices
per share of common stock at the close of regular trading on the NASDAQ Global Select Market (or such other exchange or quotation
system on which the common stock is primarily traded) for the five trading days immediately prior to the valuation date fixed
by our board of directors. In the case that shares repurchased on the open market are used to implement the Plan, the number of
shares of common stock to be delivered to a participating stockholder is determined by dividing the total dollar amount of the
dividends payable to such stockholder by the weighted average purchase price, without deduction for transaction processing fees
such as brokerage commissions and other related costs, of all such shares purchased by the Plan Agent on the open market in connection
with such distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stockholders who elect not to participate
in the Plan will receive all distributions payable in cash paid by check mailed directly to the stockholder of record (or, if
the shares are held in street or other nominee name, then to such nominee) by Computershare Trust Company, N.A., as dividend paying
agent. Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by giving
notice in writing to, or by calling, the Plan Agent. Stockholders may elect not to participate in the Plan by notifying the Plan
Agent in writing so that it is received by the Plan Agent no later than 5 days prior to the applicable dividend record date. Any
such election will remain in effect until the stockholder notifies the Plan Agent in writing of the withdrawal of such election,
which withdrawal must be received by the Plan Agent no later than 5 days prior to the applicable dividend record date. A stockholder
that holds its shares through a broker or other nominee must make any such election or termination through its broker or nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Whenever we declare a distribution payable
in cash, non-participants in the Plan will receive cash, and participants in the Plan will receive the equivalent in common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will use primarily newly-issued common
stock to implement the Plan, whether our shares are trading at a premium or at a discount to NAV. However, we reserve the right
to instruct the Plan Agent to purchase shares in the open market in connection with its obligations under the Plan. Such purchases
may be effected through an affiliated or unaffiliated broker-dealer as selected by the Plan agent. The broker-dealer may charge
transaction processing fees such as brokerage commissions and other related costs in addition to any compensation received by
the Plan Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We cannot establish the number of shares
of our common stock to be outstanding after giving effect to payment of the dividend or other distribution until the value per
share at which additional shares will be issued has been determined and elections of our stockholders have been tabulated. Stockholders
who do not elect to receive dividends in shares of common stock will experience dilution over time. The level of discount would
depend on various factors, including the proportion of our stockholders who participate in the plan, the level of premium or discount
at which our shares are trading and the amount of the dividend payable to a stockholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Plan Agent will maintain all stockholders&rsquo;
accounts in the Plan and will furnish written confirmation of each acquisition made for the participant&rsquo;s account as soon
as practicable, but in no event later than 60 days after the date thereof. Shares in the account of each Plan participant will
be held by the Plan Agent in non-certificated form in the Plan Agent&rsquo;s name or that of its nominee, and each stockholder&rsquo;s
proxy will include those shares purchased or received pursuant to the Plan. The Plan Agent will forward all proxy solicitation
materials to participants and vote proxies for shares held pursuant to the Plan in accordance with the instructions of the participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There will be no brokerage charges with
respect to shares issued directly by us as a result of distributions payable in shares. If the participant elects to have the
Plan Agent sell part or all of his or her common stock and remit the proceeds, such participant will be charged his or her pro
rata share of brokerage commissions, fees and transaction costs incurred for the transaction, and the Plan Agent is entitled to
deduct a $15 transaction fee. The automatic reinvestment of distributions will not relieve participants of any federal, state
or local income tax that may be payable (or required to be withheld) on such distributions. The Plan proceeds to non-U.S. persons
may be subject to withholding tax. See &ldquo;Material U.S. Federal Income Tax Considerations.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Experience under the Plan may indicate
that changes are desirable. Accordingly, we reserve the right to amend or terminate the Plan if in the judgment of our board of
directors such a change is warranted. We may terminate the Plan upon notice in writing mailed to each participant at least 60
days prior to the effective date of the termination. Upon any termination, the Plan Agent will cause a certificate or certificates
to be issued for the full shares held by each participant under the Plan and cash adjustment for any fraction of a share of common
stock at the then current market value of the common stock to be delivered to him, her or it. If preferred, a participant may
request the sale of all of the common stock held by the Plan Agent in his or her Plan account in order to terminate participation
in the Plan. If such participant elects in advance of such termination to have the Plan Agent sell part or all of his or her shares,
the Plan Agent is authorized to deduct from the proceeds the brokerage commissions, fees and transaction costs incurred for the
transaction. If a participant has terminated his or her participation in the Plan but continues to have common stock registered
in his or her name, he or she may re-enroll in the Plan at any time by notifying the Plan Agent in writing at the address below.
The terms and conditions of the Plan may be amended by us at any time, except when necessary or appropriate to comply with applicable
law or the rules&nbsp;or policies of the SEC or any other regulatory authority, only by mailing to each participant appropriate
written notice at least 30 days prior to the effective date thereof. The amendment shall be deemed to be accepted by each participant
unless, prior to the effective date thereof, the Plan Agent receives notice of the termination of the participant&rsquo;s account
under the Plan. Any such amendment may include an appointment by the Plan Agent of a successor Plan Agent, subject to the prior
written approval of the successor Plan Agent by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All correspondence concerning the Plan
should be directed to Computershare Trust Company, N.A., 250 Royall Street, Canton, Massachusetts 02021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">PLAN OF
DISTRIBUTION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may offer, from time to time, in one
or more offerings or series, up to $150 million of our common stock, preferred stock, debt securities or subscription rights to
purchase shares of our common stock, in one or more underwritten public offerings, at-the-market offerings, negotiated transactions,
block trades, best efforts or a combination of these methods. We may sell the securities through underwriters or dealers, directly
to one or more purchasers, including existing stockholders in a rights offering, through agents or through a combination of any
such methods of sale. Any underwriter or agent involved in the offer and sale of the securities will be named in the applicable
prospectus supplement. A prospectus supplement or supplements will also describe the terms of the offering of the securities,
including: the purchase price of the securities and the proceeds, if any, we will receive from the sale; any over-allotment options
under which underwriters may purchase additional securities from us; any agency fees or underwriting discounts and other items
constituting agents&rsquo; or underwriters&rsquo; compensation; the public offering price; any discounts or concessions allowed
or re-allowed or paid to dealers; and any securities exchange or market on which the securities may be listed. Only underwriters
named in the prospectus supplement will be underwriters of the securities offered by the prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The distribution of the securities may
be effected from time to time in one or more transactions at a fixed price or prices, which may be changed, at prevailing market
prices at the time of sale, at prices related to such prevailing market prices, or at negotiated prices, provided, however, that
the offering price per share of our common stock, less any underwriting commissions or discounts, must equal or exceed the net
asset value per share of our common stock at the time of the offering except (1)&nbsp;in connection with a rights offering to
our existing stockholders, (2)&nbsp;offerings completed within one year of the receipt of consent of the majority of our common
stockholders or (3)&nbsp;under such circumstances as the SEC may permit. The price at which securities may be distributed may
represent a discount from prevailing market prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the sale of the securities,
underwriters or agents may receive compensation from us or from purchasers of the securities, for whom they may act as agents,
in the form of discounts, concessions or commissions. Our common stockholders will indirectly bear such fees and expenses as well
as any other fees and expenses incurred by us in connection with any sale of securities. Underwriters may sell the securities
to or through dealers and such dealers may receive compensation in the form of discounts, concessions or commissions from the
underwriters and/or commissions from the purchasers for whom they may act as agents. Underwriters, dealers and agents that participate
in the distribution of the securities may be deemed to be underwriters under the Securities Act, and any discounts and commissions
they receive from us and any profit realized by them on the resale of the securities may be deemed to be underwriting discounts
and commissions under the Securities Act. Any such underwriter or agent will be identified and any such compensation received
from us will be described in the applicable prospectus supplement. The maximum aggregate commission or discount to be received
by any member of the Financial Industry Regulatory Authority or independent broker-dealer will not be greater than 8% of the gross
proceeds of the sale of securities offered pursuant to this prospectus and any applicable prospectus supplement. We may also reimburse
the underwriter or agent for certain fees and legal expenses incurred by it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any underwriter may engage in over-allotment,
stabilizing transactions, short-covering transactions and penalty bids in accordance with Regulation M under the Exchange Act.
Over-allotment involves sales in excess of the offering size, which create a short position. Stabilizing transactions permit bids
to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum price. Syndicate-covering
or other short-covering transactions involve purchases of the securities, either through exercise of the over-allotment option
or in the open market after the distribution is completed, to cover short positions. Penalty bids permit the underwriters to reclaim
a selling concession from a dealer when the securities originally sold by the dealer are purchased in a stabilizing or covering
transaction to cover short positions. Those activities may cause the price of the securities to be higher than it would otherwise
be. If commenced, the underwriters may discontinue any of the activities at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may sell securities directly or through
agents we designate from time to time. We will name any agent involved in the offering and sale of securities and we will describe
any commissions we will pay the agent in the prospectus supplement. Unless the prospectus supplement states otherwise, our agent
will act on a best-efforts basis for the period of its appointment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise specified in the applicable
prospectus supplement, each class or series of securities will be a new issue with no trading market. We may elect to list any
other class or series of securities on any exchanges, but we are not obligated to do so. We cannot guarantee the liquidity of
the trading markets for any securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under agreements that we may enter, underwriters,
dealers and agents who participate in the distribution of shares of our securities may be entitled to indemnification by us against
certain liabilities, including liabilities under the Securities Act, or contribution with respect to payments that the agents
or underwriters may make with respect to these liabilities. Underwriters, dealers and agents may engage in transactions with,
or perform services for, us in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If so indicated in the applicable prospectus
supplement, we will authorize underwriters or other persons acting as our agents to solicit offers by certain institutions to
purchase our securities from us pursuant to contracts providing for payment and delivery on a future date. Institutions with which
such contracts may be made include commercial and savings banks, insurance companies, pension funds, investment companies, educational
and charitable institutions and others, but in all cases such institutions must be approved by us. The obligations of any purchaser
under any such contract will be subject to the condition that the purchase of our securities shall not at the time of delivery
be prohibited under the laws of the jurisdiction to which such purchaser is subject. The underwriters and such other agents will
not have any responsibility in respect of the validity or performance of such contracts. Such contracts will be subject only to
those conditions set forth in the prospectus supplement, and the prospectus supplement will set forth the commission payable for
solicitation of such contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may enter into derivative transactions
with third parties, or sell securities not covered by this prospectus to third parties in privately negotiated transactions. If
the applicable prospectus supplement indicates, in connection with those derivatives, the third parties may sell securities covered
by this prospectus and the applicable prospectus supplement, including in short sale transactions. If so, the third party may
use securities pledged by us or borrowed from us or others to settle those sales or to close out any related open borrowings of
stock, and may use securities received from us in settlement of those derivatives to close out any related open borrowings of
stock. The third parties in such sale transactions will be underwriters and, if not identified in this prospectus, will be identified
in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to comply with the securities
laws of certain states, if applicable, our securities offered hereby will be sold in such jurisdictions only through registered
or licensed brokers or dealers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">DESCRIPTION
OF SECURITIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The following descriptions of our securities,
certain provisions of Delaware law and certain provisions of our certificate of incorporation and our bylaws are summaries and
are qualified by reference to Delaware law and our certificate of </I>incorporation <I>and bylaws, copies of which are available
from us upon request.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">General</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Our certificate of incorporation provides
that our board of directors (without any further vote or action by our stockholders) may cause us to issue up to 40,000,000 shares
of common stock, par value $0.001 per share, and up to 10,000,000 shares of undesignated preferred stock, par value $0.001 per
share. As of the date of this prospectus, there are 6,565,413 shares of common stock outstanding and no shares of preferred stock
outstanding. All references to &ldquo;stock&rdquo; or &ldquo;shares&rdquo; herein refer to common stock, unless otherwise indicated.
Each share of common stock has equal voting, dividend, distribution and liquidation rights. The shares outstanding are, and, when
issued, the shares offered by this prospectus will be, fully paid and non-assessable. Shares are not redeemable and have no preemptive,
conversion or cumulative voting rights. The number of shares outstanding as of December 31, 2019 was 6,559,010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following information regarding our
authorized shares is as of December 8, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold">Title&nbsp;of&nbsp;Class</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Amount Authorized</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Amount Held
    by<BR> the Company for<BR> its Account</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Amount Outstanding<BR>
    (Exclusive of Amount<BR> Held by the Company<BR> for its Account)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 25%; font-size: 10pt">Common Stock, par value $0.001</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 22%; font-size: 10pt; text-align: right">40,000,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 22%; font-size: 10pt; text-align: right">0</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 22%; font-size: 10pt; text-align: right">6,565,413</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Preferred Stock, par value $0.001</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Common Stock</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Voting Rights</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holders of common stock are entitled
to one vote per share held of record on all matters submitted to a vote of our stockholders. Generally, except with respect to
extraordinary corporate transactions, certain amendments to our certificate of incorporation, any amendment to our bylaws, liquidation
and the election and removal of directors, all matters to be voted on by our stockholders must be approved by a majority (or,
in the case of election of directors, by a plurality) of the votes cast by all common stock present in person or represented by
proxy. Removal of directors for cause must be approved by at least a majority of the votes entitled to be cast by our stockholders
generally in the election of directors. See &ldquo;&mdash;Certificate of Incorporation and Bylaws&mdash;Amendment of Our Certificate
of Incorporation and Bylaws&rdquo; for a discussion of approval rights with regard to such amendments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dividend Rights</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of common stock share ratably
(based on the number of shares of common stock held) in any dividend declared by our board of directors out of funds legally available
therefor, subject to any statutory or contractual restrictions on the payment of dividends and to any restrictions on the payment
of dividends imposed by the terms of any preferred stock we may issue in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Preemptive Rights</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No holder of common stock is entitled
to preemptive, redemption or conversion rights, sinking fund or cumulative voting rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Liquidation Rights</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon our dissolution, liquidation or winding
up, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation
preferences, if any, the holders of our common stock are entitled to receive an equal amount per share of all our remaining assets
available for distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Listing</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our common stock is traded on the NASDAQ
Global Select Market under the ticker symbol &ldquo;BANX.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Preferred Stock</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under our certificate of incorporation,
our board of directors (without any further vote or action by our stockholders) is authorized to provide for the issuance from
time to time of up to 10,000,000 shares of preferred stock consisting of one or more classes or series of preferred stock. Unless
required by law or by any stock exchange, if applicable, any such authorized preferred stock will be available for issuance without
further action by our common stockholders. Our board of directors is authorized to fix the number of shares, the relative powers,
preferences and rights, and the qualifications, limitations or restrictions applicable to each class or series thereof by resolution
authorizing the issuance of such class or series. As of the date of this prospectus, no preferred stock is outstanding and we
have no current plans to issue any preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue a series of preferred stock
that could, depending on the terms of the series, impede or discourage an acquisition attempt or other transaction that some,
or a majority, of holders of common stock might believe to be in their best interests or in which holders of common stock might
receive a premium for their common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Investment Company Act requires that
the total aggregate liquidation value and outstanding principal amount of all our preferred stock and debt securities not exceed
50% of the amount of our total assets (including the proceeds of preferred stock and debt securities) less liabilities and indebtedness
not represented by our preferred stock and debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subscription Rights</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a general description
of the terms of the subscription rights we may issue from time to time. Particular terms of any subscription rights we offer will
be described in the prospectus supplement relating to such subscription rights. We will not offer transferable subscription rights
to our stockholders at a price equivalent to less than the then current net asset value per share of common stock, taking into
account underwriting commissions and discounts, unless we first file a post-effective amendment that is declared effective by
the SEC with respect to such issuance and the common stock to be purchased in connection with the rights represents no more than
one-third of our outstanding common stock at the time such rights are issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue subscription rights to our
stockholders to purchase common stock. Subscription rights may be issued independently or together with any other offered security
and may or may not be transferable by the person purchasing or receiving the subscription rights. In connection with any subscription
rights offering to our stockholders, we may enter into a standby underwriting, backstop or other arrangement with one or more
persons pursuant to which such persons would purchase any offered securities remaining unsubscribed for after such subscription
rights offering. In connection with a subscription rights offering to our stockholders, we would distribute certificates evidencing
the subscription rights and a prospectus supplement to our stockholders on the record date that we set for receiving subscription
rights in such subscription rights offering. Our common stockholders will indirectly bear all of the expenses incurred by us in
connection with any subscription rights offerings, regardless of whether any common stockholder exercises any subscription rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A prospectus supplement will describe
the particular terms of any subscription rights we may issue, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         period of time the offering would remain open (which shall be open a minimum number of
                                         days such that all record holders would be eligible to participate in the offering and
                                         shall not be open longer than 120 days);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         title and aggregate number of such subscription rights;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         exercise price for such subscription rights (or method of calculation thereof);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         currency or currencies, including composite currencies, in which the price of such subscription
                                         rights may be payable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if
                                         applicable, the designation and terms of the securities with which the subscription rights
                                         are issued and the number of subscription rights issued with each such security or each
                                         principal amount of such security;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         ratio of the offering (which, in the case of transferable rights, will require a minimum
                                         of three shares to be held of record before a person is entitled to purchase an additional
                                         share);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         number of such subscription rights issued to each stockholder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         extent to which such subscription rights are transferable and the market on which they
                                         may be traded if they are transferable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         date on which the right to exercise such subscription rights shall commence, and the
                                         date on which such right shall expire (subject to any extension);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if
                                         applicable, the minimum or maximum number of subscription rights that may be exercised
                                         at one time;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         extent to which such subscription rights include an over-subscription privilege with
                                         respect to unsubscribed securities and the terms of such over-subscription privilege;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any
                                         termination right we may have in connection with such subscription rights offering;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         terms of any rights to redeem, or call such subscription rights;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">information
                                         with respect to book-entry procedures, if any;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         terms of the securities issuable upon exercise of the subscription rights;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         material terms of any standby underwriting, backstop or other purchase arrangement that
                                         we may enter into in connection with the subscription rights offering;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if
                                         applicable, a discussion of certain material U.S. federal income tax considerations applicable
                                         to the issuance or exercise of such subscription rights; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any
                                         other terms of such subscription rights, including exercise, settlement and other procedures
                                         and limitations relating to the transfer and exercise of such subscription rights.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each subscription right will entitle the
holder of the subscription right to purchase for cash or other consideration such amount of shares of common stock at such subscription
price as shall in each case be set forth in, or be determinable as set forth in, the prospectus supplement relating to the subscription
rights offered thereby. Subscription rights may be exercised as set forth in the prospectus supplement beginning on the date specified
therein and continuing until the close of business on the expiration date for such subscription rights set forth in the prospectus
supplement. After the close of business on the expiration date, all unexercised subscription rights will become void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon receipt of payment and the subscription
rights certificate properly completed and duly executed at the corporate trust office of the subscription rights agent or any
other office indicated in the prospectus supplement we will forward, as soon as practicable, the shares of common stock purchasable
upon such exercise. If less than all of the rights represented by such subscription rights certificate are exercised, a new subscription
certificate will be issued for the remaining rights. Prior to exercising their subscription rights, holders of subscription rights
will not have any of the rights of holders of the securities purchasable upon such exercise. To the extent permissible under applicable
law, we may determine to offer any unsubscribed offered securities directly to persons other than stockholders, to or through
agents, underwriters or dealers or through a combination of such methods, as set forth in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Debt Securities</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue debt securities in one or
more series. The specific terms of each series of debt securities will be described in the particular prospectus supplement relating
to that series. The prospectus supplement may or may not modify the general terms found in this prospectus and will be filed with
the SEC. For a complete description of the terms of a particular series of debt securities, you should read both this prospectus
and the prospectus supplement relating to that particular series. As required by federal law for all bonds and notes of companies
that are publicly offered, the debt securities are governed by a document called an &ldquo;indenture.&rdquo; An indenture is a
contract between us and a financial institution acting as trustee on your behalf and is subject to and governed by the Trust Indenture
Act of 1939, as amended. The trustee has two main roles. First, the trustee can enforce your rights against us if we default.
There are some limitations on the extent to which the trustee acts on your behalf, described in the second paragraph under &ldquo;&mdash;Events
of Default&mdash;Remedies if an Event of Default Occurs.&rdquo; Second, the trustee performs certain administrative duties for
us with respect to our debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the 1940 Act, we may only issue
one class of senior securities representing indebtedness, which in the aggregate, may represent no more than 33 1/3% of our managed
assets. A prospectus supplement and indenture (a summary of the expected terms of which is attached as Appendix A to the statement
of additional information) relating to any debt securities will include specific terms relating to the offering. These terms are
expected to include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         form and title of the security;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         aggregate principal amount of the securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         interest rate of the securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the
                                         maturity dates on which the principal of the securities will be payable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any
                                         changes to or additional events of default or covenants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any
                                         optional or mandatory redemption provisions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">identities
                                         of, and any changes in trustees, paying agents or security registrar; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any
                                         other terms of the securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The debt securities may be secured or
unsecured obligations. Unless the prospectus supplement states otherwise, principal (and premium, if any) and interest, if any,
will be paid by us in immediately available funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Interest</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise stated in a prospectus
supplement, debt securities will bear interest as generally determined by the Board of Directors, as more fully described in the
related prospectus supplement. Interest on debt securities shall be payable when due as described in the related prospectus supplement.
If we do not pay interest when due, it will trigger an event of default and we will be restricted from declaring dividends and
making other distributions with respect to our common shares and preferred shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Limitations</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the requirements of the 1940 Act,
immediately after issuing any senior securities representing indebtedness, we must have an asset coverage of at least 300%. Asset
coverage means the ratio which the value of our total assets, less all liabilities and indebtedness not represented by senior
securities, bears to the aggregate amount of senior securities representing indebtedness. Other types of borrowings also may result
in our being subject to similar covenants in credit agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Event of Default and Acceleration of Maturity of
Debt Securities; Remedies</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless stated otherwise in the related
prospectus supplement, any one of the following events are expected to constitute an &ldquo;event of default&rdquo; for that series
under the indenture:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">default
                                         in the payment of any interest upon a series of debt securities when it becomes due and
                                         payable and the continuance of such default for 30 days;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">default
                                         in the payment of the principal of, or premium on, a series of debt securities at its
                                         stated maturity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">default
                                         in the performance, or breach, of any covenant or warranty of ours in the indenture,
                                         and continuance of such default or breach for a period of 90 days after written notice
                                         has been given to us by the trustee;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">certain
                                         voluntary or involuntary proceedings involving us and relating to bankruptcy, insolvency
                                         or other similar laws;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if,
                                         on the last business day of each of twenty-four consecutive calendar months, the debt
                                         securities have a 1940 Act asset coverage of less than 100%; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any
                                         other &ldquo;event of default&rdquo; provided with respect to a series, including a default
                                         in the payment of any redemption price payable on the redemption date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the occurrence and continuance of
an event of default, the holders of a majority in principal amount of a series of outstanding debt securities or the trustee may
declare the principal amount of that series of debt securities immediately due and payable upon written notice to us. A default
that relates only to one series of debt securities does not affect any other series and the holders of such other series of debt
securities are not entitled to receive notice of such a default under the indenture. Upon an event of default relating to bankruptcy,
insolvency or other similar laws, acceleration of maturity occurs automatically with respect to all series. At any time after
a declaration of acceleration with respect to a series of debt securities has been made, and before a judgment or decree for payment
of the money due has been obtained, the holders of a majority in principal amount of the outstanding debt securities of that series,
by written notice to us and the trustee, may rescind and annul the declaration of acceleration and its consequences if all events
of default with respect to that series of debt securities, other than the non-payment of the principal of that series of debt
securities which has become due solely by such declaration of acceleration, have been cured or waived and other conditions have
been met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Liquidation Rights</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of (a)&nbsp;any insolvency
or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding in connection
therewith, relative to us or to our creditors, as such, or to our assets, or (b)&nbsp;any liquidation, dissolution or other winding
up of the Company, whether voluntary or involuntary and whether or not involving insolvency or bankruptcy, or (c)&nbsp;any assignment
for the benefit of creditors or any other marshalling of assets and liabilities of ours, then (after any payments with respect
to any secured creditor of ours outstanding at such time) and in any such event the holders of debt securities shall be entitled
to receive payment in full of all amounts due or to become due on or in respect of all debt securities (including any interest
accruing thereon after the commencement of any such case or proceeding), or provision shall be made for such payment in cash or
cash equivalents or otherwise in a manner satisfactory to the holders of the debt securities, before the holders of any common
or preferred stock of the Company are entitled to receive any payment on account of any redemption proceeds, liquidation preference
or dividends from such shares. The holders of debt securities shall be entitled to receive, for application to the payment thereof,
any payment or distribution of any kind or character, whether in cash, property or securities, including any such payment or distribution
which may be payable or deliverable by reason of the payment of any other indebtedness of ours being subordinated to the payment
of the debt securities, which may be payable or deliverable in respect of the debt securities in any such case, proceeding, dissolution,
liquidation or other winding up event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unsecured creditors of ours may include,
without limitation, service providers including our custodian, administrator, broker-dealers and the trustee, pursuant to the
terms of various contracts with us. Secured creditors of ours may include without limitation parties entering into any interest
rate swap, floor or cap transactions, or other similar transactions with us that create liens, pledges, charges, security interests,
security agreements or other encumbrances on our assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A consolidation, reorganization or merger
of the Company with or into any other company, or a sale, lease or exchange of all or substantially all of our assets in consideration
for the issuance of equity securities of another company shall not be deemed to be a liquidation, dissolution or winding up of
the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Voting Rights</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Debt securities have no voting rights,
except to the extent required by law or as otherwise provided in the Indenture relating to the acceleration of maturity upon the
occurrence and continuance of an event of default. In connection with any other borrowings (if any), the 1940 Act does in certain
circumstances grant to the lenders certain voting rights in the event of default in the payment of interest on or repayment of
principal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Market</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our debt securities are not likely to
be listed on an exchange or automated quotation system. The details on how to buy and sell such securities, along with the other
terms of the securities, will be described in a prospectus supplement. We cannot assure you that any market will exist for our
debt securities or if a market does exist, whether it will provide holders with liquidity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Book-Entry, Delivery and Form</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise stated in the related
prospectus supplement, the debt securities will be issued in book-entry form and will be represented by one or more notes in registered
global form. The global notes will be deposited with the trustee as custodian for The Depositary Trust Company (&ldquo;DTC&rdquo;)
and registered in the name of Cede&nbsp;&amp; Co., as nominee of DTC. DTC will maintain the notes in designated denominations
through its book-entry facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the expected terms of the indenture,
we and the trustee may treat the persons in whose names any notes, including the global notes, are registered as the owners thereof
for the purpose of receiving payments and for any and all other purposes whatsoever. Therefore, so long as DTC or its nominee
is the registered owner of the global notes, DTC or such nominee will be considered the sole holder of outstanding notes under
the indenture. We or the trustee may give effect to any written certification, proxy or other authorization furnished by DTC or
its nominee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A global note may not be transferred except
as a whole by DTC, its successors or their respective nominees. Interests of beneficial owners in the global note may be transferred
or exchanged for definitive securities in accordance with the rules&nbsp;and procedures of DTC. In addition, a global note may
be exchangeable for notes in definitive form if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">DTC
                                         notifies us that it is unwilling or unable to continue as a depository and we do not
                                         appoint a successor within 60 days;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we,
                                         at our option, notify the trustee in writing that we elect to cause the issuance of notes
                                         in definitive form under the indenture; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an
                                         event of default has occurred and is continuing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In each instance, upon surrender by DTC
or its nominee of the global note, notes in definitive form will be issued to each person that DTC or its nominee identifies as
being the beneficial owner of the related notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the expected terms of the indenture,
the holder of any global note may grant proxies and otherwise authorize any person, including its participants and persons who
may hold interests through DTC participants, to take any action which a holder is entitled to take under the indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Transfer Agent and Registrar</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The transfer agent and registrar for our
common stock is Computershare Trust Company, N.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certificate of Incorporation and Bylaws</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Organization and Duration</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We were formed on February&nbsp;7, 2013
as StoneCastle Financial Corp. and will remain in existence until dissolved in accordance with our certificate of incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Purpose</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under our certificate of incorporation,
we are permitted to engage in any business activity that lawfully may be conducted by a corporation organized under Delaware law
and, in connection therewith, to exercise all of the rights and powers conferred upon us pursuant to the agreement relating to
such business activity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Duties of Officers and Directors</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our certificate of incorporation provides
that, except as may otherwise be provided by the certificate of incorporation or by our bylaws, our property, affairs and business
shall be managed under the direction of our board of directors. Pursuant to our bylaws, our board of directors has the power to
elect or appoint our officers and such officers have the authority to exercise the powers and perform the duties specified in
our bylaws or as may be specified by our board of directors or delegated by our chief executive officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our certificate of incorporation provides
that we indemnify our directors and officers for acts or omissions to the fullest extent permitted by law. Under the Delaware
General Corporation Law (&ldquo;DGCL&rdquo;), a corporation can only indemnify directors and officers for acts or omissions if
the director or officer acted in good faith, in a manner he reasonably believed to be in the best interests of the corporation
and, in a criminal action, if the officer or director had no reasonable cause to believe his conduct was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Size and Election of Board of Directors</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our certificate of incorporation and bylaws
provide that the number of directors may be established, increased or decreased by our board of directors but may not be fewer
than one. Our certificate of incorporation will provide that our board of directors is divided into three classes. Each class
of directors will hold office for a three-year term. The initial members of the three classes have staggered terms of one, two
and three years, respectively. At each annual meeting of our stockholders, the successors to the class of directors whose terms
expire at such meeting will be elected to hold office for a term expiring at the annual meeting of stockholders held in the third
year following the year of their election and until their successors are duly elected and qualified. Except as may be provided
by our board of directors in setting the terms of any class or series of preferred stock, any and all vacancies on our board of
directors may be filled only by the affirmative vote of a majority of the remaining directors in office, even if the remaining
directors do not constitute a quorum, and any director elected to fill a vacancy shall serve for the remainder of the full term
of the directorship in which such vacancy occurred and until a successor is elected and qualifies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Removal of Members of Our Board of Directors</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The DGCL provides that directors may be
removed, but only for cause, by an affirmative vote of at least a majority of the votes entitled to be cast by our stockholders
generally in the election of our directors. Our certificate of incorporation states that directors may be removed at any time,
but only for cause, by at least two-thirds of the votes entitled to be cast by our stockholders generally in the election of our
directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Advance Notice of Director Nominations and New
Business</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our certificate of incorporation provides
that special meetings of stockholders may only be called by our board of directors, the chairman of our board of directors or
our chief executive officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our bylaws provide that with respect to
an annual meeting of stockholders, nominations of persons for election to our board of directors and the proposal of business
to be considered by stockholders may be made only (i)&nbsp;pursuant to our notice of the meeting, (ii)&nbsp;by or at the direction
of our board of directors or the chairman of the board of directors or (iii)&nbsp;by any stockholder who is entitled to vote at
the meeting and has complied with the advance notice procedures set forth in our bylaws. Our bylaws provide that with respect
to special meetings of our stockholders, only the business specified in our notice of meeting may be brought before the meeting.
Nominations of persons for election to our board of directors may be made only (i)&nbsp;pursuant to our notice of the meeting,
(ii)&nbsp;by or at the direction of our board of directors or (iii)&nbsp;<I>provided</I> that our board of directors has determined
that directors shall be elected at the meeting, by any stockholder who is entitled to vote at the meeting and has complied with
the advance notice procedures set forth in our bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The purpose of requiring stockholders
to give advance notice of nominations and other proposals is to afford our board of directors the opportunity to consider the
qualifications of the proposed nominees or the advisability of the other proposals and, to the extent considered necessary by
our board of directors, to inform stockholders and make recommendations regarding the nominations or other proposals. The advance
notice procedures also permit a more orderly procedure for conducting our stockholder meetings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Limitations on Liability and Indemnification of
Our Directors and Officers</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our certificate of incorporation provides
that our directors will not be liable to us or our stockholders for monetary damages for breach of fiduciary duty as a director
to the fullest extent permitted by the DGCL. Our bylaws provide that our directors, officers, employees and agents, as well as
persons serving as a director, officer, partner, trustee, member, manager, employee or agent of another enterprise at our request,
will be indemnified, and may have their expenses of defense advanced, in each case to the full extent permitted under the DGCL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The DGCL empowers a corporation to indemnify
any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason
of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request
of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other
enterprise, against expenses (including attorneys&rsquo; fees), judgments, fines and amounts paid in settlement actually and reasonably
incurred by the person in connection with such action, suit or proceeding if (i)&nbsp;such person acted in good faith, (ii)&nbsp;in
a manner such person reasonably believed to be in or not opposed to the best interests of the corporation and (iii)&nbsp;with
respect to any criminal action or proceeding, such person had no reasonable cause to believe the person&rsquo;s conduct was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The DGCL further empowers a corporation
to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action
or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that the person is or was
a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director,
officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including
attorneys&rsquo; fees) actually and reasonably incurred by such person in connection with the defense or settlement of such action
or suit if such person acted in good faith and in a manner the person reasonably believed to be in, or not opposed to, the best
interests of the corporation, and except that no indemnification may be made in respect of any claim, issue or matter as to which
such person has been adjudged to be liable to the corporation unless and only to the extent that the Delaware Court of Chancery
or the court in which such action or suit was brought determines upon application that, despite the adjudication of liability
but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses
which the Delaware Court of Chancery or such other court deems proper.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent a present or former director
or officer is successful in the defense of any action, suit or proceeding noted above, or in defense of any claim, issue or matter
therein, such person will be indemnified against expenses (including attorneys&rsquo; fees) actually and reasonably incurred by
such person in connection with such action, suit or proceeding. We are further authorized to pay expenses incurred by an officer
or director in advance of the final disposition of a proceeding upon our receipt of an undertaking by or on behalf of the person
to whom the advance will be made, to repay the advances if it is ultimately determined that he or she was not entitled to indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amendment of Our Certificate of Incorporation and
Bylaws</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amendments to our certificate of incorporation
may be proposed only by or with the consent of our board of directors. To adopt a proposed amendment, our board of directors is
required to seek written approval of the holders of the number of shares required to approve the amendment or call a meeting of
our stockholders to consider and vote upon the proposed amendment. Generally, an amendment must be approved by at least a majority
of the votes entitled to be cast by our stockholders generally in the election of directors and, in general, to the extent that
such amendment would have a material adverse effect on the holders of any class or series of shares, by the holders of a majority
of the holders of such class or series. Amendments pertaining to removal of directors, indemnification of directors or amendment
of certain provisions of the certificate of incorporation or any provision of the bylaws, however, require the approval of the
holders of two-thirds of our voting stock then outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors has the power to
adopt, alter or repeal our bylaws. Our certificate of incorporation provides that our stockholders may adopt, alter or repeal
our bylaws upon approval of at least two-thirds of the common stock then outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Merger, Sale or Other Disposition of Assets</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors is generally prohibited,
without the prior approval of at least a majority of the votes entitled to be cast by our stockholders generally in the election
of directors, from causing us to, among other things, sell, exchange or otherwise dispose of all or substantially all of our assets
in a single transaction or a series of related transactions, or approving on our behalf the sale, exchange or other disposition
of all or substantially all of our assets, <I>provided</I> that our board of directors may mortgage, pledge, hypothecate or grant
a security interest in all or substantially all of our assets without the approval of any stockholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Termination and Dissolution</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our existence is perpetual unless we are
dissolved as provided by the DGCL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Books and Reports</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are required to keep appropriate books
of our business at our principal offices. The books will be maintained for both tax and financial reporting purposes a basis that
permits the preparation of financial statements in accordance with US GAAP. For financial reporting purposes and tax purposes,
our fiscal year and our tax year are the calendar year, unless otherwise determined by our board of directors in accordance with
the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are required to file periodic reports,
proxy statements and other information with the SEC. This information will be available at the SEC&rsquo;s public reference room
in Washington, D.C. and on the SEC&rsquo;s website at <I>www.sec.gov</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Anti-Takeover Effects of Our Certificate of Incorporation
and Bylaws</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a summary of certain
provisions of our certificate of incorporation and bylaws that may be deemed to have an anti-takeover effect and may delay, deter
or prevent a tender offer or takeover attempt that a stockholder might consider to be in its best interest, including those attempts
that might result in a premium over the market price for the interests held by stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Authorized but Unissued Stock</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our certificate of incorporation provides
for authorized but unissued shares that our board of directors may use without the approval of any holders of our shares. Future
issuances of common and preferred stock may be utilized for a variety of purposes, including future public offerings to raise
additional capital, acquisitions and employee benefit plans. Our ability to issue additional shares and other equity securities
could render more difficult or discourage an attempt to obtain control over us by means of a proxy contest, tender offer, merger
or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Delaware Business Combination Statute&mdash;Section&nbsp;203</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Some provisions of the DGCL law may delay
or prevent a transaction that would cause a change in our control. Section&nbsp;203 of the DGCL, which restricts certain business
combinations with interested stockholders in certain situations, generally applies to a corporation unless otherwise set forth
in the corporation&rsquo;s certificate of incorporation. We have not opted out of Section 203. In general, this statute prohibits
a publicly held Delaware corporation from engaging in a business combination with an interested stockholder for a period of three
years after the date of the transaction by which that person became an interested stockholder, unless the business combination
is approved in a prescribed manner. For purposes of Section&nbsp;203, a business combination includes a merger, asset sale or
other transaction resulting in a financial benefit to the interested stockholder, and an interested stockholder is a person who,
together with affiliates and associates, owns, or within three years prior, did own, 15% or more of voting stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Classified Board of Directors</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors is divided into
three classes of directors serving staggered three-year terms, with the term of office of only one of the three classes expiring
each year. A classified board of directors may render a change in control of us or removal of our incumbent management more difficult.
This provision could delay for up to two years the replacement of a majority of our board of directors. We believe, however, that
the longer time required to elect a majority of a classified board of directors helps to ensure the continuity and stability of
our management and policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Number of Directors; Removal; Vacancies</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our certificate of incorporation provides
that the number of directors will be set only by our board of directors in accordance with our bylaws. Our bylaws provide that
a majority of our entire board of directors may at any time increase or decrease the number of directors. Under the DGCL, unless
the certificate of incorporation provides otherwise (which our certificate of incorporation does not), directors on a classified
board of directors such as our board of directors may be removed only for cause by a majority vote of our stockholders. Under
our certificate of incorporation and bylaws, any vacancy on our board of directors, including a vacancy resulting from an enlargement
of our board of directors, may be filled only by vote of a majority of the directors then in office. The limitations on the ability
of our stockholders to remove directors and fill vacancies could make it more difficult for a third-party to acquire, or discourage
a third-party from seeking to acquire, control of us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Advance Notice Bylaw</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our bylaws provide that, in order for
any matter to be considered properly brought before a meeting or for a stockholder to nominate a candidate for director, a stockholder
must comply with requirements regarding advance notice to us, including the timing of such notice and the information that such
notice must contain. Our certificate of incorporation provides that stockholders may not act by written consent without a meeting
of stockholders. These provisions could delay until the next stockholders&rsquo; meeting stockholder actions which are favored
by the holders of a majority of our outstanding voting securities. These provisions may also discourage another person or entity
from making a tender offer for our common stock, because such person or entity, even if it acquired a majority of our outstanding
voting securities, would be able to take action as a stockholder (such as electing new directors or approving a merger) only at
a duly called stockholders meeting, and not by written consent. Furthermore, stockholders do not have the ability to call a special
meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amendment of Our Certificate of Incorporation and
Bylaws</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The DGCL generally provides that the
affirmative vote of a majority of the shares entitled to vote on any matter is required to amend a corporation&rsquo;s
certificate of incorporation or bylaws, unless a corporation&rsquo;s certificate of incorporation or bylaws requires a
greater percentage. Under our certificate of incorporation, the affirmative vote of the holders of at least 66 2/3% of the
shares of our capital stock entitled to vote will be required to amend or repeal any of the provisions of our bylaws or
certain provisions of our certificate of incorporation. In addition, our certificate of incorporation permits our board of
directors to amend or repeal our bylaws by a majority vote of the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">MATERIAL
U.S. FEDERAL INCOME TAX CONSIDERATIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The following is a general summary
of certain material U.S. federal income tax considerations relating to the acquisition, holding and disposition of our common
stock. For purposes of this section, under the heading &ldquo;Material U.S. Federal Income Tax Considerations,&rdquo; references
to &ldquo;we,&rdquo; &ldquo;us&rdquo; or &ldquo;our&rdquo; mean only StoneCastle Financial Corp. and not any subsidiaries or other
lower-tier entities that we may organize or invest in, except as otherwise indicated. This summary is based upon the Code, the
regulations promulgated by the U.S. Treasury Department (&ldquo;Treasury regulations&rdquo;), current administrative interpretations
and practices of the U.S. Internal Revenue Service (the &ldquo;IRS&rdquo;) and judicial decisions, all as currently in effect
and all of which may be subject to differing interpretations or to change, possibly with retroactive effect. No advance ruling
has been or will be sought from the IRS regarding any matter discussed in this summary. Therefore, no assurance can be given that
the IRS would not assert, or that a court would not sustain, a position contrary to any of the tax consequences described below.
This summary does not purport to discuss all aspects of U.S. federal income taxation to us or stockholders and in particular does
not discuss those issues that may be important to stockholders subject to special tax rules, such as:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">former
                                         U.S. citizens or long-term residents subject to Code section 877 or section 877A;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">entities
                                         subject to the U.S. anti-inversion rules;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">non-U.S.
                                         Stockholders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons
                                         who mark-to-market our common stock;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">subchapter
                                         S corporations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">U.S.
                                         Stockholders (as defined below) whose functional currency is not the U.S. Dollar;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">financial
                                         institutions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">insurance
                                         companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">broker-dealers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">trusts
                                         and estates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">holders
                                         who receive our common stock through the exercise of employee stock options or otherwise
                                         as compensation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">holders
                                         who hold our common stock through tax-advantaged accounts (such as an individual retirement
                                         account (an &ldquo;IRA&rdquo;), a 401(k) plan account or other qualified retirement account);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons
                                         holding our common stock as part of a &ldquo;straddle,&rdquo; &ldquo;hedge,&rdquo; &ldquo;conversion
                                         transaction,&rdquo; &ldquo;synthetic security&rdquo; or other integrated investment;
                                         and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">tax-exempt
                                         organizations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an entity or arrangement treated as
a partnership for U.S. federal income tax purposes holds our common stock, the U.S. federal income tax treatment of a partner
in such partnership generally will depend upon the status of the partner and the activities of such partnership. A partner of
a partnership holding our common stock should consult its own tax advisor regarding the U.S. federal income tax consequences to
the partner of the acquisition, ownership and disposition of our common stock by the partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This summary assumes that stockholders
will hold our common stock as capital assets, which generally means as property held for investment. This discussion addresses
only the U.S. income tax consequences of an investment by U.S. Stockholders, and therefore, does not address U.S. estate and gift
tax rules, U.S. state or local taxation, the alternative minimum tax, excise taxes, transfer taxes or foreign taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This summary does not discuss the consequences
of an investment in our preferred stock, subscription rights or debt securities. The U.S. federal income tax consequences of such
an investment will be discussed in a relevant prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of the following discussion,
a &ldquo;U.S. Stockholder&rdquo; is a stockholder that is (i)&nbsp;a citizen or individual resident of the United States, (ii)&nbsp;a
corporation (or other entity taxable as a corporation) created or organized under the laws of the United States or any state thereof
or the District of Columbia, (iii)&nbsp;an estate, the income of which is subject to U.S. federal income taxation regardless of
its source or (iv)&nbsp;a trust if (a)&nbsp;a U.S. court can exercise primary supervision over the trust&rsquo;s administration
and one or more U.S. persons are authorized to control all substantial decisions of the trust or (b)&nbsp;it has a valid election
in effect under applicable Treasury regulations to be treated as a U.S. person. A &ldquo;Non-U.S. Stockholder&rdquo; is a person
that is neither a U.S. Stockholder nor an entity treated as a partnership for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THE U.S. FEDERAL INCOME TAX TREATMENT
OF OUR STOCKHOLDERS DEPENDS IN SOME INSTANCES ON DETERMINATIONS OF FACT AND INTERPRETATIONS OF COMPLEX PROVISIONS OF U.S. FEDERAL
INCOME TAX LAW. IN ADDITION, THE TAX CONSEQUENCES OF HOLDING OUR COMMON STOCK TO ANY PARTICULAR STOCKHOLDER WILL DEPEND ON THE
STOCKHOLDER&rsquo;S PARTICULAR TAX CIRCUMSTANCES. YOU ARE URGED TO CONSULT YOUR TAX ADVISOR REGARDING THE U.S. FEDERAL, STATE,
LOCAL AND FOREIGN INCOME AND OTHER TAX CONSEQUENCES TO YOU,&nbsp;IN LIGHT OF YOUR PARTICULAR CIRCUMSTANCES, OF HOLDING AND DISPOSING
OF OUR COMMON STOCK.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Qualification as a RIC</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have elected to be treated, and intend
to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. In order to qualify as a RIC, we
must be registered as a management company under the Investment Company Act at all times during each taxable year and meet (i)&nbsp;an
income test, and (ii)&nbsp;a diversification/asset test. By qualifying as a RIC, we generally will not be subject to tax on that
portion of our investment company taxable income and net realized capital gain provided we meet certain distribution requirements.
Failure to meet the income test or the diversification/asset test would disqualify us from RIC tax treatment for the entire year.
However, in certain situations we may be able to take corrective action which would allow us to remain qualified as a RIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The Income Test.</I> At least 90% of
our gross income in each taxable year must be derived from dividends; interest; payments with respect to securities loans; gains
from the sale or other disposition of stock, securities or foreign currencies; other income (including gains from options, futures
or forward contracts) derived with respect to our business of investing in such stock, securities or currencies; or net income
from a &ldquo;qualified publicly traded partnership.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The Diversification/Asset Test.</I>
At the end of each quarter of our taxable year, at least 50% of the value of our assets must be invested in cash and cash items
(such as receivables); U.S. government securities; securities of other RICs; and securities of other issuers, provided that no
investment in any such issuer exceeds 5% of the value of our assets or 10% of the issuer&rsquo;s outstanding voting securities.
In addition, at the end of each quarter of our taxable year, generally no more than 25% of the value of our assets may be invested
in (i)&nbsp;the securities (other than U.S. government securities or the securities of other RICs) of any one issuer, (ii)&nbsp;the
securities (other than the securities of other RICs) of any two or more issuers that we control (i.e., ownership of 20% or more
of the total combined voting power of all classes of stock entitled to vote) and that are engaged in the same or related trades
or businesses or (iii)&nbsp;the securities of one or more qualified publicly traded partnerships.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Taxation of a RIC</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">RICs generally are not subject to U.S.
corporate income tax on the part of their net ordinary income and net realized capital gains that they distribute to their stockholders,
provided that they comply with the requirements to be a RIC and meet applicable distribution requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Distribution Requirements.</I> In any
fiscal year in which we distribute at least 90% of the sum of (i)&nbsp;our investment company taxable income (which includes,
among other items, dividends, interest and the excess of any net short-term capital gain over net long-term capital loss and other
taxable income, other than any net capital gain (excess of net long-term capital gain over net short-term capital loss), reduced
by deductible expenses) determined without regard to the deduction for dividends paid, and (ii)&nbsp;our net tax-exempt interest,
if any (the excess of our gross tax-exempt interest over certain disallowed deductions), we generally will not be subject to U.S.
federal income tax on our investment company taxable income and net capital gains that we timely distribute to our stockholders;
instead, our stockholders will be taxed on such distributions as more fully described herein. To the extent that we retain any
investment company taxable income or net capital gain, we will be subject to U.S. federal income tax. We may choose to retain
our net capital gains for investment and pay the associated federal corporate income tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amounts not distributed on a timely basis
in accordance with a calendar year distribution requirement are subject to a nondeductible 4% excise tax at the RIC level. To
avoid the tax, we must distribute during each calendar year an amount at least equal to the sum of (i)&nbsp;98% of our taxable
ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii)&nbsp;98.2% of our capital gains
in excess of our capital losses (adjusted for certain ordinary losses) for the one-year period ending on the last day of our taxable
year (or October&nbsp;31st, if applicable) and (iii)&nbsp;certain undistributed amounts from the prior year on which we paid no
U.S. federal income tax. While we intend to distribute any income and capital gain in the manner necessary to minimize imposition
of the 4% excise tax, there can be no assurance that sufficient amounts of our taxable income and capital gain will be distributed
to avoid entirely the imposition of the tax. In that event, we will be liable for the tax only on the amount by which we do not
meet the foregoing distribution requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A RIC is limited in its ability to deduct
expenses in excess of its &ldquo;investment company taxable income&rdquo; (which is, generally, ordinary income plus the excess
of realized net short-term capital gains over realized net long-term capital losses). If our expenses in a given year exceed our
investment company taxable income, we would experience a net operating loss for that year. However, a RIC is not permitted to
carry forward net operating losses to subsequent years and such net operating losses do not pass through to its stockholders.
In addition, expenses can be used only to offset investment company taxable income, not net capital gain (excess of net long-term
capital gain over net short-term capital loss). A RIC may not use any net capital losses (that is, realized capital losses in
excess of realized capital gains) to offset the RIC&rsquo;s investment company taxable income, but may carry forward such losses,
and use them to offset capital gains, indefinitely. Due to these limits on the deductibility of expenses and net capital losses,
we could for tax purposes have aggregate taxable income that we are required to distribute and that is taxable to our stockholders
even if such income is greater than the aggregate net income we actually earned during those years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Similarly, we may be required to recognize
taxable income in circumstances in which we do not receive cash. For example, if we hold debt obligations that are treated under
applicable tax rules&nbsp;as having original issue discount (such as debt instruments with payment-in-kind interest or, in certain
cases, increasing interest rates or that were issued with warrants), we must include in income each year a portion of the original
issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by
us in the same taxable year. Because any original issue discount accrued will be included in our investment company taxable income
for the year of accrual, we may be required to make a distribution to our stockholders in order to satisfy the distribution requirements,
even though we will not have received any corresponding cash amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Purchase of Our Stock</I>. Prior to
purchasing our stock, the impact of dividends or distributions which are expected to be or have been declared, but not paid, should
be carefully considered. Any dividend or distribution declared shortly after a purchase of our stock prior to the record date
will have the effect of reducing the per share net asset value by the per share amount of the dividend or distribution, and to
the extent the distribution consists of taxable income, the purchasing stockholder will be taxed on the taxable portion of the
dividend or distribution received even though some or all of the amount distributed is effectively a return of capital. This is
called &ldquo;buying a dividend.&rdquo; To avoid &ldquo;buying a dividend,&rdquo; check our distribution dates before you invest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Taxation of a U.S. Stockholder</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Distributions.</I> Distributions by
a RIC generally are taxable to U.S. Stockholders as ordinary income or capital gains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Distributions of our &ldquo;investment
company taxable income&rdquo; (which is, generally, our ordinary income plus net short-term capital gains in excess of net long-term
capital losses) will be taxable as ordinary income to U.S. Stockholders to the extent of our current or accumulated earnings and
profits, whether paid in cash or reinvested in additional shares of common stock. However, distributions to noncorporate stockholders
attributable to dividends received by us from U.S. and certain foreign corporations will generally be eligible for the maximum
federal capital gains tax rate of 20% applicable to qualified dividend income, as long as certain other requirements are met.
For these lower rates to apply, the noncorporate stockholders must have owned our shares for at least 61 days during the 121-day
period beginning 60 days before the ex-dividend date and we must also have owned the underlying stock for this same period beginning
60 days before the ex-dividend date for the stock. The amount of our distributions that otherwise qualify for these lower rates
may be reduced as a result of our securities lending activities or a high portfolio turnover rate and may also be reduced as a
result of certain derivative transactions entered into by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Distributions derived from our dividend
income that would be eligible for the dividends received deduction if we were not a RIC may be eligible for the dividends received
deduction for corporate stockholders. The dividends received deduction, if available, is reduced to the extent the shares with
respect to which the dividends are received are treated as debt-financed under federal income tax law and is eliminated if the
shares are deemed to have been held for less than a minimum period, generally 46 days. The dividends received deduction also may
be reduced as a result of our securities lending activities or a high portfolio turnover rate or as a result of certain derivative
transactions entered into by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Distributions of our net capital gains
(which is generally our net long-term capital gains in excess of net short-term capital losses) properly designated by us as &ldquo;capital
gain dividends&rdquo; will be taxable to a non-corporate U.S. Stockholder as long-term capital gains which are generally subject
to the federal capital gains tax rate, to the extent of our current or accumulated earnings and profits, regardless of the U.S.
Stockholder&rsquo;s holding period for his, her or its stock and regardless of whether paid in cash or reinvested in additional
stock. Distributions in excess of our earnings and profits first will be treated as a return of capital. A return of capital is
not taxable but will reduce a U.S. Stockholder&rsquo;s adjusted tax basis in our stock and, after the adjusted basis is reduced
to zero, the amount of the distribution in excess of our earnings and profits and the U.S. Stockholder&rsquo;s adjusted tax basis
will constitute capital gains to such U.S. Stockholder. Such capital gain will be long-term capital gain and thus will be generally
taxed at the federal capital gains tax rate, if the distributions are attributable to stock held for more than one year by a non-corporate
U.S. Stockholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we designate any of our retained capital
gains as a deemed distribution, we will pay tax on the retained amount, and each U.S. Stockholder will be required to include
the U.S. Stockholder&rsquo;s share of the deemed distribution in income as if it had been actually distributed to the U.S. Stockholder.
The U.S. Stockholder may be entitled to claim a credit equal to the U.S. Stockholder&rsquo;s allocable share of the tax paid thereon
by us. The amount of the deemed distribution net of such tax will be added to the U.S. Stockholder&rsquo;s tax basis for his,
her or its common stock. Because we expect to pay tax on any retained capital gains at the regular corporate tax rate, and because
that rate generally is less than the maximum rate currently payable by non-corporate U.S. Stockholders on long-term capital gains,
the amount of tax that non-corporate U.S. Stockholders will be treated as having paid and for which they will receive a credit
may not exceed the tax they owe on the retained net capital gain. A stockholder that is not subject to U.S. federal income tax
or otherwise required to file a federal income tax return would be required to file a federal income tax return on the appropriate
form in order to claim a refund for the taxes we paid. In order to utilize the deemed distribution approach, we must provide written
notice to our stockholders prior to the expiration of 60 days after the close of the relevant taxable year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of determining (i)&nbsp;whether
the distribution requirements are satisfied for any year and (ii)&nbsp;the amount of capital gain dividends paid for that year,
we may, under certain circumstances, elect to treat a dividend that is paid during the following taxable year as if it had been
paid during the taxable year in question. If we make such an election, the U.S. Stockholder will still be treated as receiving
the dividend in the taxable year in which the distribution is made. However, any dividend declared by us in October, November&nbsp;or
December&nbsp;of any calendar year, payable to stockholders of record on a specified date in such a month and actually paid during
January&nbsp;of the following year, will be treated as if it had been received by our U.S. Stockholders on December&nbsp;31 of
the year in which the dividend was declared.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Sale of Stock.</I> Upon the sale, exchange
or other taxable disposition of our common stock, a U.S. Stockholder generally will recognize capital gain or loss equal to the
difference between the amount realized on the sale, exchange or other taxable disposition and the U.S. Stockholder&rsquo;s adjusted
tax basis in our stock. Any such capital gain or loss will generally be a long-term capital gain or loss if the U.S. Stockholder
has held the stock for more than one year at the time of disposition and such shares of common stock are held as capital assets.
Otherwise, the gain or loss would be classified as short-term capital gain or loss except as otherwise noted herein. However,
any capital loss arising from the sale or disposition of shares of our common stock held for six months or less (determined by
applying the holding period rules&nbsp;contained in Code Section&nbsp;852(b)(4)(C)) will be treated as long-term capital loss
to the extent of the amount of capital gain dividends received, or undistributed capital gain deemed received, with respect to
such stock. In addition, all or a portion of any capital loss arising from the sale or disposition of shares of our common stock
may be disallowed to the extent the U.S. Stockholder acquires other shares of our common stock (through reinvestment of dividends
or otherwise) within 30 days before or after the sale or disposition. In such case, any disallowed loss is generally added to
the U.S. Stockholder&rsquo;s adjusted tax basis of the acquired stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Long-term capital gains of non-corporate
U.S. Stockholders are generally subject to the U.S. federal capital gains rate. Capital losses generally are deductible only against
capital gains except that individuals may deduct up to $3,000 of capital losses against ordinary income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Dividend Reinvestment Plan.</I> Under
the dividend reinvestment plan, if a U.S. Stockholder&rsquo;s common stock is registered directly with us or with a brokerage
firm that participates in our Plan, the U.S. Stockholder will have all cash distributions automatically reinvested in additional
shares of common stock unless the U.S. Stockholder opts out of the dividend reinvestment plan. See &ldquo;Dividend Reinvestment
Plan.&rdquo; Any distributions reinvested under the Plan will nevertheless remain taxable to the U.S. Stockholder. To the extent
that a U.S. Stockholder receives distributions in the form of additional shares of our common stock purchased in the market, the
U.S. Stockholder should be treated for U.S. federal income tax purposes as receiving a distribution in an amount equal to the
amount of money that the stockholders receiving cash distributions will receive, and should have a cost basis in the shares received
equal to such amount. To the extent that a U.S. stockholder receives a distribution in newly issued shares of our common stock,
the U.S. stockholder should be treated as receiving a distribution equal to the fair market value of the shares received on the
date of the distribution, and should have a cost basis in the shares received equal to such amount. The additional shares of common
stock will have a new holding period commencing on the day following the day on which the stock is credited to the U.S. Stockholder&rsquo;s
account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Tax on Net Investment Income.</I> Non-corporate
U.S. Stockholders whose income exceeds certain thresholds are subject to an additional 3.8% Medicare contribution tax on &ldquo;net
investment income,&rdquo; subject to certain limitations and exceptions. For this purpose, net investment income generally includes
dividends, interest and long-term capital gains from the sale or other disposition of stock, such as our common stock. <B>U.S.
Stockholders should consult their tax advisors regarding the effect, if any, of this tax on their ownership and disposition of
our stock.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Taxation of a Non-U.S. Stockholder</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Distributions.</I> Distributions by
us will be treated as dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings
and profits (as determined under U.S. federal income tax principles). Dividends paid to a Non-U.S. Stockholder generally will
be subject to U.S. withholding tax at a 30% rate or a reduced rate specified by an applicable income tax treaty. If a Non-U.S.
Stockholder is eligible for a reduced rate of withholding tax under an applicable tax treaty, the Non-U.S. Stockholder will be
required to provide an applicable IRS Form&nbsp;W-8 certifying its entitlement to benefits under the treaty in order to obtain
a reduced rate of withholding tax. However, if the distributions are effectively connected with a U.S. trade or business of the
Non-U.S. Stockholder (or, if an income tax treaty applies, attributable to a permanent establishment in the United States of the
Non-U.S. Stockholder), then the distributions will be subject to U.S. federal income tax at the rates applicable to U.S. persons,
plus, in certain cases where the Non-U.S. Stockholder is a corporation, a branch profits tax at a 30% rate (or lower rate provided
in an applicable treaty). If the Non-U.S. Stockholder is subject to such U.S. income tax on a distribution, then we are not required
to withhold U.S. federal tax if the Non-U.S. Stockholder complies with applicable certification and disclosure requirements. <B>Special
certification requirements apply to a Non-U.S. Stockholder that is a foreign partnership or a foreign trust, and such entities
are urged to consult their own tax advisors.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Code section 871(k)&nbsp;provides certain
 &ldquo;look-through&rdquo; treatment to Non-U.S. Stockholders, permitting interest-related dividends and short-term capital gains
not to be subject to U.S. withholding tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the amount of a distribution exceeds
our current and accumulated earnings and profits, such excess will be treated for U.S. federal income tax purposes as a tax-free
return of capital to the extent of the Non-U.S. Stockholder&rsquo;s tax basis in our common stock. To the extent that any distribution
received by a Non-U.S. Stockholder exceeds the Non-U.S. Stockholder&rsquo;s tax basis in our common stock and our current and
accumulated earnings and profits, the excess will be treated as gain from the sale of the common stock and will be taxed as described
in &ldquo;Sales of Stock&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Sales of Stock.</I> A Non-U.S. Stockholder
generally will not be subject to U.S. federal income tax on gain realized on the sale, exchange or other non-redemption disposition
of our common stock, unless (i)&nbsp;the gain is effectively connected with a trade or business of the Non-U.S. Stockholder in
the United States (or, if the Non-U.S. Stockholder is eligible for the benefits of a U.S. tax treaty, the gain is attributable
to a permanent establishment in the United States of the Non-U.S. Stockholder); (ii)&nbsp;the Non-U.S. Stockholder is an individual
who is present in the United States for 183 days or more in the taxable year of disposition and who has a &ldquo;tax home&rdquo;
in the United States; or (iii)&nbsp;we are or have been a U.S. real property holding corporation at any time within the five-year
period preceding the date of disposition of our common stock or, if shorter, within the period during which the Non-U.S. Stockholder
has held our common stock. Generally, a corporation is a U.S. real property holding corporation if the fair market value of its
U.S. real property interests, as defined in the Code and applicable Treasury regulations, equals or exceeds 50% of the aggregate
fair market value of its worldwide real property interests and its other assets used or held for use in a trade or business. We
do not expect to be treated as a U.S. real property holding corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Dividend Reinvestment Plan.</I> Under
the dividend reinvestment plan, if a Non-U.S. Stockholder&rsquo;s common stock is registered directly with us or with a brokerage
firm that participates in our Plan, the Non-U.S. Stockholder will have all cash distributions automatically reinvested in additional
shares unless the Non-U.S. Stockholder opts out of the Plan. If the distribution is a distribution of our investment company taxable
income, is not designated by us as a short-term capital gain dividend or interest-related dividend (if applicable and to the extent
that the temporary &ldquo;look-through&rdquo; rule&nbsp;described above is extended), and is not effectively connected with a
U.S. trade or business of the Non-U.S. Stockholder (or, if required by an applicable income tax treaty, is not attributable to
a U.S. permanent establishment of the Non-U.S. Stockholder), the amount distributed (to the extent of our current or accumulated
earnings and profits) will be subject to withholding of federal income tax at a 30% rate (or lower rate provided by an applicable
income tax treaty) and only the net after-tax amount will be reinvested in our shares. If the distribution is effectively connected
with a U.S. trade or business of the Non-U.S. Stockholder (and, if required by an applicable income tax treaty, is attributable
to a U.S. permanent establishment of the Non-U.S. Stockholder), the full amount of the distribution generally will be reinvested
in our common stock and will nevertheless be subject to federal income tax at the ordinary income rates applicable to U.S. persons.
The Non-U.S. Stockholder will have an adjusted tax basis in the additional shares of our common stock purchased through the plan
equal to the amount of the reinvested distribution. The additional shares of our common stock will have a new holding period commencing
on the day following the day on which the shares of our common stock are credited to the Non-U.S. Stockholder&rsquo;s account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">FATCA</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Foreign Account Tax Compliance
Act (&ldquo;FATCA&rdquo;), a 30% withholding tax generally is imposed on payments of interest and dividends to (i) foreign financial
institutions including non-U.S. investment funds and (ii) certain other foreign entities, unless the foreign financial institution
or foreign entity provides the withholding agent with documentation sufficient to show that it is compliant with FATCA (generally
by providing the Company with a properly completed IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable). If the payment is subject
to the 30% withholding tax under FATCA, a non-U.S. shareholder will not be subject to the 30% withholding tax described above
on the same income. Under proposed regulations, FATCA withholding on the gross proceeds of share redemptions and certain capital
gain distributions, scheduled to take effect beginning January 1, 2019, has been eliminated. Such proposed regulations are subject
to change. Shareholders are urged and advised to consult their own tax advisors regarding the application of the FATCA reporting
and withholding regime to their own tax situation. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Because of the fact-specific impact
of the applicable U.S. tax rules&nbsp;and their interaction with tax treaties, Non-U.S. Stockholders are urged to consult their
own tax advisor regarding the U.S. federal tax consequences of the holding, sale, exchange or other disposition of our common
stock.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Backup Withholding</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are required in certain circumstances
to backup withhold on certain payments paid to non-corporate stockholders of our common stock who do not furnish us with their
correct taxpayer identification number (in the case of individuals, their social security number) and certain certifications,
or who are otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amounts withheld from payments
made to you may be refunded or credited against your U.S. federal income tax liability, if any, provided that the required information
is furnished to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Foreign Bank and Financial Accounts and Foreign Financial
Asset Reporting Requirement</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A U.S. Stockholder that owns directly
or indirectly more than 50% by vote or value of our common stock is urged and advised to consult its own tax advisor regarding
its filing obligations with respect to IRS Form&nbsp;FinCEN 114, Report of Foreign Bank and Financial Accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Also, under certain rules, subject to
exceptions, individuals (and, to the extent provided in forthcoming future Treasury regulations, certain domestic entities) must
report annually their interests in &ldquo;specified foreign financial assets&rdquo; on their U.S. federal income tax returns.
It is currently unclear whether and under what circumstances stockholders would be required to report their indirect interests
in our &ldquo;specified foreign financial assets&rdquo; (if any) under these new rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. Stockholders may be subject to substantial
penalties for failure to comply with these reporting requirements. <B>U.S. Stockholders are urged and advised to consult their
own tax advisors to determine whether these reporting requirements are applicable to them.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tax Shelter Reporting Regulations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Treasury regulations, if a U.S.
Stockholder recognizes a loss of $2 million or more for an individual U.S. Stockholder or $10 million or more for a corporate
U.S. Stockholder, the U.S. Stockholder must file with the IRS a disclosure statement on IRS Form&nbsp;8886. The fact that a loss
is reportable under these regulations does not affect the legal determination of whether the taxpayer&rsquo;s treatment of the
loss is proper. U.S. Stockholders are urged and advised to consult their own tax advisors to determine the applicability of these
regulations in light of their individual circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Failure to Qualify or Maintain Status as a RIC</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If, in any taxable year, we fail to qualify
as a RIC, we would be taxed in the same manner as a regular, or &ldquo;C,&rdquo; corporation and our stockholders would be taxed
as stockholders in such a regular, or &ldquo;C,&rdquo; corporation. As a &ldquo;C&rdquo; corporation, we would be subject to U.S.
federal income tax on our taxable income at the graduated rates applicable to corporations, currently at a flat rate of 21%, and
our shareholders will be taxed on any distributions as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THE PRECEDING DISCUSSION IS MERELY
A SUMMARY OF CERTAIN MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS OF AN INVESTMENT IN OUR COMMON STOCK AND DOES NOT PURPORT
TO BE COMPLETE IN ANY RESPECT. THIS SUMMARY IS PROVIDED FOR GENERAL INFORMATION ONLY AND SHOULD NOT BE CONSIDERED TAX ADVICE OR
RELIED ON BY AN INVESTOR. ANY PROSPECTIVE INVESTOR CONSIDERING AN INVESTMENT IN OUR COMMON STOCK IS STRONGLY URGED TO CONSULT
ITS OWN TAX ADVISORS REGARDING THE CONSEQUENCES OF SUCH AN INVESTMENT IN LIGHT OF SUCH INVESTOR'S PARTICULAR CIRCUMSTANCES.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">CERTAIN
ERISA CONSIDERATIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The following is a general summary
of certain considerations applicable to an investment in us by an employee benefit plan subject to ERISA (as defined below) or
Section&nbsp;4975 of the Code.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Employee Retirement Income Security
Act of 1974, as amended (&ldquo;ERISA&rdquo;), and the Code, impose certain requirements on &ldquo;employee benefit plans&rdquo;
(as defined in Section&nbsp;3(3)&nbsp;of ERISA) subject to Title I of ERISA, or Section 4915 of the Code, including 401(k) plans,
Keogh Plans of self-employed individuals and individual retirement accounts (&ldquo;IRAs&rdquo;) and including entities whose
underlying assets include the assets of such plans (each, a &ldquo;Benefit Plan&rdquo; and collectively, &ldquo;Benefit Plans&rdquo;),
and on those persons who are fiduciaries with respect to Benefit Plans. Section&nbsp;406 of ERISA and Section&nbsp;4975 of the
Code prohibit certain transactions that involve the assets of Benefit Plans and certain persons (referred to as &ldquo;parties
in interest&rdquo; or &ldquo;disqualified persons&rdquo;) having certain relationships to such Benefit Plans, except to the extent
that a statutory or administrative exemption applies. A party in interest or disqualified person who engages in a non-exempt prohibited
transaction may be subject to excise taxes and other penalties and liabilities under ERISA and Section&nbsp;4975 of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ERISA, as well as a regulation promulgated
by the U.S. Department of Labor, as modified by Section&nbsp;3(42) of ERISA (the &ldquo;DOL Plan Asset Regulation&rdquo;), generally
provides as relevant here that, when a Benefit Plan acquires an equity interest in an entity that is issued by an investment company
registered under the Investment Company Act, the Benefit Plan&rsquo;s assets include the equity interest, but not, solely by reason
of such investment, any of the underlying assets of the entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Even if our assets are not &ldquo;plan
assets&rdquo; for purposes of the fiduciary responsibility and prohibited transaction rules&nbsp;under ERISA or Section&nbsp;4975
of the Code, a prohibited transaction could arise in connection with a Benefit Plan&rsquo;s acquisition of our common stock. Consequently,
the fiduciary of a Benefit Plan contemplating an investment in our common stock in the offering should consider, for example,
whether we, any other person associated with the issuance of our common stock or any of their affiliates, is or might become a
 &ldquo;party in interest&rdquo; or &ldquo;disqualified person&rdquo; with respect to the Benefit Plan, and, if so, whether an
exemption from such prohibited transaction rules&nbsp;is needed and is applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each purchaser of our common stock in
the offering will be deemed to have represented, warranted and agreed that its purchase and holding of our common stock do not
and will not constitute or result in a non-exempt prohibited transaction under Section&nbsp;406 of ERISA or Section&nbsp;4975
of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THE PRECEDING DISCUSSION IS MERELY
A SUMMARY OF CERTAIN ERISA AND CODE IMPLICATIONS OF AN INVESTMENT IN OUR COMMON STOCK AND DOES NOT PURPORT TO BE COMPLETE IN ANY
RESPECT AND MAY BE AFFECTED BY FUTURE PUBLICATION OF REGULATIONS AND RULINGS. ANY PROSPECTIVE INVESTOR CONSIDERING AN INVESTMENT
IN OUR COMMON STOCK IS STRONGLY URGED TO CONSULT ITS OWN LEGAL, TAX AND OTHER ADVISORS REGARDING THE CONSEQUENCES OF SUCH AN INVESTMENT
UNDER ERISA AND SECTION&nbsp;4972 OF THE CODE IN LIGHT OF SUCH INVESTOR&rsquo;S PARTICULAR CIRCUMSTANCES.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">CLOSED-END
FUND STRUCTURE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are registered as a non-diversified,
closed-end management investment company under the Investment Company Act, commonly referred to as a &ldquo;closed-end investment
company.&rdquo; Closed-end management investment companies differ from open-end management investment companies (commonly referred
to as &ldquo;mutual funds&rdquo;) in that closed-end investment companies generally list their shares for trading on a stock exchange
and do not redeem their stock at the request of the stockholder. This means that if a stockholder wishes to sell shares of a closed-end
management investment company, he or she must trade them on the market like any other stock at the prevailing market price at
that time. In a mutual fund, if the stockholder wishes to sell shares of the company, the mutual fund will redeem, or buy back,
the shares at NAV. Mutual funds also generally offer new shares on a continuous basis to new investors, and closed-end management
investment companies generally do not. The continuous inflows and outflows of assets in a mutual fund can make it difficult to
manage investments. By comparison, closed-end management investment companies are generally able to stay more fully invested in
securities that are consistent with their investment objectives and also have greater flexibility to make certain types of investments
and to use certain investment strategies, such as financial leverage and investments in illiquid securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">When shares of closed-end management investment
companies are traded, they frequently trade at a discount to their NAV. See &ldquo;Risk Factors&mdash;Risks Related to Offerings.&rdquo;
This characteristic of shares of closed-end management investment companies is a risk separate and distinct from the risk that
the closed-end management investment company&rsquo;s NAV may decrease as a result of investment activities. Our conversion to
an open-end mutual fund would require an amendment to our Charter. Our shares of common stock are listed on the NASDAQ Global
Select Market under the symbol &ldquo;BANX.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have selected Tait, Weller &amp; Baker
LLP as our independent registered public accounting firm. Their principal business address is 50 South 16<SUP>th</SUP> Street,
Suite 2900, Philadelphia, PA 19102.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">ADMINISTRATOR,
CUSTODIAN, TRANSFER AND DIVIDEND PAYING AGENT AND REGISTRAR</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">BNY Mellon Investment Servicing (US) Inc.,
4400 Computer Drive, Westborough, Massachusetts 01581, serves as our administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Bank of New York Mellon, located at
2 Hanson Place, Brooklyn, New York 11217, serves as our custodian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Computershare Trust Company, N.A., 250
Royall Street, Canton, Massachusetts 02021, is the transfer agent and registrar for our common stock and serves as our dividend
paying agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">LEGAL MATTERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain legal matters in connection with
any future offering will be passed upon for us by Troutman Pepper Hamilton Sanders LLP, Philadelphia, Pennsylvania.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">incorporation
by reference</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white">This prospectus
is part of a registration statement that we have filed with the SEC. We are allowed to &ldquo;incorporate by reference&rdquo;
the information that we file with the SEC, which means that we can disclose important information to you by referring you to those
documents. The information incorporated by reference is considered to comprise a part of this prospectus from the date we file
that document. Any reports filed by us with the SEC before the date that any offering of any Securities by means of this prospectus
and any applicable prospectus supplement is terminated will automatically update and, where applicable, supersede any information
contained in this prospectus or incorporated by reference in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white">We incorporate
by reference into this prospectus our filings listed below and any future filings that we may file with the SEC under Section
13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, until <FONT STYLE="background-color: white">all of the Securities
offered by this prospectus and any applicable prospectus supplement have been sold or we otherwise terminate the offering of these
securities; provided, however, that information &ldquo;furnished&rdquo; under Item 2.02 or Item 7.01 of Form&nbsp;8-K&nbsp;or
other information &ldquo;furnished&rdquo; to the SEC which is not deemed filed is not incorporated by reference in this prospectus
and any applicable prospectus supplement. Information that we file with the SEC will automatically update and may supersede information
in this prospectus, any applicable prospectus supplement and information previously filed with the SEC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="background-color: white">This
prospectus and any applicable prospectus supplement incorporate by reference the documents set forth below that have previously
been filed with the SEC:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Our definitive
                                         proxy statement on Schedule 14A, filed with the SEC on May 19, 2020</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Our annual
                                         shareholder report on Form N-CSR, filed with the SEC on February 27, 2020</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">To obtain a copy
of these filings, see &ldquo;Available Information,&rdquo; or you may request a copy of these filings (other than exhibits, unless
the exhibits are specifically incorporated by reference into these documents) at no cost by writing or calling the following address
and telephone number:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">StoneCastle-ArrowMark
Asset Management, LLC<BR>
100 Fillmore Street, Suite 325</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">Denver, Colorado
80206</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">(212)-468-5441</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white">You should rely
only on the information incorporated by reference or provided in this prospectus or any prospectus supplement. We have not authorized
anyone to provide you with different or additional information, and you should not rely on such information if you receive it.
We are not making an offer of or soliciting an offer to buy, any securities in any state or other jurisdiction where such offer
or sale is not permitted. You should not assume that the information in this prospectus or in the documents incorporated by reference
is accurate as of any date other than the date on the front of this prospectus or those documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">STONECASTLE
FINANCIAL CORP.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">STATEMENT
OF ADDITIONAL INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In this Statement of Additional Information
(&ldquo;SAI&rdquo;), unless the context suggests otherwise, references to &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;Company,&rdquo;
 &ldquo;our company&rdquo; or &ldquo;our&rdquo; refer to StoneCastle Financial Corp., a Delaware corporation and its subsidiaries.
We are a non-diversified, closed-end management investment company. References to &ldquo;Adviser&rdquo; mean StoneCastle-ArrowMark
Asset Management, LLC (&ldquo;StoneCastle-ArrowMark&rdquo;), a Delaware limited liability company; references to &ldquo;ArrowMark
Partners&rdquo; mean ArrowMark Colorado Holdings, LLC, the parent of our Adviser; and references to &ldquo;common stock&rdquo;
or &ldquo;shares&rdquo; mean the common stock of StoneCastle Financial Corp.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This SAI, relating to our securities,
does not constitute a prospectus, but should be read in conjunction with our prospectus dated December 14, 2020. This SAI does
not include all information that a prospective investor should consider before purchasing common stock, and investors should obtain
and read our prospectus prior to purchasing common stock. You may obtain a copy of the prospectus from us without charge by calling
(212)-468-5441. You also may obtain a copy of our prospectus on the Securities and Exchange Commission&rsquo;s (the &ldquo;SEC&rdquo;)
web site (<I>http://www.sec.gov</I>). Capitalized terms used but not defined in this SAI have the meanings ascribed to them in
the prospectus. This SAI is dated December 14, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No person has been authorized to give
any information or to make any representations not contained in the prospectus or in this SAI in connection with the offering
made by the prospectus, and, if given or made, such information or representations must not be relied upon as having been authorized
by us. The prospectus and this SAI do not constitute an offering by us in any jurisdiction in which such offering may not lawfully
be made. Capitalized terms not defined herein have the meanings assigned to such terms in the prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">TABLE OF
CONTENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Page</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">DISCUSSION OF MANAGEMENT&rsquo;S
    OPERATIONS</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt">S-1</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">INVESTMENT RESTRICTIONS</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">S-4</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">MANAGEMENT</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">S-6</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">CERTAIN RELATIONSHIPS AND RELATED PARTY
    TRANSACTIONS</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">S-14</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">PORTFOLIO MANAGERS</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">S-15</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">PORTFOLIO TRANSACTIONS AND BROKERAGE</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">S-16</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
    OWNERS</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">S-17</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">PROXY VOTING POLICIES</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">S-18</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">FINANCIAL STATEMENTS</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">S-18</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in">ADDITIONAL INFORMATION</TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0pt">S-19</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">DISCUSSION
OF MANAGEMENT&rsquo;S OPERATIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Overview</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">StoneCastle Financial Corp. was organized
on February&nbsp;7, 2013 as a Delaware corporation, established to make investments in support of the ongoing capital needs of
bank and banking-related institutions. The Company invests in the U.S. community bank sector, as well as the securities of larger
U.S. domiciled banks, larger global money center banks and companies that provide goods and/or services to banking companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our primary investment objective is to
provide stockholders with current income and, to a lesser extent, capital appreciation. We are focused on income generation, capital
preservation, and providing risk-adjusted rates of return.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We attempt to achieve our investment objectives
through investment in preferred equity, subordinated debt, convertible securities, alternative capital securities and common equity
issued by national, regional and community banks and financial institutions and companies that provide goods and services to banking
companies. See &ldquo;Banking Sector Focus&rdquo; and &ldquo;Alternative Capital Securities&rdquo;. The Company in the normal
course of pursuing its investment objectives may enter into options written to hedge against changes in interest rates, foreign
exchange rates and values of equities. Such options may relate to particular securities or domestic stock indices and may or may
not be listed on a domestic securities exchange or issued by the Options Clearing Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We make investments that will generally
be expected to pay us dividends and interest on a current basis and generate capital gains over time. We may seek to enhance our
returns through the use of warrants, options and other equity conversion features. We also invest in similar securities of larger
U.S. domiciled banks and companies that provide goods and/or services to banking companies. Together with banks, we refer to these
types of companies as banking-related businesses and intend, under normal circumstances, to invest at least 80% of the value of
our net assets plus the amount of any borrowings for investment purposes in such businesses. We have elected to be treated, and
intend to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code. We do not expect to be regulated
as a bank holding company or a savings and loan holding company by the Federal Reserve.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Revenues</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to generate revenue in the form
of dividends on dividend-paying equity securities as well as interest payable on the debt investments that we hold. In addition,
we intend to generate revenue in the form of capital gains through equity securities, warrants, options and other equity interests.
We expect to invest the majority of our assets in preferred equity, subordinated debt, alternative capital securities, convertible
securities and common equity that pay cash dividends and interest on a recurring or customized basis. We may invest in unsecured
debt issued by community banks, and we currently expect these investments to have maturities in excess of ten years to enable
our borrowers to obtain favorable regulatory capital treatment. We currently intend to structure our investments to provide for
quarterly dividend and interest payments. To meet certain regulatory requirements of the banks in which we invest, we may structure
investments to provide that dividends may be deferrable on a cumulative or non-cumulative basis. Because only TARP Preferred and
certain securities issued by small bank holding companies, defined as holding companies with less than $500 million in consolidated
assets, may be cumulative and qualify as Tier 1 capital, we expect that the majority of the new issue preferred stock in which
we invest will be non-cumulative. However, investors should be aware that up to 100% of our portfolio may consist of non-cumulative
preferred equity securities or may consist of a substantial amount of cumulative preferred equity securities, or any combination
in between these scenarios. Based upon management&rsquo;s prior experience, we may receive up-front fee revenue from bank issuers
in connection with newly originated securities. Such fees may range from 0% to 3% of the amount we invest and will be paid in
cash or in kind. We also may receive fee income from underlying banks in connection with our investments. See &ldquo;&mdash;Fee
Income.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Expenses</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our primary operating expenses will include
the payment of management fees and operating expenses, including a portion of any overhead expenses of the Adviser and its affiliates
that are allocable to us by our Adviser upon its reasonable determination that such expenses provided a benefit to us Our management
fees compensate our Adviser for its investment advisory and management services. The management fees are limited to a fixed percentage
of our assets. Pursuant to the management agreement, our Adviser also furnishes, or arranges for the furnishing of us with office
facilities and clerical, administrative services necessary for our operation (other than services provided by our custodian, accounting
agent, administrator, dividend and interest paying agent, transfer agent and other service providers). We bear all expenses not
specifically assumed by our Adviser and incurred in our operations, and we bear the expenses related to any future offering. We
expect to reimburse our Adviser to the extent these expenses are paid by our Adviser. See &ldquo;Management&mdash;Management Agreement&mdash;Payment
of Our Expenses.&rdquo; We may also pay a portion of the fee income that we receive from community banks in connection with our
investments in them to one or more unaffiliated brokers for introducing us to such opportunities. Our Adviser is not paid an incentive
fee and does not participate in our profits in its capacity as Adviser. See &ldquo;Management&mdash;Management Agreement.&rdquo;
Certain affiliates of our Adviser, however, may participate in our profits to the extent of their ownership of common stock. See
 &ldquo;Certain Relationships and Related Party Transactions.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may, but are not required to, enter
into interest rate hedging agreements to hedge interest rate risk associated with any indebtedness we may incur. Such hedging
activities, subject to compliance with our exemption from registration under the Commodity Exchange Act of 1936, as amended (the
 &ldquo;CEA&rdquo;), may include the use of interest rate transactions such as swaps, caps, floors, repurchase agreements and reverse
repurchase agreements. We will bear any costs incurred in entering into and settling such contracts. There is no assurance that
any hedging strategy we may employ will be successful. See &ldquo;Risk Factors&mdash;Risks Related to Our Operations.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Financial Condition, Liquidity and Capital Resources</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We generate cash primarily from: (i)&nbsp;the
net proceeds of offering our common stock and (ii)&nbsp;cash flows from operations, including interest earned from the temporary
investment of cash. We also fund a portion of our investments through borrowings from banks or other lenders. In the future, we
may also fund a portion of our investments by creating a wholly-owned subsidiary to facilitate secured borrowing structures. We
believe that the use of special purpose entities to hold our assets will permit us to potentially obtain less expensive leverage
than we might otherwise be able to obtain because it will facilitate our ability to obtain favorable ratings, which in turn may
reduce the cost of leverage. However, the lenders to these special purpose entities typically impose substantial restrictions
on the assets contained in such special purpose entities such as restrictions on our ability to encumber them. There can be no
assurances that a wholly-owned subsidiary will be able to obtain more favorable borrowing terms. We do not expect to incur such
indebtedness through special purpose entities until we have substantially invested the proceeds of any future offering in securities
that meet our investment objective. Our primary use of funds has been and will continue to be to make investments in companies,
pay expenses and pay cash dividends to our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Distribution Policy</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to pay quarterly distributions
to our stockholders in an amount, and on a timely basis, sufficient to obtain and maintain our status as a RIC. Investment company
taxable income includes, among other items, dividends, interest and the excess of any net short-term capital gains over net long-term
capital losses, reduced by deductible expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have elected to be treated and intend
to comply with the requirements to qualify annually as an RIC. For federal income tax purposes, as a RIC we are required to distribute
substantially all of our net investment income each year both to avoid federal income tax on our distributed income and to avoid
a potential excise tax. If our ability to make distributions on our common stock is limited, such limitations could, under certain
circumstances, impair our ability to maintain a qualification for taxation as a RIC, which would have adverse consequences for
our stockholders. See &ldquo;Material U.S. Federal Income Tax Considerations.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Contractual Obligations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have entered into a management agreement
with our Adviser pursuant to which our Adviser has agreed to: (i)&nbsp;serve as our investment adviser in exchange for the consideration
set forth therein; and (ii)&nbsp;furnish us with the facilities and administrative services necessary to conduct our day-to-day
operations and to provide on our behalf managerial assistance to certain of our portfolio companies. See &ldquo;Management&mdash;Management
Agreement.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payments under the management agreement
consist of a management fee based on a percentage of the value of our Managed Assets, as well as reimbursement of expenses of
the Adviser. The compensation and allocable routine overhead expenses of all investment professionals of our Adviser and its staff,
when and to the extent engaged in providing us investment advisory services, are provided and paid for by our Adviser or one of
its affiliates and not us, although we may reimburse our Adviser an amount equal to our allocable portion of overhead and other
expenses incurred by our Adviser in performing its obligations under the management agreement. See &ldquo;Management&mdash;Management
Agreement&mdash;Management Fee&rdquo; and &ldquo;Management&mdash;Management Agreement&mdash;Payment of our Expenses.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The management agreement with our Adviser
was initially approved by our board of directors on December 5, 2020. A discussion regarding the basis for the board&rsquo;s approval
of the management agreement is provided in the Company&rsquo;s Annual Report to stockholders for the fiscal year ended December
31, 2019. The management agreement, which was also approved by our stockholders on February 7, 2020, continues in effect for a
period of two years from that date and thereafter must be approved annually by our board of directors. The management agreement
with our Adviser may be terminated at any time, without payment or penalty, by vote of our board of directors, by vote of a majority
of our voting securities, or by our Adviser, in each case on not less than 60 days&rsquo; written notice. As required by the Investment
Company Act, the management agreement with our Adviser will terminate automatically in the event of its assignment. See &ldquo;Management&rdquo;
and &ldquo;Portfolio Management.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have a perpetual, non-exclusive license
to the &ldquo;StoneCastle&rdquo; trademark on a non-exclusive, royalty-free basis. We have the right to use the &ldquo;StoneCastle&rdquo;
name so long as our Adviser or one of its approved affiliates remains our investment adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Critical Accounting Policies</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of our financial statements
in conformity with accounting principles generally accepted in the United States (or &ldquo;US GAAP&rdquo;) requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets
and liabilities at the date of the financial statements and revenues and expenses during the period reported. Actual results could
differ from those estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Valuation of Portfolio Investments</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of our financial statements
requires us to estimate the value of our investments and the related amounts of unrealized appreciation and depreciation of investments
recorded. We invest primarily in illiquid securities, including debt and equity securities of primarily privately-held or thinly-traded
public companies, and alternative capital securities. Our investments generally are subject to restrictions on resale and in the
case of privately-held companies, generally, will have no established trading market. We value all of our privately-held investments
at fair value. We determine fair value of our privately-held investments to be the amount for which an investment could be exchanged
in an orderly disposition over a reasonable period of time between willing parties, other than in a forced or liquidation sale.
If market quotations become readily available for an investment, we will use such market quotations to value the investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have engaged regionally or nationally
recognized independent valuation firms to assist in determining the fair value of our investments that do not have readily available
market prices or quotations. In the event an investment does not have a readily determinable price, our board of directors reviews
valuations from one or more regionally or nationally recognized independent valuation firms along with a valuation provided by
our Adviser. Our board of directors regularly reviews and evaluates our valuation methodology and any such valuation service it
uses and the historical accuracy of such valuation methodologies. Our board of directors reviews all valuation recommendations
(including those provided by our Adviser) and assigns the valuation it determines to best represent the fair value for such investment.
The methods for valuing these investments may include fundamental analysis, market prices of similar securities, purchase price
of securities, subsequent private transactions in the security or related securities, discounted cash flow analysis, multiple
analysis, or discounts applied to the nature and duration of restrictions on the disposition of the securities, as well as a combination
of these and other factors. Because such valuations, and particularly valuations of privately-held securities and private companies,
are inherently uncertain, may fluctuate over short periods of time, and may be based on estimates, our determinations of fair
value have, and may in the future differ materially from the values that would have been used if a ready market for these securities
existed. Our NAV could be adversely affected if our determinations regarding the fair value of our investments were materially
higher than the values that we ultimately realize upon the disposal of such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our preferred and common equity investments
as well as our equity-related investments (including warrants and options) in portfolio companies (collectively, &ldquo;Equity
Investments&rdquo;) for which there is no liquid public market are valued at fair value, which are determined using a range of
valuation techniques. The determined fair values generally are discounted to account for restrictions on resale and minority ownership
positions. The value of our Equity Investments in public companies for which market quotations are readily available will be based
upon the closing public market price on the measurement date. Securities with sale restrictions will typically be valued at a
discount from the public market value of the security. Our board of directors may consider other methods of accounting to value
our investments as appropriate in conformity with US GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Dividend and Interest Income</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We record dividend income on the ex-dividend
date. We record interest income, which reflects the amortization of premiums and includes accretion of discounts for financial
reporting purposes, on an accrual basis. To the extent we receive dividends that are eligible for qualified dividend income treatment
(if received by a noncorporate holder) or the dividends received deduction (if received by a corporate holder), we report such
information to our stockholders so that they can take advantage of the preferential income tax rules&nbsp;that would apply to
the portion of our distributions that correspond to such income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Fee Income</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fee income includes our fees, if any,
for due diligence, structuring, commitment and facility fees, and fees, if any, for transaction services, consulting services
and management services rendered to portfolio companies and other third parties. We recognize commitment and facility fees for
debt generally as income over the life of the underlying loan, and we recognize commitment and facility fees for perpetual stock
generally as income in the year the investment is consummated. We recognize due diligence, structuring, transaction service, consulting
and management service fees generally as income when services are rendered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">INVESTMENT
RESTRICTIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The restrictions listed below are policies
of the Company. Except as described herein, the Company may not alter these policies without the approval of the holders of a
majority of its outstanding shares. For purposes of the foregoing, &ldquo;a majority of the outstanding shares&rdquo; means (i)&nbsp;67%
or more of such shares present at a meeting, if the holders of more than 50% of such shares are present or represented by proxy,
or (ii)&nbsp;more than 50% of such shares, whichever is less. Unless otherwise indicated, all limitations applicable to our investments
(as stated below and elsewhere in the prospectus and this SAI) apply only at the time a transaction is entered into. Any subsequent
change in the percentage of our assets invested in certain securities or other instruments resulting from market fluctuations
or other changes in our total assets, will not require us to dispose of an investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">We may borrow money, make loans
                                         or issue senior securities to the fullest extent permitted by the Investment Company
                                         Act, the rules&nbsp;or regulations thereunder or applicable orders of the SEC, as such
                                         statute, rules, regulations or orders may be amended from time to time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">Except with respect to the banking
                                         industry, no more than 25% of our total assets may be invested in a particular industry
                                         or group of industries. Securities issued or guaranteed by the U.S. Government or its
                                         agencies or instrumentalities or securities issued by other investment companies are
                                         not considered to represent an industry.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">We may purchase or sell commodities,
                                         commodities contracts, futures contracts and related options, options, forward contracts
                                         or real estate to the fullest extent permitted by the Investment Company Act, the rules&nbsp;or
                                         regulations thereunder or applicable orders of the SEC, as such statute, rules, regulations
                                         or orders may be amended from time to time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">We may underwrite securities to
                                         the fullest extent permitted by the Investment Company Act, the rules&nbsp;or regulations
                                         thereunder or applicable orders of the SEC, as such statute, rules, regulations or orders
                                         may be amended from time to time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The investment restrictions set forth
above limit our ability to engage in certain practices and purchase securities and other instruments other than as permitted by,
or consistent with, the Investment Company Act. Relevant limitations of the Investment Company Act as they presently exist are
described below. These limitations are based either on the Investment Company Act itself, the rules&nbsp;or regulations thereunder
or applicable orders of the SEC. In addition, interpretations and guidance provided by the SEC staff may be taken into account,
where deemed appropriate by the Company, to determine if a certain practice or the purchase of securities or other instruments
is permitted by the Investment Company Act, the rules&nbsp;or regulations thereunder or applicable orders of the SEC. As a result,
the foregoing investment policies may be interpreted differently over time as the statute, rules, regulations or orders (or, if
applicable, interpretations) that relate to the meaning and effect of these policies change, and no stockholder vote will be required
or sought.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investment Restriction (1). Under the
Investment Company Act, we may only borrow up to one-third of the value of our total assets. For more information on leverage
and the risks relating thereto, see &ldquo;Leverage&rdquo; in the prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Investment Company Act also restricts
the ability of closed-end investment companies to lend. Under the Investment Company Act, we may only make loans if expressly
permitted to do so by our investment policies, and we may not make loans to persons who control us or are under common control
with us. Thus, the Investment Company Act effectively prohibits us from making loans to certain persons when conflicts of interest
or undue influence are most likely present. We may, however, make other loans which, if made, would expose stockholders to additional
risks, such as the failure of the other party to repay the loan. We retain the flexibility to make loans to the extent permitted
by our investment policies, other than loans of securities, which will be limited to 33 1/3% of our total assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The ability of a closed-end investment
company to issue senior securities is subject to various limitations under the Investment Company Act that restrict, for instance,
the amount, timing, and form of senior securities that may be issued. Certain portfolio management/leveraging techniques, such
as reverse repurchase agreements, credit default swaps, futures contracts, dollar rolls, the purchase of securities on margin,
short sales, or the writing of puts on portfolio securities, may be considered senior securities unless appropriate steps are
taken to segregate our assets or otherwise cover its obligations. To the extent we cover our commitment under these transactions,
including by the segregation of liquid assets, such instrument will not be considered a &ldquo;senior security&rdquo;, and therefore
will not be subject to the 300% asset coverage requirement otherwise applicable to borrowings by us (or, as the case may be, the
200% asset coverage requirement applicable to preferred stock). The Company will typically cover its current obligations resulting
from these portfolio management/leveraging techniques consistent with the guidelines established by the Commission. Accordingly,
the Company will typically segregate, earmark, set aside or otherwise offset its obligations resulting from such techniques.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we have no present intention
to do so, we may also issue any class of senior security that is a stock. Under the Investment Company Act, the issuance of any
other type of senior security by a closed-end investment company is subject to a requirement that provision is made that, (i)&nbsp;if
on the last business day of each of 12 consecutive calendar months the asset coverage with respect to the senior security is less
than 100%, the holders of such securities voting as a class shall be entitled to elect at least a majority of our board of directors,
with such voting right to continue until the asset coverage for such class of senior security is at least 110% on the last business
day of each of 3 consecutive calendar months or, (ii)&nbsp;if on the last business day of each of 24 consecutive calendar months
the asset coverage for such class of senior security is less than 100%, an event of default shall be deemed to have occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Investment Company Act, a &ldquo;senior
security&rdquo; does not include any promissory note or evidence of indebtedness where such loan is for temporary purposes only
and in an amount not exceeding 5% of the value of the total assets of the issuer at the time the loan is made. A loan is presumed
to be for temporary purposes if it is repaid within sixty days and is not extended or renewed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investment Restriction (2). We have a
policy to invest 25% or more of our total assets in the banking industry. Accordingly, because we concentrate in a particular
industry, we are exposed to greater risks because our performance is largely dependent on the performance of the banking industry.
For purposes of determining compliance with Investment Restriction (2), we will not consider portfolio investments held by other
investment companies in which we invest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investment Restriction (3). This restriction
would permit investment in commodities, commodities contracts, futures contracts and related options, options, forward contracts
or real estate to the extent permitted under the Investment Company Act. Commodities, as opposed to commodity futures, represent
the actual underlying bulk goods, such as grains, metals and foodstuffs. Real estate-related instruments include real estate investment
trusts, commercial and residential mortgage-backed securities, and real estate financings, and such instruments are generally
sensitive to factors such as changes in real estate values and property taxes, interest rates, the cash flow of underlying real
estate assets, overbuilding, and the management skill and creditworthiness of the issuer. Because we have elected to be treated,
and intend to comply with the requirements to qualify annually, as a RIC under Subchapter M of the Code, our ability to invest
in commodities and commodity related instruments may be further limited. For example, gains from the disposition of commodities
will not be considered qualifying income for purposes of satisfying the income test applicable to RICs. Also, the U.S. Internal
Revenue Service has issued a revenue ruling which holds that income derived from commodity-linked swaps is not qualifying income
for purposes of such test. As such, our ability to utilize investments in commodities and commodity index-linked swaps as part
of our investment strategy is limited to a maximum of 10 percent of our gross income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">MANAGEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board of Directors</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our business and affairs are managed under
the direction of our board of directors. Accordingly, our board of directors provides broad supervision over our affairs, including
supervision of the duties performed by our Adviser. Our Adviser is responsible for our day-to-day operations. The names, ages
and addresses of our directors and officers and specified employees of our Adviser, together with their principal occupations
and other affiliations during the past five years, are set forth below. Each director and officer will hold office for the term
to which he is elected and until his successor is duly elected and qualifies, or until he resigns or is removed in the manner
provided by law. Our board of directors consists of six directors who are not &ldquo;interested persons&rdquo; (as defined in
the Investment Company Act) of our Adviser or its affiliates and two directors who are &ldquo;interested persons.&rdquo; Our directors
who are not interested persons are also independent pursuant to the NASDAQ stock exchange listing standards, and we refer to them
as &ldquo;independent directors.&rdquo; We refer to the directors who are &ldquo;interested persons&rdquo; (as defined in the
Investment Company Act) are referred to as &ldquo;interested directors.&rdquo; Under our certificate of incorporation, the board
of directors is divided into three classes. Each class of directors will hold office for a three-year term. However, the initial
members of the three classes have initial terms of one, two and three years, respectively. At each annual meeting of our stockholders,
the successors to the class of directors whose terms expire at such meeting will be elected to hold office for a term expiring
at the annual meeting of stockholders held in the third year following the year of their election and until their successors are
duly elected and qualified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Independent Directors </I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%"><FONT STYLE="font-size: 10pt"><B>Name<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)</SUP></FONT></B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 4%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Age</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 21%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Position(s)&nbsp;Held&nbsp;with<BR>
    Company</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 5%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Term&nbsp;<BR>
    End</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 21%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Principal&nbsp;Occupation(s)&nbsp;<BR>
    Last&nbsp;5&nbsp;Years</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of Portfolios
    in Fund Complex Overseen by Fund Director</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 19%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Other&nbsp;Directorships&nbsp;<BR>
    Last&nbsp;5&nbsp;Years</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Guy Arnold </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">52</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Class III Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">2022</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Manager at GMA Holdings, LLC from 2013&ndash;2015; Chief Operating
    Officer and President of Real Estate at Hunt Companies, Inc. from 2015&ndash;Present</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Director of Meridian Funds from 2015 &mdash; Present; Director
    of MidFirst Bank, Director of The Children's Hospital of Colorado Finance Committee</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>

<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 12%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">John Scott Emrich</P></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%"><FONT STYLE="font-size: 10pt">53</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 21%"><FONT STYLE="font-size: 10pt">Class III Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%"><FONT STYLE="font-size: 10pt">2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 21%"><FONT STYLE="font-size: 10pt">Director of Meridian Funds from 2010&ndash;Present;
    Director of Destra Funds from 2015&ndash;Present</FONT></TD>
    <TD STYLE="vertical-align: top; width: 14%; text-align: center"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="vertical-align: top; width: 19%"><FONT STYLE="font-size: 10pt">Director of Meridian Funds from 2010&ndash;Present;
    Director of Destra Funds from 2015&ndash;Present</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Alan Ginsberg</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">59</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Class I Director, Chairman of Audit Committee</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">2023</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Senior Advisor, StoneCastle Partners from 2010-2013; Managing
    Director Barclays Bank August 2017 &mdash; Present</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">External Advisory Board of Peabody Museum at Yale University</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Emil Henry</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">60</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Class I Director, Member of Audit Committee and Lead Independent
    Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">2023</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">CEO and Founder of Tiger Infrastructure Partners</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Director of Easterly Government Properties, Director of numerous
    private companies that are Tiger Infrastructure portfolio companies</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Michael Stolper <BR>
    </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">75</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Class II Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">2021</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Financial Advisor at Stolper &amp; Co. from 1975&ndash;2017</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="vertical-align: top">Director of Meridian Funds from 1985 &mdash; Present; Director of Windowpane Funds (one portfolio)</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Michael Van Praag.</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">62</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Class II Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">2021</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Private Investor, 2017 to Present; Senior VP, JPMorgan Chase
    Bank, N.A. from 1981-2017</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">None</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Interested Directors</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 12%"><FONT STYLE="font-size: 10pt"><B>Name<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)</SUP></FONT></B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 4%"><FONT STYLE="font-size: 10pt"><B>Age</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 21%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Position(s)&nbsp;Held&nbsp;with<BR>
    Company</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 5%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Term&nbsp;<BR>
    End</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 21%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Principal&nbsp;Occupation(s)<BR>
    Last&nbsp;5&nbsp;Years</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 14%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Number of Portfolios
    in Fund Complex Overseen by Fund Director</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 19%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Other&nbsp;Directorships&nbsp;<BR>
    Last&nbsp;5&nbsp;Years</B></FONT></TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Sanjai Bhonsle <BR>
    <BR>
    </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">50</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chairman,</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Class III Director</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">2022</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Chief Executive Officer of StoneCastle Financial Corp. from
    February 2020 to present.&nbsp;&nbsp;Partner and Portfolio Manager at ArrowMark Partners from 2012&ndash;Present</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Brown RI Management, LLC and Affiliates from 2018&ndash;Present</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Karen Reidy <BR>
    <BR>
    </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">53</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Class I Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">2023</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Partner and Portfolio Manager at ArrowMark Partners from 2012&ndash;Present</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Brown RI Management, LLC and Affiliates from 2018&ndash;Present</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) The business address of each Director
is c/o StoneCastle Financial Corp.,100 Fillmore Street, Suite 325, Denver, CO 80206</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Responsibilities of the Board of Directors</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors is responsible
under applicable state law for overseeing generally our management and operations. Our board of directors oversees our operations
by, among other things, meeting at its regularly scheduled meetings and as otherwise needed with our management and evaluating
the performance of our service providers including our Adviser, our custodian and our transfer agent. As part of this process,
our directors consult with our independent auditors and may consult with their own separate independent counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our directors review our financial statements,
performance, net asset value and market price and the relationship between them, as well as the quality of the services being
provided to us. As part of this process, our directors review our fees and expenses in light of the nature, quality and scope
of the services being received while also seeking to ensure that we continue to have access to high quality services in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors has four regularly
scheduled meetings each year, and additional meetings may be scheduled as needed. In addition, our board of directors has a standing
Audit Committee and a standing Nominating and Governance Committee that each meet periodically and whose responsibilities are
described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the fiscal year ended December&nbsp;31,
2019, each director attended at least 75% of the aggregate number of meetings of the board of directors and the committees for
which he or she was eligible. We do not have a formal policy regarding attendance by directors at annual meetings of stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Audit Committee and the Nominating
and Governance Committee are each composed of all directors who have been determined not to be &ldquo;interested persons&rdquo;
of us, our Adviser or their affiliates within the meaning of the Investment Company Act, and who are &ldquo;independent&rdquo;
as defined in the NASDAQ stock exchange listing standards, and is chaired by an independent director. The board of directors in
its discretion from time to time may establish ad hoc committees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The appointment of Mr.&nbsp;Bhonsle as
Chairman reflects the board of director&rsquo;s belief that his experience, familiarity with the our day-to-day operations and
access to individuals with responsibility for our management and operations provides the board of directors with insight into
our business and activities and, with his access to appropriate administrative support, facilitates the efficient development
of meeting agendas that address our business, legal and other needs and the orderly conduct of board meetings. Emil Henry serves
as lead independent director. The Chairman develops agendas for board meetings in consultation with the lead independent director
and presides at all meetings of the board of directors. The lead independent director, among other things, chairs executive sessions
of the independent directors, serves as a spokesperson for the independent directors and serves as a liaison between the independent
directors and our management between board meetings. The independent directors regularly meet outside the presence of management
and are advised by independent legal counsel. The board of directors also has determined that its leadership structure, as described
above, is appropriate in light of our size and complexity, the number of independent directors and the general oversight responsibility
of the board of directors. The board of directors also believes that its leadership structure not only facilitates the orderly
and efficient flow of information to the independent directors from management, including our Adviser, but also enhances the independent
and orderly exercise of its responsibilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Biographical Information</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following sets forth certain biographical
information for our independent directors (the &ldquo;Independent Directors&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><B>Guy M. Arnold</B>. Mr. Arnold has extensive
leadership experience in the financial services industry, having held leadership positions at various investment management firms
for over 20 years. As President of Dividend Capital Diversified Property Fund, Mr. Arnold oversaw all aspects of a $2.9 billion
real estate investment trust (&quot;REIT&quot;) and he is currently the Owner and Manager of GMA Holdings, LLC a commercial real
estate investment firm. Mr. Arnold also served as a member of the Board of Directors for Steele Street Bank &amp; Trust and is
a member of the Board of Directors of the Children's Hospital of Colorado Finance Committee. Mr. Arnold received his Bachelor
of Arts degree from the University of Virginia and has been working in the financial services industry since his graduation in
1990.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><B>John Scott Emrich</B>. Mr. Emrich has
significant experience in the investment management and financial services industry. Mr. Emrich served as a financial analyst
or portfolio manager for over 13 years for various investment advisory firms. For four years, Mr. Emrich served on the board of
directors for Iroquois Valley Farms, an organic farmland REIT. Prior to such positions he also performed business valuations and
appraisal analyses at KPMG Peat Marwick, an accounting firm. Mr. Emrich is the founder and CEO of Red Earth Finance, LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><B>Alan Ginsberg</B>. Mr. Ginsberg has
more than 30 years of experience in providing financial advisory services to financial institutions. Mr. Ginsberg began his investment
banking career at Salomon Brothers Inc. in 1983, followed by being a key member of a group that moved to UBS Financial Services
Inc. in 1995 and to Donaldson, Lufkin &amp; Jenrette in 1998. He remained at DLJ through the merger with Credit Suisse First Boston
until 2004, when he was recruited to Head HSBC Bank USA's Financial Institutions Group Americas, remaining there until mid-2006.
Following HSBC, Mr. Ginsberg was a senior member of the Banc of America Securities Financial Institutions Group. Currently, Mr.
Ginsberg is a Managing Director of Barclay's and has advised on more than 70 strategic transactions and advisory assignments during
his tenure as an investment banker. Mr. Ginsberg received his B.A. in Economics from Yale University. He currently serves on Yale's
Peabody Museum Advisory Board, and he served as a Senior Advisor to StoneCastle Partners from 2010 until May 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><B>Emil W. Henry, Jr</B>. Mr. Henry is
the CEO and Founder of Tiger Infrastructure Partners, a private equity firm focused on infrastructure investment opportunities.
Prior to founding Tiger Infrastructure Partners, he was Global Head of the Lehman Brothers Private Equity Infrastructure businesses,
where he oversaw global infrastructure investments. In 2005, Mr. Henry was appointed Assistant Secretary of the Treasury for Financial
Institutions by the President of the United States. Until his departure in 2007, he was a key advisor to two Treasury Secretaries
on economic, legislative and regulatory matters affecting U.S. financial institutions and markets. Before joining the Treasury,
Mr. Henry was a partner of Gleacher Partners LLC, an investment banking and investment management firm, where he served as Chairman
of Asset Management, and Managing Director, and where he oversaw the firm's investment activities. Mr. Henry began the formative
part of his career at Morgan Stanley in the mid-1980s in that firm's merchant banking arm where he executed management buyouts
for Morgan Stanley's flagship private equity fund. He holds an M.B.A. from Harvard Business School and a B.A. in Economics from
Yale University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><B>Michael Stolper</B>. Mr. Stolper provides
board financial advisory and brokerage business experience serving as the President of Stolper &amp; Co., Inc., an investment
adviser for over 35 years. Based upon his years of experience, he posseses a keen understanding of the securities industry and
the regulatory framework applicable to it, including the Funds. Mr. Stolper was formerly a director of Janus Capital, BDI Investment
Company and The Pasadena Group of Mutual Funds. He was the Founder and President of Seaport Ventures, an SBIC. He also holds a
Master of Arts degree in Finance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><B>Michael P. Van Praag</B>. Mr. Van Praag
has an extensive background in the financial industry as a JPMorgan Chase executive with over 35 years of experience in banking,
commercial lending, cash management, treasury services and capital markets. Based upon his depth of experience, Mr. Van Praag
possesses a keen understanding of the securities industry and banking-related activity that is of direct relevance to BANX's investment
strategy. He also holds a Master of Business Administration degree in Banking and Finance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following sets forth certain biographical
information for our Interested Directors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Sanjai Bhonsle</B>. Mr. Bhonsle joined
ArrowMark in October 2012 and serves as Partner and Portfolio Manager for ArrowMark's leveraged loan investments and CLO funds.
Prior to joining ArrowMark, he founded MB Consulting Partners in 2009, where he specialized in financial and operational restructuring
advisory to stressed and distressed middle-market companies. With more than 10 years of restructuring experience, he has led several
assignments across various industries. Mr. Bhonsle was a Senior Portfolio Manager at GSO Capital Partners, a subsidiary of The
Blackstone Group, and member of the Investment and Management Committee (2005-2009). Prior to joining GSO Capital Partners, Mr.
Bhonsle was an Assistant Portfolio Manager for RBC Capital Partners' debt investment group and was a member of the Investment
Committee (2001-2005). He also led the group's restructuring efforts related to distressed investments and represented the firm's
interests on creditor committees. From 1999-2001, Mr. Bhonsle was a Senior Investment Analyst at Indosuez Capital Partners. Mr.
Bhonsle received a bachelor's degree in Mechanical Engineering from the University of Wisconsin &mdash; Madison and an MBA from
the Eli Broad Graduate School of Management at Michigan State University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><B>Karen Reidy</B>. Ms. Reidy is a founding
Partner and co-manages ArrowMark's collateralized loan obligation and specialty finance investments and research analyst team.
Prior to founding ArrowMark, Ms. Reidy served as Executive Vice President and Portfolio Manager at Janus capital, managing $10
billion for two strategies: Janus Balanced Fund and Janus Core Equity Fund, as well as institutional separate accounts (2000-2005).
Ms. Reidy was also the Assistant Portfolio Manager of the Janus Fund (1998-2000). She joined Janus Capital as an equity analyst
in 1995. Prior to Janus Capital Group, she worked at PricewaterhouseCoopers LLC in the audit and mergers and acquisitions departments.
Ms. Reidy graduated from the University of Colorado with a bachelor's degree and holds the Chartered Financial Analyst designation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Audit Committee</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The audit committee (&ldquo;Audit Committee&rdquo;)
of our board of directors is responsible for selecting, engaging and discharging our independent accountants, reviewing the plans,
scope and results of the audit engagement with our independent accountants, approving professional services provided by our independent
accountants (including compensation therefor), reviewing the independence of our independent accountants, overseeing our accounting
and reporting processes, overseeing the quality and integrity of our financial statements and the independent audit thereof and
reviewing the adequacy of our internal controls over financial reporting. The members of the Audit Committee are Messrs.&nbsp;Emrich,
Ginsberg and Van Praag, all of whom are independent directors and none of whom are interested persons in the Company. Mr.&nbsp;Emrich
serves as the chairperson of the Audit Committee. The board of directors has determined that each of Mr.&nbsp;Emrich, Ginsberg
and Van Praag is an &ldquo;audit committee financial expert&rdquo; as defined under SEC rules. During the period from January&nbsp;1,
2019 through December&nbsp;31, 2019, the Audit Committee met four times.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Nominating Committee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The functions of the nominating committee
(&ldquo;Nominating Committee&rdquo;) are (i)&nbsp;to identify individuals qualified to become Directors of the Company in the
event that a position is vacated or created; (ii) to select, or to recommend that the Board select, the Director nominees for
each annual meeting of the stockholders; (iii) to set any necessary standards or qualifications for service as a Director of the
Company; (iv) to make recommendations concerning the continuing education of the Directors on matters relating to their activities
as Directors; (v) to oversee the periodic Director self-assessment; (vi) to periodically review and make recommendations regarding
Independent Director compensation; to undertake such matters from time to time relating to Board nominations or governance of
the Company as the Nominating Committee shall deem appropriate; (viii) to periodically liaise with the Company&rsquo;s Chief Compliance
Officer and (ix) to oversee the contract review process, including the review of the Company&rsquo;s investment advisory agreement
and contracts with any affiliated service providers. In addition, the Nominating Committee will consider corporate governance
issues that arise from time to time, and develop appropriate recommendations for the Board, giving appropriate weight to relevant
factors including industry &ldquo;leading practices.&rdquo; The Nominating Committee will review and report to the Board regarding
any actual or potential conflicts of interest involving any Director and determine whether such Director may vote on any issue
as to which there may be a conflict. In addition, the Nominating Committee will review all related-party transactions and determine
whether such transactions are appropriate for the Company to undertake. The Nominating Committee is comprised of Messrs.&nbsp;Arnold,
Henry and Stolper. Mr. Stolper serves as the chairperson of the Nominating Committee. During the period from January&nbsp;1, 2019
through December&nbsp;31, 2019, the Nominating Committee met four times.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risk Oversight</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The board of directors&rsquo; role in
our risk oversight reflects its responsibility under applicable state law to oversee generally, rather than to manage, our operations.
In line with this oversight responsibility, our board of directors receives reports and makes inquiry as needed regarding the
nature and extent of significant risks we face (including investment, compliance and valuation risks) that potentially could have
a materially adverse impact on our business operations, investment performance or reputation. The board of directors relies upon
our management (including our investment committee) and Chief Compliance Officer, who reports directly to the board of directors,
and our Adviser to assist them in identifying and understanding the nature and extent of such risks and determining whether, and
to what extent, such risks may be eliminated or mitigated. In addition to reports and other information received from our management
and our Adviser regarding our investment program and activities, the board of directors as part of their risk oversight efforts
meet regularly and as needed with our Chief Compliance Officer to discuss, among other things, risk issues and issues regarding
our policies, procedures and controls. Our board of directors may be assisted in performing aspects of its role in risk oversight
by the audit committee, nominating and governance committee and such other standing or special committees as may be established
from time to time by the board of directors. For example, the audit committee regularly meets with our independent public accounting
firm to review, among other things, reports on our internal controls for financial reporting. Our board of directors believes
that not all risks that may affect us can be identified, that it may not be practical or cost-effective to eliminate or mitigate
certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve our goals, and that
the processes, procedures and controls employed to address certain risks may be limited in their effectiveness. As a result of
the foregoing and other factors, the board of directors&rsquo; risk management oversight is subject to substantial limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Security Ownership of Directors and Members of Investment Committee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">The following table shows the dollar range
of equity securities owned by our directors and investment committee in us as of June 30, 2020. As of the date of this SAI, there
were no other investment companies that are considered to be in the same family of investment companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 26%"><FONT STYLE="font-size: 10pt"><B>Name&nbsp;of&nbsp;Director</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 30%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Dollar&nbsp;Range&nbsp;of&nbsp;Equity<BR>
    Securities&nbsp;in&nbsp;the&nbsp;Company</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 41%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Aggregate&nbsp;Dollar&nbsp;Range&nbsp;of&nbsp;Equity<BR>
    Securities&nbsp;in&nbsp;All&nbsp;Registered&nbsp;Investment<BR>
    Companies&nbsp;Overseen&nbsp;by&nbsp;the&nbsp;Director&nbsp;in<BR>
    the&nbsp;Family&nbsp;of&nbsp;Investment&nbsp;Companies</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Independent Directors </B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Guy Arnold</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">$50,001 &ndash; $100,000</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">$50,001 &ndash; $100,000</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">John Scott Emrich</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">$10,001 &ndash; $50,000</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">$10,001 &ndash; $50,000</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Alan Ginsberg </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">None</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">None</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Emil Henry </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Over $100,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Over $100,000</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Michael Stolper</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">$10,001 &ndash; $50,000</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">$10,001 &ndash; $50,000</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Michael Van Praag</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">None</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">None</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Interested Directors </B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Sanjai Bhonsle(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">$10,001 &ndash; $50,000</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">$10,001 &ndash; $50,000</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Karen Reidy(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">None</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">None</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Investment Committee</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Kaelyn Abrell(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">None</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">None</FONT></TD></TR>
</TABLE>










<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt"></DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(1) Also a member of the Company&rsquo;s
investment committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(2) Ms. Abrell is not a Director but is
a member of the Company&rsquo;s investment committee. The Company is required to show the dollar ranges of the investment committee
members&rsquo; beneficial ownership of securities in the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">None of the independent directors nor
their family members owned beneficially or of record securities issued by our Adviser, or any person directly or indirectly controlling,
controlled by, or under common control with Adviser as of the date of this SAI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Compensation Table</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the fiscal year ended December&nbsp;31,
2019, the Board held six meetings. Each Director of the Company attended at least 75% of the meetings of the Board and of any
Committee of which he or she was a member. The compensation paid by the Company to the Independent Directors for the fiscal year
ended December&nbsp;31, 2019 is set forth below. No compensation is paid by the Company to the Interested Directors. No officers
of the Company received compensation from the Company. The Company did not reimburse the Independent Directors for out-of-pocket
expenses incurred in attending the Board and Committee meetings for the year ended December&nbsp;31, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Aggregate<BR>
    Compensation<BR> from the<BR> Company(1)</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Pension
    or<BR> Retirement<BR> Benefits<BR> Accrued<BR> as Part of<BR> Company<BR> Expenses</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Estimated<BR>
    Annual Benefits<BR> Upon <BR> Retirement</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Total<BR>
    Compensation<BR> From Company<BR> and Complex Paid<BR> to Directors</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">Independent Directors</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right"><B>&#8203;</B></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right">&#8203;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right">&#8203;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right"><B>&#8203;</B></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt">Guy Arnold<FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">John Scott Emrich<FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; width: 20%; font-size: 10pt; text-align: left">Alan Ginsberg</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; width: 17%; font-size: 10pt; text-align: right">71,000</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 19%; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 19%; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; width: 17%; font-size: 10pt; text-align: right">71,000</TD><TD STYLE="white-space: nowrap; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">Emil Henry, Jr.</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">71,000</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">71,000</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt">Clara Miller<FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">61,000</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">$</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">61,000</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font-size: 10pt">Michael Stolper<FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">Michael Van Praag<FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold"><B>Interested Directors<FONT STYLE="font-size: 10pt">(3)</FONT></B></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right"><B>&#8203;</B></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right">&#8203;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right">&#8203;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: right"><B>&#8203;</B></TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt">Sanjai Bhonsle<FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font-size: 10pt">Karen Reidy<FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap; font-size: 10pt">Joshua Siegel<FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; font-size: 10pt">George Shilowitz<FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: right">None</TD><TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1) Elected as director on February&nbsp;12, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2) Retired as a director on February&nbsp;12, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3) Interested directors are not compensated by us for their
service as directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Officers</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our executive officers are chosen each
year at a regular meeting of the board of directors to hold office until their respective successors are duly elected and qualified,
or until he resigns or is removed in the manner provided by law. Unless otherwise indicated, the address of each officer is 100
Fillmore Street, Suite 325, Denver, Colorado 80206. Our executive officers currently are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; width: 13%">Name</TD>
<TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 5%; text-align: center"><B>Age</B></TD>
<TD STYLE="width: 2%; text-align: center"><B>&nbsp;</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 21%; text-align: center"><B>Position(s)&nbsp;Held&nbsp;with&nbsp;<BR> Company</B></TD>
<TD STYLE="width: 1%; text-align: center"><B>&nbsp;</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 16%; text-align: center"><B>Term&nbsp;Served</B></TD>
<TD STYLE="width: 1%; text-align: center"><B>&nbsp;</B></TD>
<TD STYLE="border-bottom: Black 1pt solid; width: 39%; text-align: center"><B>Principal&nbsp;Occupation(s)&nbsp;Last&nbsp;5&nbsp;Years</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: top">Sanjai Bhonsle</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">50</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top">Chairman and Chief Executive Officer</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">Since February 2020</TD>
<TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top">Partner and Portfolio Manager of ArrowMark Partners, 2013 to Present</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top">Patrick J. Farrell</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">61</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top">Chief Financial Officer</TD>
<TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">Since April&nbsp;2014</TD>
<TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top">Chief Financial Officer of StoneCastle Partners, LLC from April 2014 to Present.</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: top">Rick Grove</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">52</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top">Chief Compliance Officer</TD>
<TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">Since February 2020</TD>
<TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top">Chief Compliance Officer of ArrowMark Colorado Holdings, LLC.; formerly Chief Operating Officer,
ArrowMark Colorado Holdings, LLC.; Vice President, Secretary and Chief Compliance Officer of Meridian Fund, Inc.</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: top">Rachel Schatten</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">50</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top">General Counsel</TD>
<TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">Since July&nbsp;2013</TD>
<TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top">General Counsel and Chief Compliance Officer of StoneCastle Partners, LLC</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: top">David Lentinello</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">59</TD>
<TD STYLE="vertical-align: bottom">&nbsp;</TD>
<TD STYLE="vertical-align: top">Secretary</TD>
<TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top; text-align: center">Since February 2020</TD>
<TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
<TD STYLE="vertical-align: top">Controller of StoneCastle Partners, LLC Since 2013</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following sets forth certain biographical
information for our executive officers who are not directors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><B>Patrick J. Farrell</B>. Chief Financial
Officer. Mr. Farrell has over 30 years of hands-on management experience in finance and accounting, specifically focused on domestic
and offshore mutual funds, bank deposit account programs, investment advisory and broker dealer businesses. Prior to joining StoneCastle
Partners as Chief Financial Officer in February 2014, Mr. Farrell was CFO/COO of the Emerging Managers Group, L.P., a specialty
asset management firm focused on offshore mutual funds. Prior to that, Mr. Farrell was CFO at Reserve Management, where he oversaw
all financial activities for the company. Earlier in his career, he held financial positions at Lexington Management, Drexel Burnham,
Alliance Capital and New York Life Investment Management, all focused on investment advisory and mutual fund activities. He began
his career at Peat Marwick Mitchell &amp; Co. Mr. Farrell holds a B.S. in Business Administration-Accounting from Manhattan College.
Mr. Farrell is a Certified Public Accountant in New York State and a member of the American Institute of Certified Public Accountants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><B>Rick Grove</B>. Rick is the Chief Compliance
Officer at ArrowMark Partners. He was previously Vice President and Chief Compliance Officer for Black Creek Global Advisors (2007-2008).
Prior to that position, Rick served as Vice President and Chief Compliance Officer for Madison Capital Management (2005-2007),
Assistant Vice President and Director of Compliance at Janus Capital Group (1993-2005), and Fund Accountant for Oppenheimer Funds
(1992-1993). Rick graduated from the University of Wyoming with a bachelor's degree in Accounting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><B>Rachel Schatten</B>. General Counsel.
Ms. Schatten had over 12 years of investment adviser experience prior to joining StoneCastle Partners as General Counsel and Chief
Compliance Officer in 2013. From 2004 to 2013, she served as the U.S. General Counsel and Chief Compliance Officer of a subsidiary
of Hardt Group Investments AG, an international fund of funds, and the General Securities Principal of its affiliated broker-dealer
since its inception through its subsequent sale. Prior to her tenure at the Hardt Group, Ms. Schatten was an Associate in the
investment management group of Schulte Roth &amp; Zabel LLP, where she counseled investment advisers on developing and structuring
new hedge funds, including domestic and offshore entities, master feeder funds, and funds of funds. She holds Series 7, 63 and
24 licenses and is admitted to practice law in New York. She graduated Cum Laude from Albany Law School of Union University, where
she was an associate editor of the Albany Law Review and a member of the Justinian Society.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><B>David Lentinello</B>. Secretary. Mr.
Lentinello has over 35 years of hands-on operational and management experience in the area of finance and accounting, specifically
focused in domestic equity and fixed income mutual funds, money market funds, separately managed accounts, private equity and
private debt funds. Prior to Joining StoneCastle Partners as Fund Controller in 2013, Mr. Lentinello was Director of Fund Administration
and Accounting at Reserve Management and held similar positions at J.P. Morgan Chase, Morgan Stanley Asset Management and Drexel
Burnham Lambert. Mr. Lentinello received his Masters degree in Corporate Finance from Adelphi University and his undergraduate
degree in Accounting from Saint Francis college.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Codes of Ethics</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to Rule&nbsp;17j-l under the
Investment Company Act, we and our Adviser have each adopted codes of ethics that permit their respective personnel to invest
in securities for their own accounts, including securities that may be purchased or held by us. All personnel must place the interests
of clients first and avoid activities, interests and relationships that might interfere with the duty to make decisions in the
best interests of the clients. All personal securities transactions by employees must adhere to the requirements of the codes
and must be conducted in such a manner as to avoid any actual or potential conflict of interest, the appearance of such a conflict,
or the abuse of an employee&rsquo;s position of trust and responsibility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Copies of our codes of ethics and our
Adviser&rsquo;s code of ethics are on file with the SEC. You can review and copy these codes of ethics on the SEC&rsquo;s website
(<I>http://www.sec.gov</I>).<BR STYLE="clear: both"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">CERTAIN
RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management Agreement</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have entered into the management agreement
with our Adviser, an entity in which certain of our officers and directors have ownership and financial interests. Our Adviser&rsquo;s
services to us under the management agreement are not exclusive, and our Adviser is free to furnish the same or similar services
to other entities, including businesses that may directly or indirectly compete with us so long as our Adviser&rsquo;s services
to us are not impaired by the provision of such services to others. It is thus possible that our Adviser might allocate investment
opportunities to other entities, and thus might divert attractive investment opportunities away from us. However, our Adviser
intends to allocate investment opportunities consistent with our investment objectives and strategies in a fair and equitable
manner in accordance with its allocation policy. See &ldquo;Management&mdash;Management Agreement.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fees to be Earned by ArrowMark Partners and its Affiliates
from Community Banks,&nbsp;Including Some or All of the Community Banks in which we Invest</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Brokers affiliated with ArrowMark Partners
may provide investment leads to us, and we may pay a portion of the fee income that we receive from community banks in connection
with our investments in such banks to one or more affiliated brokers. Based upon management&rsquo;s prior experience, we may receive
up-front fee revenue from the community bank issuers in connection with newly originated securities. Such fees typically range
from 0% to 3% of the amount we invest and may be paid in cash or in kind. Furthermore, entities affiliated with ArrowMark Partners
may receive fees from us or from issuers in which we invest in respect of structuring investments that we may make. Other affiliates
of ArrowMark that exist today, or that may exist in the future, may provide products or service to community banks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indemnification Agreements</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the fullest extent permitted by law,
we have indemnified our directors and officers if they are made, or threatened to be made, a party to any action or proceeding
(including an action by or in the right of an affiliate), whether civil or criminal, by reason of the fact that any of them is
or was a director or officer of our company, or was serving at our request as a director or officer of another corporation, partnership,
joint venture, trust, employee benefit plan or other enterprise in any capacity, against any judgments, fines, amounts paid in
settlement and reasonable expenses which they incur. We may also advance the expenses of such persons in any such action or proceeding.
We intend to maintain liability insurance covering our directors and officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Conflicts of Interest Within ArrowMark Partners</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Adviser and ArrowMark Partners may
manage funds and accounts other than ours that have similar investment objectives. The investment policies, adviser compensation
arrangements and other circumstances of ours may vary from those of these other funds and accounts. Accordingly, conflicts may
arise regarding the allocation of investments or opportunities among us and those other accounts. In certain cases, investment
opportunities may be made available to us by our Adviser other than on a pro rata basis. For example, we may desire to retain
an asset at the same time that one or more of those other funds or accounts desires to sell, or we may not have additional capital
to invest at the same time as such other funds and accounts. Our Adviser intends to allocate investment opportunities to us and
those other funds and accounts in a manner that they believe, in their good faith judgment and based upon their fiduciary duties,
to be appropriate considering a variety of factors such as the investment objectives, size of transaction, investable assets,
alternative investments potentially available, prior allocations, liquidity, maturity, expected holding period, diversification,
lender covenants and other limitations of ours and other funds or accounts. To the extent that investment opportunities are suitable
for us and for one of these other funds or accounts, our Adviser intends to allocate investment opportunities pro rata among us
and them based on the amount of funds each then has available for such investment, taking into account these factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There may be situations in which one or
more funds or accounts managed by our Adviser or its affiliates might invest in different securities issued by the same company.
It is possible that if the target company&rsquo;s financial performance and condition deteriorates such that one or both investments
are or could be impaired, our Adviser might face a conflict of interest given the difference in seniority of the respective investments.
In such situations, our Adviser would review the conflict on a case-by-case basis and implement procedures consistent with its
fiduciary duties to enable it to act fairly to each of its clients in the circumstances. Any steps by our Adviser will take into
consideration the interests of each of the affected clients, the circumstances giving rise to the conflict, the procedural efficacy
of various methods of addressing the conflict and applicable legal requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Furthermore, two of the members of our
Adviser&rsquo;s investment committee are also members of our board of directors. Due to our board composition, it is more likely
that our board of directors will approve investments made by the Adviser&rsquo;s investment committee and that our board of directors
will value our investments consistent with the valuation recommendations of our Adviser&rsquo;s investment committee. The board
of directors utilizes the services of one or more regionally or nationally recognized independent valuation firms to help it determine
the value of each investment for which a market price is not available. The board of directors will also review valuations of
such investments provided by the Adviser. The board of directors regularly reviews and evaluates our valuation methodology and
any such valuation service it uses and the historical accuracy of such valuation methodologies. The board of directors also reviews
valuations of such investments provided by the Adviser and assigns the valuation it determines to best represent the fair value
of such investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Leverage creates risk for holders of our
common stock, including the likelihood of greater volatility of our NAV and the value of our shares, and the risk of fluctuations
in interest rates on leverage capital, which may affect the return to the holders of our common stock or cause fluctuations in
the distributions paid on our common stock. The fee paid to our Adviser is calculated on the basis of our Managed Assets, including
proceeds from leverage capital. During periods in which we use leverage, the fee payable to our Adviser will be higher than if
we did not use leverage. Consequently, we and our Adviser may have differing interests in determining whether to leverage our
assets. Certain members of our board of directors also serve as investment professionals for our Adviser, which may create inherent
conflicts of interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Approval of Conflicts</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our board of directors, including a majority
of our directors who are independent, is responsible for reviewing and approving the terms of all transactions between us and
our Adviser or its affiliates or any member of our board of directors, including (when applicable) the economic, structural and
other terms of our investments and investment transactions and the review of any investment decisions that may present potential
conflicts of interest among our Adviser and its affiliates, on one hand, and us, on the other. Our board of directors, including
a majority of our directors who are independent, is also responsible for reviewing our Adviser&rsquo;s performance and the fees
and expenses that we pay to our Adviser. In addition, expenses that are reimbursable to our Adviser will be submitted to the independent
members of our board of directors for their approval prior to reimbursement thereof. In addition, our Adviser&rsquo;s compliance
department and legal department will oversee its conflict-resolution system. The program places particular emphasis on the principle
of fair and equitable allocation of appropriate opportunities and of common fees and expenses to our Adviser&rsquo;s clients over
time. Our Adviser has agreed with us that it will allocate opportunities, fees and expenses among its clients pursuant to its
written policies and procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">PORTFOLIO
MANAGERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Day-to-day management of our portfolio
is the responsibility of our Adviser&rsquo;s investment committee,. Our Adviser&rsquo;s investment committee is currently comprised
of Sanjai Bhonsle, Karen Reidy, and Kaelyn Abrell. The investment committee&rsquo;s policy is that the consent of two of the three
members is required to approve the committee&rsquo;s decision to invest in a security and the consent of two of the three members
is required to sell a security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise indicated, the information
below is provided as of the date of this SAI. The table below identifies the number of accounts (other than for us) for which
the members of our investment committee have day-to-day management responsibilities and the total assets in such accounts, within
each of the following categories: registered investment companies, other pooled investment vehicles and other accounts. Where
the named individual has been assigned primary responsibility, or is a member of a committee that has been assigned primary responsibly,
for oversight of another pooled investment vehicle or other account, that vehicle/account has been allocated to that individual
for disclosures purposes. For each category, the number of accounts and total assets in the accounts where fees are based on performance
is also indicated as of December 31, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Name&nbsp;of&nbsp;</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Portfolio<BR>
                                         Manager&nbsp;or<BR> Team&nbsp;Member</B></P></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Type&nbsp;of<BR> Accounts</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total&nbsp;No.
    of&nbsp;Accounts<BR> Managed</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total<BR> Assets</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">No.&nbsp;of<BR>
    Accounts<BR> where<BR> Advisory&nbsp;Fee<BR> is&nbsp;Based&nbsp;on<BR> Performance</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total&nbsp;Assets<BR>
    in&nbsp;Accounts<BR> where<BR> Advisory<BR> Fee&nbsp;is&nbsp;Based<BR> on<BR> Performance</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Sanjai Bhonsle</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 25%; font-size: 10pt; text-align: center">Registered Investment Companies:</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">0</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: center">-</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Other Pooled Investment Vehicles:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">17</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">5,112,750,635.25</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">17</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">5,112,750,635.25</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Other Accounts:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Karen Reidy</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Registered Investment Companies:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Other Pooled Investment Vehicles:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">17</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">5,112,750,635.25</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">17</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">5,112,750,635.25</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Other Accounts:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Kaelyn Abrell</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Registered Investment Companies:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">18,054,787.36</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">0</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Other Pooled Investment Vehicles:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">9</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1,984,110,975.89</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">9</FONT></TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1,984,110,975.89</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Other Accounts:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: center">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Biographical information about each member
of our Adviser&rsquo;s investment committee is set forth in the Prospectus under Management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investment Committee Compensation</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to the compensation of the
investment committee members, our standard compensation includes competitive base salaries, employee benefits, and a retirement
plan. In addition, employees are eligible for bonuses. These are structured to closely align the interests of employees with those
of ArrowMark Partners, and are determined by the professional&rsquo;s job function and performance as measured by a formal review
process. All bonuses are completely discretionary. Because the Adviser utilizes a team approach in managing the assets of its
clients, the overall success of the firm is a key component in determining compensation of investment committee members.&nbsp;
Because investment committee members may be responsible for multiple accounts (including ours) with similar investment strategies,
they are compensated on the performance of the aggregate group of similar accounts, rather than a specific account. A smaller
portion of a bonus payment is derived from factors that include client service, business development, length of service to our
Adviser, management or supervisory responsibilities, contributions to developing business strategy and overall contributions to
our Adviser&rsquo;s business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investment Committee Member Securities Ownership</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The securities ownership of the members
of our investment committee is shown in the table above providing securities ownership for the Company&rsquo;s board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">PORTFOLIO
TRANSACTIONS AND BROKERAGE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Adviser is responsible for decisions
to buy and sell securities for us, the selection of brokers and dealers to effect the transactions and the negotiation of prices
and any brokerage commissions. When we purchase securities listed on a stock exchange, those transactions will be effected through
brokers who charge a commission for their services. We also may invest in securities that are traded principally in the over-the-counter
market. In the over-the-counter market, securities generally are traded on a &ldquo;net&rdquo; basis with dealers acting as principal
for their own accounts without a stated commission, although the price of such securities usually includes a mark-up to the dealer.
Securities purchased in underwritten offerings generally include, in the price, a fixed amount of compensation for the manager,
underwriter and dealer. We also purchase securities including fixed income securities directly from an issuer, in which case no
commissions or discounts will be paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payments of commissions to brokers who
are our affiliates (or &ldquo;affiliated persons&rdquo; of such persons, as defined under the Investment Company Act) will be
made in accordance with Rule 17e-l under the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Commissions paid on such transactions
would be commensurate with the rate of commissions paid on similar transactions to brokers that are not so affiliated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Adviser may, consistent with our interests,
select brokers on the basis of the research, statistical and pricing services they provide to us and our Adviser&rsquo;s other
clients. Such research, statistical and pricing services must provide lawful and appropriate assistance to our Adviser&rsquo;s
investment decision-making process in order for such research, statistical and pricing services to be considered by our Adviser
in selecting a broker. These research services may include information on securities markets, the economy, individual companies,
pricing information, research products and services and such other services as may be permitted from time to time by Section 28(e)
of the Exchange Act. Information and research received from such brokers will be in addition to, and not in lieu of, the services
required to be performed by our Adviser under its contract. A commission paid to such brokers may be higher than that which another
qualified broker would have charged for effecting the same transaction, provided that our Adviser determines in good faith that
such commission is reasonable in terms either of the transaction or the overall responsibility of our Adviser to us and its other
clients and that the total commissions paid by us will be reasonable in relation to the benefits to us over the long-term. The
advisory fees that we pay to our Adviser will not be reduced as a consequence of our Adviser&rsquo;s receipt of brokerage and
research services. To the extent that portfolio transactions are used to obtain such services, the brokerage commissions paid
by us will exceed those that might otherwise be paid by an amount which cannot be presently determined. Such services generally
may be useful and of value to our Adviser in serving one or more of its other clients and, conversely, such services obtained
by the placement of brokerage business of other clients generally would be useful to our Adviser in carrying out its obligations
to us. While such services are not expected to reduce the expenses of our Adviser, our Adviser would, through use of the services,
avoid the additional expenses that would be incurred if it should attempt to develop comparable information through their own
staff.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">One or more of the other investment companies
or accounts that our Adviser manages may own from time to time some of the same investments as us. Investment decisions for us
are made independently from those of other investment companies or accounts; however, from time to time, the same investment decision
may be made for more than one company or account. When two or more companies or accounts seek to purchase or sell the same securities,
the securities actually purchased or sold will be allocated among the companies and accounts on a good faith equitable basis by
our Adviser in its discretion in accordance with the accounts&rsquo; various investment objectives. In some cases, this system
may adversely affect the price or size of the position obtainable for us. In other cases, however, our ability to participate
in volume transactions may produce better execution for us. It is the opinion of our board of directors that this advantage, when
combined with the other benefits available due to our Adviser&rsquo;s organization, outweigh any disadvantages that may be said
to exist from exposure to simultaneous transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the six months ended June 30, 2020
and for the fiscal years ended December 31, 2019 and 2018, we paid brokerage commissions of $1,313, $3,865 and $9,050, respectively.
No brokerage commissions were paid to broker-dealers that were affiliated persons of the Adviser (&ldquo;affiliated brokers&rdquo;)
in connection with portfolio transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the six months ended June 30, 2020
and for the fiscal years ended December 31, 2019 and 2018, our portfolio turnover rates were 12%, 13% and 30%, respectively. The
Company experienced higher portfolio turnover during the fiscal year ended December 31, 2018 due to decreased trading activity
and reinvested proceeds of securities called or redeemed. It is not our policy to engage in transactions with the objective of
seeking profits from short-term trading. Because it is difficult to predict accurately portfolio turnover rates, actual turnover
may be significantly higher or lower. Higher portfolio turnover results in increased costs, including brokerage commissions, dealer
mark-ups and other transaction costs on the sale of securities and on the reinvestment in other securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Persons or organizations beneficially
owning 25% or more of our outstanding shares could be presumed to &ldquo;control&rdquo; us. As a result, those persons or organizations
could have the ability to take action without the consent or approval of other stockholders. As of December 8, 2020, Cede &amp;
Co. held approximately 99.9% of our outstanding voting securities. Cede &amp; Co. is the nominee name for The Depository Trust
Company, a large clearing house that holds shares in its name for banks, brokers and institutions in order to expedite the sale
and transfer of stock. To our knowledge, as of the same date, no other person or entities owned of record or beneficially more
than 5% of our outstanding voting securities based on 13G filings through the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, as of the same date, our
directors and officers owned individually and together approximately 0.38% of our outstanding shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">PROXY VOTING
POLICIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We, along with our Adviser, have adopted
proxy voting policies and procedures (the &ldquo;Proxy Policy&rdquo;) that we believe are reasonably designed to ensure that proxies
are voted in our best interests and the best interests of our stockholders. Subject to its oversight, our board of directors has
delegated responsibility for implementing the Proxy Policy to our Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event requests for proxies are
received to vote equity securities on routine matters, such as ratification of auditors, the proxies usually will be voted in
accordance with the recommendation of our management unless our Adviser determines it has a conflict or our Adviser determines
there are other reasons not to vote in accordance with the recommendation of our management. On non-routine matters, such as elections
of directors, amendments to governing instruments, proposals relating to compensation, corporate governance proposals and stockholder
proposals, our Adviser will vote, or abstain from voting if deemed appropriate, on a case-by-case basis in a manner it believes
to be in the best economic interest of our stockholders. In the event requests for proxies are received with respect to fixed
income securities, our Adviser will vote on a case-by-case basis in a manner it believes to be in the best economic interest of
our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our chief executive officer will be responsible
for monitoring our actions and ensuring that (i) proxies are received and forwarded to the appropriate decision makers, and (ii)
proxies are voted in a timely manner upon receipt of voting instructions. We are not responsible for voting proxies we do not
receive, but we will make reasonable efforts to obtain missing proxies. Our chief executive officer will implement and execute
procedures designed to identify and monitor potential conflicts of interest that could affect the proxy voting process, including
(i) significant client relationships, (ii) other potential material business relationships and (iii) material personal and family
relationships. All decisions regarding proxy voting will be determined by our Adviser&rsquo;s investment committee and will be
executed by our chief executive officer. Every effort will be made to consult with the investment committee member and/or analyst
covering the security. We may determine not to vote a particular proxy if the costs and burdens exceed the benefits of voting
(e.g., when securities are subject to loan or to share blocking restrictions).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a request for proxy presents a conflict
of interest between our stockholders, on one hand, and our Adviser, the underwriters or any of our or their respective affiliated
persons, on the other hand, our management may (i) disclose the potential conflict to our board of directors and obtain consent
or (ii) establish an ethical wall or other informational barrier between the persons involved in the conflict and the persons
making the voting decisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information regarding how the Company
voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge,
upon request, by calling (212)-468-5441; and on the SEC&rsquo;s website at <I>http://www.sec.gov</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">FINANCIAL
STATEMENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The audited financial statements and notes
thereto in our Annual Report to Stockholders for the year ended December 31, 2019 (the &ldquo;Annual Report&rdquo;) is incorporated
by reference into this SAI. The 2019 financial statements included in the Annual Report were audited by Tait, Weller &amp; Baker
LLP, the Company&rsquo;s independent registered public accounting firm, whose report thereon is also incorporated herein by reference.
No other parts of the Annual Report or Semi-Annual Report are incorporated by reference herein and such other parts are not part
of our registration statement, the SAI, or the prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Copies of our annual and semi-annual reports
may be obtained without charge, upon request, by writing to StoneCastle Financial Corp., 100 Fillmore Street, Suite 325, Denver,
Colorado 80206 or calling us at (212)-468-5441or on our website at http://ir.stonecastle-financial.com/financial-information/annual-reports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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</DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INCORPORATION BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">As noted in the Prospectus, As noted in
the Prospectus, we are allowed to &ldquo;incorporate by reference&rdquo; the information that we file with the SEC, which means
that we can disclose important information to you by referring you to those documents. The information incorporated by reference
is considered to be part of the Prospectus, the SAI or the Prospectus Supplement, as applicable, and later information that we
file with the SEC will automatically update and supersede this information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">ADDITIONAL
INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have filed with the SEC a Registration
Statement on Form N-2 relating to the securities offered hereby. Our prospectus and this SAI do not contain all of the information
set forth in the Registration Statement, including any exhibits and schedules thereto. Please refer to the Registration Statement
for further information about us and our securities. Statements contained in our prospectus and this SAI as to the contents of
any contract or other document referred to are not necessarily complete and in each instance reference is made to the copy of
such contract or other document filed as an exhibit to a Registration Statement, each such statement being qualified in all respects
by such reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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</DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART C</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OTHER INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 25.&nbsp; Financial Statements and Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Part A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Part B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">Financial
Statements for the Company are incorporated by reference to the Registrant&rsquo;s June 30, 2020 Semi-Annual Report (unaudited)
on Form N-CSR as filed with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;) on August 6, 2020 and the Registrant&rsquo;s
December 31, 2019 Annual Report (audited) on Form N-CSR as filed with the SEC on February 27, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">2.</TD><TD>Exhibits:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%">Exhibit&nbsp;<BR>
    No.</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 86%">Description&nbsp;of&nbsp;Document</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1578987/000119312513366978/d552499dex99a.htm" STYLE="-sec-extract: exhibit">a.1.</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1578987/000119312513366978/d552499dex99a.htm" STYLE="-sec-extract: exhibit">Amended and Restated Certificate of Incorporation(1)</A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1578987/000119312513366978/d552499dex99b.htm" STYLE="-sec-extract: exhibit">b.1.</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1578987/000119312513366978/d552499dex99b.htm" STYLE="-sec-extract: exhibit">Amended and Restated Bylaws(1)</A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1578987/000119312513366978/d552499dex99d.htm" STYLE="-sec-extract: exhibit">d.1.</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1578987/000119312513366978/d552499dex99d.htm" STYLE="-sec-extract: exhibit">Specimen certificate of the Company&rsquo;s common stock, par value $0.001 per share(1)</A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1578987/000119312513366978/d552499dex99e.htm" STYLE="-sec-extract: exhibit">e.1.</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1578987/000119312513366978/d552499dex99e.htm" STYLE="-sec-extract: exhibit">Dividend Reinvestment Plan(1)</A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="tm2038277d2_ex99-g1.htm" STYLE="-sec-extract: exhibit">g.1.</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tm2038277d2_ex99-g1.htm" STYLE="-sec-extract: exhibit">Management Agreement (5)</A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1578987/000110465914054225/a14-17384_1ex99dj.htm" STYLE="-sec-extract: exhibit">j.1.</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1578987/000110465914054225/a14-17384_1ex99dj.htm" STYLE="-sec-extract: exhibit">Custody Agreement with The Bank of New York Mellon (2)</A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1578987/000110465914054225/a14-17384_1ex99dkd1.htm" STYLE="-sec-extract: exhibit">k.1.</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1578987/000110465914054225/a14-17384_1ex99dkd1.htm" STYLE="-sec-extract: exhibit">Stock Transfer Agency Agreement with Computershare Trust Company, N.A. (2)</A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1578987/000110465914054225/a14-17384_1ex99dkd2.htm" STYLE="-sec-extract: exhibit">k.2.</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1578987/000110465914054225/a14-17384_1ex99dkd2.htm" STYLE="-sec-extract: exhibit">Administration Agreement with The Bank of New York Mellon (2)</A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1578987/000110465914054225/a14-17384_1ex99dkd4.htm" STYLE="-sec-extract: exhibit">k.3.</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1578987/000110465914054225/a14-17384_1ex99dkd4.htm" STYLE="-sec-extract: exhibit">Trademark License Agreement with Stone Castle Partners, LLC and Affiliates (2)</A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1578987/000110465914054225/a14-17384_1ex99dkd5.htm" STYLE="-sec-extract: exhibit">k.4.</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1578987/000110465914054225/a14-17384_1ex99dkd5.htm" STYLE="-sec-extract: exhibit">Credit Agreement among the Registrant, the Lender parties thereto, including Texas Capital Bank, N.A. (2)</A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1578987/000110465914054225/a14-17384_1ex99dkd6.htm" STYLE="-sec-extract: exhibit">k.5.</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1578987/000110465914054225/a14-17384_1ex99dkd6.htm" STYLE="-sec-extract: exhibit">First Amendment to Credit Agreement (2)</A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">l.1.</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Opinion of Troutman Pepper Hamilton Sanders LLP. To be filed by amendment.</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">n.1.</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">Consent of Tait, Weller &amp; Baker LLP. To be filed by amendment.</TD></TR>

<TR>
    <TD STYLE="vertical-align: top; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 86%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="tm2038277d2_ex99-r1.htm" STYLE="-sec-extract: exhibit">r.1.</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tm2038277d2_ex99-r1.htm" STYLE="-sec-extract: exhibit">Code of Ethics of StoneCastle Financial Corp. (5)</A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="tm2038277d2_ex99-r2.htm" STYLE="-sec-extract: exhibit">r.2.</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tm2038277d2_ex99-r2.htm" STYLE="-sec-extract: exhibit">Code of Ethics of StoneCastle-ArrowMark Asset Management, LLC (5)</A></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><A HREF="tm2038277d2_ex99-s1.htm" STYLE="-sec-extract: exhibit">s.1.</A></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><A HREF="tm2038277d2_ex99-s1.htm" STYLE="-sec-extract: exhibit">Power of Attorney&nbsp;&nbsp;(5)</A></TD></TR>
</TABLE>








<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">Incorporated by reference to Pre-Effective
                                         Amendment No.&nbsp;2 to Registrant&rsquo;s Registration Statement on Form&nbsp;N-2 (File
                                         No.&nbsp;333-189307) as filed with the Commission on September&nbsp;16, 2013.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">(2)</TD><TD STYLE="text-align: justify">Incorporated
                                         by reference to Registrant&rsquo;s Registration Statement on Form&nbsp;N-2 (File No.&nbsp;333-197689)
                                         as filed with the Commission on July&nbsp;29, 2014.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">(3)</TD><TD STYLE="text-align: justify">Incorporated
                                         by reference to Pre-Effective Amendment No. 1 to Registrant&rsquo;s Registration Statement
                                         on Form&nbsp;N-2 (File No.&nbsp;333-204417) as filed with the Commission on March 29,
                                         2016.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.5in">(4)</TD><TD STYLE="text-align: justify">Incorporated
                                         by reference to Post-Effective Amendment No. 4 to Registrant&rsquo;s Registration Statement
                                         on Form&nbsp;N-2 (File No.&nbsp;333-204417) as filed with the Commission on August 13,
                                         2018.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD>Filed herewith.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<!-- Field: Page; Sequence: 117 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C-</FONT>1</P>

</DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 26. Marketing Arrangements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information contained under the heading
 &ldquo;Plan of Distribution&rdquo; in this Registration Statements is incorporated hereby by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item 27.&nbsp; Other Expenses of Issuance
and Distribution</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth the estimated
expenses to be incurred in connection with the issuance and distribution of the securities being registered hereby:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 86%">Securities&nbsp;and&nbsp;Exchange&nbsp;Commission&nbsp;fees</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">$</TD>
    <TD STYLE="text-align: right; width: 10%">16,365</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Financial Industry Regulatory Authority,&nbsp;Inc. filing fee (FINRA)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">$</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">*</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top">Accounting fees and expenses</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">$</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">*</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Legal fees and expenses</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">$</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">*</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top">Printing expenses</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">$</TD>
    <TD STYLE="text-align: right; vertical-align: bottom">*</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Miscellaneous</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">$</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; vertical-align: bottom">*</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top">Total</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; vertical-align: bottom">$</TD>
    <TD STYLE="border-bottom: Black 2.25pt double; text-align: right; vertical-align: bottom">16,365</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">* Fees depend on number of issuances and
amount of securities and cannot be estimated at this time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><B>Item 28.&nbsp; Persons Controlled by
or Under Common Control with Registrant</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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</DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><B>Item 29.&nbsp; Number of Holders of
Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">As of December 8, 2020, the number of
record holders of each class of securities of the Registrant was:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 79%">Title&nbsp;of&nbsp;Class</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 18%">Number&nbsp;of<BR>
    Record&nbsp;Holders</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD>Common Stock ($0.001 par value)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">4</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 30.&nbsp; Indemnification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Subject to the Investment Company Act,
or any valid rule, regulation or order of the SEC thereunder, our certificate of incorporation and bylaws provide that we will
indemnify any person who was or is a party or is threatened to be made a party to any threatened action, suit or proceeding whether
civil, criminal, administrative or investigative, by reason of the fact that he is or was our director or officer, or is or was
serving at our request as a director, officer, partner or trustee of another corporation, real estate investment trust, partnership,
joint venture, trust, employee benefit plan or other enterprise to the maximum extent permitted by the Delaware General Corporation
Law. The Investment Company Act provides that a company may not indemnify any director or officer against liability to it or its
security holders to which he or she might otherwise be subject by reason of his or her willful misfeasance, bad faith, gross negligence
or reckless disregard of the duties involved in the conduct of his or her office unless a determination is made by final decision
of a court, by vote of a majority of a quorum of directors who are disinterested, non-party directors or by independent legal
counsel that the liability for which indemnification is sought did not arise out of the foregoing conduct. In addition to any
indemnification to which our directors and officers are entitled pursuant to our amended and restated certificate of incorporation
and amended and restated bylaws and the Delaware General Corporation Law, our amended and restated certificate of incorporation
and amended and restated bylaws permit us to indemnify our other employees and agents to the fullest extent permitted by the Delaware
General Corporation Law, whether such employees or agents are serving us or, at our request, any other entity. As permitted by
the Delaware General Corporation Law, our amended and restated certificate of incorporation and our amended and restated bylaws,
we have purchased and maintain insurance on behalf of each of our directors and officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">The management agreement provides that
our Adviser will not be liable to us in any way for any default, failure or defect in any of the securities comprising our portfolio
if it has satisfied the duties and the standard of care, diligence and skill set forth in the management agreement. The management
agreement further states that we will indemnify the Adviser for any losses, damages, claims, costs, charges, expenses or liabilities
except to the extent such amounts result from our Adviser&rsquo;s willful misconduct, bad faith or gross negligence or as otherwise
prohibited by applicable law. As a result, our Adviser may not be liable to us for breaches of its duty of care, diligence or
skill. In addition, under the license agreement, we have agreed to indemnify StoneCastle Partners for any unauthorized use of
the &ldquo;StoneCastle&rdquo; name and marks by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 31.&nbsp; Business and Other Connections of Investment
</B>Adviser</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">The information in the Statement of Additional
Information under the caption &ldquo;Management&mdash;Directors and Officers&rdquo; and the information in the prospectus under
the caption &ldquo;Management&mdash;Management Agreement&rdquo; is hereby incorporated by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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</DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 32.&nbsp; Location of Accounts and Records</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">The Registrant&rsquo;s accounts, books,
and other documents are maintained at the offices of the Registrant, at the offices of the Registrant&rsquo;s investment adviser,
StoneCastle-ArrowMark Asset Management, LLC, 100 Fillmore Street, Suite 325, Denver, Colorado 80206, at the offices of the custodian,
The Bank of New York Mellon, 2 Hanson Place, Brooklyn, New York 11217, at the offices of the transfer agent, Computershare Trust
Company, N.A., 250 Royall Street, Canton, Massachusetts 02021, or at the offices of the administrator, BNY Mellon Investment Servicing
(US) Inc., 4400 Computer Drive, Westborough, Massachusetts 01581.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 33.&nbsp; Management Services</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 34.&nbsp; Undertakings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Not applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant
hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(a) to file, during
any period in which offers or sales are being made, a post-effective amendment to the registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(1) <FONT STYLE="background-color: white">to
include any prospectus required by Section 10(a)(3) of the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 49.5pt; text-indent: -13.5pt"><FONT STYLE="background-color: white">(2)
to reflect in the prospectus any facts or events after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the
registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total
dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b) if, in
the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth
in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 49.5pt; text-indent: -13.5pt"><FONT STYLE="background-color: white">(3)
to include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-indent: -13.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 49.5pt"><FONT STYLE="background-color: white"><I>Provided</I>,&nbsp;<I>however</I>,
that paragraphs 4(a)(1), (2), and (3) of this section do not apply if the information required to be included in a post-effective
amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the Registrant pursuant to Section
13 or Section 15(d) of the Exchange Act of 1934 that are incorporated by reference into the registration statement, or is contained
in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in"><FONT STYLE="background-color: white">(b)
that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered herein, and the offering of those securities at that time
shall be deemed to be the initial bona fide offering thereof; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in"><FONT STYLE="background-color: white">(c)
to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold
at the termination of the offering; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in"><FONT STYLE="background-color: white">(d)
that, for the purpose of determining liability under the Securities Act to any purchaser:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in"><FONT STYLE="background-color: white">(1)
if the Registrant is relying on Rule 430B:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in"><FONT STYLE="background-color: white">(A)
Each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as
of the date the filed prospectus was deemed part of and included in the registration statement; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"></P>

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</DIV>
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in"><FONT STYLE="background-color: white">(B)
Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance
on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (x), or (xi) for the purpose of providing the information
required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of
the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of
securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any
person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement
relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.&nbsp;<I>Provided</I>,&nbsp;<I>however</I>, that no
statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated
or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will,
as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made
in the registration statement or prospectus that was part of the registration statement or made in any such document immediately
prior to such effective date; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in"><FONT STYLE="background-color: white">(2)
if the Registrant is subject to Rule 430C: each prospectus filed pursuant to Rule&nbsp;</FONT>424(b)<FONT STYLE="background-color: white">&nbsp;under
the&nbsp;</FONT>Securities Act<FONT STYLE="background-color: white">&nbsp;as part of a registration statement relating to an offering,
other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed
to be part of and included in the registration statement as of the date it is first used after effectiveness; Provided, however,
that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document
incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration
statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that
was made in the registration statement or prospectus that was part of the registration statement or made in any such document
immediately prior to such date of first use;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in"><FONT STYLE="background-color: white">(e)
that, for the purpose of determining liability of the Registrant under the&nbsp;</FONT>Securities Act<FONT STYLE="background-color: white">&nbsp;to
any purchaser in the initial distribution of securities: The undersigned Registrant undertakes that in a primary offering of securities
of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the
securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications,
the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in"><FONT STYLE="background-color: white">(1)
any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant
to Rule&nbsp;</FONT>424<FONT STYLE="background-color: white">&nbsp;under the&nbsp;</FONT>Securities Act<FONT STYLE="background-color: white">;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in"><FONT STYLE="background-color: white">(2)
any free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred
to by the undersigned Registrant;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in"><FONT STYLE="background-color: white">(3)
the portion of any other free writing prospectus or advertisement pursuant to Rule&nbsp;</FONT>482<FONT STYLE="background-color: white">&nbsp;under
the&nbsp;</FONT>Securities Act<FONT STYLE="background-color: white">&nbsp;relating to the offering containing material information
about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 0.5in"><FONT STYLE="background-color: white">(4)
any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white">(4) Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white">(5) <FONT STYLE="background-color: white">The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the&nbsp;</FONT>Securities Act<FONT STYLE="background-color: white">,
each filing of the Registrant&rsquo;s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act
that is incorporated by reference into the registration statement shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide
offering thereof.</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"></P>

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</DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><FONT STYLE="background-color: white">(6)
Insofar as indemnification for liabilities arising under the&nbsp;</FONT>Securities Act<FONT STYLE="background-color: white">&nbsp;may
be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise,
the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the&nbsp;</FONT>Securities
Act&nbsp;<FONT STYLE="background-color: white">and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the&nbsp;</FONT>Securities Act<FONT STYLE="background-color: white">&nbsp;and
will be governed by the final adjudication of such issue.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; background-color: white"><FONT STYLE="background-color: white">(7)
The Registrant hereby undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within
two business days of receipt of a written or oral request, any prospectus or Statement of Additional Information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Pursuant to the requirements of the Securities
Act of 1933 and Investment Company Act of 1940, the Registrant has duly caused this Registration Statement on Form&nbsp;N-2   to be signed on its behalf by the undersigned, thereunto duly authorized, in this City of Denver and State of
Colorado on the 14<SUP>TH</SUP> day of December, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 48%">StoneCastle Financial Corp.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Sanjai Bhonsle</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Sanjai Bhonsle<BR>
    Chief Executive Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Pursuant to the requirements of the Securities
Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the date indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">Name</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">Title</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">Date</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Sanjai Bhonsle</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Executive Officer and Director</P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">December 14, 2020</P></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">Sanjai Bhonsle</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">(Principal Executive Officer)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: top">/s/ Patrick J. Farrell</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">Chief Financial Officer</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">December 14, 2020</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">Patrick J. Farrell</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">(Principal Financial and Accounting Officer)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: top">* /s/ Guy M. Arnold</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">Director</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">December 14, 2020</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">Guy M. Arnold</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: top">* /s/ John Scott Emrich</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">Director</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">December 14, 2020</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">John Scott Emrich</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: top">* /s/ Alan J. Ginsberg</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">Director</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">December 14, 2020</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">Alan J. Ginsberg</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: top">* /s/ Emil W. Henry, Jr.</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">Director</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">December 14, 2020</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">Emil W. Henry, Jr.</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: top">* /s/ Michael Stolper</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">Director</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">December 14, 2020</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">Michael Stolper</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">* /s/ Michael P. Van Praag</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">Director</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">December 14, 2020</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; vertical-align: top">Michael Van Praag</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">* /s/ Karen L. Reidy</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">Director</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">December 14, 2020</TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; vertical-align: top">Karen L. Reidy</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="6">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>* By:</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid">/s/ Sanjai Bhonsle</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">Sanjai Bhonsle</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="6">Attorney-In-Fact pursuant to a power of attorney signed by each individual on December 14, 2020.</TD></TR>
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 28%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 22%">&nbsp;</TD>
    <TD STYLE="width: 21%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 23%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXHIBIT
INDEX</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: center"><B>Exhibit<BR>
    No.</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 4%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 86%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Description of Document</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2038277d2_ex99-g1.htm">g.1</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2038277d2_ex99-g1.htm">Management Agreement</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2038277d2_ex99-r1.htm">r.1</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2038277d2_ex99-r1.htm">Code of Ethics of StoneCastle Financial Corp.</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2038277d2_ex99-r2.htm">r.2</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2038277d2_ex99-r2.htm">Code of Ethics of StoneCastle-ArrowMark Asset Management, LLC</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><A HREF="tm2038277d2_ex99-s1.htm">s.1</A></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2038277d2_ex99-s1.htm">Power of Attorney</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.G1
<SEQUENCE>2
<FILENAME>tm2038277d2_ex99-g1.htm
<DESCRIPTION>EXHIBIT 99.G.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 367pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><B>Exhibit 99.g.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 367pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps">E</FONT><FONT STYLE="font-variant: small-caps">xecution
Version</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>MANAGEMENT AGREEMENT</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>BETWEEN</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>STONECASTLE FINANCIAL
CORP.</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>AND STONECASTLE-ARROWMARK ASSET MANAGEMENT, LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS MANAGEMENT AGREEMENT
(the &ldquo;<U>Agreement</U>&rdquo;), dated February&nbsp;12, 2020 (the &ldquo;<U>Effective Date</U>&rdquo;), is entered into between
StoneCastle Financial Corp., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;) and StoneCastle-ArrowMark Asset Management,
LLC, a Delaware limited liability company (the &ldquo;<U>Advisor</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt auto 0pt 0.5in; text-align: justify; text-indent: 0.5in">WHEREAS,
the Company is Delaware corporation registered as a non-diversified, closed-end management investment company under the Investment
Company Act of 1940, as amended (the &ldquo;<U>Investment Company Act</U>&rdquo;); <U>and</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in">WHEREAS,
the Advisor is an investment advisor that has registered under the Investment Advisers Act of 1940, as amended (the &ldquo;<U>Advisers
Act</U>&rdquo;); <U>and</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in">WHEREAS,
each of the board of directors of the Company (the &ldquo;<U>Board</U>&rdquo;), including a majority of directors that are not
 &ldquo;interested persons&rdquo; of the parties hereto, and the stockholders of the Company have approved the entry by the Company
into this Agreement in the manner required under the Investment Company Act; <U>and</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in">WHEREAS,
the Company desires to retain the Advisor to furnish investment advisory and administrative services to the Company on the terms
and conditions hereinafter set forth, and the Advisor desires to be retained to provide such services;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0.5in">NOW THEREFORE,
in consideration of the mutual covenants herein contained and other good and valuable consideration, the receipt of which is hereby
acknowledged, the parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Appointment
of Advisor</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company appoints
the Advisor to act as the investment advisor of and to provide certain administrative services to the Company for the period and
on the terms herein set forth. The Advisor accepts such appointment and agrees to render the investment advisory and administrative
services herein set forth, for the compensation herein provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Investment
Duties of the Advisor</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company
hereby employs the Advisor to act as the investment advisor to the Company and to manage the investment and reinvestment of
the assets of the Company, subject to the supervision of the Board, for the period and upon the terms herein set forth,
(a)&nbsp;in accordance with the investment objective, policies and restrictions of the Company that were initially set forth
in the Company&rsquo;s registration statement on Form&nbsp;N-2 first filed with the Securities and Exchange Commission on
June&nbsp;14, 2013 (the &ldquo;<U>Registration Statement</U>&rdquo;), as it has been amended from time to time in the
Company&rsquo;s annual reports on Form&nbsp;N-CSR and subsequent registration statements filed by the Company on
Form&nbsp;N-2, as the same may be amended from time to time, (b)&nbsp;in accordance with the Investment Company Act, the
Advisers Act and all other applicable federal and state laws, and (c)&nbsp;in accordance with the Company&rsquo;s Amended and
Restated Certificate of Incorporation and Bylaws as the same may be amended from time to time. Consistent with the foregoing,
the Advisor will regularly provide the Company with investment research, advice and supervision and will furnish continuously
an investment program for the Company, consistent with the investment objective and policies of the Company. The Advisor will
determine from time to time what securities shall be purchased for the Company, what securities shall be held or sold by the
Company and what portion of the Company&rsquo;s assets shall be held as cash or in other liquid assets. Subject to the
supervision of the Board, the Advisor shall have the power and authority on behalf of the Company to effectuate its
investment decisions for the Company, including the execution and delivery of all documents relating to the Company&rsquo;s
investments and the placing of orders for other securities purchase or sale transactions on behalf of the Company. In the
event that the Company determines to acquire debt financing, the Advisor will arrange for such financing on the
Company&rsquo;s behalf, subject to the approval of the Board. If the Company determines it is necessary or appropriate for
the advisor to make investments on behalf of the Company through a special purpose vehicle, the Advisor shall have the
authority to create or arrange for the creation of such special purpose vehicle and to make such investments through such
special purpose vehicle in accordance with the Investment Company Act. Without limiting the generality of the foregoing, the
Advisor shall, during the term and subject to the provisions of this Agreement, (i)&nbsp;determine the composition of the
portfolio of the Company, the nature and timing of the changes therein and the manner of implementing such changes;
(ii)&nbsp;identify, evaluate and negotiate the structure of the investments made by the Company; (iii)&nbsp;perform due
diligence on prospective portfolio companies; (iv)&nbsp;close and monitor the Company&rsquo;s investments; and
(v)&nbsp;provide the Company with such other investment advisory, research and related services as the Company may, from time
to time, reasonably require for the investment of its assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Administrative
Duties of the Advisor</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the overall
supervision and review of the Board, the Advisor will perform (or oversee or arrange for the performance of) the administrative
services necessary for the operation of the Company. Without limiting the generality of the foregoing, the Advisor will furnish
or arrange for the furnishing of office facilities and clerical and administrative services necessary to the operation of the Company
(other than services provided by the Company&rsquo;s custodian, accounting agent, administrator, dividend and interest paying agent
and other service providers). The Advisor will also, on behalf of the Company, arrange for the services of, and oversee, custodians,
depositaries, transfer agents, dividend disbursing agents, underwriters, brokers, dealers, placement agents, banks, insurers, accountants,
attorneys, pricing agents, and other persons as it may deem necessary or desirable. The Advisor shall, on behalf of the Company
(a)&nbsp;oversee the performance of, and payment of the fees to, the Company&rsquo;s service providers, and make such reports and
recommendations to the Board concerning such matters as the parties deem desirable; (b)&nbsp;respond to inquiries and otherwise
assist such service providers in the preparation and filing of regulatory reports, proxy statements, shareholder communications
and the preparation of Board materials and reports; (c)&nbsp;establish and oversee the implementation of borrowing facilities or
other forms of leverage authorized by the Board; and (d)&nbsp;supervise any other aspect of the Company&rsquo;s administration
as may be agreed upon by the Board on behalf of the Company and the Advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Delegation
of Responsibilities</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the requirements
of the Investment Company Act, the Advisor is hereby authorized, but not required, to enter into one or more sub-advisory agreements
with other investment advisors (each, a &ldquo;<U>Sub-Advisor</U>&rdquo;) pursuant to which the Advisor may obtain the services
of the Sub-Advisor(s)&nbsp;to assist the Advisor in fulfilling its responsibilities hereunder. Specifically, the Advisor may retain
a Sub-Advisor to recommend specific securities or other investments based upon the Company&rsquo;s investment objective and policies,
and work, along with the Advisor, in structuring, negotiating, arranging or effecting the acquisition or disposition of such investments
and monitoring investments on behalf of the Company, subject in all cases to the oversight of the Advisor and the Company. The
Advisor, and not the Company, shall be responsible for any compensation payable to any Sub-Advisor. Any sub-advisory agreement
entered into by the Advisor shall be in accordance with the requirements of the Investment Company Act, the Advisers Act and other
applicable federal and state laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Independent
Contractors</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Advisor and any
Sub-Advisors shall for all purposes herein be deemed to be independent contractors and shall, except as expressly provided or authorized,
have no authority to act for or represent the Company in any way or otherwise be deemed to be an agent of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Compliance
with Applicable Requirements</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">In carrying out its obligations under this Agreement,
the Advisor shall at all times comply with:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">a.</TD><TD STYLE="text-align: justify">all applicable provisions of the Investment Company Act, the Advisers Act, the Securities Exchange
Act of 1934, as amended, and the Securities Act of 1933, as amended, and any applicable rules&nbsp;and regulations adopted thereunder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">b.</TD><TD STYLE="text-align: justify">the provisions of the Registration Statement of the Company, as the same has been amended from
time to time in the Company&rsquo;s annual reports on Form&nbsp;N-CSR and in subsequent registration statements filed by the Company
on Form&nbsp;N-2, including without limitation, the investment objectives set forth therein;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">c.</TD><TD STYLE="text-align: justify">the provisions of the Company&rsquo;s Amended and Restated Certificate of Incorporation and its
By-Laws as the same may be amended from time to time;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">d.</TD><TD STYLE="text-align: justify">all policies, procedures and directives adopted by the Board; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">e.</TD><TD STYLE="text-align: justify">any other applicable provisions of state, federal or foreign law, or rules&nbsp;promulgated by
any applicable self-regulating organization or exchange.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>7.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Policies and Procedures</U></B></FONT>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Advisor shall provide the Company,
at such times as the Company shall reasonably request, with a copy of all policies and procedures adopted by the Advisor as may
reasonably be required to comply with Rule&nbsp;38a-1 under the Investment Company Act, if applicable, and a copy of the Advisor&rsquo;s
report to the Company in sufficient scope and detail to comply with the Advisor&rsquo;s obligations under Rule&nbsp;38a-1 under
the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Brokerage</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Advisor is responsible
for decisions to buy and sell securities for the Company, broker-dealer selection, and negotiation of brokerage commission rates.
The Advisor&rsquo;s primary consideration in effecting a security transaction (including purchases and sales) will be to obtain
best execution. In selecting a broker-dealer to execute a particular transaction, the Advisor will take the following into consideration:
the best net price available; the reliability, integrity and financial condition of the broker-dealer; the size of and the difficulty
in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Company
on a continuing basis. Accordingly, the price to the Company in any transaction may be less favorable than that available from
another broker-dealer if the difference is reasonably justified by other aspects of the execution services offered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to such policies
as the Board may from time to time determine, the Advisor shall not be deemed to have acted unlawfully, or to have breached any
duty created by this Agreement or otherwise, solely by reason of its having caused the Company to pay a broker or dealer that provides
brokerage and research services to the Advisor an amount of commission for effecting a Company investment transaction in excess
of the amount of commission another broker or dealer would have charged for effecting that transaction, if the Advisor determines
in good faith that such amount of commission was reasonable in relation to the value of the brokerage and research services provided
by such broker or dealer, viewed in terms of either that particular transaction or the Advisor&rsquo;s overall responsibilities
with respect to the Company and to other clients of the Advisor as to which the Advisor exercises investment discretion. The Advisor
is further authorized to allocate the orders placed by it on behalf of the Company to such brokers and dealers who also provide
research or statistical material or other services to the Company, the Advisor or to any sub-advisor. Such allocation shall be
in such amounts and proportions as the Advisor shall determine and the Advisor will report on said allocations regularly to the
Board indicating the brokers to whom such allocations have been made and the basis therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Books
and Records</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to review by
and the overall control of the Board, the Advisor shall keep and preserve for the period required by the Investment Company Act
and the Advisers Act any books and records relevant to the provision of its investment advisory services to the Company and shall
specifically maintain all books and records with respect to the Company&rsquo;s portfolio transactions and shall render to the
Board such periodic and special reports as the Board may reasonably request. The Advisor agrees that all records that it maintains
for the Company are the property of the Company and shall surrender promptly to the Company any such records upon the Company&rsquo;s
request, provided that the Advisor may retain a copy of such records.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>10.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Compensation</U></B></FONT>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">a.</TD><TD STYLE="text-align: justify">For the services, payments and facilities to be furnished hereunder by the Advisor, the Advisor
shall receive from the Company the following compensation:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">i.</TD><TD STYLE="text-align: justify"><U>Management Fee</U>. The Advisor shall receive a management fee (the &ldquo;<U>Management Fee</U>&rdquo;)
calculated quarterly and paid quarterly in arrears, based on Managed Assets at the end of each calendar quarter, within fifteen
(15) days of the end of each calendar quarter. Subject to Section&nbsp;16, the Management Fee will be prorated for any partial
calendar quarter and, if more than one rate applies during a calendar quarter, the Management Fee will be adjusted on a pro rata
basis based on the number of calendar days and/or category of assets for which each rate applies. The Management Fee shall equal
0.4375% per quarter (1.75% annualized) of the Company&rsquo;s Managed Assets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">ii.</TD><TD STYLE="text-align: justify"><U>Incentive Fee</U>. The Advisor shall not receive any incentive compensation from the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">b.</TD><TD STYLE="text-align: justify">For purposes of this Agreement, &ldquo;<U>Managed Assets</U>&rdquo; means the total assets of the
Company (including any assets purchased with or attributable to any borrowed funds and cash and cash equivalents except where otherwise
expressly provided herein), which shall be computed in accordance with any applicable policies and determinations of the Board.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">c.</TD><TD STYLE="text-align: justify">The Advisor may, from time to time, waive or defer all or any part of the compensation described
in this Section&nbsp;10. The parties do hereby expressly authorize and instruct the Company&rsquo;s officers or any third-party
administrator to calculate the fee payable hereunder and to remit all payments specified herein to the Advisor.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>11.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Expenses of the Advisor</U></B></FONT>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The compensation paid
by the Advisor to its investment professionals and the allocable routine overhead expenses of the Advisor and its affiliates, when
and to the extent engaged in providing the investment advisory services described in Section&nbsp;2 hereof, will be provided and
paid for by the Advisor and its affiliates and not by the Company. It is understood that the Company will pay all expenses other
than those expressly stated to be payable by the Advisor hereunder, which expenses payable by the Company shall include, without
limitation, the following (collectively, &ldquo;<U>Operating Expenses</U>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">a.</FONT></TD><TD STYLE="text-align: justify">other than as set forth in the first sentence of this Section&nbsp;11, expenses of maintaining
the existence of the Company and related overhead, including, to the extent such services are provided by personnel of the Advisor
or its affiliates, an allocable portion of the overhead and other expenses incurred by the Advisor in performing its administrative
obligations under this Agreement, including without limitation furnishing office space and facilities and administrative and compliance
personnel compensation, training and benefits, provided that the reimbursement of any expenses incurred by the
Advisor or its affiliates pursuant to this clause (a)&nbsp;that would exceed 0.05% of Managed Assets shall be subject to the approval
by a majority of the members of the Board who are not &ldquo;interested persons&rdquo; of the Company as defined in Section&nbsp;2(a)(19)
of the Investment Company Act (&ldquo;<U>Independent Directors</U>&rdquo;), or in lieu thereof a committee of the Board comprised
solely of Independent Directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">b.</TD><TD STYLE="text-align: justify">the fees, expenses and disbursements of any third party administrator or compliance firm retained
by the Company or the Advisor to provide any of the administrative services referenced in clause (a)&nbsp;above, to the extent
not provided by personnel of the Advisor or its affiliates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">c.</TD><TD STYLE="text-align: justify">commissions, spreads, fees and other expenses connected with the acquisition, holding, monitoring
and disposition of securities and the Company&rsquo;s other investments, including placement and similar fees in connection with
direct placements entered into by or on behalf of the Company or any subsidiary thereof, and travel or other expenses incurred
in connection with performing due diligence on its prospective portfolio companies or monitoring and overseeing its existing portfolio
companies, provided that the reimbursement of any travel expenses incurred by the Advisor or its affiliates pursuant to this clause
(c)&nbsp;shall be subject to the approval by a majority of the Independent Directors, or in lieu thereof a committee of the Board
comprised solely of Independent Directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">d.</TD><TD STYLE="text-align: justify">auditing, accounting and legal expenses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">e.</TD><TD STYLE="text-align: justify">taxes and interest;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">f.</TD><TD STYLE="text-align: justify">governmental fees;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">g.</TD><TD STYLE="text-align: justify">expenses of listing shares of the Company with a stock exchange, and expenses of issue, sale, repurchase
and redemption (if any) of interests in the Company, including expenses of conducting tender offers for the purpose of repurchasing
Company securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">h.</TD><TD STYLE="text-align: justify">expenses of registering and qualifying the Company and its securities under federal and state securities
laws and of preparing and filing registration statements and amendments for such purposes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">i.</TD><TD STYLE="text-align: justify">expenses of communicating with shareholders, including website expenses and the expenses of preparing,
printing, and mailing press releases, reports and other notices to shareholders and of meetings of shareholders and proxy solicitations
therefor;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">j.</TD><TD STYLE="text-align: justify">expenses of preparing and filing reports with governmental officers and commissions, including
but not limited to those incurred in connection with compliance by the Company with its reporting obligations under the Investment
Company Act and other federal securities laws;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">k.</TD><TD STYLE="text-align: justify">insurance expenses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">l.</TD><TD STYLE="text-align: justify">association membership dues;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">m.</TD><TD STYLE="text-align: justify">fees, expenses and disbursements of custodians and subcustodians for all services to the Company
(including without limitation safekeeping of funds, securities and other investments, keeping of books, accounts and records, and
determination of net asset values);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">n.</TD><TD STYLE="text-align: justify">fees, expenses and disbursements of transfer agents, dividend and interest paying agents, stockholder
servicing agents and registrars for all services to the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">o.</TD><TD STYLE="text-align: justify">fees, expenses and disbursements, including travel expenses, incurred in connection with the marketing
and promotion of the Company, including the fees, expenses and disbursements of any person with whom the Company (or the Advisor
on behalf of the Company) enters into an endorsement relationship, provided that the reimbursement of any expenses incurred by
the Advisor or its affiliates pursuant to this clause (o)&nbsp;shall be subject to the approval by a majority of the Independent
Directors, or in lieu thereof a committee of the Board comprised solely of Independent Directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">p.</TD><TD STYLE="text-align: justify">compensation and expenses of the Company&rsquo;s Independent Directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">q.</TD><TD STYLE="text-align: justify">pricing, valuation, and other consulting, due diligence or analytical services employed in considering
and valuing the actual or prospective investments of the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">r.</TD><TD STYLE="text-align: justify">all expenses incurred in leveraging of the Company&rsquo;s assets through a line of credit or other
indebtedness or issuing and maintaining preferred shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">s.</TD><TD STYLE="text-align: justify">all expenses incurred in connection with the organization of the Company and any offering of common
or preferred shares, including underwriting discounts and commissions; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">t.</TD><TD STYLE="text-align: justify">such non-recurring items as may arise, including expenses incurred in litigation, proceedings and
claims and the obligation of the Company to indemnify its directors, officers and shareholders with respect thereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>12.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Covenants of the Advisor</U></B></FONT>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Advisor represents
and warrants to the Company that it is, and covenants to the Company that it shall remain during the term of this Agreement, registered
as an investment advisor under the Advisers Act. The Advisor agrees that its activities will at all times be in compliance in all
material respects with all applicable federal and state laws governing its operations and investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Non-Exclusivity</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company understands
that the services of the Advisor to the Company are not exclusive and the persons employed by the Advisor to assist in the performance
of the Advisor&rsquo;s duties under this Agreement may not devote their full time to such services. Nothing contained in this Agreement
shall be deemed to limit or restrict the right of the Advisor or any affiliate of the Advisor to engage in and devote time and
attention to other businesses or to render services of whatever kind or nature. Furthermore, the Advisor may furnish the same or
similar investment advisory or administrative services described herein to one or more clients other than the Company, including
businesses that may directly or indirectly compete with the Company. It is possible that the Advisor may allocate investment opportunities
to such other clients, which may reduce the Company&rsquo;s access to such investment opportunities. The Advisor shall allocate
investment opportunities between the Company and such other clients in a fair and equitable manner in accordance with its internal
allocation policies and procedures (the &ldquo;<U>Allocation Policy</U>&rdquo;). The Allocation Policy and all amendments thereto
will be subject to Board approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company further
understands and agrees that managers and employees of the Advisor and its affiliates may serve as officers or directors of the
Company, and that officers or directors of the Company may serve as managers of the Advisor to the extent permitted by law; and
that the managers of the Advisor are not prohibited from engaging in any other business activity or from rendering services to
any other person, or from serving as partners, officers or directors of any other firm or company, including other investment advisory
companies. Notwithstanding the foregoing, the Advisor acknowledges and agrees that its investment professionals shall devote that
amount of their respective business time as is reasonably necessary to manage the affairs and activities of the Advisor as they
relate to the performance of the Advisor&rsquo;s duties and obligations to the Company under this Agreement. If any person who
is a manager, partner, officer or employee of the Advisor is or becomes a director, officer and/or employee of the Company and
acts as such in any business of the Company, then such manager, partner, officer or employee of the Advisor shall be deemed to
be acting in such capacity solely for the Company and not as a manager, partner, officer or employee of the Advisor or under the
control or direction of the Advisor, even if paid by the Advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to any
restrictions prescribed by law, by the provisions of the Code of Ethics of the Company and the Advisor and by the
Advisor&rsquo;s Allocation Policy, the Advisor and its members, officers, employees and agents shall be free from time to
time to acquire, possess, manage and dispose of securities or other investment assets for their own accounts, for the
accounts of their family members, for the account of any entity in which they have a beneficial interest or for the accounts
of others for whom they may provide investment advisory, brokerage or other services (collectively, &ldquo;<U>Managed
Accounts</U>&rdquo;), in transactions that may or may not correspond with transactions effected or positions held by the
Company or to give advice and take action with respect to Managed Accounts that differs from advice given to, or action taken
on behalf of, the Company. The Advisor is not, and shall not be, obligated to initiate the purchase or sale for the Company
of any security that the Advisor and its members, officers, employees or agents may purchase or sell for its or their own
accounts or for the account of any other client if, in the opinion of the Advisor, such transaction or investment appears
unsuitable or undesirable for the Company. Moreover, it is understood that when the Advisor determines that it would be
appropriate for the Company and one or more Managed Accounts to participate in the same investment opportunity, the Advisor
shall seek to execute orders for the Company and for such Managed Account(s)&nbsp;on a basis that the Advisor considers to be
fair and equitable over time. In such situations, the Advisor may (but is not required to) place orders for the Company and
each Managed Account simultaneously or on an aggregated basis. If all such orders are not filled at the same price, the
Advisor may cause the Company and each Managed Account to pay or receive the average of the prices at which the orders were
filled for the Company and all relevant Managed Accounts on each applicable day. If all such orders cannot be fully executed
under prevailing market conditions, the Advisor may allocate the investment opportunities among participating accounts in a
manner that the Advisor considers equitable, taking into account, among other things, the size of each account, the size of
the order placed for each account and any other factors that the Advisor deems relevant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>14.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Consent
of the Use of Name</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has obtained
the consent of StoneCastle Partners, LLC to the royalty free use by the Company of the name &ldquo;StoneCastle&rdquo; as part of
the Company&rsquo;s name and the royalty free use of the related &ldquo;StoneCastle&rdquo; logo. The Company acknowledges that
the name &ldquo;StoneCastle&rdquo; and the related &ldquo;StoneCastle&rdquo; logo or any variation thereof may be used from time
to time in other connections and for other purposes by the Advisor and its affiliates and other investment companies that have
obtained consent to the use of the name &ldquo;StoneCastle&rdquo;. The Company shall cease using the name &ldquo;StoneCastle&rdquo;
as part of the Company&rsquo;s name, shall change its legal name so as to not contain the word &ldquo;StoneCastle&rdquo; or any
variant thereof (and, if required, shall use best efforts to obtain consent of the stockholders of the Company with respect to
the foregoing), and shall cease using the related &ldquo;StoneCastle&rdquo; logo if the Company ceases, for any reason, to employ
the Advisor or one of its approved affiliates as the Company&rsquo;s investment advisor. Future names adopted by the Company for
itself, insofar as such names include any trademark of the Advisor or any mark with the potential for confusion with the Advisor
may only be used by the Company with the approval of the Advisor. The provisions of this Section&nbsp;14 shall survive the termination
of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>15.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Closing
Date, Term and Approval</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement shall
become effective as of the date first written above. This Agreement shall continue in force and effect for two years from the date
of this Agreement, and thereafter shall be automatically renewed for successive one year terms so long as such renewal is specifically
approved by (a)&nbsp;the Board or the vote of a majority of the Company&rsquo;s voting securities, in each case as determined in
accordance with the Investment Company Act, and (b)&nbsp;the vote of a majority of the Company&rsquo;s Independent Directors ,
in each case in accordance with the requirements of the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Effectiveness,
Duration and Termination of Agreement</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement
may be terminated at any time, without the payment of any penalty, upon not less than 60 days&rsquo; written notice, by the
vote of a majority of the outstanding voting securities of the Company, or by the vote of the Company&rsquo;s Board or by the
Advisor. This Agreement shall automatically terminate in the event of its &ldquo;assignment&rdquo; (as such term is defined
for purposes of Section&nbsp;15(a)(4)&nbsp;of the Investment Company Act). The provisions of Section&nbsp;18 of this
Agreement shall remain in full force and effect, and the Advisor shall remain entitled to the benefits thereof,
notwithstanding any termination of this Agreement. Further, notwithstanding the termination of this Agreement as aforesaid,
the Advisor shall be entitled to any amounts owed under Section&nbsp;10 through the date of termination and Sections 16, 18
and 21 shall continue in force and effect and apply to the Advisor and its representatives as and to the extent
applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>17.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Amendment</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement may
be amended by mutual consent, but the consent of the Company must be obtained in conformity with the requirements of the Investment
Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>18.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Limitation
of Liability of the Advisor; Indemnification</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Advisor (and its
officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the
Advisor, including without limitation its general partner) shall not be liable to the Company for any action taken or omitted to
be taken by the Advisor in connection with the performance of any of its duties or obligations under this Agreement or otherwise
as an investment advisor of the Company, except to the extent specified in Section&nbsp;36(b)&nbsp;of the Investment Company Act
concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect
to the receipt of compensation for services, and the Company shall indemnify, defend and protect the Advisor (and its officers,
managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Advisor)
(collectively, the &ldquo;<U>Indemnified Parties</U>&rdquo;) and hold them harmless from and against all third party damages, liabilities,
costs and expenses (including reasonable attorneys&rsquo; fees and amounts reasonably paid in settlement) incurred by the Indemnified
Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action
or suit by or in the right of the Company or its security holders) arising out of or otherwise based upon the performance of any
of the Advisor&rsquo;s duties or obligations under this Agreement or otherwise as an investment advisor of the Company. Notwithstanding
the preceding sentence of this Paragraph 18 to the contrary, nothing contained herein shall protect or be deemed to protect the
Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability
to the Company or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance,
bad faith or gross negligence in the performance of the Advisor&rsquo;s duties or by reason of the reckless disregard of the Advisor&rsquo;s
duties and obligations under this Agreement (as the same shall be determined in accordance with the Investment Company Act, the
Advisers Act and any interpretations or guidance by the Securities and Exchange Commission or its staff thereunder).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>19.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Proxy
Voting</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Advisor shall
be responsible for voting any proxies solicited by an issuer of securities held by the Company in the best interest of the
Company and in accordance with the Advisor&rsquo;s proxy voting policies and procedures, as any such proxy voting policies
and procedures may be amended from time to time. The Advisor&rsquo;s proxy voting policies and procedures, and any amendment
thereto will be subject to Board approval. The Company has been provided with a copy of the Advisor&rsquo;s proxy voting
policies and procedures and has been informed as to how it can obtain further information from the Advisor regarding proxy
voting activities undertaken on behalf of the Company. In accordance with its provisions of administrative services to the
Company hereunder, the Advisor shall be responsible for reporting the Company&rsquo;s proxy voting activities, as required,
through periodic filings on Form&nbsp;N-PX.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>20.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Notices</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any notices under this
Agreement shall be in writing, addressed and delivered, telecopied or mailed postage paid, to the other party entitled to receipt
thereof at such address as such party may designate for the receipt of such notice. Until further notice to the other party, it
is agreed that the address of the Company and that of the Advisor shall be 100 Fillmore Street, Suite&nbsp;325, Denver, CO 80206.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>21.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Questions
of Interpretation</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement contains
the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject
matter hereof. If the application of any provision(s)&nbsp;of this Agreement to any particular circumstances shall be held to be
invalid or unenforceable by any court of competent jurisdiction, then the validity and enforceability of other provisions of this
Agreement shall not in any way be affected or impaired thereby. The division of this Agreement into sections, clauses and other
subdivisions and the insertion of headings are for convenience of reference only and shall not affect or be utilized in construing
or interpreting this Agreement. Any question of interpretation of any term or provision of this Agreement having a counterpart
in or otherwise derived from a term or provision of the Investment Company Act or the Advisers Act shall be resolved by reference
to such term or provision of the Investment Company Act or the Advisers Act, as applicable, and to interpretations thereof, if
any, by the United States courts or in the absence of any controlling decision of any such court, by rules, regulations or orders
of the Commission issued pursuant to said Acts. In addition, where the effect of a requirement of the Investment Company Act or
the Advisers Act reflected in any provision of this Agreement is revised by rule, regulation or order of the Commission, such provision
shall be deemed to incorporate the effect of such rule, regulation or order. Subject to the foregoing, this Agreement shall be
governed by and construed in accordance with the laws of the State of New York applicable to contracts formed and to be performed
entirely within the State of New York, without regard to the conflicts of law provisions thereof, to the extent such provisions
would require or permit the application of the laws of another jurisdiction. In furtherance of the intent and purpose of the foregoing,
to the extent any applicable provision of New York law conflicts with any applicable provision of the Investment Company Act or
the Advisers Act, the latter shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>22.</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B><U>Counterparts</U></B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Agreement may
be executed in one or more counterparts with the same effect as if the parties executing the several counterparts had all executed
one counterpart.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be executed in duplicate by their respective duly authorized officers on the day and year first written
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">STONECASTLE FINANCIAL CORP.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Pat Farrell&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"> Pat Farrell</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">STONECASTLE-ARROWMARK ASSET MANAGEMENT, LLC</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Sanjai Bhonsle</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Sanjai Bhonsle</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Chief Executive Officer</TD></TR>
</TABLE>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><I>[Signature Page&nbsp;to Management Agreement]</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
<TYPE>EX-99.R1
<SEQUENCE>3
<FILENAME>tm2038277d2_ex99-r1.htm
<DESCRIPTION>EXHIBIT 99.R.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.r.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>StoneCastle
Financial Corp.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Code of
Ethics</B></FONT></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>February&nbsp;2020</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INTRODUCTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">StoneCastle Financial Corp. (the &ldquo;<B>Company</B>&rdquo;)
and its investment advisor, StoneCastle-ArrowMark Asset Management LLC (the &ldquo;<B>Advisor</B>&rdquo;) are committed to the
highest ethical standards and to conducting their business with the highest level of integrity. All Employees are responsible for
maintaining this level of integrity and for complying with the policies contained in this Code of Ethics (the &ldquo;<B>Code</B>&rdquo;).
Capitalized terms not defined in the body of the text of this Code are defined at the end of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Code has been adopted by the Board
of Directors (the &ldquo;<B>Board</B>&rdquo;) of the Company, including a majority of the Independent Directors, in accordance
with Rule&nbsp;17j-1(c)&nbsp;under the Investment Company Act. Rule&nbsp;17j-1 generally describes fraudulent or manipulative practices
with respect to purchases or sales of Securities held or to be acquired by an investment company registered under the Investment
Company Act if affected by Access Persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Code includes a form that Access Persons
can use to make disclosures or seek pre-clearances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Access Persons of the Company&rsquo;s Advisor</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An Access Person of the Company&rsquo;s
Advisor need not provide duplicate account statements or Initial and Annual Holdings Reports to the Company if all of the information
in the report would duplicate information required to be recorded pursuant to Rules&nbsp;204-2(a)(13) under the Advisors Act and
already provided to the Advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An Access Person of the Company&rsquo;s
Advisor need not provide duplicative pre-clearance requests to the Company if all of the information in the request would duplicate
information already provided to the Advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CODE OF ETHICS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Purpose of this Code</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Code is intended to help the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">comply with Federal Securities Laws;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">recognize ethical issues and take the appropriate steps to resolve those issues;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">deter ethical violations to avoid any abuse of a position of trust and responsibility;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">report unethical or illegal conduct; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reaffirm and promote the Company&rsquo;s commitment to a corporate culture that values honesty, integrity and accountability.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Further, it is the policy of the Company that no affiliated
person of its organization shall, in connection with the purchase and sale, directly or indirectly, by such person of any Security
held or to be acquired by the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">employ any device, scheme or artifice to defraud the Company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">make any untrue statement of a material fact or omit to state to the Company a material fact in order to make the statement
made, in light of the circumstances under which it was made, not misleading;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the Company; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">engage in any manipulative practices with respect to our business activities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Fiduciary Standards and Compliance
with the Federal Securities Laws</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At all times, the Company and its Advisor
and their Employees must comply with the spirit and the letter of the Federal Securities Laws and the rules&nbsp;governing the
capital markets. The CCO administers the Code. All questions regarding the Code should be directed to the CCO. Employees must cooperate
to the fullest extent reasonably requested by the CCO to enable: (i)&nbsp;the Company to comply with all applicable Federal Securities
Laws and (ii)&nbsp;the CCO to discharge her duties under the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All Employees will act with competence,
dignity, integrity, and in an ethical manner, when dealing with Clients, the public, prospects, third-party service providers and
fellow employees. Access Persons must use reasonable care and exercise independent professional judgment when conducting investment
analysis, making investment recommendations, trading, promoting the Company, and engaging in other professional activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Reporting Violations</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Improper actions by the Company, the Advisor
and their Employees could have severe negative consequences for the Company, its Advisor and its Employees. Impropriety, or even
the appearance of impropriety, could negatively impact all Employees, including people who had no involvement in the problematic
activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Employees must promptly report any improper
or suspicious activities, including any suspected violations of the Code<I>,</I> to the CCO. Issues can be reported to the CCO
in person, or by telephone, email, or written letter. Reports of potential issues may be made anonymously. Any reports of potential
problems will be thoroughly investigated by the CCO, who will report directly to the CEO on the matter. Any problems identified
during the review will be addressed in ways that reflect the fiduciary duty of the Advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Violations of the Code may warrant sanctions
including, without limitation, requiring that personal trades be reversed, requiring the disgorgement of profits or gifts, issuing
a letter of caution or warning, suspending personal trading rights, imposing a fine, suspending employment (with or without compensation),
making a civil referral to the SEC, making a criminal referral, terminating employment for cause, and/or a combination of the foregoing.
Violations may also subject an Employee to civil, regulatory or criminal sanctions. No Employee will determine whether he or she
committed a violation of the Code, or impose any sanction against himself or herself. All sanctions and other actions taken will
be in accordance with applicable employment laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Personal Securities Transactions</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Employee trades should be executed in a
manner consistent with the fiduciary obligations of the Advisor to its Client. Trades should avoid actual improprieties, as well
as the appearance of impropriety. Employee trades must not be timed to precede orders placed for the Company, nor should trading
activity be so excessive as to conflict with the Employee&rsquo;s ability to fulfill daily job responsibilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Accounts Covered by the Policies and Procedures</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This policy applies to all accounts holding
any Securities over which Access Persons have any beneficial ownership interest, which typically includes accounts held by immediate
family members sharing the same household. Immediate family members include children, step-children, grandchildren, parents, step-parents,
grandparents, spouses, domestic partners, siblings, parents-in-law, and children-in-law, as well as adoptive relationships that
meet the above criteria.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It may be possible for Access Persons to
exclude accounts held personally or by immediate family members sharing the same household if the Employee does not have any direct
or indirect influence or control over the accounts, or if the Employee can rebut the presumption of beneficial ownership over family
members&rsquo; accounts. Access Persons should consult with the CCO before excluding any accounts held by immediate family members
sharing the same household.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>Pre-clearance Procedures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Access Persons must pre-clear all personal
securities transactions, including IPOs or private placements, except as provided in Rule&nbsp;17j-1 (<I>e.g.,</I> money market
funds, open-end &ldquo;mutual&rdquo; funds and accounts over which an Access Person has no direct or indirect influence or control).
The Company may disapprove any proposed transaction, particularly if the transaction poses or appears to pose a conflict of interest
or otherwise appears improper.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Access Persons must use the attached <I>Trade
Pre-clearance Form&nbsp;</I>to seek pre-clearance. All pre-clearance requests must be submitted to the CCO or her designee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Reporting</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company must collect information regarding
the personal trading activities and holdings of all Access Persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Quarterly Transaction Reporting</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each quarter, Access Persons and any Independent
Director deemed to be an Access Person under this Code must report all Covered Securities transactions in accounts in which they
have a Beneficial Interest. Access Persons and any Independent Director deemed to be an Access Person under this Code must also
report any accounts opened during the quarter that hold any Securities (including Securities excluded from the definition of a
Covered Security). Brokerage account information regarding Securities transactions and newly opened accounts must be submitted
to the CCO within 30 days of the end of each calendar quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To satisfy this requirement, Access Persons
and any Independent Director deemed to be an Access Person under this Code must instruct the institution hosting their accounts
to send the CCO or her designee duplicate account statements. The CCO or her designee must receive all such statements within 30
days of the end of each calendar quarter. Any trades that did not occur through a broker-dealer, such as the purchase of a private
fund, must be reported on a Quarterly Reporting Form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Initial and Annual Holdings Reports</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Access Persons must periodically report
the existence of any account that holds any Securities (including Securities excluded from the definition of a Covered Security),
as well as all Covered Securities holdings. Reports regarding accounts and holdings must be submitted to the CCO on or before February&nbsp;14th
of each year, and within 10 days of an individual first becoming an Access Person. Annual reports must be current as of December&nbsp;31st;
initial reports must be current as of a date no more than 45 days prior to the date that the person became an Access Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In lieu of completing the Covered Securities
section of the Periodic Holdings Reporting Form, Access Persons may submit copies of account statements that contain all of the
same information that would be required by the form and that are current as of the dates noted above. Any Covered Securities not
appearing on an attached account statement must be reported directly on the Covered Securities section of the Periodic Holdings
Reporting Form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an Access Person does not have any holdings
and/or accounts to report, this should be indicated on the Periodic Holdings Reporting Form&nbsp;within 10 days of becoming an
Access Person and by February&nbsp;14th of each year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Exceptions from Reporting Requirements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There are limited exceptions from certain
reporting requirements. Specifically, an Access Person is not required to submit:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Quarterly reports for any transactions effected pursuant to an Automatic Investment Plan; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Any reports with respect to Securities held in accounts over which the Access Person had no direct
or indirect influence or control, such as an account managed by an investment adviser on a discretionary basis.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any investment plans or accounts that may
be eligible for either of these exceptions should be brought to the attention of the CCO who will, on a case-by-case basis, determine
whether the plan or account qualifies for an exception. In making this determination, the CCO may ask for supporting documentation,
such as a copy of the Automatic Investment Plan, a copy of the discretionary account management agreement, and/or a written certification
from an unaffiliated investment adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Personal Trading and Holdings Reviews</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s <I>Personal Securities
Transactions</I> policies and procedures are designed to mitigate any potential material conflicts of interest associated with
Access Persons&rsquo; personal trading activities. Accordingly, the CCO will closely monitor Access Persons&rsquo; investment patterns
to detect the following potentially abusive behavior:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Frequent and/or short-term trades in any Security, with particular attention paid to potential market-timing of mutual funds;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Trading opposite of Company trades;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Trading ahead of the Company; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Trading that appears to be based on Material Non-Public Information.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The CCO or her designee will review all
duplicate account statements submitted pursuant to the Personal Securities Transactions policies and procedures for potentially
abusive behavior, and will compare Access Person trading with the Company&rsquo;s trades as necessary. Any personal trading that
appears abusive may result in further inquiry by the CCO and/or sanctions, up to and including dismissal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The CEO will monitor the CCO&rsquo;s personal
Securities transactions for compliance with the <I>Personal Securities Transactions</I> policies and procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Reports to the Board</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The CCO shall provide a written report to the Board at each
meeting regarding the following matters (to the extent not previously reported to the Board):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Issues arising under this Code, including but not limited to material violations of this Code, violations that are material
in the aggregate, and any sanctions imposed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">With respect to any transaction not required to be reported to the Board by operation of the immediately preceding sentence
that the CCO believes nonetheless may evidence violation of this Code.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board shall consider reports made hereunder and upon discovering
that a violation of this Code has occurred, the Board may impose such sanctions and penalties as they deem appropriate, including,
among other things, a letter of sanction, suspension or termination of the employment of the violator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to Rule&nbsp;17j-1(c), the CCO
will provide the Board with an annual written report that describes any issues arising using the Code, including violations during
the year, and include a re-certification that the Company and Advisor have adopted procedures reasonably necessary to prevent Access
Persons from violating their respective Codes of Ethics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Recordkeeping</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company shall maintain the following
records at its principal office:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">This Code and any related procedures, and any Code that has been in effect during the past five years shall be maintained in
an easily accessible place;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A record of any violation of the Code and of any action taken as a result of the violation, to be maintained in an easily accessible
place for at least five years after the end of the fiscal year in which the violation occurs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A record of all persons, currently or within the past five years, who are or were required to make or to review reports made
pursuant to Section&nbsp;4, to be maintained in an easily accessible place;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A copy of each report by the CCO to the Board, to be maintained for at least five years after the end of the fiscal year in
which it is made, the first two years in an easily accessible place; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A record of any decision, and the reasons supporting the decision, to approve an acquisition by an Access Person of securities
offered in an IPO or in a Private Placement, to be maintained for at least five years after the end of the fiscal year in which
the approval is granted.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Advisor&rsquo;s service provider shall
maintain the following records at its principal office:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A copy of the duplicate brokerage statements and/or confirmations for the account of an Access Person will be maintained for
at least five years after the end of the fiscal year in which the report is made or the information is provided, the first two
years in an easily accessible place.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Approval Requirements</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Code and any material changes to this
Code must be approved by the Board. Each such approval must be based on a determination that this Code contains provisions reasonably
necessary to prevent Access Persons from engaging in any conduct prohibited by Rule&nbsp;17j-1. The Board must approve any material
change to the Company or Advisor&rsquo;s Code of Ethics within six months after the adoption of the material change. For the avoidance
of doubt, the Company&rsquo;s officers may make such non-material changes to this Code as they may determine necessary or appropriate,
provided that the amended Code shall be reviewed with the Board at the next regularly scheduled meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Definitions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following defined terms are used throughout this Code. Other
capitalized terms are defined within specific sections of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><B>Access Person</B> &ndash; An Access Person is any director, officer, partner, of the Company; provided, however, that the term &ldquo;Access Person&rdquo; will not include any Independent Director unless the Independent Director knew, or, in the course of his or her duties as a Director of the Company, should have known, that within the 15 day period immediately before or after such Independent Director&rsquo;s transaction in a Covered Security, the Company purchased or sold the Covered Security or the Advisor considered purchasing or selling the Covered Security. </TD></TR>
</TABLE>
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    <TD STYLE="vertical-align: top; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><B>Advisors Act</B> &ndash; The Investment Advisors Act of 1940, as amended. </TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><B>Automatic Investment Plan</B> &ndash; A program in which regular trades are made automatically in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan. </TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><B>Beneficial Interest</B> &ndash; An individual has a Beneficial Interest in a Security if he or she can directly or indirectly profit from the Security. An individual generally has a Beneficial Interest in all Securities held directly or indirectly, as well as those owned directly or indirectly by family members sharing the same household. </TD></TR>
</TABLE>
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<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><B>CCO</B> &ndash; The Company&rsquo;s chief compliance officer, currently Rick Grove. </TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><B>CEO &ndash; </B>The Company&rsquo;s chief executive officer, currently Sanjai Bhonsle.</TD></TR>
</TABLE>
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    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><B>Clients</B> &ndash; Individuals and entities (excluding the Investors) for which the Advisor and its affiliates provide investment advisory services. </TD></TR>
</TABLE>
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<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><B>Control</B> - Control has the same meaning as set forth in Section&nbsp;2(a)(9)&nbsp;of the Investment Company Act. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><B>Covered Security</B> &ndash; Covered Security means a security as defined in Section&nbsp;2(a)(36) of the Investment Company Act, except that it does not include: (i)&nbsp;direct obligations of the government of the United States (ii)bankers&rsquo; acceptances, bank certificates or deposits, commercial paper and high quality short-term debt instruments including repurchase agreements); and (iii)&nbsp;shares issued by registered open-end investment companies (i.e. mutual funds); however, exchange traded funds structured as unit investment trusts or open-end funds are considered Covered Securities. Any questions about whether an instrument is a Security or a Covered Security for purposes of the Federal Securities Laws should be directed to the CCO. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><B>Employees </B>&ndash; Pursuant to a staffing agreement, certain officers and employees of the Advisor&rsquo;s affiliates.&nbsp;&nbsp;The Employees also include the Access Persons of the Company.</TD></TR>
</TABLE>
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<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><B>Federal Securities Laws</B> &ndash; The Federal Securities Laws include the Securities Act of 1933, the Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act, the Advisors Act, Title V of the Gramm-Leach-Bliley Act, any rules&nbsp;adopted by the SEC under any of these statutes, the Bank Secrecy Act as it applies to investment companies and investment advisers, and any rules&nbsp;adopted thereunder by the SEC or the Department of the Treasury. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><B>Independent Director</B> &ndash; An Independent Director of the Company means a director of the Company who is not an &ldquo;interested person&rdquo; of the Company within the meaning of Section&nbsp;2(a)(19) of the Investment Company Act. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><B>Investor </B>&ndash; A stockholder in the Company. </TD></TR>
</TABLE>
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<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><B>Investment Company Act</B> &ndash; The Investment Company Act of 1940, as amended. </TD></TR>
</TABLE>
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<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><B>Insider Trading</B> &ndash; Trading personally or on behalf of others on the basis of Material Non-Public Information, or improperly communicating Material Non-Public Information to others. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><B>IPO</B> &ndash; An initial public offering. An IPO is an offering of Securities registered under the Securities Act of 1933 where the issuer, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d)&nbsp;of the Exchange Act of 1934. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><B>Material Non-Public Information</B> &ndash; Information that (i)&nbsp;has not been made generally available to the public, and that (ii)&nbsp;a reasonable investor would likely consider important in making an investment decision. Access Persons should consult with the Advisor&rsquo;s CCO about any questions as to whether information constitutes Material Non-Public Information. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><B>Private Placement </B>&ndash; Also known as a &ldquo;Limited Offering.&rdquo; An offering that is exempt from registration pursuant to sections 4(a)(2)&nbsp;or 4(6)&nbsp;of the Securities Act of 1933, or pursuant to Rules&nbsp;504, 505, or 506 of Regulation D. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><B>Purchase or Sale of a Covered Security</B> &ndash; Purchase or Sale of a Covered Security is any transaction involving a Covered Security, including, among other things, the writing of an option to purchase or sell a Covered Security, or the use of a derivative product to take a position in a Covered Security. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><B>SEC</B> &ndash; The Securities and Exchange Commission. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><B>Security</B> &ndash; Stocks, bonds, certificates of deposit, options, interests in Private Placements, futures contracts on other securities, participations in profit-sharing agreements, and interests in oil, gas, or other mineral royalties or leases, among other things. &ldquo;Security&rdquo; also includes any instrument commonly known as a security. Any questions about whether an instrument is a security for purposes of the Federal Securities Laws should be directed to the CCO. </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><B>Security Held or to be Acquired by the Company</B> &ndash; A &ldquo;Security held or to be acquired by the Company&rdquo; means: (i)&nbsp;any Covered Security which, within the most recent 15 days (a)&nbsp;is or has been held by the Company or (b)&nbsp;is being or has been considered by the Company or the Advisor for purchase by the Company or (ii)&nbsp;any option to purchase or sell, and any Security convertible into or exchangeable for, a Covered Security described in subsection (i)&nbsp;of this definition.</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Trade Pre-Clearance
Form</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Transaction Type: Buy / Sell / Short / Cover Short / Other (describe):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Security Name:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Security Type: Common Stock / Option / Debt / Other (describe):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Symbol or Identifier:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Number of Shares / Contracts / Principal Amount:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Broker / Custodian:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Does the transaction involve an IPO or private placement?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you are seeking to invest in a private fund, describe the
fund&rsquo;s investment strategy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pre-clearance sought through (date):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By signing below,&nbsp;I certify and acknowledge the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">I have no Material Non-Public Information or other knowledge pertaining to this proposed transaction
that constitutes a violation of Company policy, confidentiality agreements or securities laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">The proposed transaction does not limit a Client&rsquo;s investment opportunities or disadvantage
a Client in any way.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Signature:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 39%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 44%; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 10%">Print Name:</TD><TD STYLE="border-bottom: Black 1pt solid; width: 39%; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify; width: 51%">&nbsp;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; border-top: Black 1pt solid; padding-left: 5pt; padding-top: 2pt; width: 33%"><FONT STYLE="font-size: 10pt"><U>Internal Use Only</U></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-top: 2pt; width: 34%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid; border-top: Black 1pt solid; padding-top: 2pt; width: 33%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 5pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: Black 1.5pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Reviewer:</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Approved / Disapproved</FONT></TD>
    <TD STYLE="border-right: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">Date:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
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    <TD>&nbsp;</TD>
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    <TD STYLE="border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font-size: 10pt">Reasons Supporting Decision:</FONT></TD>
    <TD>&nbsp;</TD>
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    <TD STYLE="padding-bottom: 10pt; border-bottom: Black 1.5pt solid; border-left: Black 1pt solid; padding-left: 5pt">&nbsp;</TD>
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<TYPE>EX-99.R2
<SEQUENCE>4
<FILENAME>tm2038277d2_ex99-r2.htm
<DESCRIPTION>EXHIBIT 99.R.2
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.r.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>StoneCastle-ArrowMark
Asset Management</B>&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(&ldquo;StoneCastle-ArrowMark&rdquo;)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Code of
Ethics</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">January&nbsp;2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 86%; text-transform: uppercase; text-align: left"><FONT STYLE="font-size: 10pt">TABLE
    OF CONTENTS <B>Introduction</B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 2%; text-transform: uppercase"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 12%; text-transform: uppercase; text-align: right"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font: small-caps 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Definitions</FONT></TD><TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">4</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: left"><FONT STYLE="font-size: 10pt">General
    Standards</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: right"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font: small-caps 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Risks</FONT></TD><TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font: small-caps 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Guiding Principles&nbsp;&amp;
    Standards of Conduct</FONT></TD><TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font: small-caps 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Independent
    Directors of StoneCastle Financial Corp</FONT></TD><TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font: small-caps 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Non-supervised
    individuals</FONT></TD><TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: left"><FONT STYLE="font-size: 10pt">Personal
    Security Transaction Policy</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font: small-caps 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Schwab Compliance
    Technologies,&nbsp;Inc. (&ldquo;SchwabCT&rdquo;)</FONT></TD><TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font: small-caps 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Pre-Clearance
    Procedures</FONT></TD><TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font: small-caps 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Reportable
    and Exempt Securities</FONT></TD><TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: right">9</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font: small-caps 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Trading Restrictions</FONT></TD><TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font: small-caps 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Beneficial
    Ownership</FONT></TD><TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">9</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font: small-caps 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Reporting</FONT></TD><TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font: small-caps 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Exceptions
    from Reporting Requirements</FONT></TD><TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">11</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font: small-caps 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Trading and
    Review</FONT></TD><TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">12</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font: small-caps 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Reporting
    Violations and Remedial Actions</FONT></TD><TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">12</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: left"><FONT STYLE="font-size: 10pt">Insider
    Trading Policy</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font: small-caps 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Whom Does
    the Policy Cover?</FONT></TD><TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font: small-caps 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">What Information
    is Material?</FONT></TD><TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font: small-caps 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">What Information
    is Non-Public?</FONT></TD><TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font: small-caps 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Selective
    Disclosure</FONT></TD><TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font: small-caps 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Relationships
    with Clients/Investors</FONT></TD><TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font: small-caps 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&ldquo;Value-Added&rdquo;
    Investors</FONT></TD><TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font: small-caps 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Paid Research
    Providers</FONT></TD><TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font: small-caps 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Company Meetings
    and Compliance Monitoring</FONT></TD><TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font: small-caps 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Penalties
    for Trading on Insider Information</FONT></TD><TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font: small-caps 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Procedures
    to follow if an Employee Believes that he/she Possesses Material, Non-Public Information</FONT></TD><TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: left"><FONT STYLE="font-size: 10pt">Serving
    As Officers, Trustees and/or Directors of Outside Organizations</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: right"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: left"><FONT STYLE="font-size: 10pt">Diversion
    of Firm Business or Investment Opportunity</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: right"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: left"><FONT STYLE="font-size: 10pt">Dealings
    with Government and Industry Regulators</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: right"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: left"><FONT STYLE="font-size: 10pt">Political
    Contributions and Public Office</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: left"><FONT STYLE="font-size: 10pt">Protection
    of StoneCastle-ArrowMark&rsquo;s Name</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: left"><FONT STYLE="font-size: 10pt">Employee
    Involvement in Litigation or Proceedings</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: right">19</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: left"><FONT STYLE="font-size: 10pt">Gifts
    and Entertainment</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: right"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 0.125in; font: small-caps 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Foreign Corrupt
    Practice Act Policy</FONT></TD><TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: small-caps 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.25in"><FONT STYLE="font-size: 10pt">Foreign
    Official Gifts and Entertainment</FONT></TD><TD STYLE="font: italic 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">20</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: left"><FONT STYLE="font-size: 10pt">Travel
    Expenses</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: right"><FONT STYLE="font-size: 10pt">20</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">Disclosure</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">Recordkeeping</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">Responsibility</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: right"><FONT STYLE="font-size: 10pt">21</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: left"><FONT STYLE="font-size: 10pt">Employee
    Acknowledgement</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: right"><FONT STYLE="font-size: 10pt">22</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Introduction</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The policy of StoneCastle-ArrowMark is
to avoid any conflict of interest, or the appearance of any conflict of interest, between the interests of its clients and the
interests of StoneCastle-ArrowMark, its officers, directors and employees. This Code of Ethics (the &ldquo;Code&rdquo;) is based
on the principle that StoneCastle-ArrowMark owes a fiduciary duty to any person or institution it serves as an adviser or sponsor
to ensure that the personal securities transactions of the firms and their employees do not interfere with, or take unfair advantage
of, their relationship with clients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Rule&nbsp;204A-1 under the Investment Advisers
Act of 1940 (&ldquo;Advisers Act&rdquo;) and Section&nbsp;l7(j)&nbsp;of the Investment Company Act of 1940 (the &ldquo;1940 Act&rdquo;)
and Rule&nbsp;l7j-1 thereunder are intended to address the potential conflicts arising from the personal investment activities
of advisory and investment company personnel. This Code has been adopted by StoneCastle-ArrowMark to meet those concerns and legal
requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Code also addresses procedures designed
to prevent the misuse of inside information by StoneCastle-ArrowMark and persons subject to this Code. The business of StoneCastle-ArrowMark
depends on investor confidence in the fairness and integrity of the securities markets. Insider trading poses a significant threat
to that confidence. Trading securities on the basis of inside information or improperly communicating that information to others
may expose StoneCastle-ArrowMark or its employees to stringent penalties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Code is drafted broadly; it will be
applied and interpreted in a similar manner. You may legitimately be uncertain about the application of the Code in a particular
circumstance. StoneCastle-ArrowMark encourages each of you to raise questions regarding compliance. Often, a single question can
forestall disciplinary action or complex legal problems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Code applies to <U>all</U> StoneCastle-ArrowMark
employees, directors and officers unless otherwise noted in particular sections. Each person subject to the Code (other than Independent
Trustees) must acknowledge that he or she has received, read and agrees to be bound by the Code. Any questions with respect to
this Code of Ethics should be directed to StoneCastle-ArrowMark&rsquo;s CCO, Rick Grove. As discussed in greater detail below,
Employees must promptly report any violations of the Code of Ethics to the CCO. All reported Code of Ethics violations will be
treated as being made on an anonymous basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Definitions</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following defined terms are used throughout
this Code of Ethics:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify"><B>34 Act </B>&ndash; Securities Exchange Act of 1934</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify"><B>33 Act </B>&ndash; Securities Act of 1933</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify"><B>Access Person</B> &ndash; An Access Person is an Employee/Supervised Person who has access to
non-public information regarding any Client&rsquo;s trading or any Reportable Fund&rsquo;s holdings, who is involved in making
securities recommendations to Clients, or who has access to non-public securities recommendations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify"><B>Advisers Act</B> &ndash; Investment Advisers Act of 1940</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify"><B>Automatic Investment Plan</B> - A program in which regular periodic purchases (or withdrawals)
are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An automatic
investment plan includes a dividend reinvestment plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD STYLE="text-align: justify"><B>Beneficial Ownership</B> - As set forth under Rule&nbsp;16a-1(a)(2), determines whether a person
is subject to the provision of Section&nbsp;16 of the 34 Act, and the rules&nbsp;and regulations thereunder, which generally encompasses
those situations in which the beneficial owner has the right to enjoy some direct or indirect &ldquo;pecuniary interest&rdquo;
(i.e., some economic benefit) from the ownership of a security. This may also include securities held by members of an Employee&rsquo;s
immediate family sharing the same household; provided however, this presumption may be rebutted. The term immediate family means
any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law,
brother-in-law, or sister-in-law and includes adoptive relationships. Any report of beneficial ownership required thereunder shall
not be construed as an admission that the person making the report has any direct or indirect beneficial ownership in the securities
to which the report relates.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">7.</TD><TD STYLE="text-align: justify"><B>CCO</B> &ndash; Rick Grove, Chief Compliance Officer</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">8.</TD><TD STYLE="text-align: justify"><B>Client</B> - StoneCastle Financial Corp (&ldquo;BANX&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">9.</TD><TD STYLE="text-align: justify"><B>Schwab Compliance Technologies,&nbsp;Inc. (&ldquo;SchwabCT&rdquo;) </B>&ndash; On-line compliance
management application used to manage employee disclosures, employee personal trading and certain reporting requirements. SchwabCT
can be accessed at https://client.schwabct.com<U>.</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">10.</TD><TD STYLE="text-align: justify"><B>Employees</B> &ndash; Officers, directors and employees of StoneCastle-ArrowMark.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">11.</TD><TD STYLE="text-align: justify"><B>Executive Management </B>&ndash; Sanjai Bhonsle and Rick Grove</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">12.</TD><TD STYLE="text-align: justify"><B>Federal Securities Laws </B>&ndash; Means the 33 Act, 34 Act, the Sarbanes-Oxley Act of 2002,&nbsp;IC
Act, Advisers Act, Title V of the Gramm-Leach-Bliley Act, any rules&nbsp;adopted by the Commission under any of these statutes,
the Bank Secrecy Act as it applies to funds and investment advisers, and any rules&nbsp;adopted thereunder by the Commission or
the Department of the Treasury.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">13.</TD><TD STYLE="text-align: justify"><B>Front-Running </B>&ndash; A practice generally understood to be investment advisory personnel
personally trading ahead of a pending trade for client accounts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">14.</TD><TD STYLE="text-align: justify"><B>Investors </B>&ndash;Shareholders in StoneCastle-ArrowMark funds.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">15.</TD><TD STYLE="text-align: justify"><B>IC Act</B> &ndash; Investment Company Act of 1940</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">16.</TD><TD STYLE="text-align: justify"><B>IPO</B> &ndash; An &ldquo;Initial public offering&rdquo; is an offering of securities registered
under the 33 Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of section
13 or 15(d)&nbsp;of the 34 Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">17.</TD><TD STYLE="text-align: justify"><B>Independent Trustee.</B> A trustee of an open-end or closed-end fund which is an Investment
Company Client who is not an &ldquo;interested person&rdquo; of the open-end or closed-end fund within the meaning of Section&nbsp;2(a)(19)
of the 1940 Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">18.</TD><TD STYLE="text-align: justify"><B>Insider Trading </B>&ndash; Although not defined in securities laws, insider trading is generally
thought to be described as trading either personally or on behalf of others on the basis of material non-public information or
communicating material non-public information to others in violation of the law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">19.</TD><TD STYLE="text-align: justify"><B>Limited Offering </B>&ndash; An offering that is exempt from registration under the 33 Act pursuant
to section 4(2)&nbsp;or section 4(6)&nbsp;or pursuant to Rules&nbsp;504, 505, or 506 of Regulation D.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">20.</TD><TD STYLE="text-align: justify"><B>Material Information </B>&ndash; Information for which there is a substantial likelihood that
an investor would consider it important in making his or her investment decisions, or information that is reasonably certain to
have a substantial effect on the price of a company&rsquo;s securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">21.</TD><TD STYLE="text-align: justify"><B>Non-Public Information </B>&ndash; Information that has not been available to the investing
public.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">22.</TD><TD STYLE="text-align: justify"><B>Non-Public Personal Information </B>&ndash; Personally identifiable financial information, including
any information a client provides to obtain a financial product or service; any information about a client resulting from any transaction
involving a financial product or service; or any information otherwise obtained about a client in connection with providing a financial
product or service to that client; and any list, description, or other grouping of clients (and publicly available information
pertaining to them) that is derived using any personally identifiable financial information that is not publicly available information.
Examples of Non-public Personal Information include: name, address, phone number (if unlisted), social security and tax identification
numbers, financial circumstances and income, and account balances.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">23.</TD><TD STYLE="text-align: justify"><B>Reportable Security</B> &ndash; Any Security (including ETFs), with five (5)&nbsp;exceptions:
1) Transactions and holdings in direct obligations of the Government of the United States; 2) Money market instruments &mdash;
bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements and other high quality short-term debt
instruments; 3) Shares of money market funds; 4) Transactions and holdings in shares of other types of mutual funds, unless the
adviser or a control affiliate acts as the investment adviser or principal underwriter for the fund; and 5) transactions in units
of a unit investment trust if the unit investment trust is invested exclusively in unaffiliated mutual funds.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">24.</TD><TD STYLE="text-align: justify"><B>RIC</B> &ndash; An investment company registered under the IC Act</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">25.</TD><TD STYLE="text-align: justify"><B>Scalping</B> &ndash; A practice generally understood to be investment advisory personnel personally
benefiting from small gains in short-term personal trades in securities being traded in advisory accounts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">26.</TD><TD STYLE="text-align: justify"><B>Security </B>&ndash; Means any note, stock, treasury stock, security future, bond, debenture,
evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate,
preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of
deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or
privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein
or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange
relating to foreign currency, or, in general, any interest or instrument commonly known as a &quot;security&quot;, or any certificate
of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe
to or purchase any of the foregoing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">27.</TD><TD STYLE="text-align: justify"><B>Supervised Person </B>&ndash; Any partner, officer, director (or other person occupying a similar
status or performing similar functions), or employee of StoneCastle-ArrowMark, or other person who provides investment advice on
behalf of StoneCastle-ArrowMark and is subject to StoneCastle-ArrowMark&rsquo;s supervision and control.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>General
Standards</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Code is predicated on the principle
that StoneCastle-ArrowMark owes a fiduciary duty to its clients. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>
Accordingly, Employees must avoid activities, interests and relationships that run contrary (or appear to run contrary) to the
best interests of clients. At all times, StoneCastle-ArrowMark will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>Place client interests ahead of StoneCastle-ArrowMark&rsquo;s</I></B> &ndash; As a fiduciary,
StoneCastle-ArrowMark will serve in its clients&rsquo; best interests. In other words, Employees may not benefit at the expense
of advisory clients. This concept is particularly relevant when Employees are making personal investments in securities traded
by advisory clients.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>Engage in personal investing that is in full compliance with StoneCastle-ArrowMark&rsquo;s
Code of Ethics</I></B> &ndash; Employees must review and abide by StoneCastle-ArrowMark&rsquo;s Personal Securities Transaction
and Insider Trading Policies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>Avoid taking advantage of your position</I></B> &ndash; Employees must not accept investment
opportunities, gifts or other gratuities from individuals seeking to conduct business with StoneCastle-ArrowMark, or on behalf
of an advisory client, unless in compliance with the Gift Policy below.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B><I>Maintain full compliance with the Federal Securities Laws</I></B> &ndash; Employees must
abide by the standards set forth in Rule&nbsp;204A-1 under the Advisers Act and Rule&nbsp;17j-1 under the IC Act. In addition,
StoneCastle-ArrowMark's employees who are Officers of a RIC must also abide by the Fund&rsquo;s Officer Code of Conduct that is
established by the investment company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Risks</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In developing this policy and procedures,
StoneCastle-ArrowMark considered the below material risks associated with administering the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Access person engages in various personal trading practices that wrongly make use of non-public
information resulting in harm to clients or unjust enrichment to access person. (These practices include trading ahead of clients
and passing non-public information on to spouses and other persons over whose accounts the access person has control.)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Access persons are able to cherry pick clients' trades and systematically move profitable trades
to a personal account and let less profitable trades remain in clients&rsquo; accounts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">One or more Employees engage in an excessive volume of personal trading (as determined by the CCO)
that detracts from their ability to perform services for clients.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Employees take advantage of their position by accepting excessive gifts or other gratuities (including
access to IPO investments or early stage investments) from individuals seeking to do business with StoneCastle-ArrowMark.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The personal trading of Employees does not comply with certain provisions of Rule&nbsp;204A-1 under
the Advisers Act (and Rule&nbsp;17j-1 of the IC Act).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Access persons are not aware of what constitutes insider information.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Employees serve as trustees and/or directors of outside organizations. (This could present a conflict
in a number of ways; for example, if StoneCastle-ArrowMark wants to recommend the organization for investment or if the organization
is one of its service providers.)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following guidelines have been established
to effectuate and monitor this Code of Ethics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S.E.C. v. Capital Gains Research, Inc., 375 U.S.
at 191-192 (1963).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; text-transform: capitalize"><B>Guiding
Principles &amp; Standards </B></FONT><B><FONT STYLE="font-size: 10pt; text-transform: lowercase">of</FONT></B><B><FONT STYLE="font-size: 10pt; text-transform: capitalize">
Conduct</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All Employees will act with competence,
dignity and integrity, in an ethical manner, when dealing with clients, the public, prospects, third-party service providers and
fellow Employees. The following set of principles frame the professional and ethical conduct that StoneCastle-ArrowMark expects
from its Employees:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Act with integrity, competence, diligence, respect, and in an ethical manner with the public, clients,
prospective clients, employers, Employees, colleagues in the investment profession, and other participants in the global capital
markets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Place the integrity of the investment profession, the interests of clients, and the interests of
StoneCastle-ArrowMark above one&rsquo;s own personal interests;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Adhere to the fundamental standard that you should not take inappropriate advantage of your position;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Avoid and disclose any actual or potential conflict of interest;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Conduct all personal securities transactions in a manner consistent with this policy;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Use reasonable care and exercise independent professional judgment when conducting investment analysis,
making investment recommendations, taking investment actions, and engaging in other professional activities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Practice and encourage others to practice in a professional and ethical manner that will reflect
favorably on you and the profession;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Promote the integrity of, and uphold the rules&nbsp;governing, capital markets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Maintain and improve your professional competence and strive to maintain and improve the competence
of other investment professionals; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Comply with applicable provisions of the federal securities laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Independent
Directors of StoneCastle Financial Corp</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding any other provisions hereof,&nbsp;Independent
Directors of StoneCastle Financial Corp are not subject to the trading restriction or reporting requirements. However, an Independent
Director would be subject to the trading restrictions and reporting requirements if the Independent Director knew or, in the ordinary
course of fulfilling his or her official duties as a trustee, should have known that during the 15-day period immediately preceding
or after the date of the director's transaction in a security that such security was or was to be purchased or sold by BANX or
such purchase or sale was considered by BANX.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Non-supervised
individuals</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">On occasion, StoneCastle-ArrowMark
will share office space with individuals that are not employed by StoneCastle-ArrowMark. These individuals are typically covered
under a similar code of ethics adopted by their employer. In certain circumstances, the individual will enter into a non-disclosure
agreement with StoneCastle-ArrowMark and provide quarterly representations certifying that they have not violated the spirit of
the code of ethics among other things.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Temporary employees performing
administrative services will not be subject to the trading restrictions and reporting requirements under the Code of Ethics.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Personal
Security Transaction Policy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Employees
may not purchase or sell any security in which the Employee has a beneficial ownership unless the transaction occurs in an exempted
security or the Employee has complied with the Personal Security Transaction Policy set forth below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Schwab
Compliance Technologies,&nbsp;Inc. (&ldquo;SchwabCT&rdquo;)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">StoneCastle-ArrowMark utilizes
SchwabCT to manage employee disclosures, employee personal trading and other reporting requirements. SchwabCT is an automated,
cloud-based technology solutions for a full range of employee-monitoring tasks&mdash;including personal trade monitoring; management
of affirmations, disclosures, and compliance activities; a case management tool&nbsp;to help keep compliance projects on track;
and gifts, entertainment, and contributions tracking. Proactive trade-blocking capabilities block prohibited trades before they
are placed and alert compliance staff when they&rsquo;re attempted. Employee-monitoring technology which automates pre-clearance
and transaction review, gift and contribution logs, and email alerts for employees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">All related
reporting and approval forms are located on the SchwabCT portal. Access the portal by clicking on the below link.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><U>https://client.schwabct.com</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Pre-Clearance
Procedures</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Employees
must have clearance for all personal securities transactions before completing the transactions. StoneCastle-ArrowMark reserves
the right to disapprove any proposed transaction that may have the appearance of improper conduct.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Employees
must receive approval for personal trades from the CCO or his designee by submitting a trading request in SchwabCT under the &quot;Pre-clearance
Approval&quot; section. Once pre-clearance is granted to an Employee, such pre-clearance will remain valid for two (2)&nbsp;business
days following the date of the approval. <FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>2</SUP></FONT> If the Employee
wishes to transact in that security after the lapse of the two (2)&nbsp;day window, he or she must again obtain pre-clearance
from the CCO or his designee. Unless otherwise noted, no pre-clearance is required for transactions taking place in the exempted
securities noted below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Employees
must request approval for all personal trades in BANX, ETFs,&nbsp;IPOs and private placements.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>2</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees
may preclear a reportable transaction at a specified price (i.e. a limit order) and the outstanding order may be good until canceled
by the Employee. In such instances, the transaction may occur on a day other than the two day trading window in which the preclearance
is granted. If the Employee alters any aspect of the order (most notably the limit price), the Employee must again seek pre-clearance
for the transaction. These types of transactions must be reported on a quarterly basis similar to all of the Employee&rsquo;s
other reportable transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Reportable
and Exempt Securities</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Employees
are required to provide periodic reports (See <B><I>Reporting</I></B> section below) regarding transactions and holdings in <U>any
security</U> (i.e. a Reportable Security), except for the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Direct
                                         obligations of the Government of the United States;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Bankers&rsquo;
                                         acceptances, bank certificates of deposit, commercial paper and high quality short-term
                                         debt instruments, including repurchase agreements;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Shares
                                         issued by money market funds;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Interests
                                         in 529 college savings plans other than those managed by StoneCastle-ArrowMark or affiliated
                                         advisers;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Shares
                                         issued by open-end funds other than mutual funds advised or sub-advised by StoneCastle-ArrowMark;
                                         and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Shares
                                         issued by unit investment trusts that are invested exclusively in one or more open-end
                                         funds.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Commodities,
futures and options traded on a commodities exchange, including currency futures are not considered securities. However, futures
and options on any group or index of securities shall be considered securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Virtual
currency and cryptocurrency are not considered securities. Any employee who purchases or sells virtual currency or cryptocurrency
coins or tokens that are being offered, or previously were offered, as part of an initial coin offering (&ldquo;ICO&rdquo;), should
consult with the CCO as to whether such coins or tokens would be considered Securities for purposes of this policy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Trading
Restrictions</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">No Employee
shall engage in a personal securities transaction in a security which the person <U>knows or has reason to believe</U> (i)&nbsp;is
currently being purchased or sold (i.e., a pending &ldquo;buy&rdquo; or &ldquo;sell&rdquo; order), (ii)&nbsp;has been purchased
or sold for a client within the last seven (7)&nbsp;calendar days, or (iii)&nbsp;is being considered for imminent purchase or
sale by a client, until that client&rsquo;s transactions have been completed <U>or</U> consideration of such transactions has
been abandoned. A security will be treated as <I>&ldquo;under consideration&rdquo;</I> for a client, if the portfolio manager
or investment team responsible for the management of the account of that client intends to purchase or sell the security in the
next seven (7)&nbsp;calendar days.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Beneficial
Ownership</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Employees
are considered to have beneficial ownership of securities if they have or share a direct or indirect pecuniary interest in the
securities. Employees have a pecuniary interest in securities if they have the ability to directly or indirectly profit from a
securities transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The following are examples of
indirect pecuniary interests in securities:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Securities
                                         held by members of Employees&rsquo; immediate family sharing the same household. Immediate
                                         family means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse,
                                         sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or
                                         sister-in-law. Adoptive relationships are included;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Employees&rsquo;
                                         interests as a general partner in securities held by a general or limited partnership;
                                         and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Employees&rsquo;
                                         interests as a manager/member in the securities held by a limited liability company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Employees
do not have an indirect pecuniary interest in securities held by entities in which they hold an equity interest unless they are
a controlling equity holder or they share investment control over the securities held by the entity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The following
circumstances constitute beneficial ownership by Employees of securities held by a trust:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Ownership
                                         of securities as a trustee where either the Employee or members of the Employees&rsquo;
                                         immediate family have a vested interest in the principal or income of the trust;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Ownership
                                         of a vested beneficial interest in a trust; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">An
                                         Employee&rsquo;s status as a settlor/grantor of a trust, unless the consent of all of
                                         the beneficiaries is required in order for the Employee to revoke the trust.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Reporting</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In order
to provide StoneCastle-ArrowMark with information to enable it to determine with reasonable assurance any indications of Scalping,
Front-Running or the appearance of a conflict of interest with the trading by StoneCastle-ArrowMark clients, each Employee shall
submit the following reports in the forms attached hereto (or equivalent reports) to the CCO showing all transactions in securities
in which the person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership except for exempt
transactions listed in the section below entitled &ldquo;Exceptions from Reporting Requirements&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<DIV STYLE="margin-right: 0.5in; margin-left: 0.5in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border: Black 3pt solid"><FONT STYLE="font-size: 10pt; text-transform: uppercase">Employees
are reminded that they must also report transactions by members of the Employee&rsquo;s immediate family including spouse, children
and other members of the household in accounts over which the Employee has direct or indirect influence or control<B>.</B></FONT></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Initial
and Annual Holdings Reports</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">New Employees
are required to report all of their personal securities holdings not later than 10 days after the commencement of their employment.
All brokerage accounts must be entered into SchwabCT and appropriately authenticated. Duplicate brokerage statements or data feeds
into SchwabCT may serve this purpose unless determined otherwise by the CCO. The initial holdings report must be current as of
a date not more than 45 days prior to the date the person becomes subject to this Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Existing
Employees are required to provide a complete list of securities holdings on an annual basis. Duplicate brokerage statements or
data feeds into SchwabCT may serve this purpose unless determined otherwise by the CCO.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Each holdings
report (both the initial and annual) must contain, at a minimum: (a)&nbsp;the title and type of security, and as applicable the
exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Reportable Security in which the Employee
has any direct or indirect beneficial ownership; (b)&nbsp;the name of any broker, dealer or bank with which the Employee maintains
an account in which any securities are held for the Employee's direct or indirect benefit; and (c)&nbsp;the date the Employee
submits the report. In the event that Employee submits brokerage or custodial statements or data feeds into SchwabCT to satisfy
the initial and/or annual holdings report requirement, Employee must be certain that such statements include the information listed
above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<DIV STYLE="margin-right: 0.5in; margin-left: 0.5in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border: Black 3pt solid"><FONT STYLE="font-size: 10pt; text-transform: uppercase">as
noted above, Employees must report the name of any broker, dealer or bank with which the employee maintains an account in which
<U>any securities</U> are held for the employee&rsquo;s direct or indirect benefit. Please note that this requirement does not
provide for any exemptions to the definition of a security. Thus, if Employees have a beneficial interest in a Non-Reportable
Security in an account that has not previously been reported, the name of the broker, dealer or bank where these accounts are
maintained must be reported.</FONT></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><I>Duplicate Copies</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In order
to help ensure trading activity is received, Employees will be required to provide direct links to brokerage accounts within SchwabCT.
This may require entering your username and password for such account. Duplicate brokerage confirmations may also be requested
via a StoneCastle-ArrowMark request letter to each bank, broker or dealer maintaining an account on behalf of the Employee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<DIV STYLE="margin-right: 0.5in; margin-left: 0.5in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border: Black 3pt solid"><FONT STYLE="font-size: 10pt">NOTWITHSTANDING
ANYTHING TO THE CONTRARY SET FORTH HEREIN, EMPLOYEES MAY&nbsp;CHOOSE TO INSTRUCT THEIR BROKER-DEALER TO PROVIDE DIRECTELY (1)&nbsp;DUPLICATE
BROKERAGE STATEMENTS AND/OR (2)&nbsp;DUPLICATE TRADING CONFIRMATIONS FOR ALL TRADES (OF ANY AND ALL TYPES WHATSOEVER) BE SUBMITTED
AS THEY ARE PROCESSED,&nbsp;IN FULFILLMENT OF THE QUARTERLY TRANSACTION REPORTING OBLIGATIONS SET FORTH IN THIS POLICY, PROVIDED
HOWEVER THAT TRADING IN ANY SECURITIES THAT ARE NOT REFLECTED IN THE STATEMENTS AND/OR CONFIRMATIONS SET FORTH ABOVE MUST BE PROVIDED
IN THE FORMAT, TIME AND MANNER SET FORTH BELOW.</FONT></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Quarterly
Transaction Reports</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Employees
shall be required to provide a direct data link within SchwabCT. Employees may also be required to instruct their broker-dealers
to send to StoneCastle-ArrowMark duplicate broker trade confirmations and/or account statements. If an Employee&rsquo;s trades
do not occur through a broker-dealer Employees shall be required to instruct their broker-dealers to send to StoneCastle-ArrowMark
duplicate broker trade confirmations and/or account statements of the Employee. If an Employee&rsquo;s trades do not occur through
a broker-dealer (i.e., purchase of a private investment fund), such transactions shall be reported separately on the quarterly
personal securities transaction report found in SchwabCT. The quarterly transaction reports shall contain at least the following
information for each transaction in a Reportable Security in which the Employee had, or as a result of the transaction acquired,
any direct or indirect beneficial ownership<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>3</SUP></FONT>: (a)&nbsp;the
date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, the interest rate and maturity
date (if applicable), the number of shares and the principal amount of each Reportable Security involved; (b)&nbsp;the nature
of the transaction (i.e., purchase, sale or any other type of acquisition or disposition); (c)&nbsp;the price of the Reportable
Security at which the transaction was effected; (d)&nbsp;the name of the broker, dealer or bank with or through which the transaction
was effected; and (e)&nbsp;the date that the report is submitted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Employees
shall also report on a quarterly basis, not later than 30 days after the end of the calendar quarter, the name of <I>any</I> account
established by the Employee during the quarter in which any securities were held during the quarter for the direct or indirect
benefit of the <I>Employee</I>, the date the account was established, and the date the report was submitted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Exceptions
from Reporting Requirements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">An Employee is not required to
submit: 1) a transaction or initial and annual holdings report with respect to securities held in accounts over which the Employee
had no direct or indirect influence or control (i.e., any transactions occurring in an account that is managed on a fully-discretionary
basis by an unaffiliated money manager and over which such employee has no direct or indirect influence or control), and 2) a
transaction report with respect to transactions effected pursuant to an Automatic Investment Plan. The CCO will determine on a
case-by-case basis whether an account qualifies for either of these exceptions. In addition, from time to time, the CCO may exempt
certain transactions on a fully documented trade-by-trade basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>3</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
report of beneficial ownership required thereunder shall not be construed as an admission that the person making the report has
any direct or indirect beneficial ownership in the Reportable Securities to which the report relates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Split-Segment; Name: 2 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Any investment plans or accounts
that may be eligible for either of these exceptions should be brought to the attention of the CCO or his designee who will, on
a case-by-case basis, determine whether the plan or account qualifies for an exception. In making this determination, the CCO
or his designee may ask for supporting documentation, such as a copy of the Automatic Investment Plan, a copy of the discretionary
account management agreement and/or a written certification from the unaffiliated investment adviser, and may provide Employees
with the exact wording and a clear definition of &quot;no direct or indirect influence or control&quot; that the adviser consistently
applies to all Employees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">On a sample basis, the CCO may
review reports on holdings and/or transactions made in the trust or discretionary account to identify transactions that would
have been prohibited pursuant to StoneCastle-ArrowMark's Code, absent reliance on the reporting exception.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Employees who claim they have
no direct or indirect influence or control over an account are also required to complete the disclosure form found in SchwabCT.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Reliance on this independent
or separately managed account exception is conditioned on StoneCastle-ArrowMark&rsquo;s receipt of the disclosure form on SchwabCT
and other satisfactory documentary evidence (e.g., copy of advisory agreement, certification from adviser,&nbsp;etc.) as directed
by the CCO<I>.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Employees should consult with
the CCO before excluding any accounts, especially those held by immediate family members sharing the same household.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Trading
and Review</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">StoneCastle-ArrowMark
strictly forbids Front-Running client accounts, which is a practice generally understood to be Employees personally trading ahead
of a pending client transactions. The CCO will monitor Employees&rsquo; investment patterns to detect these abuses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Employee
trading activity will be reviewed against the firms&rsquo; trading activity to identify and abuses. In addition, StoneCastle-ArrowMark
may question, though does not prohibit, trading activity reported by Employees&rsquo; within the most recent 15 days in which
a security or option, not limited to the same direction of trade, is or has been held for by a RIC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The reason
for the post transaction review process is to ensure that StoneCastle-ArrowMark has developed procedures to supervise the activities
of its associated persons. The comparison of Employee trades to those of advisory clients will identify potential conflicts of
interest or the appearance of a potential conflict.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">If it&rsquo;s
discovered that an Employee is personally trading contrary to the policies set forth above, the Employee shall meet with the CCO
or Executive Management to review the facts surrounding the transactions. This meeting shall help determine the appropriate course
of action.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Reporting
Violations and Remedial Actions</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">StoneCastle-ArrowMark
takes the potential for conflicts of interest caused by personal investing very seriously. As such, all Employees are required
to promptly report any violations of the Code of Ethics to the CCO. You may also report any concerns anonymously via the Confidential
Reporting Form&nbsp;located on the SchwabCT site. StoneCastle-ArrowMark&rsquo;s management is aware of the potential matters that
may arise as a result of this requirement and shall take action against any Employee that seeks retaliation against another for
reporting violations of the Code of Ethics.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">If any violation
of our Personal Security Transaction Policy is determined to have occurred, the CCO may impose sanctions and take such other actions
as he deems appropriate, including, without limitation, requiring that the trades in question be reversed, requiring the disgorgement
of profits or gifts, disgorgement of profits in excess of the execution price received by the Client, issuing a letter of caution
or warning, issuing a suspension of personal trading rights or suspension of employment (with or without compensation), imposing
a fine, making a civil referral to the SEC, making a criminal referral, and/or terminating employment for cause or any combination
of the foregoing. All sanctions and other actions taken shall be in accordance with applicable employment laws and regulations.
Any profits or gifts forfeited shall be paid to the applicable client(s), if any, or given to a charity, as the CCO shall determine
is appropriate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The following
consequences may be enforced for violations of StoneCastle-ArrowMark&rsquo;s personal trading policy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">First
                                         Violation &ndash; The initial violation of StoneCastle-ArrowMark&rsquo;s personal trading
                                         policy may result in a re-training with the CCO.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Second
                                         Violation &ndash; The second violation of StoneCastle-ArrowMark&rsquo;s personal trading
                                         policy may result in a formal disciplinary letter to the employee&rsquo;s file and a
                                         two-week suspension of personal trading privileges.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Third
                                         Violation &ndash; The third violation of StoneCastle-ArrowMark&rsquo;s personal trading
                                         policy may result in a disciplinary meeting with the senior management and a four-week
                                         suspension of personal trading privileges.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">No person
shall participate in a determination of whether he or she has committed a violation of this Policy or in the imposition of any
sanction against himself or herself.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Insider
Trading Policy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Section&nbsp;204A
of the Advisers Act requires every investment adviser to establish, maintain, and enforce written policies and procedures reasonably
designed, taking into consideration the nature of such investment adviser's business, to prevent the misuse of material, non-public
information by such investment adviser or any person associated with such investment adviser. In accordance with Section&nbsp;204A,
StoneCastle-ArrowMark has instituted procedures to prevent the misuse of non-public information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In the past,
securities laws have been interpreted to prohibit the following activities:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Trading
                                         by an insider while in possession of material non-public information; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Trading
                                         by a non-insider while in possession of material non-public information, where the information
                                         was disclosed to the non-insider in violation of an insider&rsquo;s duty to keep it confidential;
                                         or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Communicating
                                         material non-public information to others in breach of a fiduciary duty.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Whom Does
the Policy Cover?</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">This policy
covers all Employees as well as any transactions in any securities participated in by family members, trusts or corporations directly
or indirectly controlled by such persons. In addition, the policy applies to transactions engaged in by corporations in which
the Employee is an officer, director or 10% or greater stockholder and a partnership of which the Employee is a partner unless
the Employee has no direct or indirect control over the partnership.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>What Information
is Material?</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Individuals
may not be held liable for trading on inside information unless the information is material. Advance knowledge of the following
types of information is generally regarded as Material:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Dividend
                                         or earnings announcements</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Write-downs
                                         or write-offs of assets</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Additions
                                         to reserves for bad debts or contingent liabilities</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Expansion
                                         or curtailment of company or major division operations</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Merger,
                                         joint venture announcements</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">New
                                         product/service announcements</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Discovery
                                         or research developments</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Criminal,
                                         civil and government investigations and indictments</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Pending
                                         labor disputes</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Debt
                                         service or liquidity problems</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Bankruptcy
                                         or insolvency problems</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Tender
                                         offers, stock repurchase plans,&nbsp;etc.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Recapitalization</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Information
provided by a company could be material because of its expected effect on a particular class of a company&rsquo;s securities,
all of the company&rsquo;s securities, the securities of another company, or the securities of several companies. The misuse of
material non-public information applies to all types of securities, including equity, debt, commercial paper, government securities
and options.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Material
information does not have to relate to a company&rsquo;s business. For example, material information about the contents of an
upcoming newspaper column may affect the price of a security, and therefore be considered material.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>What Information
is Non-Public?</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In order
for issues concerning Insider Trading to arise, information must not only be material, but also Non-Public.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Once material,
non-public information has been effectively distributed to the investing public, it is no longer classified as material, non-public
information. However, the distribution of non-public information must occur through commonly recognized channels for the classification
to change. In addition, the information must not only be publicly disclosed, there must be adequate time for the public to receive
and digest the information. Lastly, non-public information does not change to public information solely by selective dissemination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Employees
must be aware that even where there is no expectation of confidentiality, a person may become an insider upon receiving material,
non-public information. Whether the &ldquo;tip&rdquo; made to the Employee makes him/her a &ldquo;tippee&rdquo; depends on whether
the corporate insider expects to benefit personally, either directly or indirectly, from the disclosure.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The &ldquo;benefit&rdquo;
is not limited to a present or future monetary gain; it could be a reputational benefit or an expectation of a quid pro quo from
the recipient by a gift of the information. Employees may also become insiders or tippees if they obtain material, non-public
information by happenstance, at social gatherings, by overhearing conversations,&nbsp;etc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Selective
Disclosure</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Employees
must never disclose proposed/pending trades to any client or other individual/entity outside of StoneCastle-ArrowMark. Additionally,
Employees must be careful when disclosing the composition of Clients&rsquo; portfolios without obtaining consent from the CCO.
Federal Securities Laws may specifically prohibit the dissemination of such information and doing so may be construed as a violation
of StoneCastle-ArrowMark&rsquo;s fiduciary duty to clients.&nbsp; Selectively disclosing the portfolio holdings of a client&rsquo;s
portfolio to certain Investors/outside parties may also be viewed as StoneCastle-ArrowMark engaging in a practice of favoritism.
Including information regarding clients&rsquo; portfolio holdings in marketing materials and our website is subject to the CCO&rsquo;s
approval in accordance with our Marketing policy and procedures. All inquiries that are received by Employees to disclose portfolio
holdings must be immediately reported to the CCO. In determining whether or not to approve the dissemination of holdings information,
the CCO will consider, among other things, how current the holdings information is and the Fund's disclosure policy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Relationships
with Clients/Investors</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Given StoneCastle-ArrowMark&rsquo;s
and its affiliates standing in the investment community, it has retained executives of public companies and other well connected
individuals as advisory clients/investors. While Employees may occasionally converse with these individuals as part of the normal
course of its research/due diligence process, Portfolio Managers and Analysts must be aware that the relationship could incentivize
those individuals to divulge additional information (including material non-public information) to StoneCastle-ArrowMark. Accordingly,
Employees need to be cognizant of this potential conflict and take extra precautions when discussing investment matters with such
clients/investors or industry contacts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&ldquo;Value-Added&rdquo;
Investors</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Certain
of StoneCastle-ArrowMark&rsquo;s Investors may be deemed to be &ldquo;value-added&rdquo; investors; an investor who may provide
some benefit to StoneCastle-ArrowMark (such as industry expertise or access to individuals in the investor&rsquo;s network) beyond
just the value of their investment.&nbsp;Examples of such investors generally include executive-level officers or directors of
a company, or personnel that are affiliated with other investment advisers and/or private funds. Due to the nature of their position,
such investors may possess material non-public information.&nbsp;As such, Employees should refrain from discussing potentially
sensitive topics (e.g., specific information about the investor&rsquo;s employer) with a known value-added investor.&nbsp;If there
is any question as to whether information received from an Investor could be material non-public information, you are expected
to notify the CCO immediately and act in accordance with the procedures described above. StoneCastle-ArrowMark will maintain a
list of Investors it perceives to be &ldquo;value-added&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Paid Research
Providers</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">StoneCastle-ArrowMark
may compensate third-parties and/or individuals for research specific to certain industries, issuers and world markets. Portfolio
Managers and Analysts must pay particular attention to the type of information conveyed by such sources. In the event that Portfolio
Managers and Analysts suspect their receipt of non-public information, they must inform the CCO of the information to determine
the appropriate course of action.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Company
Meetings and Compliance Monitoring</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Meetings
with company insiders must be documented by entering meetings into StoneCastle-ArrowMark&rsquo;s company calendar in advance of
the meeting. Company insiders and/or brokers are required to sign in via the Envoy system located at StoneCastle-ArrowMark&rsquo;s
front desk for any on-site meetings. The meeting calendar and Envoy system are reviewed quarterly by the CCO (or designee) and
may be reconciled against email correspondence. Additionally, StoneCastle-ArrowMark has implemented technology to alert the CCO
(or designee) of any trading activity that precedes a 10% or greater movement in the stock price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The CCO
reserves the right to chaperone any meeting or call with company insiders. The CCO (or designee) will also review email communication
to identify any non-compliance with these procedures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Penalties
for Trading on Insider Information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Severe penalties
exist for firms and individuals that engage in the act of insider trading, including civil injunctions, treble damages, disgorgement
of profits and jail sentences. Further, fines for individuals and firms found guilty of insider trading are levied in amounts
up to three times the profit gained or loss avoided, and up to the greater of $1,000,000 or three times the profit gained or loss
avoided, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Procedures
to follow if an Employee Believes that he/she Possesses Material, Non-Public Information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">If an Employee
has questions as to whether they are in possession of material, non-public information, they must inform the CCO and Executive
Management as soon as possible. From this point, the Employee, CCO and Executive Management will conduct research to determine
if the information is likely to be considered important to investors in making investment decisions, and whether the information
has been publicly disseminated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Given the
severe penalties imposed on individuals and firms engaging in insider trading, Employees:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Shall
                                         not trade, without proper preclearance, the securities of any company in which they are
                                         deemed insiders who may possess material, non-public information about the company.<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>4</SUP></FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Shall
                                         not engage in securities transactions of any company, except in accordance with StoneCastle-ArrowMark&rsquo;s
                                         Personal Security Transaction Policy and the securities laws.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Shall
                                         submit personal security trading reports in accordance with the Personal Security Transaction
                                         Policy.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Shall
                                         not discuss any potentially material, non-public information with colleagues, except
                                         as specifically required by their position.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Shall
                                         immediately report the potential receipt of non-public information to the CCO and Executive
                                         Management.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Shall
                                         not proceed with any research, trading,&nbsp;etc. until the CCO and Executive Management
                                         inform the Employee of the appropriate course of action.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Employees
may access private side information from an issuer, creditor, bank, or other third party related to a proposed lending transaction.
Typically, such information is provided after a confidentiality agreement has been signed, which sometimes occurs electronically
when investment staff access information via a web portal. Generally speaking, the CCO shall review, sign or otherwise approve
(in the case of electronic access) confidentiality agreements. Employees should ensure that they notify the CCO of any confidentiality
agreements signed that may relate to issuers of publicly traded securities. In all cases, regardless of the source, Employees
should immediately inform the CCO if they have or believe they have received material non-public information regarding an issuer,
especially if the issuer is known to have publicly traded securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">If the CCO determines that the
information is material and non-public, or in the case of a non-disclosure agreement, the CCO or designee will identify the security
in the restricted log and update the pre-trade compliance rules&nbsp;in the order management system.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Trading in affected securities
may resume, and other responses may be adjusted or eliminated, when the CCO or designee determines that the information has become
public and/or immaterial. At such time, the CCO will amend the restricted log to indicate the date that trading was allowed to
resume and the reason for the resumption.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><SUP>4</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
refer to the Trading Policy for a discussion of instances in which trades are conducted in reliance on &ldquo;Big Boy Letters&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Serving
As Officers, Trustees and/or Directors of Outside Organizations</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Employees
may, under certain circumstances, be granted permission to serve as directors, trustees or officers of outside organizations by
completing an outside employment form. These organizations can include public or private corporations, partnerships, charitable
foundations and other not-for-profit institutions. Employees may also receive compensation for such activities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">At certain
times, StoneCastle-ArrowMark may determine that it is in its clients&rsquo; best interests for an Employee(s)&nbsp;to serve as
an officer or on the board of directors of an outside organization. For example, a company held in clients&rsquo; portfolios may
be undergoing a reorganization that may affect the value of the company&rsquo;s outstanding securities and the future direction
of the company. Service with organizations outside of StoneCastle-ArrowMark can, however, raise serious regulatory issues and
concerns, including conflicts of interests and access to material non-public information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">As an outside
board member or officer, an Employee may come into possession of material non-public information about the outside company, or
other public companies. It is critical that a proper information barrier be in place between StoneCastle-ArrowMark and the outside
organization, and that the Employee does not communicate such information to other Employees in violation of the information barrier.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Similarly,
StoneCastle-ArrowMark may have a business relationship with the outside organization or may seek a relationship in the future.
In those circumstances, the Employee must not be involved in the decision to retain or hire the outside organization.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Employees
are prohibited from engaging in such outside activities without the prior written approval from the CCO or designee. Approval
will be granted on a case by case basis, subject to proper resolution of potential conflicts of interest. Outside activities will
be approved only if any conflict of interest issues can be satisfactorily resolved and all of the necessary disclosures are made
on Part&nbsp;2 of Form&nbsp;ADV.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Diversion
of Firm Business or Investment Opportunity</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">No Employee
may acquire, or receive personal gain or profit from, any business opportunity that comes to his or her attention as a result
of his or her association with StoneCastle-ArrowMark and in which he or she knows StoneCastle-ArrowMark might be expected to participate
or have an interest, without disclosing in writing all necessary facts to the CCO, offering the particular opportunity to StoneCastle-ArrowMark,
and obtaining written authorization to participate from the CCO.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Any personal
or family interest of an Employee in any StoneCastle-ArrowMark business activity or transaction must be immediately disclosed
to the CCO. For example, if an Employee becomes aware that a transaction being considered or undertaken by StoneCastle-ArrowMark
may benefit, either directly or indirectly, an Employee or a family member thereof, the Employee must immediately disclose this
possibility to the CCO.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Dealings
with Government and Industry Regulators</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">StoneCastle-ArrowMark&rsquo;s
policy forbids payments of any kind by it, its Employees or any agent or other intermediary to any government official, self-regulatory
official, corporation or other similar person or entity, within the United States or abroad, for the purpose of obtaining or retaining
business, or for the purpose of influencing favorable consideration of any application for a business activity or other matter.
This policy covers all types of payments, even to minor government officials and industry regulators, regardless of whether the
payment would be considered legal under the circumstances. This policy encourages Employees to avoid even the appearance of impropriety
in their dealings with industry and government regulators and officials.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">It is expected
and required that all Employees fulfill their personal obligations to governmental and regulatory bodies. Those obligations include
the filing of appropriate federal, state and local tax returns, as well as the filing of any applicable forms or reports required
by regulatory bodies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">All Employees
are required to cooperate fully with management in connection with any internal or independent investigation and any claims, actions,
arbitrations, litigations, investigations or inquiries brought by or against StoneCastle-ArrowMark. Employees are expected, if
requested, to provide StoneCastle-ArrowMark with reasonable assistance, including, but not limited to, meeting or consulting with
StoneCastle-ArrowMark and its representatives, reviewing documents, analyzing facts and appearing or testifying as witnesses or
interviewees or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Political
Contributions and Public Office</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The following
outlines StoneCastle-ArrowMark&rsquo;s policies with respect to political contributions and public office:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Political
                                         contributions, gifts, subscription, loans, advance, or deposit of money or anything of
                                         value are not to exceed $350.00 per candidate whom you are entitled to vote, per election;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Political
                                         contributions, gifts, subscription, loans, advance, or deposit of money or anything of
                                         value are not to exceed $150.00 per candidate whom you are not entitled to vote, per
                                         election;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Contributions
                                         by StoneCastle-ArrowMark and/or Employees to politically connected individuals/entities
                                         who may have the ability, in some way, to influence clients to StoneCastle-ArrowMark
                                         are strictly prohibited;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">An
                                         Employee is permitted to make a contribution to a candidate only if the Employee is entitled
                                         to vote for him/her at the time of the contribution (though contributions to Presidential
                                         candidates are excluded from this requirement);</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">No
                                         Employee is permitted to make any soft dollar contributions; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">No
                                         Employee can hold a public office if it in any way conflicts with StoneCastle-ArrowMark&rsquo;s
                                         business.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Employees
must report their intent to make a contribution by submitting a &ldquo;political contribution&rdquo; form in SchwabCT.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Protection
of StoneCastle-ArrowMark&rsquo;s Name</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Employees
should at all times be aware that StoneCastle-ArrowMark&rsquo;s name, reputation and credibility are valuable assets and must
be safeguarded from any potential misuse. Care should be exercised to avoid the unauthorized use of StoneCastle-ArrowMark&rsquo;s
name in any manner that could be misinterpreted to indicate a relationship between StoneCastle-ArrowMark and any other entity
or activity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Employee
Involvement in Litigation or Proceedings</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Employees
must advise the CCO immediately if they become involved in or threatened with litigation or an administrative investigation or
proceeding of any kind, are subject to any judgment, order or arrest, or are contacted by any regulatory authority.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Gifts
and Entertainment</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Employees&rsquo;
Receipt of Business Meals, Sporting Events and Other Entertainment</U> - Employees may attend business meals, sporting events
and other entertainment events at the expense of a giver, as long as the expense is reasonable, not lavish or extravagant in nature
and the Employee is accompanied by the giver. In the event that the estimated cost of the meal, event,&nbsp;etc. is greater than
$100.00, the Employee must report his/her attendance at the meal, event,&nbsp;etc. in SchwabCT . If the event is highly publicized
such that the tickets may be selling in excess of their face value, the Employee must consider the mark-up for the reporting requirements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Employees&rsquo;
Receipt of Gifts</U> - Employees must report their intent to accept gifts over $100.00 (either one single gift, or in aggregate
on an annual basis) by submitting a gift receipt in SchwabCT. Reasonable gifts received on behalf of the Company shall not require
reporting. Examples of reasonable gifts include holiday gift baskets and lunches brought to the offices by service providers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">StoneCastle-<U>ArrowMark&rsquo;s
Gift Giving Policy</U> &ndash; StoneCastle-ArrowMark and its Employees are prohibited from giving gifts that may be deemed as
excessive, and must obtain approval to give all gifts in excess of $100.00 to any client, prospective client or any individual
or entity that StoneCastle-ArrowMark is seeking to do business with.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Gifts
Given to Taft-Hartley Funds</U> - Employees are reminded that notwithstanding this policy, since StoneCastle-ArrowMark may manage
Taft-Hartley funds, any gratuity provided by StoneCastle-ArrowMark to labor unions or union representatives that have an &ldquo;interest&rdquo;
in the Taft-Hartley fund (including the members covered by the Taft-Hartley fund) in excess of $25 are required to be reported
to CCO and Department Labor Form&nbsp;LM-10. Accordingly, StoneCastle-ArrowMark will monitor all gratuities as discussed and make
the appropriate filings on DOL Form&nbsp;LM-10.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><U>Gifts and Entertainment Given
to ERISA Plan Fiduciaries</U> &ndash; StoneCastle-ArrowMark is prohibited from giving gifts or entertainment with an aggregate
value exceeding $250 per year to any ERISA plan fiduciary. Consequently, Employees/Supervised Persons must obtain approval before
giving any gifts or entertainment to ERISA plan fiduciaries via SchwabCT gifts portal.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><U>Gifts and Entertainment Given
to State and Local Pension Officials</U> &ndash; StoneCastle-ArrowMark must be mindful that myriad state and municipal regulations
exist around the exchange of gifts and entertainment with such officials. Accordingly, Employees must consult with the CCO before
providing any gifts or entertainment in connection with the solicitation of state and municipal pension, and similar plans. The
CCO shall track all reportable entertainment and gifts via SchwabCT gifts portal.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Foreign
Corrupt Practice Act Policy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The Foreign
Corrupt Practices Act (&ldquo;FCPA&rdquo;) prohibits the direct or indirect giving of, or a promise to give, &ldquo;things of
value&rdquo; in order to corruptly obtain a business benefit from an officer, employee, or other &ldquo;instrumentality&rdquo;
of a foreign government (collectively, &ldquo;Foreign Officials&rdquo;). Companies that are owned, even partly, by a foreign government
may be considered an &ldquo;instrumentality&rdquo; of that government. In particular, government investments in foreign financial
institutions may make the FCPA applicable to those institutions. Individuals acting in an official capacity on behalf of a foreign
government or a foreign political party may also be &ldquo;instrumentalities&rdquo; of a foreign government.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The FCPA
includes provisions that may permit the giving of gifts and entertainment under certain circumstances, including certain gifts
and entertainment that are lawful under the written laws and regulations of the recipient&rsquo;s country, as well as bona-fide
travel costs for certain legitimate business purposes. However, the availability of these exceptions is limited and is dependent
on the relevant facts and circumstances. The FCPA does permit certain small &ldquo;facilitating&rdquo; or &ldquo;expediting&rdquo;
payments to Foreign Officials to ensure that they perform routine, non-discretionary governmental duties (e.g., obtaining permits,
licenses, or other official documents; processing governmental papers, such as visas and work orders; providing police protection,
mail pickup and delivery; providing phone service, power and water supply, loading and unloading cargo, or protecting perishable
products; and scheduling inspections associated with contract performance or transit of goods across country).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The FCPA
prohibits payments to third parties, such as a placement agent, with knowledge, whether actual or inferred, that all or a portion
of the payment will be passed on to Foreign Officials.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Risks</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In developing
these policies and procedures, StoneCastle-ArrowMark considered the risk that Employees would try to use gifts or entertainment,
directly or indirectly through placement agents, to exert improper influence on Foreign Officials. StoneCastle-ArrowMark established
the following guidelines to mitigate these risks.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Foreign Official Gifts and
Entertainment</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">StoneCastle-ArrowMark
and its Employees must comply with the spirit and the letter of the FCPA at all times. Employees must obtain written pre-clearance
from the CCO prior to giving anything of value that might be subject to the FCPA <I><U>except</U></I> food and beverages that
are provided during a legitimate business meeting and that are clearly not lavish or excessive.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Employees
must complete the <I>Gifts and Entertainment Report</I> in SchwabCT to disclose all gifts and entertainment that may be subject
to the FCPA, irrespective of value and including food and beverages provided during a legitimate business meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Employees
must consult with the CCO if there is any question as to whether gifts or entertainment need to be pre-cleared and/or reported
in connection with this policy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Travel
Expenses</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Employees
may charge normal and reasonable travel and travel-related expenses incurred for a StoneCastle-ArrowMark business purpose. Such
expenses may include meals and incidentals, travel costs (air, train,&nbsp;etc.), lodging expenses, business phone calls and other
miscellaneous travel related expenses. When incurring such expenses, Employees must use reasonable judgment and generally be aware
of escalating travel costs. While StoneCastle-ArrowMark has not prescribed limits on such expenses, StoneCastle-ArrowMark may
reiterate its policy with Employees as necessary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">StoneCastle-ArrowMark
will pay for all travel expenses (airline, hotel, meals and incidentals) related to Employees&rsquo; attendance at conferences,
company visits,&nbsp;etc. In the event that any such expenses are included as part of the event, Employees shall report the approximate
value of such expense to the CCO. The CCO will evaluate such covered expenses to determine whether reasonable and appropriate.
StoneCastle-ArrowMark has adopted this policy in order to monitor any potential conflicts of interest associated with our relationships
with outside service providers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Disclosure</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">StoneCastle-ArrowMark
shall describe its Code of Ethics in Part&nbsp;2 of Form&nbsp;ADV and, upon request, furnish clients with a copy of the Code of
Ethics. All client requests for StoneCastle-ArrowMark&rsquo;s Code of Ethics shall be directed to the CCO.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">If the CCO
determines that a material violation of this Code has occurred, he or she shall promptly report the violation, and any enforcement
action taken, to StoneCastle-ArrowMark&rsquo;s senior management.&nbsp; If StoneCastle-ArrowMark&rsquo;s senior management determines
that such material violation appears to involve a fraudulent, deceptive or manipulative act, StoneCastle-ArrowMark will report
its findings to the Fund&rsquo;s Board of Directors or Trustees pursuant to Rule&nbsp;17j-1. No less frequently than annually,
the board must be furnished a written report that (i)&nbsp;describes any issues arising under the code or procedures since the
last report to the board, including, but not limited to, information about material violations of the code or procedures and sanctions
imposed in response to the material violations; and (ii)&nbsp;certifies that the fund and adviser has adopted procedures reasonably
necessary to prevent access persons from violating the code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Recordkeeping</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">StoneCastle-ArrowMark
shall maintain records in the manner and to the extent set forth below, which records shall be available for appropriate examination
by representatives of regulatory authorities or StoneCastle-ArrowMark&rsquo;s management.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A
                                         copy of this Code of Ethics and any other code which is, or at any time within the past
                                         five years has been, in effect shall be preserved in an easily accessible place;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A
                                         record of any violation of this Code of Ethics and of any action taken as a result of
                                         such violation shall be preserved in an easily accessible place for a period of not less
                                         than five years following the end of the fiscal year in which the violation occurs;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A
                                         record of all written acknowledgements (annual certifications) for each person who is
                                         currently, or with the past five years was, an Employee of StoneCastle-ArrowMark.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A
                                         copy of each report made pursuant to this Code of Ethics by an Employee, including any
                                         information provided in lieu of reports, shall be preserved by the Company for at least
                                         five years after the end of the fiscal year in which the report is made or the information
                                         is provided, the first two years in an easily accessible place;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A
                                         list of all persons who are, or within the past five years have been, required to make
                                         reports pursuant to this Code of Ethics, or who are or were responsible for reviewing
                                         these reports, shall be maintained in an easily accessible place;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                         Company shall preserve a record of any decision, and the reasons supporting the decision,
                                         to approve the acquisition of any limited offering or IPO by Employees for at least five
                                         years after the end of the fiscal year in which the approval is granted, the first two
                                         years in an easily accessible place.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A
                                         copy of each finding presented to the Board of a Fund shall be preserved by StoneCastle-ArrowMark
                                         for at least five years after the end of the fiscal year in which the record is made,
                                         the first two years in an easily accessible place.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Responsibility</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The CCO
will be responsible for administering the Code of Ethics. All questions regarding the policy should be directed to the CCO. All
Employees must acknowledge their receipt and understanding of the Code of Ethics upon commencement of their employment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; font-variant: small-caps"><B>Employee
Acknowledgement</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">You are
required to complete the Code of Ethics Acknowledgement, both initially upon the commencement of your employment with StoneCastle-ArrowMark
and annually thereafter, to acknowledge and certify that you have received, reviewed, understand and shall comply, or have complied
with, the policies and procedures as set forth in the Code of Ethics. In addition, all Employees must be aware of and comply with
the following undertakings:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">be
                                         thoroughly familiar with the policies and procedures set forth in this Code of Ethics;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">upon
                                         the request of the CCO, provide initial and annual written certification that you have
                                         read and understand, and will comply with, the policies and procedures set forth in this
                                         Code of Ethics and any other compliance materials distributed to you by the CCO;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">notify
                                         the CCO promptly in the event you have any reason to believe that you may have failed
                                         to comply with (or become aware of another person&rsquo;s failure to comply with) the
                                         policies and procedures set forth in this Code of Ethics;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">notify
                                         the CCO promptly if you become aware of any practice that arguably involves StoneCastle-ArrowMark
                                         in a conflict of interest with any of its advisory accounts including unregistered investment
                                         funds;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">cooperate
                                         to the fullest extent reasonably requested by the CCO so as to enable: (i)&nbsp;the CCO
                                         to discharge his respective duties under the Code of Ethics and (ii)&nbsp;StoneCastle-ArrowMark
                                         to comply with the securities laws to which it is subject; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">notify
                                         the CCO promptly if you become aware of any part of any disclosure document that you
                                         believe may be inaccurate, incomplete or out of date in any respect.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.S1
<SEQUENCE>5
<FILENAME>tm2038277d2_ex99-s1.htm
<DESCRIPTION>EXHIBIT 99.S.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.s.</B>1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">POWER OF ATTORNEY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">KNOW ALL PERSONS BY THESE PRESENTS, that each person whose name
appears below hereby nominates, constitutes and appoints Sanjai Bhonsle as his or her true and lawful attorney-in-fact and agent,
with full power to act alone, with full powers of substitution and resubstitution, for him or her and in his or her name, place
and stead, in any and all capacities, to make, execute and sign a Registration Statement on Form&nbsp;N-2 under the Securities
Act of 1933, as amended (the &ldquo;1933 Act&rdquo;) and the Investment Company Act of 1940, as amended, of StoneCastle Financial
Corp. and any and all pre-effective or post-effective amendments thereto (including any and all amendments and any related registration
statements thereto filed pursuant to Rule&nbsp;462 under the 1933 Act and otherwise), and file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and
agent with full power to act alone, full power and authority to do and perform each and every act and thing requisite and necessary
to be done in connection therewith, as fully for all intents and purposes as he or she might or could do in person, hereby ratifying
and confirming all that said attorney-in-fact and agent or his substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Power of Attorney may be executed in one or more counterparts,
all of which taken together shall be deemed one original.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature page&nbsp;follows]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IN WITNESS WHEREOF, the undersigned has executed this instrument
as of the 14th day of December, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%">/s/ Guy M. Arnold</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Guy M. Arnold, Director</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ John Scott Emrich</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>John Scott Emrich, Director</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Alan J. Ginsberg</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Alan J. Ginsberg, Director</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Emil W. Henry,&nbsp;Jr.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Emil W. Henry,&nbsp;Jr., Director</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Karen L. Reidy</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Karen L. Reidy, Director</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Michael Stolper</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Michael Stolper, Director</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Michael P. Van Praag</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Michael P. Van Praag, Director</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>[Signature Page&nbsp;for Power of Attorney
 &ndash; Registration Statement on Form&nbsp;N-2]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<DOCUMENT>
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<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 6pt; width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Troutman Pepper Hamilton Sanders LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3000 Two Logan Square, Eighteenth and Arch Streets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Philadelphia, PA 19103-2799</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">troutman.com</P></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 6pt; text-align: right; width: 50%"><IMG SRC="tm2038277d2_coverimg001.jpg" ALT=""></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>John P. Falco</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">john.falco@troutman.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 14, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">VIA EDGAR</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Filing Desk</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, NE</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, DC 20549</P></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:</FONT></TD>
    <TD STYLE="width: 95%; padding-right: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">StoneCastle Financial Corp.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investment Company Act File No. 811-22853</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On behalf of StoneCastle Financial Corp. (the &#8220;Company&#8221;),
transmitted herewith for filing is a registration statement on Form N-2 (the &quot;Registration Statement&quot;) under the Securities
Act of 1933, as amended. The Registration Statement also constitutes Amendment No. 17 to the Company's registration statement under
the Investment Company Act of 1940, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Registration Statement relates to the registration, under
the 1933 Act, of the proposed offering by the Company of additional shares of common stock, par value $0.001 per share (the &#8220;Shares&#8221;)&nbsp;on
an immediate, delayed or continuous basis in reliance on Rule&nbsp;415 under the 1933 Act.&nbsp; The Company is registering currently
$150,000,000 of Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company is a closed-end, non-diversified, management investment
company whose shares are listed on the NASDAQ Global Select Market under the trading or &#8220;ticker&#8221; symbol &#8220;BANX.&#8221;
The Company meets the requirements of General Instruction A.2 under Form N-2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The registration fee of $16,365 due with respect to the filing
will be paid concurrent with this filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company wishes to inform the Commission that it may request
acceleration of the effectiveness date of the Registration Statement in writing or orally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 6pt; width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">December 14, 2020</P></TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 6pt; width: 50%; text-align: right"><IMG SRC="tm2038277d2_coverimg002.jpg" ALT=""></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please direct any questions concerning this letter to my attention
at 215.981.4659 or, in my absence, to Christopher M. Trueax, Esq. of this office at 215.981.4723.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="border-bottom: Black 1pt solid; width: 50%">/s/ John P. Falco</TD><TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">John P. Falco</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">cc:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Christopher M. Trueax, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sanjai Bhonsle</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Patrick J. Farrell</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rachel N. Schatten, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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