# EDGAR Filing Document

**Accession Number:** 0001578987
**File Stem:** 0001999371-26-001905
**Filing Date:** 2026-1
**Character Count:** 269966
**Document Hash:** 90f0e3bb74e254f96fb2043dfcfa5525
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-001905.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0001999371-26-001905

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20260122

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ArrowMark Financial Corp.
- **CENTRAL INDEX KEY:** 0001578987

**ORGANIZATION NAME:**
- **EIN:** 900934878
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 811-22853
- **FILM NUMBER:** 26573411

**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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** StoneCastle Financial Corp.
- **DATE OF NAME CHANGE:** 20130611

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported) January 28, 2026 (January 22, 2026)** 

**ArrowMark Financial Corp.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **811-22853** | **90-0934878** |
| **(**State or other jurisdiction<br> of incorporation) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |
| **100 Fillmore Street, Suite 325**<br> **Denver, Colorado** | **100 Fillmore Street, Suite 325**<br> **Denver, Colorado** | **80206** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code **(303) 398-2929**

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Title of each class | &nbsp;&nbsp;Trading Symbol(s) | &nbsp;&nbsp;Name of each exchange on which registered |
| &nbsp;&nbsp;**Common Shares of Beneficial Interest** | &nbsp;&nbsp;**BANX** | &nbsp;&nbsp;**NASDAQ** |
| &nbsp;&nbsp;**Subscription Rights for Common Shares** | &nbsp;&nbsp;**BANXR** | &nbsp;&nbsp;**NASDAQ** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

---

| | |
|:---|:---|
| **Item 1.01.** | **Entry into a Material Definitive Agreement.** |

---

On January 22, 2026, ArrowMark Financial Corp. (NASDAQ: BANX) (the "Fund") entered into a dealer manager agreement (the "Dealer Manager Agreement") by and among the Fund, ArrowMark Asset Management, LLC and UBS Securities LLC in connection with the issuance by the Fund to the holders of record (the "Record Date Shareholders") at the close of business on January 22, 2026 (the "Record Date") transferable rights (each a "Right" and, collectively, the "Rights") entitling such Record Date Shareholders to subscribe for up to 2,604,156 shares of common stock, par value $0.001 per share (the "Common Shares"), of the Fund (the "Offer"). The Record Date Shareholders will receive one Right for each outstanding Common Share owned on the Record Date. The Rights entitle the holders to purchase one new Common Share for every three Rights held (1 for 3). Record Date Shareholders who fully exercise their Rights will be entitled to subscribe, subject to certain limitations and subject to allotment, for additional Common Shares covered by any unexercised Rights. Any Record Date Shareholder who owns fewer than three Common Shares as of the close of business on the Record Date is entitled to subscribe for one full Common Share in the Offer.

The Offer is being made pursuant a prospectus supplement, dated January 22, 2026, and the accompanying prospectus, dated February 18, 2025, each of which constitute part of the Fund's effective shelf registration statement on Form N-2 (File No. 333-281004) previously filed with the Securities and Exchange Commission (the "Registration Statement").

The foregoing description of the Dealer Manager Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Dealer Manager Agreement filed with this report as Exhibit 1.1 and incorporated herein by reference.

In connection with the Offer, the Fund entered into a Subscription Agent Agreement, dated January 22, 2026, with Equiniti Trust Company, LLC ("Subscription Agent Agreement"), and an Information Agent Agreement, dated January 22, 2026, with EQ Fund Solutions, LLC ("Information Agent Agreement") to provide services with respect to the Offer.

The foregoing description is only a summary of the Subscription Agent Agreement and Information Agent Agreement and is qualified in its entirety by reference to the text of the Subscription Agent Agreement filed with this report as Exhibit 10.1 and incorporated herein by reference and Information Agent Agreement filed with this report as Exhibit 10.2 and incorporated herein by reference.

---

| | |
|:---|:---|
| **Item 8.01.** | **Other Events** |

---

On January 22, 2026, the Fund commenced the Offer pursuant to the Registration Statement. A copy of the opinion of Troutman Pepper Locke LLP relating to the legality of the Offer is filed as Exhibit 5.1 to this report.

The Fund incorporates by reference the exhibits filed herewith into the Registration Statement.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *<u>Exhibits</u>* 

---

| | |
|:---|:---|
| 1.1 | [Dealer Manager Agreement, dated January 22, 2026](ex1-1.htm) |
| 5.1 | [Opinion of Troutman Pepper Locke LLP](ex5-1.htm) |
| 10.1 | [Subscription Agent Agreement, dated January 22, 2026](ex10-1.htm) |
| 10.2 | [Information Agent Agreement, dated January 22, 2026](ex10-2.htm) |
| 23.1 | [Consent of Troutman Pepper Locke LLP (included in Exhibit 5.1)](ex5-1.htm) |
| 99.1 | [Form of Notice of Guaranteed Delivery for Rights Offering](ex99-1.htm) |
| 99.2 | [Form of Subscription Certificate for Rights Offering](ex99-2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | ArrowMark Financial Corp. | ArrowMark Financial Corp. |
| Date: January 28, 2026 | By: | /s/ Patrick J. Farrell |
|  | Name: | Patrick J. Farrell |
|  | Title: | Chief Financial Officer |

---

## Exhibit 1.1

**[ArrowMark Financial Corp. 8-K](banx-8k_012826.htm)**

**Exhibit 1.1**

ARROWMARK FINANCIAL CORP.

2,604,156 Shares of Common Stock<br> Issuable Upon Exercise of Transferable Rights<br> to Subscribe for Such Shares

DEALER MANAGER AGREEMENT

New York, New York <br> January 22, 2026

UBS Securities LLC<br> 11 Madison Avenue<br> New York, NY 10010

Ladies and Gentlemen:

Each of ArrowMark Financial Corp., a Delaware corporation (the "<u>Fund</u>"), and ArrowMark Asset Management, LLC, a Delaware limited liability company (the "<u>Adviser</u>"), hereby confirms the agreement with and appointment of UBS Securities LLC to act as dealer manager (the "<u>Dealer Manager</u>") in connection with the issuance by the Fund to the holders of record (the "<u>Record Date Shareholders</u>") at the close of business on the record date set forth in the Prospectus (as defined herein) (the "<u>Record Date</u>") transferable rights entitling such Record Date Shareholders to subscribe for up to 2,604,156 shares (each, a "<u>Share</u>" and, collectively, the "<u>Shares</u>") of common stock, par value $0.001 per share (the "<u>Common Shares</u>"), of the Fund (the "<u>Offer</u>"). Pursuant to the terms of the Offer, the Fund is issuing each Record Date Shareholder one (1) transferable right (each, a "<u>Right</u>" and, collectively, the "<u>Rights</u>") for each Common Share held by such Record Date Shareholder on the Record Date. Such Rights entitle their holders to acquire during the subscription period set forth in the Prospectus, at the price set forth in such Prospectus (the "<u>Subscription Price</u>"), one (1) Share for each three (3) Rights exercised (except that any Record Date Shareholder who owns fewer than three (3) Common Shares as of the Record Date will be able to subscribe for one full Share pursuant to the primary subscription), on the terms and conditions set forth in such Prospectus. No fractional shares will be issued. Any Record Date Shareholder who fully exercises all Rights initially issued to such Record Date Shareholder (other than those Rights that cannot be exercised because they represent the right to acquire less than one Share) will be entitled to subscribe for, subject to certain limitations and subject to allocation, additional Shares (the "<u>Over-Subscription Privilege</u>"), on the terms and conditions set forth in the Prospectus. The Rights are transferable and are expected to be admitted for trading on the NASDAQ Global Select Market ("NASDAQ") under the symbol "BANXR."

The Fund has filed with the Securities and Exchange Commission (the "<u>Commission</u>") a registration statement on Form N-2 (File Nos. 333-281004 and 811-22853), including a related prospectus and Statement of Additional Information, under the Investment Company Act of 1940, as amended (the "<u>Investment Company Act</u>"), the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), and the rules and regulations of the Commission under the Investment Company Act (the "<u>Investment Company Act Rules and Regulations</u>") and the rules and regulations of the Commission under the Securities Act (the "<u>Securities Act Rules and Regulations</u>" and, together with the Investment Company Act Rules and Regulations, the "<u>Rules and Regulations</u>"), and has filed such amendments to such registration statement on Form N-2, if any, as may have been required to the date hereof. The registration statement was initially declared effective by the Commission on February 18, 2025. If any prospectus contained in the registration statement omits certain information at the time of effectiveness pursuant to Rule 430B of the Securities Act Rules and Regulations, a final prospectus containing such omitted information will promptly be filed by the Fund with the Commission in accordance with Rule 424(b) of the Rules and Regulations. The term "<u>Registration Statement</u>" means the registration statement, allowing for delayed offerings pursuant to Rule 415 of the Securities Act Rules and Regulations, at the time it becomes or became effective, including financial statements and all exhibits and all documents, if any, incorporated therein by reference, and any information deemed to be included by Rule 430B of the Securities Act Rules and Regulations. Except where the context otherwise requires, "<u>Base Prospectus,</u>" as used herein, means the prospectus dated February 18, 2025 (including the statement of additional information and all documents incorporated therein by reference) included in the Registration Statement. Except where the context otherwise requires, "<u>Prospectus,</u>" as used herein, means the Base Prospectus and the prospectus supplement (including the statement of additional information and all other documents and incorporated therein by reference) as filed by the Fund with the Commission in accordance with Rule 424(b) of the Rules and Regulations.

"<u>Issuer Free Writing Prospectus</u>" means any "issuer free writing prospectus," as defined in Rule 433 of the Securities Act Regulations ("Rule 433"), including without limitation any "free writing prospectus" (as defined in Rule 405 of the Securities Act Regulations ("Rule 405")) relating to the Shares that is (i) required to be filed with the Commission by the Fund, (ii) a "road show that is a written communication" within the meaning of Rule 433(d)(8)(i), whether or not required to be filed with the Commission, or (iii) exempt from filing with the Commission pursuant to Rule 433(d)(5)(i) because it contains a description of the Rights, the Shares or the Offer that does not reflect the final terms, in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Fund's records pursuant to Rule 433(g).

"<u>Sales Materials</u>" means those advertising materials, sales literature or other promotional materials or documents, if any, constituting an advertisement pursuant to Rule 482 under the Securities Act authorized or prepared by the Fund or authorized or prepared on behalf of the Fund by the Adviser or any representative thereof for use in connection with the Offer, as specified in <u>Exhibit E</u> hereto.

The Prospectus, any Issuer Free Writing Prospectus, any Sales Material and any letters to owners of Common Shares of the Fund, subscription certificates and other forms used to exercise rights, brochures, wrappers, any letters from the Fund to securities dealers, commercial banks and other nominees and any newspaper announcements, press releases and other offering materials and information that the Fund may use, approve, prepare or authorize for use in connection with the Offer are collectively referred to hereinafter as the "<u>Offering Materials</u>."

1. <u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Fund and the Adviser jointly and severally represent and warrant to, and agree with,
 the Dealer Manager as of the date hereof, as of the date of the commencement of the Offer
 (such date being hereinafter referred to as the " <u>Representation Date</u> ")
 and as of the Expiration Date (as defined below) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Fund meets the requirements for use of Form N-2 under the Securities Act and the Investment
 Company Act and the Rules and Regulations. The Registration Statement became effective
 on February 18, 2025. At the time the Registration Statement became effective, the Registration
 Statement contained all statements required to be stated therein in accordance with,
 and complied with the requirements of the Securities Act, the Investment Company Act
 and the Rules and Regulations and did not contain an untrue statement of a material fact
 or omit to state a material fact required to be stated therein or necessary in order
 to make the statements therein not misleading. From the time the Registration Statement
 became effective through the expiration date of the Offer set forth in the Prospectus,
 as it may be extended as provided in the Prospectus (the " <u>Expiration Date</u> "),
 the Offering Materials will not contain an untrue statement of a material fact or omit
 to state any material fact required to be stated therein or necessary in order to make
 the statements therein, in the light of the circumstances under which they were made,
 not misleading; <u>provided</u>, <u>however</u>, that the representations and warranties
 in this subsection shall not apply to statements in or omissions from the Registration
 Statement or Offering Materials made in reliance upon and in conformity with information
 relating to the Dealer Manager furnished to the Fund or the Adviser on behalf of the
 Fund in writing by the Dealer Manager expressly for use in the Registration Statement
 or Offering Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each
 Issuer Free Writing Prospectus complies in all material respects with the Securities
 Act, including the requirements of Rule 433, and the Investment Company Act and has been
 or will be (within the time period specified in Rule 433 under the Securities Act) filed
 in accordance with the Securities Act (to the extent required thereby) and does not conflict
 with the information contained in the Registration Statement or the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Other
 than the Registration Statement and the Prospectus, the Fund (including its agents and
 representatives, other than the Underwriters in their capacity as such) has not prepared,
 made, used, authorized, approved or referred to and will not prepare, make, use, authorize,
 approve or refer to any Issuer Free Writing Prospectus other than (i) any document not
 constituting a prospectus pursuant to Section 2(a)(10)(a) of the Securities Act or Rule
 134 under the Securities Act, (ii) the documents listed on <u>Exhibit</u> F hereto, each
 electronic road show and any other written communications approved in writing in advance
 by the Dealer Manager or (ii) the Sales Material listed on <u>Exhibit E</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The
 Fund (A) has been duly organized and is validly existing as a corporation in good standing
 under the laws of the State of Delaware, (B) has full power and authority to own, lease
 and operate its properties and conduct its business and other activities conducted by
 it as described in the Registration Statement and the Prospectus, (C) owns, possesses
 or has obtained and currently maintains all necessary licenses, permits, consents, orders,
 approvals and other authorizations (collectively, the " <u>Licenses and Permits</u> "),
 whether foreign or domestic, necessary to carry on its business as contemplated in the
 Prospectus, (D) has made all necessary filings required under any federal, state, local
 or foreign law, regulation or rule and (E) is duly licensed and qualified to do business
 and is in good standing in each jurisdiction where it owns or leases real property or
 in which the conduct of its business requires such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Each
 of the subsidiaries are set forth in Schedule I hereto (each a " <u>Subsidiary</u> ")
 and each Subsidiary has been duly formed under the laws of, is licensed or qualified
 to do business, and is in good standing in, each jurisdiction listed respectively on
 Schedule I. Each Subsidiary is duly licensed and qualified to do business and is in good
 standing in each jurisdiction where it owns or leases real property or in which the conduct
 of its business requires such qualification. All of the issued and outstanding capital
 stock of each Subsidiary has been duly authorized and validly issued, is fully paid and
 non-assessable and the outstanding capital stock of each Subsidiary owned by the Fund,
 directly or through subsidiaries, is owned free and clear of any security interest, mortgage,
 pledge, lien, encumbrance, claim or equity. None of the outstanding shares of capital
 stock of any Subsidiary were issued in violation of the preemptive or similar rights
 of any securityholder of such Subsidiary. The Subsidiaries of the Fund do not have employees
 or employ personnel. For the avoidance of doubt, the proceeds of the Offer described
 in the Registration Statement and the Prospectus shall be subject to any lien, charge
 or encumbrance imposed under the terms and provisions of the Credit Agreement (as defined
 below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The
 Fund is duly registered with the Commission under the Investment Company Act as a non-diversified,
 closed-end management investment company, no order of suspension or revocation of such
 registration has been issued or proceedings therefor initiated, to the knowledge of the
 Fund or the Adviser, or threatened by the Commission; subject to the filing of the Prospectus
 pursuant to Rule 424(b) of the Rules and Regulations and the filing of a post-effective
 amendment to the Registration Statement pursuant to Rule 462(d) of the Rules and Regulations,
 if not already filed, all required action has been taken by the Fund under the Securities
 Act and the Investment Company Act to make the Offer and to consummate the issuance of
 the Rights and the issuance and sale of the Shares by the Fund upon exercise of the Rights,
 and the provisions of the Fund's Amended and Restated Certificate of Incorporation
 (" <u>Certificate of Incorporation</u> ") and the Fund's By-Laws (" <u>By-Laws</u> ")
 comply with the requirements of the Investment Company Act and the Investment Company
 Act Rules and Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Tait,
 Weller & Baker LLP who have certified certain financial statements of the Fund and
 delivered their report with respect to the audited financial statements and schedules
 included in the Prospectus, are independent public accountants with respect to the Fund
 within the meaning of the Investment Company Act, the Securities Act, the Rules and Regulations,
 the Securities Exchange Act of 1934, as amended (the " <u>Exchange Act</u> ")
 and the rules and regulations thereunder and by the rules of the Public Company Accounting
 Oversight Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The
 financial statements of the Fund, together with the related notes and schedules thereto,
 set forth or incorporated by reference in the Registration Statement and the Prospectus
 present fairly in all material respects the financial condition of the Fund as of the
 dates or for the periods indicated in conformity with U.S. generally accepted accounting
 principles applied on a consistent basis and complies with all applicable accounting
 requirements under the Securities Act and the Investment Company Act; and the information
 set forth in the Prospectus under the headings "Summary of Fund Expenses"
 and "Financial Highlights" presents fairly in all material respects the information
 stated therein. Except as included therein, no historical or pro forma financial statements
 or supporting schedules are required to be included or incorporated by reference in the
 Registration Statement or the Prospectus under the Securities Act or the Investment Company
 Act. The statements in the Prospectus under the heading "Certain U.S. Federal Income
 Tax Consequences," insofar as such statements summarize legal matters, agreements,
 documents or proceedings discussed therein, are accurate and fair summaries of such legal
 matters, agreements, documents or proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The
 documents incorporated by reference in the Registration Statement and the Prospectus,
 at the time they became effective or were filed with the Commission, as the case may
 be, complied with the requirements of the Securities Act or the Exchange Act, as applicable,
 and the Investment Company Act and the rules and regulations of the Commission thereunder,
 and none of such documents contained an untrue statement of a material fact or omitted
 to state a material fact required to be stated therein or necessary in order to make
 the statements therein, in the light of the circumstances under which they were made,
 not misleading, and any further documents so filed and incorporated by reference in the
 Registration Statement and the Prospectus, as amended or supplemented, when such documents
 become effective or are filed with the Commission, as the case may be, will conform in
 all material respects to the requirements of the Securities Act or the Exchange Act,
 as applicable, and the Investment Company Act and the rules and regulations of the Commission
 thereunder and will not contain an untrue statement of a material fact or omit to state
 a material fact required to be stated therein or necessary to make the statements therein,
 in the light of the circumstances under which they are made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The
 Fund has an authorized and outstanding capitalization as set forth in the Prospectus
 (subject to the issuance of any Shares pursuant to the Dividend Reinvestment Plan (as
 defined below) after the date of such Prospectus); the Common Shares issued and outstanding
 prior to the date of this Agreement have been duly authorized and are validly issued,
 fully paid and nonassessable and conform in all material respects to the description
 thereof in the Prospectus under the heading "Description of Securities";
 the Rights have been duly authorized by all requisite action on the part of the Fund
 for issuance pursuant to the Offer; the certificates, if any, for the Shares are in due
 and proper form; the Shares have been duly authorized by all requisite action on the
 part of the Fund for issuance and sale pursuant to the terms of the Offer and, when issued
 and delivered by the Fund pursuant to the terms of the Offer against payment of the consideration
 set forth in the Prospectus, will be validly issued, fully paid and nonassessable; the
 Shares and the Rights conform in all material respects to the description thereof contained
 in the Registration Statement, the Prospectus and the other Offering Materials; and the
 issuance of each of the Rights and the Shares has been done in compliance with all applicable
 federal and state securities laws. There are no persons with registration rights or other
 similar rights to have any securities registered for sale pursuant to the Registration
 Statement or otherwise registered for sale or sold by the Fund under the Securities Act
 pursuant to this Agreement. There are no persons with tag along rights or other similar
 rights to have any securities included in the transaction contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) No
 person is entitled to any preemptive or other similar rights or has registration rights
 with respect to the issuance of each of the Rights and the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Except
 as set forth in the Prospectus, as supplemented, subsequent to the respective dates as
 of which information is given in the Registration Statement and the Prospectus, as supplemented,
 (A) neither the Fund nor any of its Subsidiaries have incurred any material liabilities
 or obligations, direct or contingent, or entered into any material transactions, other
 than in the ordinary course of business or incident to its organization, (B) there has
 not been any material change in the Common Shares or long-term debt of the Fund or any
 of its Subsidiaries, or any event that resulted in an adverse effect on the condition
 (financial or otherwise), business prospects, earnings, business, operations or properties
 of the Fund or any of its Subsidiaries, whether or not arising from transactions in the
 ordinary course of business of the Fund or any of its Subsidiaries, (C) there has been
 no dividend or distribution declared or paid in respect of the capital stock of the Fund
 or any of its Subsidiaries (other than distributions declared and paid in the ordinary
 course), and (D) neither the Fund nor any of its Subsidiaries have incurred any long-term
 debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Each
 of this agreement (the " <u>Agreement</u> "); the Subscription Agent Agreement
 entered into as of January 22, 2026 between the Fund and Equiniti Trust Company, LLC
 as Subscription Agent (the " <u>Subscription Agent Agent</u> "); the Information
 Agent Agreement entered into as of January 22, 2026 between the Fund and EQ Fund Solutions,
 LLC as Information Agent (the " <u>Information Agent Agent</u> "); the Management
 Agreement (the " <u>Management Agreement</u> ") dated as of February 12, 2020
 between the Fund and the Adviser; the Fund Administration and Accounting Agreement (the
 " <u>Administration Agreement</u> ") dated as of October 1, 2013 between the
 Fund and The Bank of New York Mellon; the Custody Agreement (the " <u>Custody Agreement</u> ")
 dated as of November 5, 2013, between the Fund and The Bank of New York Mellon; the Transfer
 Agency and Service Agreement (the " <u>Transfer Agent Agreement</u> ") dated
 as of September 9, 2013, between the Fund and Computershare Trust Company, N.A. and Computershare
 Inc.; the Amended and Restated Credit Agreement, dated as of May 27, 2022, as amended
 March 19, 2025, among the Fund, certain of its subsidiaries, the lenders party thereto
 and Texas Capital Bank (the " <u>Credit Agreement</u> "); and the Dividend
 Reinvestment Plan of the Fund (the " <u>Dividend Reinvestment Plan</u> ") (collectively,
 all the foregoing are referred to herein as the " <u>Fund Agreements</u> "),
 has been duly authorized, executed and delivered by the Fund; each of the Fund Agreements
 complies with all applicable provisions of the Investment Company Act, the Investment
 Advisers Act of 1940, as amended (the " <u>Advisers Act</u> "), and the rules
 and regulations under such Acts, except that the Fund and the Adviser make no representation
 as to the eligibility under the Investment Company Act of The Bank of New York Mellon
 to act as custodian for the Fund; and, assuming due authorization, execution and delivery
 by the other parties thereto, each of the Fund Agreements constitutes a legal, valid,
 binding and enforceable obligation of the Fund, subject to the qualification that the
 enforceability of the Fund's obligations thereunder may be limited by U.S. bankruptcy,
 insolvency, reorganization, moratorium, fraudulent conveyance and other laws of general
 applicability relating to or affecting creditors' rights (whether statutory or
 decisional) and to general principles of equity (regardless of whether enforceability
 is considered in a proceeding in equity or at law), except as enforcement of rights to
 indemnity and contribution hereunder or thereunder may be limited by federal or state
 securities laws or principles of public policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) Neither
 the issuance of the Rights, nor the issuance and sale of the Shares upon the exercise
 of the Rights, nor the execution, delivery, performance and consummation by the Fund
 of any other of the transactions contemplated in this Agreement, or to the extent applicable
 to the Rights or the Shares in the Fund Agreements, nor the consummation of the transactions
 contemplated in this Agreement or in the Registration Statement nor the fulfillment of
 the terms thereof (A) conflicts with or will conflict with, or results in or will result
 in a breach or violation of, the certificate of incorporation or by-laws of the Fund
 or the governing documents of any Subsidiary of the Fund, (B) conflicts with or will
 conflict with, results or will result in a breach or violation of, or constitutes or
 will constitute a default or an event of default under, or results or will result in
 the creation or imposition of any lien, charge or encumbrance upon any properties or
 assets of the Fund or any of its Subsidiaries under the terms and provisions of any agreement,
 indenture, mortgage, loan agreement, note, insurance or surety agreement, lease or other
 instrument to which the Fund or any of its Subsidiaries is a party or by which it may
 be bound or to which any of the property or assets of the Fund or its Subsidiaries is
 subject, or (C) results in or will result in any violation of any order, law, rule or
 regulation of any court, governmental instrumentality, securities exchange or association
 or arbitrator, whether foreign or domestic, applicable to the Fund or any of its Subsidiaries
 or having jurisdiction over the Fund or its Subsidiaries or any properties of the Fund
 or any of its Subsidiaries, other than state securities or "blue sky" laws
 applicable in connection with the offer or sale of Shares in such jurisdiction. For the
 avoidance of doubt, the proceeds of the Offer described in the Registration Statement
 and the Prospectus shall be subject to any lien, charge or encumbrance under the terms
 and provisions of the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) Except
 as set forth in the Registration Statement, there is no pending or, to the knowledge
 of the Fund or the Adviser, threatened action, suit, claim, investigation, inquiry or
 proceeding affecting the Fund or any of its Subsidiaries or to which the Fund or any
 of its Subsidiaries is a party before or by any court or governmental agency, authority
 or body or any arbitrator, which is of a character required by the Securities Act, the
 Investment Company Act or the Rules and Regulations to be described in the Registration
 Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) There
 are no franchises, contracts or other documents of the Fund or any of its Subsidiaries
 that are required by the Securities Act, the Investment Company Act or the Rules and
 Regulations to be described in the Registration Statement or the Prospectus, or to be
 filed or incorporated by reference as exhibits to the Registration Statement which are
 not described or filed or incorporated by reference therein as required by the Securities
 Act, the Investment Company Act or the Rules and Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) No
 consent, approval, authorization, notification or order of, or filing with, or the issuance
 of any license or permit by, any federal, state, local or foreign court or governmental
 or regulatory agency, commission, board, authority or body or with any self-regulatory
 organization or other non-governmental regulatory authority, securities exchange or association,
 whether foreign or domestic, is required by the Fund for the consummation by the Fund
 of the transactions to be performed by the Fund or the performance by the Fund of all
 the terms and provisions to be performed by or on behalf of it in each case as contemplated
 in the Fund Agreements or the Registration Statement, except such as have been obtained,
 or if the Registration Statement filed with respect to the Shares is not effective under
 the Securities Act as of the time of execution hereof, such as may be required (and shall
 be obtained prior to commencement of the Offer) under the Investment Company Act, the
 Securities Act, the Exchange Act, the Financial Industry Regulatory Authority, Inc. (" <u>FINRA</u> "),
 NASDAQ or under state securities or "blue sky" laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) Neither
 the Fund nor any of its Subsidiaries is not currently in material breach of, or in material
 default under, any written agreement or instrument to which it is a party or by which
 it or its property is, to the knowledge of the Fund or the Adviser, bound or affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) There
 are no material restrictions, limitations or regulations with respect to the ability
 of the Fund or any of its Subsidiaries to invest its assets as described in the Registration
 Statement and the Prospectus, other than as described therein, as imposed by the Investment
 Company Act and the Rules and Regulations thereunder or as required to qualify as a regulated
 investment company under Subchapter M of the Internal Revenue Code of 1986, as amended
 (" <u>Subchapter M of the Code</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) No
 person has any right to the registration of any securities of the Fund because of the
 filing of the Registration Statement with the Commission. No person has tag along rights
 or other similar rights included in the transaction contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) The
 Common Shares have been duly listed on the NASDAQ and prior to their issuance the Rights
 will have been admitted for trading and the Shares will have been duly approved for listing,
 subject to official notice of issuance, on NASDAQ. The Fund has not received any notice
 from NASDAQ that it is not in compliance with the listing or maintenance requirements
 of NASDAQ with respect to the Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) The
 Fund is eligible for and has filed with the Commodity Futures Trading Commission and
 the National Futures Association a notice of eligibility for relief from inclusion within
 the definition of a commodity pool operator pursuant to Section 4.5 of the general regulations
 under the Commodity Exchange Act, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) The
 Fund (A) has not taken, directly or indirectly, any action designed to cause or to result
 in, or that has constituted or which might reasonably be expected to constitute, the
 stabilization or manipulation of the price of any security of the Fund to facilitate
 the issuance of the Rights or the sale or resale of the Rights and the Shares, (B) has
 not since the filing of the Registration Statement sold, bid for or purchased, or paid
 anyone any compensation for soliciting purchases of, Common Shares of the Fund (except
 for the solicitation of exercises of the Rights pursuant to this Agreement) and (C) will
 not, until the later of the expiration of the Rights or the completion of the distribution
 (within the meaning of Rule 100 of Regulation M under the Exchange Act) of the Shares,
 sell, bid for or purchase, pay or agree to pay to any person any compensation for soliciting
 another to purchase any other securities of the Fund (except for the solicitation of
 exercises of the Rights pursuant to this Agreement); <u>provided that</u> any action
 in connection with the Dividend Reinvestment Plan will not be deemed to be within the
 terms of this Section 1(a)(xxiii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) The
 Fund has complied, and intends to direct the investment of the proceeds of the Offer
 described in the Registration Statement and the Prospectus in such a manner as to continue
 comply, with the requirements of Subchapter M of the Code, and has qualified and intends
 to continue to qualify as a regulated investment company under Subchapter M of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) The
 Fund has complied, and will direct the investment of the proceeds of the Offer described
 in the Registration Statement and the Prospectus in such a manner as to continue to comply,
 with the asset coverage requirements of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) The
 Fund has (A) appointed a Chief Compliance Officer and (B) adopted and implemented written
 policies and procedures which the Board of Directors of the Fund has determined are reasonably
 designed to prevent violations of the federal securities laws in a manner required by
 and consistent with Rule 38a-1 of the Investment Company Act Rules and Regulations, including
 policies and procedures that provide oversight of compliance for each investment adviser,
 administrator and transfer agent of the Fund, and is in compliance with such Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) Other
 than the Offering Materials, the Fund has not, without the written permission of the
 Dealer Manager, used, approved, prepared or authorized any letters to beneficial owners
 of the Common Shares of the Fund, forms used to exercise rights, any letters from the
 Fund to securities dealers, commercial banks and other nominees or any newspaper announcements
 or other offering materials and information in connection with the Offer; <u>provided</u>, <u>however</u>, that any use of transmittal documentation and subscription documentation
 independently prepared by the Dealer Manager, broker-dealers, directors, nominees or
 other financial intermediaries shall not cause a violation of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) All
 Offering Materials complied and will comply in all material respects with the applicable
 requirements of the Securities Act, the Investment Company Act, the Rules and Regulations
 and the rules and interpretations of FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) The
 Fund maintains a system of internal accounting controls sufficient to provide reasonable
 assurance that (A) transactions are executed in accordance with management's general
 or specific authorization; (B) transactions are recorded as necessary to permit preparation
 of financial statements in conformity with U.S. generally accepted accounting principles
 and to maintain accountability for assets; (C) access to assets is permitted only in
 accordance with management's general or specific authorization; and (D) the recorded
 accountability for assets is compared with existing assets at reasonable intervals and
 appropriate action is taken with respect to any differences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) The
 Fund has established and maintains disclosure controls and procedures; such disclosure
 controls and procedures (as such term is defined in Rule 30a-3 of the Investment Company
 Act Rules and Regulations) are designed to ensure that material information relating
 to the Fund is made known to the Fund's Chief Executive Officer and its Chief Financial
 Officer by others within the Fund, and such disclosure controls and procedures are effective
 to perform the functions for which they were established; the Fund is not aware of any
 material weakness in its internal controls over financial reporting. The Fund's
 independent registered public accounting firm and the Audit Committee of the Board of
 Directors of the Fund have been advised of: (A) any significant deficiencies in the design
 or operation of internal controls over financial reporting which could adversely affect
 the Fund's ability to record, process, summarize, and report financial data; and
 (B) any fraud, whether or not material, that involves management or other employees who
 have a role in the Fund's internal controls over financial reporting; and (C) any
 material weaknesses in the Fund's internal controls over financial reporting have
 been identified for the Fund's independent registered public accounting firm; and
 since the date of the most recent evaluation of such disclosure controls and procedures,
 there have been no changes in internal controls over financial reporting or in other
 factors that could affect internal controls over financial reporting, including any corrective
 actions with regard to any significant deficiencies and material weaknesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) The
 Fund and its officers and directors, in their capacities as such, are in compliance with
 the applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations
 promulgated thereunder in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii) No
 person is serving or acting as an officer, director or investment adviser of the Fund
 except in accordance with the provisions of the Investment Company Act. Except as disclosed
 in the Registration Statement and the Prospectus, no director of the Fund is (A) an "interested
 person" (as defined in the Investment Company Act) of the Fund or (B) an "affiliated
 person" (as defined in the Investment Company Act) of the Dealer Manager. For purposes
 of this Section, the Fund and the Adviser shall be entitled to rely on representations
 from such officers and trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii) The
 Fund's Board of Directors has validly appointed an audit committee whose composition
 satisfies the requirements of rules of the NASDAQ applicable to the Fund and the Board
 of Directors and/or the audit committee has adopted a charter that satisfies the requirements
 of rules of the NASDAQ applicable to the Fund. The audit committee has reviewed the adequacy
 of its charter within the past twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiv) Any
 statistical, demographic or market-related data included in the Registration Statement,
 the Prospectus or the other Offering Materials are based on or derived from sources that
 the Fund and the Adviser believe to be reasonably reliable and accurate, and all such
 data included in the Registration Statement, the Prospectus and the other Offering Materials
 accurately reflects the materials upon which it is based or from which it was derived
 in all material respects, and, to the extent required, the Fund has obtained the written
 consent to the use of such data from such sources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxv) No
 transaction has occurred between or among the Fund or any of its Subsidiaries and any
 of its officers or directors, shareholders or affiliates or any affiliate or affiliates
 of any such officer or director or shareholder or affiliate that is required to be described
 in and is not described in the Registration Statement and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvi) Neither
 the Fund, to the knowledge of the Fund or the Adviser, nor any employee or agent of the
 Fund or any of its Subsidiaries has made any payment of funds of the Fund or any of its
 Subsidiaries or received or retained any funds on behalf of the Fund or any of its Subsidiaries,
 which payment, receipt or retention of funds is a character required to be disclosed
 in the Registration Statement or Prospectus and is not so disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvii) All
 United States federal income tax returns of the Fund required by law to be filed have
 been filed and all taxes shown by such returns or otherwise assessed, which are due and
 payable, have been paid, except assessments against which appeals have been or will be
 promptly taken and as to which adequate reserves have been provided. The United States
 federal income tax returns of the Fund through the fiscal year ended December 31, 2024
 have been settled and no assessment in connection therewith has been made against the
 Fund. The Fund has filed all other tax returns that are required to have been filed by
 them pursuant to applicable foreign, state, local or other law, and have paid all taxes
 due pursuant to such returns or pursuant to any assessment received by the Fund, except
 for such taxes, if any, as are being contested in good faith and as to which adequate
 reserves have been established by the Fund. The charges, accruals and reserves on the
 books of the Fund in respect of any income tax liability for any years not finally determined
 are adequate to meet any assessments or re-assessments for additional income tax for
 any years not finally determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxviii) There
 are no transfer taxes or other similar fees or charges under federal law or the laws
 of any state, or any political subdivision thereof, required to be paid in connection
 with the execution and delivery of this Agreement, the issuance of the Rights or the
 issuance or sale of the Shares by the Fund pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxix) The
 Fund and its Subsidiaries are insured by insurers of recognized financial responsibility
 against such losses and risks and in such amounts as are prudent and customary in the
 businesses in which it is engaged; all policies of insurance insuring the Fund or its
 Subsidiaries or their respective business, assets, employees, officers and directors,
 including the Fund's directors and officers errors and omissions insurance policy
 and its fidelity bond required by Rule 17g-1 of the Investment Company Act Rules and
 Regulations, are in full force and effect; the Fund and each of its Subsidiaries is in
 compliance with the terms of such policy and fidelity bond; and there are no claims by
 the Fund or any of its Subsidiaries under any such policy or fidelity bond as to which
 any insurance company is denying liability or defending under a reservation of rights
 clause; neither the Fund nor any of its Subsidiaries has not been refused any insurance
 coverage sought or applied for; and neither the Fund nor any of its Subsidiaries has
 reason to believe that it will not be able to renew its existing insurance coverage and
 fidelity bond as and when such coverage and fidelity bond expires or to obtain similar
 coverage and fidelity bond from similar insurers as may be necessary to continue its
 business at a cost that would not have a material adverse effect on the condition (financial
 or otherwise), business prospects, earnings, business, operations or properties of the
 Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xl) The
 Fund and its Subsidiaries owns or possesses, or can acquire on reasonable terms, adequate
 patents, patent rights, licenses, inventions, copyrights, know-how (including trade secrets
 and other unpatented and/or unpatentable proprietary or confidential information, systems,
 or procedures), trademarks, service marks, trade names or other intellectual property
 (collectively, " <u>Intellectual Property</u> ") necessary to carry on the
 business operated by the Fund and its Subsidiaries, and neither the Fund nor any of its
 Subsidiaries has received any notice or is not otherwise aware of any infringement of
 or conflict with asserted rights of others with respect to any Intellectual Property
 or of any facts or circumstances which would render any Intellectual Property invalid
 or inadequate to protect the interest of the Fund or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xli) Neither
 the Fund nor any of its Subsidiaries nor, to the knowledge of the Fund or the Adviser,
 any director or officer of the Fund nor any other person associated with or acting on
 behalf of the Fund or any of its Subsidiaries including, without limitation, any agent
 or employee of the Fund or any of its Subsidiaries, has, directly or indirectly, while
 acting on behalf of the Fund (i) used any corporate funds for unlawful contributions,
 gifts, entertainment or other unlawful expenses relating to political activity; (ii)
 made any unlawful payment to foreign or domestic government officials or employees or
 to foreign or domestic political parties or campaigns from corporate funds; (iii) violated
 any provision of the Foreign Corrupt Practices Act of 1977, as amended ("FCPA"),
 any applicable law or regulation implementing the OECD Convention on Combating Bribery
 of Foreign Public Officials in International Business Transactions, or committed an offence
 under the Bribery Act 2010 of the United Kingdom or any other applicable anti-bribery
 or anti-corruption law; or (iv) made, offered, agreed, requested or taken an act in furtherance
 of any other unlawful payment. The Fund and its Subsidiaries have instituted, maintains
 and enforces, and will continue to maintain and enforce policies and procedures designed
 to promote and ensure compliance with all applicable anti-bribery and anti-corruption
 laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xlii) The
 operations of the Fund and its Subsidiaries are and have been conducted at all times
 in compliance with applicable financial recordkeeping and reporting requirements of the
 Bank Secrecy Act of 1970, as amended, the applicable money laundering statutes of all
 jurisdictions, the rules and regulations thereunder and any related or similar rules,
 regulations or guidelines, issued, administered or enforced by any governmental agency
 (collectively, the " <u>Money Laundering Laws</u> "), and no action, suit or
 proceeding by or before any court or governmental agency, authority or body or any arbitrator
 involving the Fund or any of its Subsidiaries with respect to the Money Laundering Laws
 is pending or, to the knowledge of the Fund or the Adviser, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xliii) Since
 its inception, the Fund and its Subsidiaries, and all of their respective directors,
 officers, employees, and agents have been in compliance with all applicable embargoes,
 export controls, and trade, economic and financial sanctions laws and regulations including
 those administered, enacted or enforced by the United States, the United Nations Security
 Counsil, the European Union, any European Union member state, the United Kingdom, and
 any other relevant jurisdiction (collectively, "Sanctions"). Since its inception,
 neither the Fund nor any of its Subsidiaries has conducted, directly or indirectly, any
 business with or in any (i) country or territory that is itself the subject or target
 of any Sanctions (at the time of this Agreement, Iran, Cuba, Syria, North Korea, and
 the Crimea, the so-called Donetsk People's Republic, and the so-called Luhansk
 People's Republic regions of Ukraine, and the non-government controlled oblasts
 of Zaporizhzhia and Kherson (each a "Sanctioned Jurisdiction")); or (ii)
 any person (individual, entity, or governmental body) subject to Sanctions, including
 any person (x) appearing on any Sanctions-related list of restricted parties; (y) any
 person located, organized, or resident in a Sanctioned Jurisdiction; or (z) any person
 directly or indirectly owned fifty percent or more or con-trolled, individually or in
 the aggregate, by one or more persons described in the foregoing clauses (x) and/or (y)
 (each of the foregoing persons described in clauses (x), (y) and/or (z), a "Sanctioned
 Person"). Neither the Fund, nor any of its direct or indirect shareholders, directors,
 officers, employees or agents is a Sanctioned Person. The Fund and its Subsidiaries have
 in place controls reasonably de-signed to ensure compliance with applicable Sanctions.
 Neither the Fund nor any of its Subsidiaries has (i) made any voluntary, directed or
 involuntary disclosure to any governmental body with respect to any alleged act or omission
 relating to any non-compliance with any Sanctions, (ii) been the subject of any actual
 or threatened investigation, inquiry or enforcement proceeding for a violation of Sanctions,
 or (iii) received any notice, request, penalty, or citation for any actual or potential
 non-compliance with Sanctions. Neither the Fund nor any of its Subsidiaries will directly
 or indirectly use the proceeds of the offering, or lend, contribute or otherwise make
 available such proceeds to any subsidiary, joint venture partner or other person or entity
 (i) to fund or facilitate any activities of or business with or involving any Sanctioned
 Person, (ii) to fund or facilitate any activities of or business in or involving any
 Sanctioned Jurisdiction or (iii) in any other manner that will result in a violation
 by any person (including any person participating in the transaction, whether as underwriter,
 advisor, investor or other-wise) of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xliv) The
 Fund is not a "covered foreign person," as that term is defined in 31 C.F.R.
 § 850.209. The Fund does not currently engage, and has no plans to engage, directly
 or indirectly, in a "covered activity," as that term is defined in in 31
 C.F.R. § 850.208 ("Covered Activity"). The Fund does not have any joint
 ventures that engage in or plan to engage in any Covered Activity. The Fund does not,
 directly or indirectly, hold a board seat on, have a voting or equity interest in, or
 have any contractual power to direct or cause the direction of the management or policies
 of any person or persons that engages or plans to engage in any Covered Activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xlv) There
 are no debt securities, convertible securities or preference shares issued or guaranteed
 by the Fund that are rated by a "nationally recognized statistical rating organization,"
 as such term is defined in Section 3(a)(62) under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xlvi) The
 Fund (i) has not alone engaged in any Testing-the Waters Communication with any person
 and (ii) has not authorized anyone other than the Dealer Manager to engage in Testing-the-Waters
 Communications. The Fund has not distributed any Testing-the-Waters Communications that
 is a written communication within the meaning of Rule 405 under the Securities Act. "Testing-the-Waters
 Communication" means any communication with potential investors undertaken in reliance
 on Rule 163B under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xlvii) All
 of the information provided to the Dealer Manager or to counsel for the Dealer Manager
 by the Fund, its officers and directors in connection with letters, filings or other
 supplemental information provided to FINRA pursuant to FINRA's conduct rules is
 true, complete and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Adviser represents and warrants to, and agrees with, the Dealer Manager as of the date
 hereof, as of the Representation Date and as of the Expiration Date that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Adviser has been duly organized and is validly existing as a limited liability company
 in good standing under the laws of Delaware, has full power and authority to own, lease
 and operate its properties, own its assets and conduct its business and other activities
 conducted by it as described in the Registration Statement and the Prospectus, owns,
 possesses or has obtained and currently maintains all Licenses and Permits, whether foreign
 or domestic, necessary to carry on its business and to enable the Adviser to continue
 to supervise investments in securities as contemplated in the Registration Statement
 and Prospectus. The Adviser is duly licensed and qualified to do business and is in good
 standing in each jurisdiction wherein it owns or leases real property or in which the
 conduct of its business or other activity requires such qualification. The Adviser has
 made all necessary filings required under any federal, state, local or foreign law, regulation
 or rule. The Adviser has title to its property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Adviser is duly registered with the Commission as an investment adviser under the Advisers
 Act, and is not prohibited by the Advisers Act or the Investment Company Act, or the
 rules and regulations under such Acts, from acting as investment adviser for the Fund
 as contemplated in the Prospectus, the Registration Statement and the Management Agreement
 and no order or suspension or revocation of such registration has been issued or proceedings
 therefor initiated or, to the knowledge of the Adviser, threatened by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Since
 the respective dates as of which information is given in the Registration Statement and
 the Prospectus, except as otherwise stated therein, (A) there has been no material adverse
 change the condition (financial or otherwise), business prospects, earnings, business
 affairs, properties, management, net assets or results of operations of the Adviser and
 (B) there have been no transactions entered into by the Adviser which are material with
 respect to the Adviser other than those in the ordinary course of its business as described
 in the Registration Statement and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each
 of this Agreement and the Management Agreement (collectively, all the foregoing are referred
 to herein as the " <u>Adviser Agreements</u> "), has been duly authorized,
 executed and delivered by the Adviser, and complies in all material respects with all
 applicable provisions of the Investment Company Act, the Advisers Act and the rules and
 regulations under such Acts, and is, assuming due authorization, execution and delivery
 by the other parties thereto, a legal, valid, binding and enforceable obligation of the
 Adviser, subject to the qualification that the enforceability of the Adviser's
 obligations thereunder, as applicable, may be limited by U.S. bankruptcy, insolvency,
 reorganization, moratorium, fraudulent conveyance and other laws of general applicability
 relating to or affecting creditors' rights (whether statutory or decisional) and
 to general principles of equity (regardless of whether enforceability is considered in
 a proceeding in equity or at law), except as enforcement of rights to indemnity and contribution
 hereunder may be limited by federal or state securities laws or principles of public
 policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Neither
 the execution, delivery, performance and consummation by the Adviser of its obligations
 under the Adviser Agreements, nor the consummation of the transactions contemplated therein
 or in the Prospectus or the Registration Statement nor the fulfillment of the terms thereof
 (A) conflicts with or will conflict with, or results in or will result in a breach or
 violation of the operating agreement or similar organizational documents of the Adviser,
 (B) conflicts with or will conflict with, or results in or will result in a breach or
 violation of, or constitutes or will constitute a default or an event of default under,
 or results or will result in the creation or imposition of any lien, charge or encumbrance
 upon any properties or assets of the Adviser under the certificate of incorporation,
 by-laws or similar organizational documents, the terms and provisions of any indenture,
 mortgage, loan agreement, note, insurance or surety agreement, or any other lease, instrument
 or agreement to which the Adviser is a party or by which it may be bound or to which
 any of the property or assets of the Adviser is subject (other than those expressly created
 by any Fund Agreement), or (C) results or will result in any violation of any order,
 law, rule or regulation of any court, governmental instrumentality, securities exchange
 or association or arbitrator, whether foreign or domestic, having jurisdiction over the
 Adviser or any of its material properties, other than state securities or "blue
 sky" laws applicable in connection with the offer or sale of the Shares in such
 jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Except
 as set forth in the Registration Statement, there is no pending or, to the knowledge
 of the Adviser, threatened action, suit, claim, investigation, inquiry or proceeding
 affecting the Adviser or to which the Adviser is a party before or by any court or governmental
 agency, authority or body or any arbitrator, which is of a character required by the
 Securities Act, the Investment Company Act or the Rules and Regulations to be described
 in the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) No
 consent, approval, authorization, notification or order of, or filing with, or the issuance
 of any license or permit by, any federal, state, local or foreign court or governmental
 or regulatory agency, commission, board, authority or body with any self-regulatory organization,
 other non-governmental regulatory authority, securities exchange or association, whether
 foreign or domestic, required by the Adviser for the consummation by the Adviser of the
 transactions to be performed by the Adviser or the performance by the Adviser of all
 the material terms and provisions to be performed by or on behalf of it in each case
 as contemplated in the Adviser Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The
 Adviser (A) has not taken, directly or indirectly, any action designed to cause or to
 result in, or that has constituted or which might reasonably be expected to constitute,
 the stabilization or manipulation of the price of any security of the Fund to facilitate
 the issuance of the Rights or the sale or resale of the Rights and the Shares, (B) has
 not since the filing of the Registration Statement sold, bid for or purchased, or paid
 anyone any compensation for soliciting purchases of, Common Shares of the Fund (except
 for the solicitation of exercises of the Rights pursuant to this Agreement) and (C) will
 not, until the later of the expiration of the Rights or the completion of the distribution
 (within the meaning of Rule 100 of Regulation M under the Exchange Act) of the Shares,
 sell, bid for or purchase, pay or agree to pay any person any compensation for soliciting
 another to purchase any other securities of the Fund (except for the solicitation of
 exercises of the Rights pursuant to this Agreement); <u>provided that</u> any action
 in connection with the Dividend Reinvestment Plan will not be deemed to be within the
 terms of this Section 1(b)(viii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The
 Adviser has adopted and implemented written policies and procedures under Rule 206(4)-7
 under the Advisers Act reasonably designed to prevent violation of the Advisers Act by
 the Adviser and its supervised persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The
 Adviser maintains a system of internal controls sufficient to provide reasonable assurance
 that (i) transactions effectuated by it under the Management Agreement are executed in
 accordance with its management's general or specific authorization; (ii) transactions
 are recorded to maintain accountability for assets and to maintain material compliance
 with the books and records requirements under the Investment Company Act and the Advisers
 Act; and (iii) access to the Fund's assets is permitted only in accordance with
 its management's general or specific authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) The
 Adviser owns or possesses, or can acquire on reasonable terms, the Intellectual Property
 necessary to carry on the business operated by the Adviser, and the Adviser has not received
 any notice or is not otherwise aware of any infringement of or conflict with asserted
 rights of others with respect to any Intellectual Property or of any facts or circumstances
 which would render any Intellectual Property invalid or inadequate to protect the interest
 of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) None
 of the Adviser, any of its subsidiaries, nor to the knowledge of the Adviser, any member,
 manager, director, trustee, officer of the Adviser nor any other person associated with
 or acting on behalf of the Adviser or any of its subsidiaries including, without limitation,
 any agent or employee of the Adviser or any of its subsidiaries, has, directly or indirectly,
 while acting on behalf of the Adviser or any of its subsidiaries (i) used any corporate
 funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating
 to political activity; (ii) made any unlawful payment to foreign or domestic government
 officials or employees or to foreign or domestic political parties or campaigns from
 corporate funds; (iii) violated any provision of the FCPA, any applicable law or regulation
 implementing the OECD Convention on Combating Bribery of Foreign Public Officials in
 International Business Transactions, or committed an offence under the Bribery Act 2010
 of the United Kingdom or any other applicable anti-bribery or anti-corruption law; or
 (iv) made, offered, agreed, requested or taken an act in furtherance of any other unlawful
 payment. The Adviser and each of its subsidiaries has instituted, maintains and enforces,
 and will continue to maintain and enforce policies and procedures designed to promote
 and ensure compliance with all applicable anti-bribery and anti-corruption laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) The
 operations of the Adviser and its subsidiaries are and have been conducted at all times
 in compliance with applicable Money Laundering Laws and no action, suit or proceeding
 by or before any court or governmental agency, authority or body or any arbitrator involving
 the Adviser or any of its subsidiaries with respect to the Money Laundering Laws is pending
 or, to the knowledge of the Adviser, threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) Since
 its inception, the Adviser, each of its subsidiaries, and all of their respective directors,
 officers, employees, and agents have been in compliance with all applicable Sanctions.
 Since its inception, neither the Adviser nor any of its subsidiaries has conducted, directly
 or indirectly, any business with or in any (i) country or territory that is itself the
 subject or target of any Sanctions; or (ii) any person (individual, entity, or governmental
 body) subject to Sanctions, including any Sanctioned Person. Neither the Adviser or any
 of its subsidiaries, nor any of their respective direct or indirect shareholders, directors,
 officers, employees or agents is a Sanctioned Person. The Adviser and each of its subsidiaries
 have in place controls reasonably designed to ensure compliance with applicable Sanctions.
 Neither the Adviser nor any of its subsidiaries has (i) made any voluntary, directed
 or involuntary disclosure to any governmental body with respect to any alleged act or
 omission relating to any non-compliance with any Sanctions, (ii) been the subject of
 any actual or threatened investigation, inquiry or enforcement proceeding for a violation
 of Sanctions, or (iii) received any notice, request, penalty, or citation for any actual
 or potential non-compliance with Sanctions. Neither the Adviser nor any of its subsidiaries
 will directly or indirectly use the proceeds of the transactions contemplated by this
 Underwriting Agreement, or lend, contribute or otherwise make available such proceeds
 to any subsidiary, joint venture partner or other person or entity (i) to fund or facilitate
 any activities of or business with or involving any Sanctioned Person, (ii) to fund or
 facilitate any activities of or business in or involving any Sanctioned Jurisdiction
 or (iii) in any other manner that will result in a violation by any person (including
 any person participating in the transaction, whether as underwriter, advisor, investor
 or otherwise) of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) The
 Adviser intends to direct the proceeds of the Offer described in the Registration Statement
 and the Prospectus in such a manner as to cause the Fund to comply with the requirements
 of Subchapter M of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) The
 Adviser has the financial resources available to it necessary for the performance of
 its services and obligations as contemplated by the Registration Statement, the Prospectus
 and the Management Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) The
 Management Agreement is in full force and effect and neither the Fund nor the Adviser
 is in default thereunder, and no event has occurred which with the passage of time or
 the giving of notice or both would constitute a default by the Adviser under such document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) All
 information furnished by the Adviser including, without limitation, the description of
 the Adviser, for use in (A) the Registration Statement does not contain any untrue statement
 of a material fact or omit to state any material fact necessary to make such information
 not misleading, and (B) the Prospectus, any Issuer Free Writing Prospectus or any Sales
 Material does not contain any untrue statement of a material fact or omit to state any
 material fact necessary to make such information, in the light of the circumstances under
 which such statements were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any
 certificate required by this Agreement that is signed by any officer of the Fund or the
 Adviser and delivered to the Dealer Manager or counsel for the Dealer Manager shall be
 deemed a representation and warranty by the Fund or the Adviser, as the case may be,
 to the Dealer Manager, as to the matters covered thereby.

2. <u>Agreement to Act as Dealer Manager</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On
 the basis of the representations and warranties contained herein, and subject to the
 terms and conditions of the Offer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Fund hereby appoints the Dealer Manager to solicit the exercise of Rights and authorizes
 the Dealer Manager to sell Shares purchased by the Dealer Manager from the Fund through
 the exercise of Rights as described herein in accordance with the Securities Act, the
 Investment Company Act and the Exchange Act; the Fund hereby authorizes the Dealer Manager
 to form and manage a group of selling broker-dealers (each, a " <u>Selling Group Member</u> " and collectively, the " <u>Selling Group</u> ") that enter
 into a Selling Group Agreement with the Dealer Manager in the form attached hereto as <u>Exhibit A</u> to solicit the exercise of Rights and to sell Shares purchased by the
 Selling Group Member from the Dealer Manager as described herein. The Dealer Manager
 hereby agrees to solicit the exercise of Rights in accordance with its customary practice
 subject to the terms and conditions of this Agreement and the procedures described in
 the Registration Statement, the Prospectus; and the Dealer Manager hereby agrees to form
 and manage the Selling Group to solicit the exercise of Rights and to sell Shares to
 the Selling Group purchased by the Dealer Manager from the Fund through the exercise
 of Rights as described herein in accordance with its customary practice subject to the
 terms and conditions of this Agreement, the procedures described in the Registration
 Statement, the Prospectus and, where applicable, the terms and conditions of the Selling
 Group Agreement.

The Fund hereby authorizes other soliciting broker-dealers (each a "<u>Soliciting Dealer</u>" and collectively the "<u>Soliciting Dealers</u>") to enter into a Soliciting Dealer Agreement with the Dealer Manager in the form attached hereto as <u>Exhibit B</u> to solicit the exercise of Rights. The Fund authorizes and directs the Dealer Manager to enter into, and the Dealer Manager agrees to enter into, a Soliciting Dealer Agreement with each qualified Soliciting Dealer, as set forth in the Soliciting Dealer Agreement. All questions as to the form, validity and eligibility (including time of receipt) of a Soliciting Dealer Agreement will be determined by the Fund, in its sole discretion, which determination shall be final and binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Fund hereby authorizes the Dealer Manager to buy, facilitate the sale of and exercise
 Rights, including unexercised Rights delivered to the Subscription Agent for resale and
 Rights of Record Date Shareholders whose record addresses are outside the United States
 held by the Subscription Agent for which no instructions are received, on the terms and
 conditions set forth in such Prospectus, and to sell Shares to the public or to Selling
 Group Members at the offering price set by the Dealer Manager from time to time. Sales
 of Shares by the Dealer Manager or Selling Group Members shall not be at a price higher
 than the offering price set by the Dealer Manager from time to time. The proceeds from
 the sale of Rights will be remitted to the Record Date Shareholders as set forth in the
 Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To
 the extent permitted by applicable law, the Fund agrees to furnish, or cause to be furnished,
 to the Dealer Manager, lists, or copies of those lists, showing the names and addresses
 of, and number of Common Shares held by, Record Date Shareholders as of the Record Date,
 and the Dealer Manager agrees to use such information only in connection with the Offer
 to identify those securities brokers and dealers that are subscribing to the offering,
 and not to furnish the information to any other person except for securities brokers
 and dealers that have been identified by the Dealer Manager as soliciting exercises of
 Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Dealer Manager agrees to provide to the Fund, in addition to the services described in
 Section 2(a), financial structuring and solicitation services in connection with the
 Offer. No fee, other than the fees provided for in Section 3 of this Agreement and the
 reimbursement of the Dealer Manager's out-of-pocket expenses as described in Section
 5 of this Agreement, will be payable by the Fund, or any other party hereto, to the Dealer
 Manager in connection with the financial structuring and solicitation services provided
 by the Dealer Manager pursuant to this Section 2(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Fund and the Dealer Manager agree that the Dealer Manager is an independent contractor
 with respect to the solicitation of the exercise of the Rights, and that the Dealer Manager's
 performance of financial structuring and solicitation services for the Fund is pursuant
 to a contractual relationship created solely by this Agreement entered into on an arm's
 length basis, and in no event do the parties intend that the Dealer Manager act or be
 responsible as a fiduciary to the Fund, its management, shareholders, creditors or any
 other person, including Selling Group Members and Soliciting Dealers, in connection with
 any activity that the Dealer Manager may undertake or has undertaken in furtherance of
 its engagement pursuant to this Agreement, either before or after the date hereof. The
 Dealer Manager hereby expressly disclaims any fiduciary or similar obligations to the
 Fund, either in connection with the transactions contemplated by this Agreement or any
 matters leading up to such transactions, and the Fund hereby confirms its understanding
 and agreement to that effect. The Fund and the Dealer Manager agree that they are each
 responsible for making their own independent judgments with respect to any such transactions,
 and that any opinions or views expressed by the Dealer Manager to the Fund regarding
 such transactions, including but not limited to any opinions or views with respect to
 the subscription price or market for the Fund's Shares, do not constitute advice
 or recommendations to the Fund. The Fund confirms its understanding and agreement that
 pursuant to the applicable Selling Group Agreement or Soliciting Dealer Agreement each
 Selling Group Member or Soliciting Dealer will disclaim any fiduciary or similar obligations
 to the Fund, either in connection with the transactions contemplated by this Agreement
 or any matters leading up to such transactions. The Fund agrees that each Selling Group
 Member or Soliciting Dealer is responsible for making their own independent judgments
 with respect to any such transactions, and that any opinions or views expressed by the
 Selling Group Members or Soliciting Dealers to the Fund regarding such transactions,
 including, but not limited to, any opinions or views with respect to the subscription
 price or market for the Fund's Shares, do not constitute advice or recommendations
 to the Fund. The Fund hereby waives and releases, to the fullest extent permitted by
 law, any claims that the Fund may have against the Dealer Manager, Selling Group Members
 and Soliciting Dealers with respect to any breach or alleged breach of any fiduciary
 or similar duty to the Fund in connection with the transactions contemplated by this
 Agreement or any matters leading up to such transactions; provided that this release
 shall not protect or purport to protect the Dealer Manager, Selling Group Members and
 Soliciting Dealers against any liability to which they would otherwise be subject by
 reason of willful misfeasance, bad faith or gross negligence, in the performance of their
 duties, or by reason of their reckless disregard of their obligations and duties under
 this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In
 rendering the services contemplated by this Agreement, the Dealer Manager will not be
 subject to any liability to the Fund or the Adviser or any of their affiliates, for any
 act or omission on the part of any Selling Group Members, Soliciting Dealers or other
 soliciting broker or dealer (except with respect to the Dealer Manager acting in such
 capacity) or any other person, and the Dealer Manager will not be liable for acts or
 omissions in performing its obligations under this Agreement, except for any losses,
 claims, damages, liabilities and expenses that are finally judicially determined to have
 resulted primarily from the bad faith, willful misconduct or gross negligence or reckless
 disregard of the Dealer Manager or by reason of the reckless disregard of the obligations
 and duties of the Dealer Manager under this Agreement.

3. <u>Dealer Manager Fees</u>. In full payment for the financial structuring and solicitation services
 rendered and to be rendered hereunder by the Dealer Manager, the Fund agrees to pay the
 Dealer Manager a fee (the " <u>Dealer Manager Fee</u> ") equal to 3.75% of
 the aggregate Subscription Price for the Shares issued pursuant to the exercise of Rights
 and the Over-Subscription Privilege, a portion of which Dealer Manager Fee may be reallowed
 to an affiliate of the Dealer Manager and may be a different value than the Selling Fees
 or Soliciting Fees stated in this Agreement. In full payment for the soliciting and selling
 efforts to be rendered by Selling Group Members, the Fund authorizes and directs the
 Dealer Manager to reallow, and the Dealer Manager agrees to reallow, selling fees (the
 " <u>Selling Fees</u> ") to Selling Group Members equal to 2.00% of the Subscription
 Price per Share for each Share issued pursuant to either (a) the exercise of Rights and
 the Over-Subscription Privilege where such Selling Group Member is so designated on the
 subscription form or (b) the purchase for resale from the Dealer Manager in accordance
 with the Selling Group Agreement. With respect to Shares purchased by a Selling Group
 Member from the Dealer Manager in accordance with the Selling Group Agreement, such fee
 may from time to time vary from 2.00% of the Subscription Price per Share. In full payment
 for the soliciting efforts to be rendered by Soliciting Dealers, the Fund authorizes
 and directs the Dealer Manager to reallow, and the Dealer Manager agrees to reallow,
 soliciting fees (the " <u>Soliciting Fees</u> ") to Soliciting Dealers who
 comply with the procedures set forth in the Soliciting Dealer Agreement equal to 0.50%
 of the Subscription Price per Share for each Share issued pursuant to the exercise of
 Rights and the Over-Subscription Privilege where such Soliciting Dealer is so designated
 on the subscription form, subject to a maximum fee based on the number of Common Shares
 held by such Soliciting Dealer through The Depository Trust Company ("DTC")
 on the Record Date. The Dealer Manager agrees to pay the Selling Fees or Soliciting Fees,
 as the case may be, to the broker-dealer designated on the applicable portion of the
 form used by the holder to exercise Rights and the Over-Subscription Privilege, and if
 no broker-dealer is so designated or a broker-dealer is otherwise not entitled to receive
 compensation pursuant to the terms of the Selling Group Agreement or Soliciting Dealer
 Agreement, then the Dealer Manager shall retain such Selling Fee or Soliciting Fee for
 Shares issued pursuant to the exercise of Rights and the Over-Subscription Privilege.
 Payment to the Dealer Manager by the Fund will be in the form of a wire transfer of same
 day funds to an account or accounts identified by the Dealer Manager. Such payment will
 be made on each date on which the Fund issues Shares after the Expiration Date. Payment
 to a Selling Group Member or Soliciting Dealer will be made by the Dealer Manager by
 wire transfer of same day funds to an account or accounts identified by such Selling
 Group Member or Soliciting Dealer. Such payments shall be made on or before the tenth
 business day following the day the Fund issues Shares after the Expiration Date.

4. <u>Other Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Fund covenants with the Dealer Manager as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Fund will use its best efforts to maintain the effectiveness of the Registration Statement
 under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Fund will notify, and confirm the notice in writing to, the Dealer Manager immediately
 (A) of the effectiveness of any amendments to the Registration Statement (including any
 post-effective amendment), (B) of the receipt of any comments from the Commission, (C)
 of any request by the Commission for any amendment to the Registration Statement or any
 amendment or supplement to the Prospectus or for additional information, (D) of the issuance
 by the Commission of any stop order suspending the effectiveness of the Registration
 Statement or the initiation of any proceedings for that purpose and (E) of the receipt
 of any written notice regarding the suspension of the qualification of the Shares or
 the Rights for offering or sale in any jurisdiction. The Fund will make every effort
 to prevent the issuance of any stop order described in subsection (D) hereunder and,
 if any such stop order is issued, to obtain the lifting thereof at the earliest possible
 moment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 Fund will give the Dealer Manager notice of its intention to file any amendment to the
 Registration Statement (including any post-effective amendment) or any amendment or supplement
 to the Prospectus (including any revised prospectus which the Fund proposes for use by
 the Dealer Manager in connection with the Offer, which differs from the prospectus on
 file at the Commission at the time the Registration Statement becomes effective, whether
 or not such revised prospectus is required to be filed pursuant to Rule 424(b) of the
 Securities Act Rules and Regulations), whether pursuant to the Investment Company Act,
 the Securities Act, or otherwise, and will furnish the Dealer Manager with copies of
 any such amendment or supplement a reasonable amount of time prior to such proposed filing
 or use, as the case may be, and will not file any such amendment or supplement to which
 the Dealer Manager or counsel for the Dealer Manager shall reasonably object.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The
 Fund will file any Issuer Free Writing Prospectus to the extent required by Rule 433
 of the Securities Act Rules and Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The
 Fund will, without charge, deliver to the Dealer Manager, as soon as practicable, the
 number of copies of the Registration Statement as originally filed and of each amendment
 thereto as it may reasonably request, in each case with the exhibits filed therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The
 Fund will, without charge, furnish to the Dealer Manager, from time to time during the
 period when the Prospectus is required to be delivered under the Securities Act, such
 number of copies of the Prospectus (as amended or supplemented) and any Issuer Free Writing
 Prospectus as the Dealer Manager may request for the purposes contemplated by the Securities
 Act or the Securities Act Rules and Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) If
 any event shall occur as a result of which it is necessary, in the reasonable opinion
 of counsel for the Dealer Manager, to amend or supplement the Registration Statement,
 the Prospectus or any Issuer Free Writing Prospectus (or the other Offering Materials)
 to make the Prospectus or any Issuer Free Writing Prospectus (or such other Offering
 Materials) not contain an untrue statement of material fact or omit to state a material
 fact required to be stated therein or necessary in order to make the statements therein
 not misleading in the light of the circumstances existing at the time it is delivered
 to a Record Date Shareholder, the Fund will forthwith amend or supplement the Prospectus
 or any Issuer Free Writing Prospectus by preparing and filing with the Commission (and
 furnishing to the Dealer Manager a reasonable number of copies of) an amendment or amendments
 of the Registration Statement or an amendment or amendments of or a supplement or supplements
 to the Prospectus (in form and substance reasonably satisfactory to counsel for the Dealer
 Manager), at the Fund's expense, which will amend or supplement the Registration
 Statement, the Prospectus or any Issuer Free Writing Prospectus (or otherwise will amend
 or supplement such other Offering Materials) so that the Prospectus or any Issuer Free
 Writing Prospectus (or such other Offering Materials) will not contain an untrue statement
 of a material fact or omit to state a material fact required to be stated therein or
 necessary in order to make the statements therein, in the light of the circumstances
 existing at the time the Prospectus or any Issuer Free Writing Prospectus (or such other
 Offering Materials) is delivered to a Record Date Shareholder, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The
 Fund will endeavor, in cooperation with the Dealer Manager and its counsel, to qualify
 the Rights and the Shares for offering and sale under the applicable securities laws
 of such states and other jurisdictions of the United States as the Dealer Manager may
 designate and maintain such qualifications in effect for the duration of the Offer. The
 Fund will file such statements and reports as may be required by the laws of each jurisdiction
 in which the Rights and the Shares have been qualified as above provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The
 Fund, during the period when the Prospectus is (or, but for the exception afforded by
 Rule 172 of the Securities Act, would be) required to be delivered under the Securities
 Act, will file all documents required to be filed with the Commission pursuant to the
 Exchange Act within the time periods required by the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The
 Fund will make generally available to its security holders as soon as practicable, an
 earnings statement (which need not be audited) (in form complying with the provisions
 of Rule 158 of the Securities Act Rules and Regulations) covering a twelve-month period
 beginning not later than the first day of the Fund's fiscal semi-annual period
 next following the "effective" date (as defined in said Rule 158) of the
 Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) The
 Fund will cause the Rights to be admitted for trading and the Shares to be duly authorized
 for listing by the NASDAQ prior to the time the Rights and the Shares are issued, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) The
 Fund will maintain its qualification as a regulated investment company under Subchapter
 M of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) The
 Fund will apply the net proceeds from the Offer in such a manner as to continue to comply
 with the requirements of the Prospectus as set forth under "Use of Proceeds"
 and the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) The
 Fund will advise or cause the Subscription Agent (A) to advise the Dealer Manager and,
 only where specifically noted, each Selling Group Member who specifically requests, from
 day to day during the period of, and promptly after the termination of, the Offer, the
 total number of Rights exercised by each Record Date Shareholder during the immediately
 preceding day, indicating the total number of Rights verified to be in proper form for
 exercise, rejected for exercise and being processed and, for the Dealer Manager and each
 Selling Group Member, the number of Rights exercised on subscription certificates indicating
 the Dealer Manager or such Selling Group Member, as the case may be, as the broker-dealer
 with respect to such exercise, and as to such other information as the Dealer Manager
 may reasonably request; and will notify the Dealer Manager and each Selling Group Member,
 not later than 5:00 p.m., New York City time, on the first business day following the
 Expiration Date, of the total number of Rights exercised and Shares related thereto,
 the total number of Rights verified to be in proper form for exercise, rejected for exercise
 and being processed and, for the Dealer Manager and each Selling Group Member, the number
 of Rights exercised on subscription certificates indicating the Dealer Manager or such
 Selling Group Member, as the case may be, as the broker-dealer with respect to such exercise,
 and as to such other information as the Dealer Manager may reasonably request; (B) to
 offer to sell any Rights received for resale from Record Date Shareholders, including
 clients of Selling Group Members, exclusively to or through the Dealer Manager, which
 may, at its election, purchase such Rights as principal or act as agent for the resale
 thereof, provided that if the Dealer Manager declines to purchase the Rights received
 by the Subscription Agent for resale from Record Date Shareholders, the Subscription
 Agent will attempt to sell such Rights in the open market; and (C) to issue Shares upon
 the Dealer Manager's exercise of Rights prior to the Expiration Date at a price
 equal to the greater of 92.5% of the last reported sale price of a Common Share on the
 NASDAQ on the date of such exercise or 90% of the last reported NAV of a Common Share
 on the date of such exercise, such Shares to be issued no later than the close of business
 on the business day following the day that full payment for such Shares has been received
 by the Subscription Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither
 the Fund nor the Adviser will take, directly or indirectly, any action designed to cause
 or to result in, or that has constituted or which might reasonably be expected to constitute,
 the stabilization or manipulation of the price of any security of the Fund to facilitate
 the issuance of the Rights or the sale or resale of the Rights or the Shares; <u>provided</u> that any action in connection with the Dividend Reinvestment Plan will not be deemed
 to be within the meaning of this Section 4(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except
 as required by applicable law, the use of any reference to the Dealer Manager in any
 Offering Materials or any other document or communication prepared, approved or authorized
 by the Fund or the Adviser in connection with the Offer is subject to the prior approval
 of the Dealer Manager, provided that if such reference to the Dealer Manager is required
 by applicable law, the Fund and the Adviser agree to notify the Dealer Manager within
 a reasonable time prior to such use but the Fund and the Adviser are nonetheless permitted
 to use such reference.

5. <u>Payment of Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Fund will pay all expenses incident to the performance of its obligations under this
 Agreement and in connection with the Offer, including, but not limited to (i) expenses
 relating to the printing and filing of the Registration Statement as originally filed
 and of each amendment thereto, (ii) expenses relating to the preparation, issuance and
 delivery of the certificates, if any, for the Shares and subscription certificates relating
 to the Rights, (iii) the fees and disbursements of the Fund's counsel (including
 the fees and disbursements of local counsel) and accountants, (iv) expenses relating
 to the qualification of the Rights and the Shares under securities laws in accordance
 with the provisions of Section 4(a)(vii) of this Agreement, including filing fees, (v)
 expenses relating to the printing or other production and delivery to the Dealer Manager
 of copies of the Registration Statement as originally filed and of each amendment thereto
 and of the Prospectus and any amendments or supplements thereto, (vi) the fees and expenses
 incurred with respect to filing with FINRA, including the fees and disbursements paid
 to FINRA by the Dealer Manager's counsel with respect thereto, (vii) the fees and
 expenses incurred in connection with the listing of the Rights and the Shares on the
 NASDAQ, (viii) expenses relating to the printing or other production, mailing and delivery
 expenses incurred in connection with Offering Materials, including all reasonable out-of-pocket
 fees and expenses, if any, and not to exceed $10,000, incurred by the Dealer Manager,
 Selling Group Members, Soliciting Dealers and other brokers, dealers and financial institutions
 in connection with their customary mailing and handling of materials related to the Offer
 to their customers, (ix) the fees and expenses incurred with respect to the Subscription
 Agent and the Information Agent and (x) all other fees and expenses (excluding the announcement,
 if any, of the Offer in <u>The Wall Street Journal</u>, the expenses of which will be
 incurred by the Dealer Manager, subject to reimbursement pursuant to paragraph (b) below)
 incurred in connection with or relating to the Offer. The Fund agrees to pay the foregoing
 expenses whether or not the transactions contemplated under this Agreement are consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 addition to any fees that may be payable to the Dealer Manager under this Agreement,
 the Fund agrees to reimburse the Dealer Manager upon request made from time to time for
 a portion of its reasonable out-of-pocket expenses incurred in connection with its activities
 under this Agreement, including the reasonable fees and disbursements of its legal counsel
 (excluding fees and expenses pursuant to Section 5(a)(iv) which are to be paid directly
 by the Fund), upon proper presentation of documentation therefor, in an amount not to
 exceed $175,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 this Agreement is terminated by the Dealer Manager in accordance with the provisions
 of Section 6 or Section 9(a), the Fund agrees to reimburse the Dealer Manager for all
 of its reasonable out-of-pocket expenses incurred in connection with its performance
 hereunder, including the reasonable fees and disbursements of counsel for the Dealer
 Manager, upon proper presentation of documentation therefor, in an amount not to exceed
 $175,000. In the event the transactions contemplated hereunder are not consummated, the
 Fund agrees to pay all of the costs and expenses incurred pursuant to Sections 5(a) and
 (b) which the Fund would have paid if such transactions had been consummated.

6. <u>Conditions of the Dealer Manager's Obligations</u>. The obligations of the Dealer Manager
 hereunder (including any obligation to pay for Shares issuable upon exercise of Rights
 by the Dealer Manager) are subject to the accuracy of the respective representations
 and warranties of the Fund and the Adviser contained herein, to the performance by the
 Fund and the Adviser of their respective obligations hereunder, and to the following
 further conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Registration Statement has become effective; the Prospectus and any amendment or supplement
 thereto shall have been filed with the Commission in the manner and within the time period
 required by Rule 424(b) of the Securities Act Rules and Regulations; no stop order suspending
 the effectiveness of the Registration Statement or any amendment thereto shall have been
 issued, no revocation of registration has been issued and no proceedings for that purpose
 shall have been instituted or threatened or, to the knowledge of the Fund, the Adviser
 or the Dealer Manager, shall be contemplated by the Commission; and the Fund shall have
 complied with any request of the Commission for additional information (to be included
 in the Registration Statement, the Prospectus or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On
 the Representation Date and the Expiration Date, the Dealer Manager shall have received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 opinions, dated the Representation Date and the Expiration Date, as applicable, of Troutman
 Pepper Locke LLP, counsel for the Fund, in the form of <u>Exhibit C</u> to this Agreement
 and in substance satisfactory to counsel for the Dealer Manager. In rendering such opinion,
 such counsel may rely as to matters of fact, to the extent they deem proper, on certificates
 of responsible officers of the Fund and public officials.

Such counsel shall also have stated that, while they have not themselves checked the accuracy and completeness of or otherwise verified, and are not passing upon and assume no responsibility for the accuracy or completeness of, the statements contained in the Registration Statement or the Prospectus, in the course of their review and discussion of the contents of the Offering Materials and Registration Statement with certain officers and/or employees of the Fund, the Adviser and the Fund's independent registered public accounting firm, no facts have come to their attention which cause them to believe that the Registration Statement (other than the financial statements, financial schedules, and other financial information contained or incorporated by reference therein or omitted therefrom and the exhibits thereto, as to each of which they have not been requested to comment), on the date it became effective, contained an untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary to make the statements contained therein not misleading or that the Prospectus (other than the financial statements, financial schedules, and other financial information contained or incorporated by reference therein or omitted therefrom and the exhibits thereto, as to each of which they have not been requested to comment), as of its date and on the Representation Date or the Expiration Date, as the case may be, contained an untrue statement of a material fact or omitted to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 opinions, dated the Representation Date and the Expiration Date, as applicable, of Blake
 Rice, General Counsel of the Adviser, in the form of <u>Exhibit D</u> to this Agreement
 and in substance satisfactory to counsel for the Dealer Manager. In rendering such opinion,
 such counsel may rely as to matters of fact, to the extent they deem proper, on certificates
 of responsible officers of the Adviser and public officials.

Such counsel shall also have stated that, while they have not themselves checked the accuracy and completeness of or otherwise verified, and are not passing upon and assume no responsibility for the accuracy or completeness of, the statements contained in the Registration Statement or the Prospectus, in the course of their review and discussion of the contents of the Offering Materials and Registration Statement with certain officers and/or employees of the Fund, the Adviser and the Fund's independent registered public accounting firm, no facts have come to their attention which cause them to believe that the Registration Statement (other than the financial statements, financial schedules, and other financial information contained or incorporated by reference therein or omitted therefrom and the exhibits thereto, as to each of which they have not been requested to comment), on the date it became effective, contained an untrue statement of a material fact concerning the Adviser or omitted to state any material fact concerning the Adviser required to be stated therein or necessary to make the statements contained therein not misleading or that the Prospectus (other than the financial statements, financial schedules, and other financial information contained or incorporated by reference therein or omitted therefrom and the exhibits thereto, as to each of which they have not been requested to comment), as of its date and on the Representation Date or the Expiration Date, as the case may be, contained an untrue statement of a material fact concerning the Adviser or omitted to state any material fact concerning the Adviser required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Dealer Manager shall have received from Skadden, Arps, Slate, Meagher & Flom LLP,
 counsel for the Dealer Manager, such opinion or opinions, dated the Representation Date
 and the Expiration Date, with respect to the Offer, the Registration Statement, the Prospectus
 and other related matters as the Dealer Manager may reasonably require, and the Fund
 shall have furnished to such counsel such documents as they reasonably request for the
 purpose of enabling them to pass upon such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Fund shall have furnished to the Dealer Manager certificates of the Fund, signed on behalf
 of the Fund by a senior officer of the Fund, dated the Representation Date and the Expiration
 Date, to the effect that the signer(s) of such certificate carefully examined the Registration
 Statement, the Prospectus, any supplement to the Prospectus and this Agreement and that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 representations and warranties of the Fund in this Agreement are true and correct on
 and as of the Representation Date or the Expiration Date, as the case may be, with the
 same effect as if made on the Representation Date or the Expiration Date, as the case
 may be, and the Fund has complied with all the agreements and satisfied all the conditions
 on its part to be performed or satisfied at or prior to the Representation Date or the
 Expiration Date, as the case may be (to the extent not waived in writing by the Dealer
 Manager);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no
 stop order suspending the effectiveness of the Registration Statement has been issued,
 no revocation of registration has been issued and no proceedings for that purpose have
 been instituted or threatened by the Commission or any other regulatory body, whether
 foreign or domestic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) since
 the date of the most recent statement of assets and liabilities included or incorporated
 by reference in the Prospectus, there has been no adverse change, or any development
 involving a prospective adverse change, in the condition (financial or other), business,
 prospects, management, properties, net worth or results of operations of the Fund (excluding
 fluctuations in the Fund's net asset value due to investment activities in the
 ordinary course of business), except as set forth in or contemplated in the Prospectus;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 Fund has performed all of its respective obligations that this Agreement requires it
 to perform by such Representation Date or the Expiration Date (to the extent not waived
 in writing by the Dealer Manager).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Adviser shall have furnished to the Dealer Manager certificates of the Adviser, signed
 on behalf of the Adviser by a senior officer dated the Representation Date and the Expiration
 Date, to the effect that the signer(s) of such certificate carefully examined the Registration
 Statement, the Prospectus, any supplement to the Prospectus and this Agreement and that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 representations and warranties of the Adviser in this Agreement are true and correct
 on and as of the Representation Date or the Expiration Date, as the case may be, with
 the same effect as if made on the Representation Date or the Expiration Date, as the
 case may be, and the Adviser has complied with all the agreements and satisfied all the
 conditions on its part to be performed or satisfied at or prior to the Representation
 Date or the Expiration Date, as the case may be (to the extent not waived in writing
 by the Dealer Manager);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no
 order having an adverse effect on the ability of the Adviser to fulfill its obligations
 under this Agreement or the Management Agreement, as the case may be, has been issued
 and no proceedings for any such purpose are pending or threatened by the Commission or
 any other regulatory body, whether foreign or domestic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) since
 the date of the most recent statement of assets and liabilities included or incorporated
 by reference in the Prospectus, there has been no material adverse change, or any development
 involving a prospective material adverse change, in the condition (financial or other),
 business, prospects, management, properties, net worth or results of operations of the
 Fund (excluding fluctuations in the Fund's net asset value due to investment activities
 in the ordinary course of business), except as set forth in or contemplated in the Prospectus;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 Adviser has performed all of its respective agreements that this Agreement requires it
 to perform by such Representation Date or the Expiration Date (to the extent not waived
 in writing by the Dealer Manager).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Tait,
 Weller & Baker LLP shall have furnished to the Dealer Manager letters, dated the
 Representation Date and the Expiration Date, in form and substance satisfactory to the
 Dealer Manager, stating in effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it
 is an independent registered public accounting firm with respect to the Fund within the
 meaning of the Securities Act and the applicable Securities Act Rules and Regulations,
 and the rules and regulations adopted by the Commission and the Public Company Accounting
 Oversight Board (United States);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 its opinion, the audited financial statements examined by it and included or incorporated
 by reference in the Registration Statement comply as to form in all material respects
 with the applicable accounting requirements of the Securities Act and the Investment
 Company Act and the respective Rules and Regulations with respect to registration statements
 on Form N-2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it
 has performed specified procedures, not constituting an audit in accordance with generally
 accepted auditing standards, including a reading of the latest available unaudited financial
 information of the Fund, a reading of the minute books of the Fund, and inquiries of
 officials of the Fund responsible for financial and accounting matters, and on the basis
 of such inquiries and procedures nothing came to its attention that caused it to believe
 that at a specified date prior to the Representation Date or the Expiration Date, as
 the case may be, there was any change in the Common Shares, any decrease in net assets
 or any increase in long-term debt of the Fund as compared with amounts shown in the most
 recent statement of assets and liabilities included or incorporated by reference in the
 Registration Statement, except as the Registration Statement discloses has occurred or
 may occur, or they shall state any specific changes, increases or decreases; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in
 addition to the procedures referred to in clause (iii) above, it has compared certain
 dollar amounts (or percentages as derived from such dollar amounts) and other financial
 information regarding the operations of the Fund appearing in the Registration Statement,
 which have previously been specified by the Dealer Manager and which shall be specified
 in such letter, and have found such items to be in agreement with the accounting and
 financial records of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Subsequent
 to the respective dates as of which information is given in the Registration Statement
 and the Prospectus (excluding an amendment or supplement subsequent to the Representation
 Date), (i) there shall not have been any change, increase or decrease specified in the
 letter or letters referred to in Section 6(f), (ii) no material adverse change, or any
 development involving a prospective material adverse change, in the condition (financial
 or other), business, prospects, management, properties, net worth or results of operations
 of the Fund shall have occurred or become known and (iii) no transaction which is material
 and adverse to the Fund shall have been entered into by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) There
 shall not have been any decrease in or withdrawal of the rating of any securities of
 the Fund by any "nationally recognized statistical rating organization" (as
 defined in Section 3(a)(62) of the Exchange Act) or any notice given of any intended
 or potential decrease in or withdrawal of any such rating or of a possible change in
 any such rating that does not indicate the direction of the possible change

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Prior
 to the Representation Date, the Fund shall have furnished to the Dealer Manager such
 further information, certificates and documents as the Dealer Manager may reasonably
 request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) If
 any of the conditions specified in this Section 6 shall not have been fulfilled when
 and as provided in this Agreement, or if any of the opinions and certificates mentioned
 above or elsewhere in this Agreement shall not be reasonably satisfactory in form and
 substance to the Dealer Manager and its counsel, this Agreement and all obligations of
 the Dealer Manager hereunder may be canceled at, or at any time prior to, the Expiration
 Date by the Dealer Manager. Notice of such cancellation shall be given to the Fund in
 writing or by telephone confirmed in writing.

7. <u>Indemnity and Contribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each
 of the Fund and the Adviser, jointly and severally, agrees to indemnify, defend and hold
 harmless the Dealer Manager, each Selling Group Member and each Soliciting Dealer, and
 their respective partners, directors, officers, employees, agents and affiliates and
 any person who controls the Dealer Manager, a Selling Group Member and or a Soliciting
 Dealer within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
 Act, and the successors and assigns of all of the foregoing persons, from and against
 any loss, damage, expense, liability or claim (including the reasonable cost of investigation)
 which, jointly or severally, the Dealer Manager, a Selling Group Member, a Soliciting
 Dealer or any such person may incur under the Securities Act, the Exchange Act, the Investment
 Company Act, the Advisers Act, common law or otherwise, insofar as such loss, damage,
 expense, liability or claim arises out of or is based upon any untrue statement or alleged
 untrue statement of a material fact contained in the Registration Statement (or in the
 Registration Statement as amended by any post-effective amendment thereof by the Fund)
 or in a Prospectus (the term " <u>Prospectus</u> " for the purpose of this
 Section 7 being deemed to include any preliminary prospectus, the Offering Materials,
 the Prospectus and the Prospectus as amended or supplemented by the Fund), or arises
 out of or is based upon any omission or alleged omission to state a material fact required
 to be stated in either such Registration Statement or Prospectus or necessary to make
 the statements made therein, in the light of the circumstances under which they were
 made, not misleading, except insofar as any such loss, damage, expense, liability or
 claim arises out of or is based upon any untrue statement or omission or alleged untrue
 statement or omission of a material fact contained in and in conformity with information
 furnished in writing by or on behalf of the Dealer Manager, Selling Group Members or
 Soliciting Dealers to the Fund or the Adviser expressly for use with reference to the
 Dealer Manager, Selling Group Members or Soliciting Dealers in such Registration Statement
 or such Prospectus.

If any action, suit or proceeding (together, a "<u>Proceeding</u>") is brought against the Dealer Manager, a Selling Group Member, a Soliciting Dealer or any such person in respect of which indemnity may be sought against the Fund or the Adviser pursuant to the foregoing paragraph, the Dealer Manager, a Selling Group Member, a Soliciting Dealer or such person shall promptly notify the Fund and the Adviser in writing of the institution of such Proceeding and the Fund shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to such indemnified party and payment of all reasonable fees and expenses; <u>provided</u>, <u>however</u>, that the failure to so notify the Fund and the Adviser shall not relieve the Fund from any liability which the Fund or the Adviser may have to the Dealer Manager, a Selling Group Member, a Soliciting Dealer or any such person or otherwise, unless such omission results in the forfeiture of substantive rights or defenses by the indemnifying party. The Dealer Manager, a Selling Group Member, a Soliciting Dealer or such person shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Dealer Manager, a Selling Group Member, a Soliciting Dealer or of such person unless the employment of such counsel shall have been authorized in writing by the Fund or the Adviser, as the case may be, in connection with the defense of such Proceeding or the Fund or the Adviser shall not have, within a reasonable period of time in light of the circumstances, employed counsel to have charge of the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded (based on advice from counsel) that there may be defenses available to it or them which are different from, additional to or in conflict with those available to the Fund or the Adviser (in which case the Fund or the Adviser shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties, but the Fund or the Adviser may employ counsel and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of the Fund or the Adviser, as the case may be), in any of which events the reasonable fees and expenses shall be borne by the Fund or the Adviser and paid as incurred in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding (provided that the Fund or the Adviser shall not be liable for the expenses of more than one separate counsel in connection with any one Proceeding or series of related Proceedings). Neither the Fund nor the Adviser shall be liable for any settlement of any Proceeding effected without its written consent, but if a Proceeding is settled with the written consent of the Fund or the Adviser, then the Fund or the Adviser, as the case may be, agrees to indemnify and hold harmless the Dealer Manager, a Selling Group Member, a Soliciting Dealer and any such person from and against any loss or liability by reason of such settlement. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then the indemnifying party agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i) such settlement is entered into more than 60 business days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii) such indemnified party shall have given the indemnifying party at least 30 days' prior notice of its intention to settle. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding and does not include an admission of fault, culpability or a failure to act, by or on behalf of such indemnified party unless such indemnified party gives written consent to such admission of fault, culpability or a failure to act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Dealer Manager agrees to indemnify, defend and hold harmless the Fund and the Adviser,
 and their trustees or directors (as applicable) and officers, and any person who controls
 the Fund or the Adviser, within the meaning of Section 15 of the Securities Act or Section
 20 of the Exchange Act, and the successors and assigns of all of the foregoing persons
 to the same extent as the foregoing indemnity from the Fund or the Adviser to the Dealer
 Manager, from and against any loss, damage, expense, liability or claim (including the
 reasonable cost of investigation) which, jointly or severally, the Fund, the Adviser
 or any such person may incur under the Securities Act, the Exchange Act, the Investment
 Company Act, the Advisers Act, the common law or otherwise, insofar as such loss, damage,
 expense, liability or claim arises out of or is based upon any untrue statement or alleged
 untrue statement of a material fact contained in and in conformity with information furnished
 in writing by or on behalf of the Dealer Manager, Selling Group Members or Soliciting
 Dealers to the Fund or the Adviser expressly for use with reference to the Dealer Manager
 in the Registration Statement (or in the Registration Statement as amended by any post-effective
 amendment thereof by the Fund) or in a Prospectus, or arises out of or is based upon
 any omission or alleged omission to state a material fact in connection with such information
 required to be stated in such Registration Statement or such Prospectus or necessary
 to make such information not misleading (with respect to the Prospectus, in the light
 of the circumstances under which they were made).

If any Proceeding is brought against the Fund, the Adviser or any such person in respect of which indemnity may be sought against the Dealer Manager pursuant to the foregoing paragraph, the Fund, the Adviser or such person shall promptly notify the Dealer Manager in writing of the institution of such Proceeding and the Dealer Manager shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to such indemnified party and payment of all reasonable fees and expenses; <u>provided</u>, <u>however</u>, that the omission to so notify the Dealer Manager shall not relieve the Dealer Manager from any liability which the Dealer Manager may have to the Fund or any such person or otherwise, unless such omission results in the forfeiture of substantive rights or defenses by the indemnifying party. The Fund, the Adviser or such person shall have the right to employ its own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Fund, the Adviser or such person, as the case may be, unless the employment of such counsel shall have been authorized in writing by the Dealer Manager in connection with the defense of such Proceeding or such Dealer Manager shall not have, within a reasonable period of time in light of the circumstances, employed counsel to have charge of the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded (based on advice from counsel) that there may be defenses available to it or them which are different from or additional to or in conflict with those available to the Dealer Manager (in which case the Dealer Manager shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties, but the Dealer Manager may employ counsel and participate in the defense thereof but the fees and expenses of such counsel shall be at the expense of the Dealer Manager), in any of which events the reasonable fees and expenses shall be borne by the Dealer Manager and paid as incurred in any one Proceeding or series of related Proceedings in the same jurisdiction representing the indemnified parties who are parties to such Proceeding (provided that the Dealer Manager shall not be liable for the expenses of more than one separate counsel in connection with any one Proceeding or series of related Proceedings). The Dealer Manager shall not be liable for any settlement of any such Proceeding effected without the written consent of the Dealer Manager but if settled with the written consent of the Dealer Manager, the Dealer Manager agrees to indemnify and hold harmless the Fund, the Adviser and any such person from and against any loss or liability by reason of such settlement. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then the indemnifying party agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i) such settlement is entered into more than 60 business days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii) such indemnified party shall have given the indemnifying party at least 30 days' prior notice of its intention to settle. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding and does not include an admission of fault, culpability or a failure to act, by or on behalf of such indemnified party unless such indemnified party gives written consent to such admission of fault, culpability or a failure to act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 the indemnification provided for in this Section 7 is unavailable to an indemnified party
 under subsections (a) and (b) of this Section 7 in respect of any losses, damages, expenses,
 liabilities or claims referred to therein, then each applicable indemnifying party, in
 lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable
 by such indemnified party as a result of such losses, damages, expenses, liabilities
 or claims (i) in such proportion as is appropriate to reflect the relative benefits received
 by the Fund or the Adviser on the one hand and the Dealer Manager, Selling Group Member(s)
 or Soliciting Dealer(s) on the other hand from the offering of the Shares or (ii) if
 the allocation provided by clause (i) above is not permitted by applicable law, in such
 proportion as is appropriate to reflect not only the relative benefits referred to in
 clause (i) above but also the relative fault of the Fund or the Adviser on the one hand
 and of the Dealer Manager on the other in connection with the statements or omissions
 which resulted in such losses, damages, expenses, liabilities or claims, as well as any
 other relevant equitable considerations with respect to the Offer. The relative benefits
 received by the Fund or the Adviser on the one hand and the Dealer Manager, Selling Group
 Member(s) or Soliciting Dealer(s) on the other shall be deemed to be in the same respective
 proportions as the total proceeds from the Offer (net of the Dealer Manager Fee but before
 deducting expenses) received by the Fund or the Adviser and the total Dealer Manager
 Fee received by the Dealer Manager, bear to the aggregate public offering price of the
 Shares. The relative fault of the Fund or the Adviser on the one hand and of the Dealer
 Manager, Selling Group Member(s) or Soliciting Dealer(s) on the other shall be determined
 by reference to, among other things, whether the untrue statement or alleged untrue statement
 of a material fact or omission or alleged omission relates to information supplied by
 the Fund or the Adviser or the Dealer Manager and the parties' relative intent,
 knowledge, access to information and opportunity to correct or prevent such statement
 or omission. The amount paid or payable by a party as a result of the losses, damages,
 expenses, liabilities and claims referred to in this subsection shall be deemed to include
 any legal or other fees or expenses reasonably incurred by such party in connection with
 investigating, preparing to defend or defending any Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Fund, the Adviser and the Dealer Manager agree that it would not be just and equitable
 if contribution pursuant to this Section 7 were determined by pro rata allocation or
 by any other method of allocation that does not take account of the equitable considerations
 referred to in subsection (c) above. Notwithstanding the provisions of this Section 7,
 neither the Dealer Manager nor any Selling Group Member or Soliciting Dealer shall be
 required to contribute any amount in excess of the fees received by it. No person guilty
 of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities
 Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
 misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding
 any other provisions in this Section 7, no party shall be entitled to indemnification
 or contribution under this Agreement against any loss, claim, liability, expense or damage
 arising by reason of such person's willful misfeasance, bad faith or gross negligence
 in the performance of its duties hereunder or by reason of such person's reckless
 disregard of such person's obligations and duties thereunder. The parties hereto
 acknowledge that the foregoing provision shall not be construed to impose upon any such
 parties any duties under this Agreement other than as specifically set forth herein (it
 being understood that the Dealer Manager, Selling Group Members and Soliciting Dealers
 have no duty hereunder to the Fund or the Adviser to perform any due diligence investigation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 indemnity and contribution agreements contained in this Section 7 and the covenants,
 warranties and representations of the Fund and the Adviser contained in this Agreement
 shall remain in full force and effect regardless of any investigation made by or on behalf
 of the Dealer Manager, a Selling Group Member, a Soliciting Dealer, and their respective
 partners, directors or officers or any person (including each partner, officer or director
 of such person) who controls the Dealer Manager, a Selling Group Member or a Soliciting
 Dealer within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
 Act, or by or on behalf of the Fund or the Adviser, their directors, trustees or officers
 or any person who controls the Fund or the Adviser within the meaning of Section 15 of
 the Securities Act or Section 20 of the Exchange Act, and shall survive any termination
 of this Agreement or the issuance and delivery of the Rights. The Fund, the Adviser and
 the Dealer Manager agree promptly to notify each other of the commencement of any Proceeding
 against it and, in the case of the Fund or the Adviser against any of their officers
 or directors in connection with the issuance of the Rights, or in connection with the
 Registration Statement or Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 Fund and the Adviser acknowledge that the statements under the heading "Plan of
 Distribution" in the Prospectus constitute the only information furnished in writing
 to the Fund or the Adviser by the Dealer Manager expressly for use in such document,
 and the Dealer Manager confirms that such statements are correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Any
 indemnification hereunder shall be subject to the requirements and limitations of Section
 17 of the Investment Company Act and Investment Company Act Release No. 11330.

8. <u>Representations, Warranties and Agreements to Survive Delivery</u>. The respective agreements, representations,
 warranties, indemnities and other statements of the Fund or its officers, of the Adviser
 and of the Dealer Manager set forth in or made pursuant to this Agreement shall survive
 the Expiration Date and will remain in full force and effect, regardless of any investigation
 made by or on behalf of Dealer Manager or the Fund or the Adviser or any of their officers,
 directors or controlling persons referred to in Section 7 hereof, and will survive delivery
 of and payment for the Shares pursuant to the Offer. The provisions of Sections 5 and
 7 hereof shall survive the termination or cancellation of this Agreement.

9. <u>Termination of Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 obligations of the Dealer Manager hereunder shall be subject to termination in the absolute
 discretion of the Dealer Manager, by notice given to the Fund prior to 5:00 p.m., New
 York time on the Expiration Date, if (A) since the time of execution of this Agreement
 or the earlier respective dates as of which information is given in the Registration
 Statement and the Prospectus, there has been any material adverse change, or any development
 involving a prospective material adverse change, in the condition (financial or otherwise),
 business, prospects, management, properties, net worth or results of operations of the
 Fund, which would in the Dealer Manager's judgment, make it impracticable or inadvisable
 to proceed with the Offer on the terms and manner contemplated in the Registration Statement
 and the Prospectus, or (B) since the time of execution of this Agreement, there shall
 have occurred: (i) a suspension or material limitation in trading in securities generally
 on the New York Stock Exchange or the NASDAQ; (ii) a suspension or material limitation
 in trading in the Fund's Common Shares or in the Rights on the NASDAQ; (iii) a
 general moratorium on commercial banking activities declared by either federal or New
 York State authorities or a material disruption in commercial banking or securities settlement
 or clearance services in the United States; (iv) a material adverse change in the financial
 or securities markets in the United States or the international financial markets; (v)
 acts of terrorism or a material outbreak or escalation of hostilities involving the United
 States or a declaration by the United States of a national emergency or war; or (vi)
 any other calamity or crisis or any change in financial, political, economic, currency,
 banking or social conditions in the United States, if the effect of any such event specified
 in clause (v) or (vi) in the Dealer Manager's judgment makes it impracticable or
 inadvisable to proceed with the Offer on the terms and in the manner contemplated in
 the Registration Statement and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 this Agreement is terminated pursuant to this Section, such termination shall be without
 liability of any party to any other party except as provided in Section 5 and the Dealer
 Manager shall not have any obligation to purchase any Shares upon exercise of Rights.

10. <u>Notices</u>.
 All communications hereunder will be in writing and effective only on receipt, and, if
 sent to the Dealer Manager, will be mailed, delivered or telegraphed and confirmed to
 UBS Securities LLC, Eleven Madison Avenue, New York, NY 10010, Attn: Syndicate Group
 and, if to the Fund or the Adviser, shall be sufficient in all respects if delivered
 or sent to the Fund or the Adviser at 100 Fillmore Street, Suite 325, Denver, Colorado
 80206, Attn: Katie Jones.

11. <u>Successors and Assigns</u>. This Agreement will inure to the benefit of and be binding upon the
 parties hereto and their respective successors and assigns and will inure to the benefit
 of the officers and directors and controlling persons referred to in Section 7 hereof,
 and no other person will have any right or obligation hereunder.

12. <u>Applicable Law</u>. This Agreement will be governed by and construed in accordance with the laws
 of the State of New York applicable to agreements made and performed in New York (without
 regard to the conflict of laws principles thereof).

13. <u>Submission to Jurisdiction</u>. Except as set forth below, no claim (a "Claim") which
 relates to the terms of this Agreement or the transactions contemplated hereby may be
 commenced, prosecuted or continued in any court other than the courts of the State of
 New York located in the City and County of New York or in the United States District
 Court for the Southern District of New York, which courts shall have jurisdiction over
 the adjudication of such matters, and each of the Fund and the Adviser consents to the
 jurisdiction of such courts and personal service with respect thereto. Each of the Fund
 and the Adviser hereby consents to personal jurisdiction, service and venue in any court
 in which any Claim arising out of or in any way relating to this Agreement is brought
 by any third party against the Dealer Manager or any indemnified party. Each of the Dealer
 Manager, the Fund (on its behalf and, to the extent permitted by applicable law, on behalf
 of its shareholders and affiliates) and the Adviser (on its behalf and, to the extent
 permitted by applicable law, on behalf of its shareholders and affiliates) waives all
 right to trial by jury in any action, proceeding or counterclaim (whether based upon
 contract, tort or otherwise) in any way arising out of or relating to this Agreement.
 Each of the Fund and the Adviser agrees that a final judgment in any such action, proceeding
 or counterclaim brought in any such court shall be conclusive and binding upon the Fund
 or the Adviser, as the case may be, and may be enforced in any other courts in the jurisdiction
 of which the Fund or the Adviser is or may be subject, by suit upon such judgment.

14. <u>Counterparts</u>.
 This Agreement may be executed in one or more counterparts, each of which shall be deemed
 to be an original, but all of which together shall constitute one and the same instrument.
 Delivery of an executed signature page of this Agreement by facsimile transmission or
 other similar electronic transmission (such as e-mail) shall be effective as delivery
 of a manually executed counterpart hereof.

If the foregoing is in accordance with your understanding of our agreement, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement among the Fund, the Adviser and the Dealer Manager.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| ArrowMark Financial Corp. | ArrowMark Financial Corp. |
| By: | /s/ Dana Staggs |
|  | Name: Dana Staggs |
|  | Title: President |
| ARROWMARK ASSET MANAGEMENT, LLC | ARROWMARK ASSET MANAGEMENT, LLC |
| By: | /s/ Richard Grove |
|  | Name: Richard Grove |
|  | Title: Chief Compliance Officer |

---

The foregoing Agreement is hereby confirmed<br> and accepted as of the date first above written.

UBS SECURITIES LLC

---

| | |
|:---|:---|
| By: | /s/ Saawan Pathange |
|  | Name: Saawan Pathange |
|  | Title: Managing Director |

---

---

| | |
|:---|:---|
| By: | /s/ Ari Derman |
|  | Name: Ari Derman |
|  | Title: Associate Director |

---

**Exhibit A**

ARROWMARK FINANCIAL CORP.

2,604,156 Shares of Common Stock<br> Issuable Upon Exercise of Transferable Rights<br> to Subscribe for Such Shares

SELLING GROUP AGREEMENT

New York, New York <br> January 22, 2026

UBS Securities LLC

Eleven Madison Avenue

New York, NY 10010

Ladies and Gentlemen:

We understand that ArrowMark Financial Corp., a Delaware corporation (the "<u>Fund</u>"), proposes to issue to holders of record (the "<u>Record Date Shareholders</u>") as of the close of business on the record date (the "<u>Record Date</u>") set forth in the Fund's Prospectus (as defined in the Dealer Manager Agreement (the "<u>Dealer Manager Agreement</u>"), dated January 22, 2026, among the Fund, ArrowMark Asset Management, LLC (the "<u>Adviser</u>") and UBS Securities LLC as the dealer manager (the "<u>Dealer Manager</u>")) transferable rights entitling such Record Date Shareholders to subscribe for up to 2,604,156 shares (each, a "<u>Share</u>" and, collectively, the "<u>Shares</u>") of common stock, par value $0.001 per share (the "<u>Common Shares</u>"), of the Fund (the "<u>Offer</u>"). Pursuant to the terms of the Offer, the Fund is issuing each Record Date Shareholder one transferable right (each a "<u>Right</u>" and, collectively, the "<u>Rights</u>") for each Common Share held by such Record Date Shareholder on the Record Date. Such Rights entitle their holders to acquire during the subscription period set forth in the Prospectus (the "<u>Subscription Period</u>"), at the price set forth in such Prospectus (the "<u>Subscription Price</u>"), one (1) Share for each three (3) Rights (except that any Record Date Shareholder who owns fewer than three (3) Common Shares as of the Record Date will be able to subscribe for one full Share pursuant to the primary subscription), on the terms and conditions set forth in such Prospectus. No fractional shares will be issued. Any Record Date Shareholder who fully exercises all Rights initially issued to such Record Date Shareholder (other than those Rights that cannot be exercised because they represent the right to acquire less than one Share) will be entitled to subscribe for, subject to allocation, additional Shares (the "<u>Over-Subscription Privilege</u>") on the terms and conditions set forth in such Prospectus. The Rights are transferable and are admitted for trading on the NASDAQ under the symbol "BANXR."

We further understand that the Fund has appointed UBS Securities LLC to act as the Dealer Manager in connection with the Offer and has authorized the Dealer Manager to form and manage a group of broker-dealers (each, a "<u>Selling Group Member</u>" and collectively, the "<u>Selling Group</u>") to solicit the exercise of Rights and to sell Shares purchased by the Dealer Manager from the Fund through the exercise of Rights.

We hereby express our interest in participating in the Offer as a Selling Group Member.

We hereby agree with you as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. We
 have received and reviewed the Prospectus relating to the Offer and we understand that
 additional copies of the Prospectus (or of the Prospectus as it may be subsequently supplemented
 or amended, if applicable) and any other solicitation materials authorized by the Fund
 relating to the Offer (" <u>Offering Materials</u> ") will be supplied to us
 in reasonable quantities upon our request therefor to you. We agree that we will not
 use any solicitation material other than the Prospectus (as supplemented or amended,
 if applicable) and such Offering Materials and we agree not to make any representation,
 oral or written, to any shareholders or prospective shareholders of the Fund that are
 not contained in the Prospectus, unless previously authorized to do so in writing by
 the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. From
 time to time during the Subscription Period commencing on January 22, 2026 and ending
 at 5:00 p.m., New York City time, on the Expiration Date (the term " <u>Expiration Date</u> " means February 18, 2026 unless and until the Fund shall, in its sole
 discretion, have extended the period for which the Offer is open, in which event the
 term "Expiration Date" with respect to the Offer will mean the latest time
 and date on which the Offer, as so extended by the Fund, will expire), we may solicit
 the exercise of Rights in connection with the Offer. We will be entitled to receive fees
 in the amounts and at the times described in Section 4 of this Selling Group Agreement
 with respect to Shares purchased pursuant to the exercise of Rights and with respect
 to which Equiniti Trust Company, LLC (the " <u>Subscription Agent</u> ") has
 received, no later than 5:00 p.m., New York City time, on the Expiration Date, either
 (i) a properly completed and executed Subscription Certificate identifying us as the
 broker-dealer having been instrumental in the exercise of such Rights, and full payment
 for such Shares, or (ii) a Notice of Guaranteed Delivery guaranteeing to the Subscription
 Agent by the close of business of the first business day after the Expiration Date a
 properly completed and duly executed Subscription Certificate, similarly identifying
 us, and full payment for such Shares. We understand that we will not be paid these fees
 with respect to Shares purchased pursuant to an exercise of Rights for our own account
 or for the account of any of our affiliates. We also understand and agree that we are
 not entitled to receive any fees in connection with the solicitation of the exercise
 of Rights other than pursuant to the terms of this Selling Group Agreement and, in particular,
 that we will not be entitled to receive any fees under the Fund's Soliciting Dealer
 Agreement. We agree to solicit the exercise of Rights in accordance with the Securities
 Act of 1933, as amended, the Securities Exchange Act of 1934, as amended (the " <u>Exchange Act</u> "), the Investment Company Act of 1940, as amended, and the rules and regulations
 under each such Act, any applicable securities laws of any state or jurisdiction where
 such solicitations may be lawfully made, the applicable rules and regulations of any
 self-regulatory organization or registered national securities exchange and customary
 practice and subject to the terms of the Subscription Agent Agreement between the Fund
 and the Subscription Agent and the procedures described in the Fund's registration
 statement on Form N-2 (File Nos. 333-281004 and 811-22853), allowing for delayed offerings
 pursuant to Rule 415 of the Securities Act Rules and Regulations, as amended (the " <u>Registration Statement</u> "). For the avoidance of doubt and without limiting the foregoing,
 we acknowledge and agree that the Dealer Manager has no responsibility for compliance
 by any person other than the Dealer Manager and its affiliated purchasers (" <u>Affiliated Purchasers</u> "), as that term is defined in Rule 100 of Regulation M (" <u>Regulation M</u> ") under the Exchange Act, with Regulation M, including with respect to all
 bids for, purchases of, or attempts to induce any person to bid for or purchase, including
 any solicitation of, the Rights or Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. From
 time to time during the Subscription Period, we may indicate interest in purchasing Shares
 from the Dealer Manager. We understand that from time to time the Dealer Manager intends
 to offer Shares obtained or to be obtained by the Dealer Manager through the exercise
 of Rights to Selling Group Members who have so indicated interest at prices which shall
 be determined by the Dealer Manager (the " <u>Offering Price</u> "). We agree
 that, with respect to any such Shares purchased by us from the Dealer Manager, the sale
 of such Shares to us shall be irrevocable, and we will offer them to the public at the
 Offering Price at which we purchase them from the Dealer Manager. Shares not sold by
 us at such Offering Price may be offered by us after the next succeeding Offering Price
 is set at the latest Offering Price set by the Dealer Manager. The Dealer Manager agrees
 that, if requested by any Selling Group Member, and subject to applicable law, the Dealer
 Manager will set a new Offering Price prior to 4:00 p.m., New York City time, on any
 business day. We agree to advise the Dealer Manager from time to time upon request, prior
 to the termination of this Selling Group Agreement, of the number of Shares remaining
 unsold which were purchased by us from the Dealer Manager and, upon the Dealer Manager's
 request, we will resell to the Dealer Manager any of such Shares remaining unsold at
 the purchase price thereof if in the Dealer Manager's opinion such Shares are needed
 to make delivery against sales made to other Selling Group Members. Any shares purchased
 hereunder from the Dealer Manager shall be subject to regular way settlement through
 the facilities of The Depository Trust Company ("DTC").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. We
 understand that you will remit to us on or before the tenth business day following the
 day the Fund issues Shares after the Expiration Date, following receipt by you from the
 Fund of the Dealer Manager Fee (as defined in the Dealer Manager Agreement), a fee (the
 " <u>Selling Fee</u> ") equal to 2.00% of the Subscription Price per Share
 for (A) each Share issued pursuant to the exercise of Rights or the Over-Subscription
 Privilege pursuant to each Subscription Certificate upon which we are designated, as
 certified to you by the Subscription Agent, as a result of our solicitation efforts in
 accordance with Section 2 and (B) each Share sold by the Dealer Manager to us in accordance
 with Section 3 less any Shares resold to the Dealer Manager in accordance with Section
 3. We understand that with respect to each Share sold by the Dealer Manager to us in
 accordance with Section 3 less any Shares resold to the Dealer Manager in accordance
 with Section 3, such fee may from time to time vary from 2.00% of the Subscription Price
 per Share. Your only obligation with respect to payment of the Selling Fee to us is to
 remit to us amounts owing to us and actually received by you from the Fund. Except as
 aforesaid, you shall be under no liability to make any payments to us pursuant to this
 Selling Group Agreement. We also understand that the Fund and the Adviser have agreed
 to indemnify us pursuant to the terms set forth in the Dealer Manager Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. We
 agree that you, as Dealer Manager, have full authority to take such action as may seem
 advisable to you in respect of all matters pertaining to the Offer. You are authorized
 to approve on our behalf any amendments or supplements to the Registration Statement
 or the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. We
 represent that we are a member in good standing of the Financial Industry Regulatory
 Authority, Inc. (" <u>FINRA</u> ") and, in making sales of Shares, agree to
 comply with all applicable rules of FINRA including, without limitation, FINRA Rules
 2040, 5130 and 5141. We understand that no action has been taken by you or the Fund to
 permit the solicitation of the exercise of Rights or the sale of Shares in any jurisdiction
 (other than the United States) where action would be required for such purpose. We agree
 that we will not, without your approval in advance, buy, sell, deal or trade in, on a
 when-issued basis or otherwise, the Rights or the Shares or any other option to acquire
 or sell Shares for our own account or for the accounts of customers, except as provided
 in Sections 2 and 3 hereof and except that we may buy or sell Rights or Shares in brokerage
 transactions on unsolicited orders which have not resulted from activities on our part
 in connection with the solicitation of the exercise of Rights and which are executed
 by us in the ordinary course of our brokerage business. We will keep an accurate record
 of the names and addresses of all persons to whom we give copies of the Registration
 Statement, the Prospectus, any preliminary prospectus (or any amendment or supplement
 thereto) or any Offering Materials and, when furnished with any subsequent amendment
 to the Registration Statement and any subsequent prospectus, we will, upon your request,
 promptly forward copies thereof to such persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. We
 expressly disclaim any fiduciary or similar obligations to the Fund, either in connection
 with the transactions contemplated by the Dealer Manager Agreement or any matters leading
 up to such transactions, and understand that pursuant to the Dealer Manager Agreement
 the Fund has confirmed its understanding and agreement with respect to such disclaimer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Nothing
 contained in this Selling Group Agreement will constitute the Selling Group Members partners
 with the Dealer Manager or with one another or create any association between those parties,
 or will render the Dealer Manager or the Fund liable for the obligations of any Selling
 Group Member. The Dealer Manager will be under no liability to make any payment to any
 Selling Group Member other than as provided in Section 4 of this Selling Group Agreement,
 and will be subject to no other liabilities to any Selling Group Member, and no obligations
 of any sort will be implied. We agree to indemnify and hold harmless the Fund, the Adviser,
 you and each other Selling Group Member and each person, if any, who controls you and
 any such Selling Group Member within the meaning of either Section 15 of the Securities
 Act or Section 20 of the Exchange Act, against loss or liability caused by any breach
 by us of the terms of this Selling Group Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. We
 agree to pay any transfer taxes which may be assessed and paid on account of any sales
 or transfers for our account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. All
 communications to you relating to the Offer will be addressed to: UBS Securities LLC,
 1285 Avenue of the Americas, New York, New York 10019, Attn: Syndicate Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. This
 Selling Group Agreement will be governed by the internal laws of the State of New York.

A signed copy of this Selling Group Agreement will be promptly returned to the Selling Group Member at the address set forth below.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| UBS SECURITIES LLC | UBS SECURITIES LLC |
| By: |  |
|  | Name:<br> Title: |
| By: |  |
|  | Name:<br> Title: |

---

PLEASE COMPLETE THE INFORMATION BELOW

---

| | |
|:---|:---|
| &nbsp;&nbsp;Printed Firm Name | &nbsp;&nbsp;Address |
| &nbsp;&nbsp;Contact at Selling Group Member |  |
| &nbsp;&nbsp;Authorized Signature | &nbsp;&nbsp;Area Code and Telephone |
| &nbsp;&nbsp;Number |  |
| &nbsp;&nbsp;Name and Title | &nbsp;&nbsp;Facsimile Number |
| &nbsp;&nbsp;Dated: |  |

---

Payment of the Selling Fee shall be wired to the following account:

**Exhibit B**

ARROWMARK FINANCIAL CORP.

2,604,156 Shares of Common Stock<br> Issuable Upon Exercise of Transferable Rights<br> to Subscribe for Such Shares

SOLICITING DEALER AGREEMENT

THE OFFER WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME,

February 18, 2026, UNLESS EXTENDED

New York, New York<br> January 22, 2026

To Securities Dealers and Brokers:

ArrowMark Financial Corp., a Delaware corporation (the "<u>Fund</u>"), is issuing to its shareholders of record ("<u>Record Date Shareholders</u>") as of the close of business on January 22, 2026 (the "<u>Record Date</u>") transferable rights ("<u>Rights</u>") to subscribe for an aggregate of up to 2,604,156 common shares (the "<u>Shares</u>") of common stock, par value $0.001 per share (the "<u>Common Shares</u>"), of the Fund upon the terms and subject to the conditions set forth in the Fund's Prospectus (the "<u>Offer</u>"). Each such Record Date Shareholder is being issued one (1) Right for each full Common Share owned on the Record Date. Such Rights entitle their holders to acquire during the Subscription Period (as hereinafter defined) at the Subscription Price (as hereinafter defined) one (1) Share for each three (3) Rights (except that any Record Date Shareholder who owns fewer than three (3) Common Shares as of the Record Date will be able to subscribe for one full Share pursuant to the primary subscription), on the terms and conditions set forth in such Prospectus. No fractional shares will be issued. Any Record Date Shareholder who fully exercises all Rights initially issued to such Record Date Shareholder (other than those Rights that cannot be exercised because they represent the right to acquire less than one Share) will be entitled to subscribe for, subject to allocation, additional Shares (the "<u>Over-Subscription Privilege</u>") on the terms and conditions set forth in such Prospectus. The Rights are transferable and are admitted for trading on the NASDAQ under the symbol "BANXR."

The Subscription Price will be determined based upon a formula equal to 92.5% of the average of the last reported sale price of a Common Share on NASDAQ on the date on which the Offer expires, as such date may be extended from time to time, and each of the four (4) preceding trading days (the "<u>Formula Price</u>"). If, however, the Formula Price is less than 90% of the net asset value ("NAV") per Common Share at the close of trading on the NASDAQ on the date on which the Offer expires, as such date may be extended from time to time, then the Subscription Price will be 90% of the Fund's NAV per Common Share at the close of trading on NASDAQ on the date on which the Offer expires. The Subscription Period will commence on January 22, 2026 and end at 5:00 p.m., New York City time on the Expiration Date (the term "<u>Expiration Date</u>" means February 18, 2026, unless and until the Fund shall, in its sole discretion, have extended the period for which the Offer is open, in which event the term "Expiration Date" with respect to the Offer will mean the latest time and date on which the Offer, as so extended by the Fund, will expire).

For the duration of the Offer, the Fund has authorized and directed the Dealer Manager (as hereinafter defined) to reallow, and the Dealer Manager has agreed to reallow, a fee to any qualified broker or dealer executing a Soliciting Dealer Agreement who solicits the exercise of Rights and the Over-Subscription Privilege in connection with the Offer and who complies with the procedures described below (a "<u>Soliciting Dealer</u>"). Upon timely delivery to Equiniti Trust Company, LLC, the Fund's Subscription Agent for the Offer, of payment for Shares purchased pursuant to the exercise of Rights and the Over-Subscription Privilege and of properly completed and executed documentation as set forth in this Soliciting Dealer Agreement, a Soliciting Dealer will be entitled to receive a fee (the "<u>Soliciting Fee</u>") equal to 0.50% of the Subscription Price per Share so purchased subject to a maximum fee based on the number of Common Shares held by such Soliciting Dealer through The Depository Trust Company ("<u>DTC</u>") on the Record Date; <u>provided</u>, <u>however</u>, that no payment shall be due with respect to the issuance of any Shares until payment therefor is actually received. A qualified broker or dealer is a broker or dealer which is a member of a registered national securities exchange in the United States or the Financial Industry Regulatory Authority, Inc. ("<u>FINRA</u>") or any foreign broker or dealer not eligible for membership who is not making solicitations outside the United States, who is relying on Rule 15a-6 under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), to be exempt from registration in the United States as a broker or dealer, and who agrees to conform to the Rules of FINRA, including, without limitation, FINRA Rules 2040, 5130 and 5141 thereof, in making solicitations in the United States to the same extent as if it were a member thereof.

The Fund has authorized and directed the Dealer Manager to pay, and the Dealer Manager has agreed to pay, the Soliciting Fees payable to the undersigned Soliciting Dealer, and the Fund and ArrowMark Asset Management, LLC (the "<u>Adviser</u>") have agreed to indemnify such Soliciting Dealer on the terms set forth in the Dealer Manager Agreement (the "<u>Dealer Manager Agreement</u>"), dated January 22, 2026 among the Fund, the Adviser and UBS Securities LLC as the dealer manager (the "<u>Dealer Manager</u>"). Solicitation and other activities by Soliciting Dealers may be undertaken only in accordance with the applicable rules and regulations of the Securities and Exchange Commission and only in those states and other jurisdictions where such solicitations and other activities may lawfully be undertaken and in accordance with the laws thereof. Compensation will not be paid for solicitations in any state or other jurisdiction in which, in the opinion of counsel to the Fund or counsel to the Dealer Manager, such compensation may not lawfully be paid. No Soliciting Dealer shall be paid Soliciting Fees with respect to Shares purchased pursuant to an exercise of Rights and the Over-Subscription Privilege for its own account or for the account of any affiliate of the Soliciting Dealer. No Soliciting Dealer or any other person is authorized by the Fund or the Dealer Manager to give any information or make any representations in connection with the Offer other than those contained in the Prospectus and other authorized solicitation material furnished by the Fund through the Dealer Manager. No Soliciting Dealer is authorized to act as agent of the Fund or the Dealer Manager in any connection or transaction. In addition, nothing herein contained shall constitute the Soliciting Dealers partners with the Dealer Manager or with one another, or agents of the Dealer Manager or of the Fund, or create any association between such parties, or shall render the Dealer Manager or the Fund liable for the obligations of any Soliciting Dealer. The Dealer Manager shall be under no liability to make any payment to any Soliciting Dealer, and shall be subject to no other liabilities to any Soliciting Dealer, and no obligations of any sort shall be implied.

In order for a Soliciting Dealer to receive Soliciting Fees, the Subscription Agent must have received from such Soliciting Dealer no later than 5:00 p.m., New York City time, on the Expiration Date, either (i) a properly completed and duly executed Subscription Certificate with respect to Shares purchased pursuant to the exercise of Rights and the Over-Subscription Privilege and full payment for such Shares or (ii) a Notice of Guaranteed Delivery guaranteeing delivery to the Subscription Agent by close of business on the first business day after the Expiration Date of (A) a properly completed and duly executed Subscription Certificate with respect to Shares purchased pursuant to the exercise of Rights and the Over-Subscription Privilege and (B) full payment for such Shares. Soliciting Fees will only be paid after receipt by the Subscription Agent of a properly completed and duly executed Soliciting Dealer Agreement and a Subscription Certificate designating the Soliciting Dealer in the applicable portion hereof. In the case of a Notice of Guaranteed Delivery, Soliciting Fees will only be paid after delivery in accordance with such Notice of Guaranteed Delivery has been effected. Soliciting Fees will be paid by the Fund (through the Subscription Agent) to the Soliciting Dealer by wire transfer of same day funds to an account or accounts identified by the Soliciting Dealer below by the tenth business day following the day the Fund issues Shares after the Expiration Date.

All questions as to the form, validity and eligibility (including time of receipt) of this Soliciting Dealer Agreement will be determined by the Fund, in its sole discretion, which determination shall be final and binding. Unless waived, any irregularities in connection with a Soliciting Dealer Agreement or delivery thereof must be cured within such time as the Fund shall determine. None of the Fund, the Dealer Manager, the Subscription Agent, the Information Agent for the Offer or any other person will be under any duty to give notification of any defects or irregularities in any Soliciting Dealer Agreement or incur any liability for failure to give such notification.

The acceptance of Soliciting Fees from the Fund by the undersigned Soliciting Dealer shall constitute a representation by such Soliciting Dealer to the Fund that: (i) it has received and reviewed the Prospectus; (ii) in soliciting purchases of Shares pursuant to the exercise of the Rights and the Over-Subscription Privilege, it has complied with the applicable requirements of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), the applicable rules and regulations thereunder, any applicable securities laws of any state or jurisdiction where such solicitations were made, and the applicable rules and regulations of any self-regulatory organization or registered national securities exchange; (iii) in soliciting purchases of Shares pursuant to the exercise of the Rights and the Over-Subscription Privilege, it has not published, circulated or used any soliciting materials other than the Prospectus and any other authorized solicitation material furnished by the Fund through the Dealer Manager and has not made any written representations concerning the Fund to any holders or prospective holders of Shares or Rights other than those contained in such materials or otherwise previously authorized in writing by the Fund or otherwise permitted by applicable law; (iv) it has not purported to act as agent of the Fund or the Dealer Manager in any connection or transaction relating to the Offer; (v) the information contained in this Soliciting Dealer Agreement is, to its best knowledge, true and complete; (vi) it is not affiliated with the Fund; (vii) it will not accept Soliciting Fees paid by the Fund pursuant to the terms hereof with respect to Shares purchased by the Soliciting Dealer pursuant to an exercise of Rights and the Over-Subscription Privilege for its own account or the account of any affiliates; (viii) it will not remit, directly or indirectly, any part of Soliciting Fees paid by the Fund pursuant to the terms hereof to any beneficial owner of Shares purchased pursuant to the Offer; and (ix) it has agreed to the amount of the Soliciting Fees and the terms and conditions set forth herein with respect to receiving such Soliciting Fees. For the avoidance of doubt and without limiting clause (ii) of the foregoing sentence, the undersigned Soliciting Dealer acknowledges and agrees that the undersigned Soliciting Dealer is solely responsible for compliance by it and its Affiliated Purchasers with Rule 101 of Regulation M under the Exchange Act, including with respect to all bids for, purchases of, or attempts to induce any person to bid for or purchase, including any solicitation of, the Rights or Shares, and that the Dealer Manager has no responsibility for ensuring that that the Soliciting Dealer's solicitation activities comply with Regulation M. By returning a Soliciting Dealer Agreement and accepting Soliciting Fees, a Soliciting Dealer will be deemed to have agreed to indemnify the Fund, the Adviser and the Dealer Manager against losses, claims, damages and liabilities to which the Fund may become subject as a result of the breach of such Soliciting Dealer's representations made herein and described above. In making the foregoing representations, Soliciting Dealers are reminded of the possible applicability of the anti-manipulation rules under the Exchange Act if they have bought, sold, dealt in or traded in any Shares for their own account since the commencement of the Offer. By returning a Soliciting Dealer Agreement, the Soliciting Dealer expressly disclaims any fiduciary or similar obligations to the Fund, either in connection with the transactions contemplated by the Dealer Manager Agreement or any matters leading up to such transactions, and understand that pursuant to the Dealer Manager Agreement the Fund has confirmed its understanding and agreement with respect to such disclaimer.

Upon expiration of the Offer, no Soliciting Fees will be payable to Soliciting Dealers with respect to Shares purchased thereafter.

Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Dealer Manager Agreement or, if not defined therein, in the Prospectus.

This Soliciting Dealer Agreement will be governed by the laws of the State of New York.

Please execute this Soliciting Dealer Agreement below accepting the terms and conditions hereof and confirming that you are a member firm of FINRA or a foreign broker or dealer not eligible for membership who is not making solicitations outside the United States, who is relying on Rule 15a-6 under the Exchange Act to be exempt from registration in the United States, and who has conformed to the Rules of FINRA, including, without limitation, FINRA Rules 2040, 5130 and 5141 thereof, in making solicitations of the type being undertaken pursuant to the Offer in the United States to the same extent as if you were a member thereof, and certifying that you have solicited the purchase of the Shares pursuant to exercise of the Rights and the Over-Subscription Privilege, all as described above, in accordance with the terms and conditions set forth in this Soliciting Dealer Agreement. Please forward two executed copies of this Soliciting Dealer Agreement to: UBS Securities LLC, 1285 Avenue of the Americas, New York, New York 10019, Attn: Syndicate Group.

A signed copy of this Soliciting Dealer Agreement will be promptly returned to the Soliciting Dealer at the address set forth below.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| UBS SECURITIES LLC | UBS SECURITIES LLC |
| By: |  |
|  | Name:<br> Title: |
| By: |  |
|  | Name:<br> Title: |

---

PLEASE COMPLETE THE INFORMATION BELOW

---

| | |
|:---|:---|
| &nbsp;&nbsp;Printed Firm Name | &nbsp;&nbsp;Address |
| &nbsp;&nbsp;Contact at Soliciting Dealer |  |
| &nbsp;&nbsp;Authorized Signature | &nbsp;&nbsp;Area Code and Telephone |
| &nbsp;&nbsp;Number |  |
| &nbsp;&nbsp;Name and Title | &nbsp;&nbsp;Facsimile Number |
| &nbsp;&nbsp;Dated: |  |

---

Payment of the Soliciting Fee shall be wired to the following account:

**Exhibit C**

FORM OF OPINION OF TROUTMAN PEPPER LOCKE LLP REGARDING THE FUND

We have acted as counsel to ArrowMark Financial Corp., a Delaware corporation (the "<u>Company</u>"), in connection with the issuance by the Company to the holders of the Company's shares of common stock, par value $0.001 per share ("<u>Shares</u>") of subscription rights to subscribe for Shares (such rights, "<u>Subscription Rights</u>"), pursuant to the Dealer Management Agreement dated January [__], 2026 by and among the Company, ArrowMark Asset Management, LLC and UBS Securities LLC (the "<u>Dealer Manager</u>") (the "<u>DMA</u>"). This opinion letter is furnished to you pursuant to the requirements set forth in Section 6(b)(i) of the DMA. Capitalized terms not defined herein shall have the meanings ascribed to them in the DMA.

In connection with the opinions hereinafter expressed, we have examined and relied upon original or copies, certified or otherwise identified to our satisfaction, of each of the following documents: (i) the Registration Statement (including any documents and agreements filed as exhibits thereto), (ii) the Prospectus; (iv) the DMA; (v) the Amended and Restated Certificate of Incorporation, as amended through the date hereof (the "<u>Charter</u>"); (vi) the Amended and Restated Bylaws of the Company, as amended through the date hereof (the "<u>Bylaws</u>"); (vii) certificates of the Company delivered pursuant to the DMA; (viii) a certificate of good standing of the Company from the Secretary of State of the State of Delaware; (ix) the certificate of the officers of the Company delivered pursuant to Section 6(d) of the DMA; (x) the Subscription Agent Agreement; (xi) the Information Agent Agreement (together with the DMA and the Subscription Agent Agreement, the "<u>Transaction Agreements</u>"); and (xii) such other documents as we have deemed necessary or appropriate in order to render the opinions set forth herein.

In our examination of the documents referred to above, we have assumed the genuineness of all signatures, the legal capacity of all signatories, the authenticity of all documents submitted to us as originals and the conformity to the original documents of all documents submitted to us as certified or photostatic copies. We are not aware of any facts which would lead us to conclude that any such signatures are not genuine, that any signatory lacked legal capacity or that any document submitted to us is not authentic and, if a copy, that it does not conform to the original. In addition, we have assumed that (i) the Dealer Manager is duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation; (ii) the Dealer Manager has the requisite power and authority and has taken the legal action necessary to enter into and perform all of its respective obligations thereunder and to consummate the transactions contemplated thereby; (iii) the DMA has been duly authorized, executed and delivered by the Dealer Manager; and (iv) there has been no oral modification of, or amendment or supplement to, any of the agreements, documents or instruments used by us to form the basis of the opinions expressed below.

As to certain factual matters, we have, with your consent, relied upon a certificate from the Company and the representations of the Company contained in the DMA. Our opinion in Paragraph 1 hereof is based solely on a good standing certificate issued by the Secretary of State of the State of Delaware, the Charter and the Bylaws. We have not reviewed the dockets or records of any courts.

Our opinions herein below expressed are subject to the following limitations:

&nbsp;&nbsp;&nbsp;&nbsp;i. We
 have assumed that no fraud or dishonesty exists with respect to any matters relevant
 to the opinions herein below expressed. We have no reason to believe that the foregoing
 assumption is incorrect.

&nbsp;&nbsp;&nbsp;&nbsp;ii. Our
 opinions are based upon the law in effect on the date hereof and the documentation and
 facts known to us on the date hereof. We have not undertaken to advise you of any subsequent
 changes in the law or of any facts that hereafter may come to our attention.

&nbsp;&nbsp;&nbsp;&nbsp;iii. The
 opinions set forth herein are limited to matters governed by the federal securities laws
 of the United States, the General Corporation Law of the State of Delaware (the " <u>Delaware Act</u> "), and the internal laws of the State of New York, without reference to
 choice of law provisions of the foregoing. No opinion is expressed with respect to (a)
 the laws of any other state or country or to the application of any such laws or (b)
 any state securities or "blue sky" laws, rules or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;iv. Our
 opinions are based on our consideration of only those statutes, rules, regulations, published
 guidance, and judicial decisions that, in our experience, are normally applicable to,
 or normally relevant in connection with, the transactions of the type contemplated by
 the DMA when undertaken by general business entities that are not engaged in regulated
 business activities, but without having made any special investigation as to the applicability
 of any specific law, rule or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;v. We
 express no opinion or views with respect to the financial statements, notes or supporting
 schedules thereto or financial information, including pro forma financial information
 included in or incorporated by reference into the Registration Statement or the Prospectus
 or any amendments or supplements thereto, and we have assumed that the documents incorporated
 by reference in the Registration Statement and the Prospectus included all financial
 statements and schedules and other financial information, including pro forma financial
 information, required by applicable rules and regulations to be included therein.

Based upon and subject to the foregoing and to the limitations and qualifications hereinafter expressed, we are of the following opinions:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Company is duly formed and is validly existing and in good standing under the Delaware
 Act.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Company has the requisite corporate power and authority under the Delaware Act to own,
 lease and operate its property and to conduct its business as described in the Registration
 Statement and the Prospectus and to execute and perform its obligations under the Transaction
 Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;3. The
 Company is registered with the Commission under the Investment Company Act as a non-diversified,
 closed-end management investment company and, to our knowledge, no order of suspension
 or revocation of such registration has been issued or proceedings therefor initiated
 or threatened by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;4. Each
 of the Fund Agreements and Transaction Agreements (collectively, the " <u>Agreements</u> ")
 has been duly executed and delivered by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;5. Each
 of the Agreements constitutes the valid and binding obligation of the Company, enforceable
 against the Company in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;6. Each
 of the Agreements complies in all material respects with the applicable provisions of
 the Investment Company Act, Advisers Act, and the applicable rules, regulations, exemptions
 therefrom, and published guidance thereunder, *provided*, *however*, that with
 respect to the Custody Agreement, we have assumed that the Company's Custodian
 meets the requirements of Section 17(f) of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;7. The
 execution and delivery by the Company of, and the performance by the Company of its obligations
 under, the Agreements, the issuance and sale by the Company of the Subscription Rights,
 and the exercise of the Subscription Rights for Shares, as contemplated by the Transaction
 Agreements, (i) will not contravene: (a) any provision of the laws of the State of New
 York, the Delaware Act or any federal law of the United States of America that in our
 experience is normally applicable to Delaware corporations in relation to transactions
 of the type contemplated by the Transaction Agreements, *provided* that we express
 no opinion as to federal, state or foreign securities or blue sky laws (other than the
 Investment Company Act); (b) any agreement or other instrument binding upon the Company
 that is filed or incorporated by reference as an exhibit to the Registration Statement;
 or (c) to our knowledge, any judgment, injunction, order or decree binding upon the Company,
 and (ii) will not cause the creation of any security interest or lien upon any of the
 property of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;8. No
 consent, approval, authorization, or order of, or qualification with, any governmental
 body, agency or, to our knowledge, court, under the internal laws of the State of New
 York, the Delaware Act or any federal law of the United States of America that in our
 experience is normally applicable to Delaware corporations in relation to transactions
 of the type contemplated by the Transaction Agreements is required for the performance
 by the Company of its obligations under the Agreements, except for: (a) the registration
 of the Subscription Rights and Shares, and of the offering of the Subscription Rights
 and Shares, under the Securities Act pursuant to the Registration Statement, under the
 Exchange Act, and under the Investment Company Act; (b) such as may be required under
 state or foreign securities or blue sky laws as to which we express no opinion and (c)
 such other approvals as have been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;9. The
 Shares have been duly authorized by all requisite corporate action on the part of the
 Company under the Delaware Act and, when issued and sold upon exercise of Subscription
 Rights and delivered to the purchaser or purchasers thereof against receipt by the Company
 of such lawful consideration therefor in accordance with the subscription certificate
 therefor and at a price per share not less than the per share par value of the Shares,
 will be validly issued, fully paid and nonassessable and free and clear of any preemptive
 rights or any similar rights arising under the Delaware Act, the Charter, the Bylaws
 or any Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;10. The
 Subscription Rights have been duly authorized by all requisite corporate action on the
 part of the Company under the Delaware Act.

&nbsp;&nbsp;&nbsp;&nbsp;11. The
 Company has authority to issue an 40,000,000 Shares, and such authorized Shares conform
 in all material respects as to legal matters to the description thereof contained in
 the Prospectus under the caption "Description of Shares."

&nbsp;&nbsp;&nbsp;&nbsp;12. The
 7,810,362 Shares shown by the Company's share record books as being issued and
 outstanding immediately prior to the date hereof have been duly authorized by all requisite
 corporate action on the part of the Company under the Delaware Act and were validly issued,
 and are fully paid and nonassessable and were issued free and clear of any preemptive
 rights or any similar rights arising under the Charter, the Bylaws, the Delaware Act
 or any Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;13. The
 provisions of the Charter and the Bylaws do not violate the Investment Company Act and
 the applicable rules, regulations, exemptions therefrom, and published guidance thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;14. To
 our knowledge, the Agreements are in full force and effect and, to our knowledge, neither
 the Company nor any other party to any such agreement is in default thereunder, and to
 our knowledge, no event has occurred which with the passage of time or the giving of
 notice or both would constitute a default thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;15. To
 our knowledge, there are no (a) legal or governmental proceedings pending or threatened
 to which the Company is a party that are required to be described in the Registration
 Statement or the Prospectus and are not so described or (b) statutes, regulations, contracts
 or other documents that are required to be described in the Registration Statement and
 the Prospectus or to be filed as exhibits to the Registration Statement that are not
 described, filed or incorporated by reference as required.

&nbsp;&nbsp;&nbsp;&nbsp;16. The
 statements in the Prospectus under the caption "Description of Securities"
 insofar as such statements purport to summarize certain provisions of the Charter, the
 Bylaws, the Delaware Act or the Investment Company Act fairly summarize such provisions
 in all material respects. The statements in the Prospectus under the captions "Terms
 of the Offer—U.S. Federal Income Tax Considerations" and "Material
 U.S. Federal Income Tax Matters," insofar as they purport to describe provisions
 of U.S. federal income tax laws or legal conclusions with respect thereto, fairly and
 accurately summarize such provisions and legal conclusions in all material respects.

Our opinions are limited to the laws of the State of Delaware, the State of New York and the federal securities laws of the United States.

Any references to "our knowledge," or words of similar import, shall mean the conscious awareness, as to the existence or absence of any facts that would contradict the opinions so expressed, of those partners and associates of this firm who have rendered substantive attention to the transaction to which this opinion relates.

We express no opinion whatsoever respecting any provision of the Agreements purporting to select or create New York governing law (other than New York law in reliance on New York General Obligations Law (the "<u>NYGOL</u>") Section 5-1401 to the extent applicable), any jurisdiction (other than New York state court jurisdiction in reliance on NYGOL Section 5-1402 to the extent applicable) or any venue.

In rendering our opinion in paragraph 7(b) above, we have assumed, in the case of any agreement or other instrument not governed by the laws of the State of New York, that the applicable provisions of such governing law are the same as the laws of the State of New York.

We express no opinion as to any other matter other than as expressly set forth above and no other opinion is intended or should be inferred. We assume no obligation to advise of any changes in the foregoing subsequent to the delivery of this opinion letter.

The opinions and advice herein set forth are solely for your benefit in your capacity as Dealer Manager in connection with the execution of the DMA and may not be quoted or relied upon by any other person (including any person acquiring Rights or Shares from you), or used for any other purpose (in each case other than the successor in interest of the Dealer Manager by means of merger, consolidation, transfer of business or other similar transaction), without our prior written consent.

**Exhibit D**

FORM OF OPINION OF ADVISER COUNSEL REGARDING THE ADVISER

Ladies and Gentlemen:

I am General Counsel at ArrowMark Asset Management, LLC, a Delaware limited liability company (the "Adviser"), and am rendering my opinion in such capacity. I have represented the Adviser in connection with the offering by ArrowMark Financial Corp. (the "Fund") of transferable rights (the "Rights") to subscribe for up to 2,604,156 shares of common stock of the Fund, par value $0.001 (the "Shares"), pursuant to the Dealer Manager Agreement dated January 22, 2026 among you, the Adviser and the Fund (the "Dealer Manager Agreement"). This letter is given pursuant to Section 6(b)(ii) of the Dealer Manager Agreement. Except as otherwise indicated, capitalized terms used in this letter have the meanings given to them in the Dealer Manager Agreement.

In making such examination and rendering the opinions set forth below, I have assumed the genuineness of all signatures, the authenticity of all documents submitted to me as originals, the conformity to authentic original documents of all documents submitted to me as certified, conformed or photostatic copies and the authenticity of the originals of such documents. I have also assumed that each individual executing any of the Documents (hereinafter defined) on behalf of a party is duly authorized to do so, and that each of the parties executing any of the Documents has duly and validly executed and delivered each of the Documents to which such party is a signatory, and such party's obligations set forth therein are legal, valid and binding and are enforceable in accordance with all stated terms. I have further assumed that there has been no oral or written modification of or amendment to any of the Documents, by action or omission of the parties or otherwise.

As to matters of fact relating to my opinions, I have relied upon representations of the parties in the Documents, representations made by the Adviser, and representations, both oral and written, of officers and other representatives of the Adviser, and statements of public officials, and I have examined originals, or certified copies or copies otherwise identified to my satisfaction, of the following documents (hereinafter collectively referred to as the "Documents"), without independent verification of the accuracy of such representations or of the information contained in the Documents:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Registration Statement and the Prospectus, in the forms in which they were transmitted
 to the Commission;

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Certificate of Formation of the Adviser, as certified by the Secretary of State of the
 State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;3. The
 Limited Liability Company Agreement of the Adviser, as amended through the date hereof
 and currently in effect;

&nbsp;&nbsp;&nbsp;&nbsp;4. A
 certificate of the Secretary of State of the State of Delaware as to the good standing
 of the Adviser, dated as of a recent date;

&nbsp;&nbsp;&nbsp;&nbsp;5. An
 executed copy of the Dealer Manager Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;6. An
 executed copy of the Management Agreement between the Fund and the Adviser, dated February
 12, 2020 (the "Management Agreement");

&nbsp;&nbsp;&nbsp;&nbsp;7. Certificates
 executed by officers of the Adviser, dated as of the date hereof; and

&nbsp;&nbsp;&nbsp;&nbsp;8. Such
 other documents and matters as I have deemed necessary or appropriate to express the
 opinions set forth below, subject to the assumptions, limitations and qualifications
 stated herein.

When an opinion set forth below refers "to my knowledge," and similar expressions as used herein, it is limited to the actual knowledge of myself in connection with the transactions contemplated by the Dealer Manager Agreement and, except as set forth herein, without any special or independent investigation undertaken for purposes of this opinion. Moreover, I have not searched the dockets of any court, administrative body, agency or other filing office in any jurisdiction.

Based on, and subject to, the foregoing, the assumptions, limitations and qualifications stated herein and such examination of law as I have deemed necessary, I am of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The
 Adviser has been duly organized, is validly existing as a limited liability company in
 good standing under the laws of the State of Delaware, has the power and authority to
 own, lease and operate its property and to conduct its business as described in the Registration
 Statement and the Prospectus and is duly qualified to transact business and is in good
 standing in each jurisdiction in which the conduct of its business or its ownership or
 leasing of property requires such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The
 Adviser is duly registered as an investment adviser under the Advisers Act and is not
 prohibited by the Advisers Act or the Investment Company Act from acting under the Management
 Agreement as an investment adviser to the Fund as contemplated by the Registration Statement
 and the Prospectus, and no order of suspension or revocation of such registration has
 been issued or proceedings therefor initiated or, to my knowledge, threatened by the
 Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Each
 of the Adviser Agreements has been duly authorized, executed and delivered by all requisite
 limited liability company action on the part of the Adviser. Each of the Adviser Agreements,
 other than the Dealer Manager Agreement, assuming the due authorization, execution and
 delivery by the other parties thereto, is a valid and binding agreement of the Adviser,
 enforceable against the Adviser in accordance with its terms, except as rights to indemnity
 and contribution thereunder may be limited by federal or state securities laws and subject
 to applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance
 and similar laws affecting creditors' rights generally and by general equitable
 principles of general applicability. I do not express any opinion with respect to the
 effect on the opinions stated herein of (a) the compliance or noncompliance of any other
 party (other than the Fund and the Adviser) to any of the Adviser Agreements with any
 state, federal or other laws or regulations applicable to it or them or (b) the legal
 or regulatory status or the nature of the business of any such party (other than the
 Fund and the Adviser).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The
 execution and delivery by the Adviser of, and the performance by the Adviser of its obligations
 under, the Adviser Agreements will not conflict with any provision of the Limited Liability
 Company Agreement of the Adviser or, to my knowledge, constitute a breach or default
 under or result in the creation or imposition of any lien, charge or encumbrance upon
 any properties or assets of the Adviser under any agreement or other instrument to which
 the Adviser is a party or any of its property or assets is subject, or, to my knowledge,
 result in a violation of any applicable law of the State of New York, the Delaware Limited
 Liability Company Act, the Investment Company Act, the Advisers Act or any judgment,
 order or decree applicable to the Adviser, except where such breach, default, lien, charge,
 encumbrance or violation does not or could not have a material adverse effect on the
 ability of the Adviser to perform its obligations under the Dealer Manager Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. No
 consent, approval, authorization, or license with any governmental authority under the
 Delaware Limited Liability Company Act or any law, rule or regulation under the State
 of New York or the United States of America, is required for the performance by the Adviser
 of its obligations under the Adviser Agreements, except such as have been obtained or
 such as to which the failure to obtain would have neither (a) a material adverse effect
 on the ability of the Adviser to perform its obligations under the Dealer Manager Agreement
 nor (b) an adverse effect on the consummation of the transactions contemplated by the
 Dealer Manager Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. To
 my knowledge there are no legal or governmental proceedings pending or threatened to
 which the Adviser is a party or to which any of the properties of the Adviser is subject
 other than proceedings, if required to be disclosed therein, accurately described in
 all material respects in the Registration Statement and the Prospectus and proceedings
 that would not have an adverse effect on the power or ability of the Adviser to perform
 its obligations under the Dealer Manager Agreement or to consummate the transactions
 contemplated by the Prospectus.

I express no opinion with respect to the enforceability of waivers of rights or defenses or any indemnification or contribution provisions contained in any agreement or instrument.

I express no opinion herein as to any matters governed by any laws other than the laws of the State of Delaware, the State of New York and the federal laws of the United States of America; in each case, that, in my experience, are normally applicable to transactions of the type contemplated by the Dealer Manager Agreement by closed-end management investment companies registered under the Investment Company Act, other than the U.S. federal securities laws (except to the extent referred to in opinions (ii) and (iv) above), state securities laws or blue sky laws, antifraud, derivatives or commodities laws, rules or regulations and the rules and regulations of the Financial Industry Regulatory Authority, Inc., and without having made any special investigation as to the applicability of any specific law, rule or regulation. Insofar as the opinions expressed herein relate to matters governed by laws other than those set forth in the preceding sentence, I have assumed, without having made any independent investigation, that such laws do not affect any of the opinions set forth herein.

This opinion is based upon the law as in effect and the facts known to me on the date hereof. I have not undertaken to advise you of any subsequent changes in the law or of any facts that hereafter may come to my attention.

This opinion is rendered solely to you in connection with the Dealer Manager Agreement. This opinion may not be relied upon by you for any other purpose or relied upon by any other person (including any person acquiring Rights or Shares from you) or furnished to any other person without my prior written consent in each instance (in each case other than your successor in interest by means of merger, consolidation, transfer of a business or other similar transaction).

**Exhibit E**

<u>SALES MATERIALS</u>

&nbsp;&nbsp;&nbsp;&nbsp;1. Prospectus
 Wrapper

&nbsp;&nbsp;&nbsp;&nbsp;2. Tombstone
 Ads, dated January 15, 2026, February 2, 2026 and February 12, 2026

**Exhibit F**

<u>ISSUER FREE WRITING PROSPECTUSES</u>

**Schedule I**

**<u>Subsidiaries of the Fund</u>**

● Community Funding 2018, LLC

● Marshall Holdings II, Limited

● Marshall Holdings III, Limited

## Exhibit 5.1

**[ArrowMark Financial Corp. 8-K](banx-8k_012826.htm)**

**Exhibit 5.1**

---

| | |
|:---|:---|
| Troutman Pepper Locke LLP<br> 3000 Two Logan Square, Eighteenth and Arch Streets<br> Philadelphia, PA 19103<br>troutman.com | ![](ex51001.jpg) |

---

January 22, 2026

ArrowMark Financial Corp. <br> 100 Fillmore Street, Suite 325 <br> Denver, Colorado 80206

**Re:** **ArrowMark Financial Corp.**

Ladies and Gentlemen:

We have acted as counsel to ArrowMark Financial Corp., a corporation formed under the laws of the State of Delaware (the "**Company**"), in connection with (i) the Company's Registration Statement on Form N-2 (File Nos. 811-22853 and 333-281004) (the "**Registration Statement**"), originally filed on July 24, 2024 by the Company with the Securities and Exchange Commission (the "**Commission**") pursuant to the Securities Act of 1933, as amended (the "**Securities Act**"), which was declared effective by the Commission on February 18, 2025, relating to the offer and sale by the Company from time to time, pursuant to Rule 415 under the Securities Act, of (a) shares of common stock of the Company ("**Common Stock**"), par value $0.001 per share, and (b) subscription rights to subscribe for shares of Common Stock, and the accompanying prospectus effective February 18, 2025 (the "**Prospectus**") and (ii) the offering of rights to subscribe for up to 2,604,156 shares of Common Stock (the "**Subscription Rights**") as described in the prospectus supplement dated January 22, 2026 (together with the Prospectus, the "**Final Prospectus**") pursuant to the terms described therein.

This opinion is being furnished in accordance with the requirements of Item 16 of the Commission's Form S-3 and Item 601(b)(5)(i) of Regulation S-K promulgated under the Securities Act.

For purposes of the opinions we express below, we have examined the originals or copies, certified or otherwise identified, of (i) the certificate of incorporation and by-laws of the Company, each as amended and/or restated to date; (ii) the Registration Statement and all exhibits thereto, (iii) the Final Prospectus, (iv) certain corporate records of the Company, including minute books of the Company, certificates of public officials and of representatives of the Company, (v) a form of subscription certificate evidencing the Subscription Rights (the "Subscription Certificate"), filed as an exhibit to the Fund's Current Report on Form 8-K, filed as of the date hereof, and (v) certain statutes and other instruments and documents as we considered appropriate for purposes of the opinions hereafter expressed.

In connection with rendering the opinions set forth below, we have assumed without verification (i) the authenticity of all documents submitted to us as originals, (ii) the conformity to the originals of all documents submitted as certified, photostatic or electronic copies and the authenticity of the originals thereof, (iii) the legal capacity of natural persons, (iv) the genuineness of signatures not witnessed by us, (v) the due authorization, execution and delivery of all documents by all parties, other than the Company, and the validity, binding effect and enforceability thereof and (vi) the truth, accuracy and completeness of the information, representations and warranties contained in the records, documents, instruments and certificates we have reviewed.

![](ex51002.jpg)

As to any facts material to the opinions expressed herein which were not independently established or verified, we have relied upon oral or written statements and representations of officers and other representatives of the Company and others and of public officials.

We are, in this opinion, opining only on the General Corporation Law of the State of Delaware (the "**DGCL**"). We are not opining as to the applicability thereto, or the effect thereon, of the laws of any other jurisdiction or, in the case of Delaware, any other laws, or as to matters of municipal law or the laws of any local agencies within any states (including "blue sky" or other state securities laws). Based on the foregoing and in reliance thereon, and subject to the limitations, qualifications, assumptions, exceptions and other matters set forth herein, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Common Stock, when (a) duly issued and sold by the Fund in accordance with the upon exercise
 of Subscription Rights as contemplated by the Registration Statement and the Final Prospectus
 and (b) delivered to the purchaser(s) thereof against payment therefor as the Board of
 Directors may lawfully determine, will be validly issued, fully paid and nonassessable.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Subscription Rights, when duly issued in accordance with the Registration Statement and
 the Final Prospectus and the provisions of an applicable subscription certificate and
 any applicable and valid and binding subscription agreement, will be validly issued.

This opinion is limited to the matters stated herein, and no opinion is implied or may be inferred beyond the matters expressly stated herein. Our opinion is as of the date hereof and we have no responsibility to update this opinion for events and circumstances occurring after the date hereof or as to facts relating to prior events that are subsequently brought to our attention and we disavow any undertaking to advise you of any changes in law.

We hereby consent to the filing of this opinion as an exhibit to a report on Form 8-K to be filed by the Company on the date hereof and its incorporation by reference into the Registration Statement and any amendments thereto and with respect to our name wherever it appears in the Registration Statement and the Final Prospectus. In giving this consent, we do not hereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act, or the Rules and Regulations of the Commission promulgated thereunder.

Very truly yours,

<u>/s/ TROUTMAN PEPPER LOCKE LLP</u> 

TROUTMAN PEPPER LOCKE LLP

## Exhibit 10.1

**[ArrowMark Financial Corp. 8-K](banx-8k_012826.htm)**

**Exhibit 10.1**

<u>SUBSCRIPTION AGENT AGREEMENT</u>

This SUBSCRIPTION AGENT AGREEMENT (this "<u>Agreement</u>") is entered into as of January 22, 2026 (the "<u>Effective Date</u>") by and between EQUINITI TRUST COMPANY, LLC, a New York limited liability trust company (the "<u>Subscription Agent</u>"), and ArrowMark Financial Corp. (the "<u>Company</u>").

WHEREAS, the Company is offering (the "<u>Rights Offering</u>"), pursuant to the terms and conditions set forth in that certain Prospectus dated as of January 22, 2026 (the "<u>Prospectus</u>"), to the holders (the "<u>Shareholders</u>") of shares of its common stock, $0.001 par value per share and with CUSIP No. 861780 112 (the "<u>Shares</u>") the right ("<u>Rights</u>") to subscribe for units consisting of 2,604,156 ("<u>Units</u>"). Except as set forth in Sections 9 and 10 below, Rights shall cease to be exercisable on February 18, 2026, or such later date of which the Company notifies the Subscription Agent orally and confirms in writing (the "<u>Expiration Date</u>"). Three (3) Right(s) are being issued for each One (1) Share held on the January 22, 2026 (the "<u>Record Date</u>"). Three Right(s) and payment in full of the subscription price set forth in the Prospectus (the "<u>Subscription Price</u>") is/are required to subscribe for one Share. Rights are evidenced by transferable subscription certificates in registered form (the "<u>Subscription Certificates</u>"). The Rights Offering will be conducted in the manner and upon the terms set forth in the Company's Prospectus;

WHEREAS, on the Subscription Date, the Subscription Price will become due and payable on each Share, and dividends on the Shares will cease to accrue and all rights of holders thereof will terminate as of the Subscription Date, except for the right to receive the Subscription Price without any interest; and

WHEREAS, the Company wishes to appoint the Subscription Agent as Subscription agent in connection with the Subscription and pursuant to the terms and conditions set forth below.

NOW, THEREFORE, as consideration for the premises and of the mutual covenants and agreements contained herein, the parties hereto agree as follows:

1. The
 Company hereby appoints the Subscription Agent, and the Subscription Agent hereby accepts
 such appointment, to act as Subscription agent pursuant to the terms and conditions set
 forth in this Agreement. The Subscription Agent shall perform only those duties and obligations
 that are specifically set forth in this Agreement, and no implied duties and obligations
 shall be read into this Agreement against the Subscription Agent. The Company agrees
 that it will perform, execute, acknowledge and deliver or cause to be performed, executed,
 acknowledged and delivered all such further and other acts, instruments and assurances
 as may be reasonably requested by the Subscription Agent in performing the services hereunder.

2. Promptly
 after execution of this Agreement and no later than at least five (5) business days prior
 to the Mailing Date (as defined below), the Company shall deliver, or cause to be delivered,
 to the Subscription Agent a complete and correct list of the owners of Shares (collectively,
 the " <u>Shareholders</u> " and each, a " <u>Shareholder</u> ") as
 of the Subscription Date, identifying each Shareholder by name, address, and number of
 Shares owned, including any Share ownership information necessary for the Subscription
 Agent to perform its duties pursuant to this Agreement. Such information shall include,
 but shall not be limited to, certificate numbers, the number of Shares represented by
 each certificate, the date of issuance of each certificate, book-entry Share amounts
 and book-entry Share issuance dates, cost basis (if applicable), and whether any stop
 transfer instructions or adverse claims are outstanding against such Shares.

3. On
 January 22, 2026 (the " <u>Mailing Date</u> "), the Subscription Agent shall
 send, by first class mail, copies of a Subscription Certificate, the Guidelines for Certification
 of Taxpayer Identification Number on Substitute Form W-9 or W-8BEN, and a cover letter
 to each record Shareholder detailing the terms of the Subscription (the " <u>Notice of Guaranteed Delivery</u> ") (collectively, the " <u>Shareholder Documents</u> "),
 it being understood that Company shall provide copies of the Shareholder Documents to
 the Subscription Agent as soon as practicable after the execution of this Agreement.
 If applicable, the Subscription Agent shall also provide a copy of the Notice of Guaranteed
 Delivery to the Depository Trust Company.

4. The
 Subscription Agent is directed to coordinate with respect to the Shares at The Depository
 Trust Company (the " <u>Book Entry Transfer Facility</u> ") for purposes of
 acceptance of the Subscription Price.

5. The
 Subscription Agent shall examine each Subscription Certificate, Share certificate (if
 applicable) and other document delivered or mailed to the Subscription Agent in connection
 with the Subscription to determine that (a) each Subscription Certificate has been properly
 completed and duly executed in accordance with the instructions set forth thereon; (b)
 if applicable, no stop transfer instructions have been placed on the applicable Shares;
 (c) if applicable, the Share certificates have been duly endorsed or assigned for transfer
 and are otherwise in proper form for tender; and (d) any other documents contemplated
 by the Subscription Certificate have been properly completed and duly executed in accordance
 with the Subscription Certificate. If a Subscription Certificate has been improperly
 completed or executed or if the applicable certificate or certificates are not in proper
 form for transfer, or if an additional irregularity exists in connection with the tender
 of Shares, including any irregularity relating to stop transfer instructions, the Subscription
 Agent will use commercially reasonable efforts to take such actions as are necessary
 to remediate such irregularity. The Company shall have the absolute right to reject any
 defective exercise of Shares or to waive any defect in exercise. The resolution of any
 of the Subscription Agent's questions directed to the Company or its counsel as
 to the validity, form and eligibility (including timeliness of receipt), or the proper
 completion or execution of the Shareholder Documents shall be final and binding and the
 Subscription Agent may rely thereon. The Company shall reimburse the Subscription Agent
 for any costs and expenses incurred by the Subscription Agent as a result of its communications
 with the applicable Shareholder relating to any defects or irregularities in the Shareholder
 Documents. For the avoidance of doubt, the Subscription Agent is authorized to waive
 any irregularity in connection with tender of the Shares upon the prior written approval
 of any Company officer or agent.

6. Surrender
 of Shares must be effected in accordance with the terms and conditions set forth in the
 Letters of Transmittal. The Subscription Agent shall note the date and time of receipt
 of each Subscription Certificate and shall retain such Subscription Certificate in accordance
 with applicable law. Payment for Shares shall be made only to the extent that the Subscription
 Agent has received executed Letters of Transmittal, together with certificates for such
 Shares (if applicable) and any other required documents.

7. If
 any Shareholder informs the Subscription Agent that he or she has failed to surrender
 his or her Share certificate or certificates as a result of the loss, theft, misplacement
 or destruction of such certificate or certificates, the Subscription Agent shall require
 such Shareholder to pay a replacement fee, and to furnish a bond of indemnity in form
 reasonably satisfactory to the Subscription Agent before delivering to such Shareholder
 or to his or her transferee the Subscription Price to which he or she is entitled. The
 value of the bond of indemnity shall be calculated by the Subscription Agent, based on
 the value of lost, stolen, misplaced, or destroyed Share certificate or certificates.

On the applicable reporting date, the Subscription Agent shall withhold federal and state taxes pursuant to applicable federal and state law for any Shareholder who has not provided a tax identification number, and shall file the applicable form(s) (including Forms 1099 or 1099B, to the extent applicable) and remit any withheld taxes to the Internal Revenue Service. The Company acknowledges that the Subscription Agent has complete and final authority regarding all determinations concerning withholding requirements. The Company shall indemnify and hold harmless the Subscription Agent against any tax, late payment, interest, penalty, or other cost or expense that may be assessed against the Subscription Agent arising out of or in connection with the performance of the Subscription Agent's obligations under this <u>Section</u>, except to the extent directly caused by the Subscription Agent's willful misconduct, bad faith or gross negligence (as determined by a court of competent jurisdiction in a final and non-appealable decision).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
Paying Agent will report organizational actions based on the effective date of the organizational action regardless of when payment
is actually made, unless the Surviving Corporation provides an issuer statement, pursuant to IRC §6045B that states a different
reporting period should apply. The Paying Agent will apply a 30 day grace period for withholding obligations.

8. Subject
 to applicable law, the Subscription Agent shall maintain electronic records or hard copies
 of all cancelled or destroyed Share certificates that have been cancelled or destroyed
 by the Subscription Agent.

9. On
 the business day prior to the Subscription Time, the Company will wire, or cause to be
 wired, to the Subscription Agent in an account for the benefit of the Shareholders, at
 JP Morgan Chase, 55 Water Street, New York, NY, ABA No. 021000021, Account No. 530-354616
 (and referencing the name of the Company), federal or other immediately available funds
 in an amount equal to the product of the number of Shares outstanding immediately prior
 to the Subscription Date and the Subscription Price (the " <u>Payment Fund</u> ")
 payable upon surrender of Shares. The Subscription Agent shall be permitted to
 withdraw funds from the Payment Fund at or following the Subscription Date (as the case
 may be) to make the applicable payments for surrendered Shares (including any payments
 in connection with tax withholdings). The Subscription Agent will not be obligated
 to calculate or pay interest to any Shareholder or third party.

10. Upon
 written request by the Company, but no more than once each month during the term of this
 Agreement, the Subscription Agent shall inform the Company of the number of Shares that
 have been properly surrendered and provide such other information as the Company reasonably
 requests from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. (a) After the six-month anniversary of the Effective Date,
for the purposes of facilitating the surrender of the Shares, and/or the payment of the Subscription Price, the Subscription Agent
may select and use the services of a shareholder locating service provider (the " <u>Locating Service Provider</u> ")
to locate and contact (i) Shareholders who have not surrendered their Shares, including lost certificates for Shares, and (ii)
former Shareholders who have not cashed their respective checks. The Locating Service Provider may compensate the Subscription
Agent for processing and other services. The Locating Service Provider shall inform any located Shareholders that they may choose
to either contact the Subscription Agent directly to receive the Subscription Price at no charge other than any applicable fees,
or utilize the services of the Locating Service Provider for a fee, which shall not exceed the lesser of twenty percent (20%)
of the total value of the Subscription Price and the maximum fee allowed pursuant to applicable law. Locating services shall be
performed at no cost to the Company. Should the Company elect to utilize a provider other than the Locating Service Provider,
additional fees may apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Subscription Agent shall provide, or cause to be provided, unclaimed property reporting
 services for unclaimed property that may be deemed abandoned or otherwise pursuant to
 unclaimed property law. Such services may include (without limitation) (i) identification
 of unclaimed or abandoned property; (ii) preparation of unclaimed or abandoned property
 reports; (iii) delivery of unclaimed or abandoned property to the applicable state unclaimed
 property departments; (iv) completion of required due diligence notifications; (v) responses
 to inquiries from Shareholders relating to unclaimed or abandoned property; and (vi)
 such other services as may reasonably be necessary to comply with unclaimed property
 laws or regulations. The Company shall assist, and cooperate with, the Subscription Agent
 with the performance of the services described in this <u>Section</u>. The Subscription
 Agent shall assist the Company in responding to (x) inquiries from state unclaimed property
 departments regarding reports filed by or on behalf of the Company or (y) requests for
 the confirmation of names of owners of unclaimed or abandoned property. The Subscription
 Agent shall charge the Company for services relating to the escheatment of unclaimed
 or abandoned property (including any out-of-pocket expenses in connection therewith).
 In addition to standard escheatment services, the Company shall remain responsible for
 any fees related to any state or third-party audits which the Company previously authorized.

12. The
 Subscription Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall
 not be required or requested to make any representations or warranties and have no responsibilities
 regarding the validity, sufficiency, value or genuineness of any certificates for Shares
 surrendered to the Subscription Agent or the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall
 not be required or requested to make any representations or warranties and have no responsibilities
 regarding the validity, sufficiency, value or genuineness of the Subscription or the
 Subscription Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) shall
 not be obligated to take any legal action hereunder which might in its judgment involve
 any expense or liability, unless the Subscription Agent shall have been furnished with
 indemnity reasonably satisfactory to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) may
 rely on and shall be protected in acting in reliance upon any certificate, instrument,
 opinion, notice, instruction (including wire instruction), letter or other document or
 security delivered to it (including via email or other electronic means) and reasonably
 believed by it to be genuine and to have been given by the proper party or parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) may
 rely on, and shall be protected in acting upon, written or oral instructions given by
 any officer of, or any party authorized by, the Company with respect to any matter relating
 to the Subscription Agent's actions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) may
 employ or retain such agents (including but not limited to, vendors, advisors and subcontractors)
 as it reasonably requires to perform its duties and obligations hereunder; may pay reasonable
 remuneration for all services so performed by such agents; shall not be responsible for
 any misconduct on the part of such agents; and in the case of counsel, may rely on the
 written advice or opinion of such counsel, which shall be full and complete authorization
 and protection in respect of any action taken, suffered or omitted by the Subscription
 Agent hereunder in good faith and in accordance with such advice or opinion.

13. The
 Company agrees to pay the Subscription Agent the fees set forth in <u>Schedule 1</u> (the " <u>Fees</u> ") and reimburse the Subscription Agent for all reasonable
 and documented expenses incurred by the Subscription Agent in connection with the services
 provided hereunder (the " <u>Expenses</u> "). Unless otherwise specified in
 this Agreement, the Company agrees to pay all Fees and Expenses within thirty (30) days
 following receipt of an invoice from the Subscription Agent.

14. To
 the fullest extent permitted by applicable law, neither party hereto shall be liable
 to the other party hereto on any theory of liability for any special, indirect, consequential
 or punitive damages (including, without limitation, any loss of profits, business or
 anticipated savings) even if advised of the possibility of such damages.

15. The
 Subscription Agent's liability arising out of or in connection with this Agreement,
 whether in contract, tort, or otherwise, shall not exceed the aggregate amount of all
 fees paid under this Agreement prior to the date of occurrence of the circumstances giving
 rise to such liability.

16. The
 Company hereby agrees to indemnify and hold harmless the Subscription Agent and its affiliates
 and its and their officers, directors, employees, advisors, agents, other representatives
 and controlling persons (each, an " <u>Indemnified Person</u> ") from and against
 any and all losses, claims, damages, liabilities and expenses, joint or several, to which
 any such Indemnified Person may become subject arising out of or in connection with this
 Agreement or any claim, litigation, investigation or proceeding relating to any of the
 foregoing (each, a " <u>Proceeding</u> "), regardless of whether any such Indemnified
 Person is a party thereto or whether a Proceeding is brought by a third party or by the
 Company or any of their respective affiliates, and to reimburse each such Indemnified
 Person upon demand for any reasonable, documented legal or other out-of-pocket expenses
 incurred in connection with investigating or defending any of the foregoing by one counsel
 to the Indemnified Persons taken as a whole and, in the case of a conflict of interest,
 one additional counsel to the affected Indemnified Persons taken as a whole; <u>provided</u> that the foregoing indemnity shall not, as to any Indemnified Person, apply to losses,
 claims, damages, liabilities or related expenses to the extent they have resulted from
 the willful misconduct, bad faith or gross negligence of such Indemnified Person (as
 determined by a court of competent jurisdiction in a final and non-appealable decision).
 The Subscription Agent agrees to notify the Company promptly of the assertion of any
 Proceeding against any Indemnified Person; <u>provided</u>, <u>however</u>, failure to
 provide such notice shall not adversely affect any Indemnified Person's right to
 indemnification hereunder unless the Company is actually prejudiced by such failure.
 At the Company's election, unless there is a conflict of interest, the defense
 of the Indemnified Persons shall be conducted by the Company's counsel. Notwithstanding
 the foregoing, the Subscription Agent may employ separate counsel to represent it or
 defend the Subscription Agent or an Indemnified Person in such Proceeding, and the Company
 will pay any reasonable, documented legal or other out-of-pocket expenses of counsel
 if the Subscription Agent or such Indemnified Person reasonably determines, based on
 the advice of its legal counsel, that there are defenses available to the Subscription
 Agent or such Indemnified Person that are different from, or in addition to, those available
 to the Company, or if an actual or potential conflict of interest between the Subscription
 Agent or the Indemnified Person and the Company makes representation by the Company's
 counsel not advisable; <u>provided</u> that, unless there is an actual or potential conflict
 of interest, the Company will not be required to pay the fees and expenses of more than
 one separate counsel for all Indemnified Persons in any jurisdiction in any single Proceeding.
 In any Proceeding the defense of which the Company assumes, the Indemnified Persons shall
 be entitled to participate in such Proceeding and retain its own counsel at such Indemnified
 Person's own expense.

17. The
 Subscription Agent shall not be liable for failure or delay in the performance of the
 Services if such failure or delay is due to causes beyond its reasonable control, including
 but not limited to Acts of God (including fire, flood, earthquake, storm, hurricane or
 other natural disaster), war, invasion, pandemic, act of foreign enemies, hostilities
 (regardless of whether war is declared), civil war, rebellion, revolution, insurrection,
 military or usurped power or confiscation, terrorist activities, nationalization, government
 sanction, blockage, embargo, labor dispute, strike, lockout or interruption or failure
 of electricity or telephone service or any other force majeure event.

18. Notwithstanding
 anything to the contrary herein, the Subscription Agent shall from time to time prior
 to the Expiration Date offer to the dealer manager for the offering (the " <u>Dealer Manager</u> ") Rights which the holders thereof have tendered to the Subscription
 Agent for sale and to facilitate the exercise of Rights acquired by the Dealer Manager
 at its option on one or more dates, which are expected to be prior to the Expiration
 Date, at the subscription price set forth in the Prospectus (which may be different from
 the Subscription Price), in each case in accordance with the Prospectus.

19. Any
 notice, report or payment required or permitted to be given or made under this Agreement
 by one party hereto to the other party shall be in writing and addressed to the other
 party at the following address (or at such other address as shall be given in writing
 by one party to the other):

If to the Company:

ArrowMark Financial Corp.

100 Fillmore Street, Suite 325

Denver, Colorado 80206

Attn: Katie Jones

Email: kjones@arrowmarkpartners.com

If to the Subscription Agent:

Equiniti Trust Company, LLC

28 Liberty Street, 53<sup>rd</sup> Floor

New York, NY 10005

Attn: Corporate Actions

Email: ReorgRM@Equiniti.com

with copy to:

Equiniti Trust Company, LLC

28 Liberty Street, 53<sup>rd</sup> Floor

New York, NY 10005

Attention: Legal Department

Email: <u>LegalTeamUS@equiniti.com</u>

The Subscription Agent and the Company may, by notice to the other, designate additional or different addresses for subsequent notices or communications.

20. This
 Agreement shall be construed and enforced in accordance with the laws of the State of
 New York, without reference to its conflicts of law rules. It is agreed that any action,
 suit or proceeding arising out of or based upon this Agreement shall be brought in the
 United States District Court for the Southern District of New York or any court of the
 State of New York of competent jurisdiction located in such District. Service of process
 by registered mail addressed to each party at the respective address above shall be effective
 service of process against such party for any suit, action or proceeding brought in any
 such court. Each party hereto (a) waives, to the fullest extent it may legally and effectively
 do so, any objection which it may now or hereafter have to the laying of venue of any
 suit, action or proceeding arising out of or relating to this Agreement or the Services
 in any New York State court or in any such Federal court; (b) waives, to the fullest
 extent permitted by law, the defense of an inconvenient forum to the maintenance of such
 suit, action or proceeding in any such court; and (c) agrees that a final judgment in
 any such suit, action or proceeding shall be conclusive and may be enforced in other
 jurisdictions by suit on the judgment or in any other manner provided by law. **EACH PARTY IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THIS AGREEMENT OR THE PERFORMANCE OF ANY SERVICE HEREUNDER.** 

21. The
 compensation, reimbursement, confidentiality, indemnification, jurisdiction, governing
 law, and waiver of jury trial provisions contained herein shall remain in full force
 and effect regardless of the termination of this Agreement. No amendment or waiver of
 any provision hereof shall be effective unless in writing and signed by the parties hereto
 and then only in the specific instance and for the specific purpose for which given.
 This Agreement is the only agreement between the parties hereto with respect to the matters
 contemplated hereby and sets forth the entire understanding of the parties hereto with
 respect thereto. This Agreement and the obligations hereunder of each party hereto shall
 not be assignable by such party without the prior written consent of the other party
 (such consent not to be unreasonably withheld, delayed or conditioned); <u>provided</u> that the Subscription Agent may assign this Agreement or any rights granted hereunder,
 in whole or in part, to (a) its affiliates in connection with a reorganization or (b)
 a legal entity that acquires all or substantially all of the business or assets of the
 Subscription Agent whether by merger, acquisition, or otherwise.

22. This
 Agreement may be executed in any number of counterparts and by different parties in separate
 counterparts, each of which when so executed shall be deemed to be an original and all
 of which taken together shall constitute one and the same agreement. Delivery of an executed
 counterpart of a signature page of this Agreement in " <u>.pdf</u> " or " <u>.tif</u> "
 form shall be effective as delivery of a manually executed counterpart of this Agreement.
 If any provision of this Agreement shall be held illegal or invalid by any court, this
 Agreement shall be construed and enforced as if such provision had not been contained
 herein.

23. Either
 party may terminate this Agreement by giving the other party at least thirty (30) days'
 prior written notice; provided, however, that such termination shall become effective
 only upon the other party's written consent, which shall not be unreasonably withheld
 or delayed. Unless so terminated, this Agreement shall continue to be effective until
 the earlier of (a) the final delivery of all funds in the Payment Fund to the Shareholder(s)
 or, to the extent that the funds are deemed unclaimed property pursuant to applicable
 law, to the applicable state(s); and (b) the sixth anniversary of the Effective Date,
 at which time this Agreement shall terminate without further action of the parties. If
 there are any funds in the Payment Fund at the time of the termination of this Agreement,
 the Company shall appoint a successor Subscription agent and inform the Subscription
 Agent of the name and address of such successor Subscription agent; <u>provided</u> that
 failure by the Company to appoint a successor Subscription agent shall affect neither
 the termination of this Agreement nor the termination the Subscription Agent's
 role, duties and obligations hereunder. Upon any such termination, the Subscription Agent
 shall be relieved and discharged of any further responsibilities and obligations hereunder.
 Upon payment of all outstanding Fees and Expenses hereunder, the Subscription Agent shall
 promptly deliver to the Company or its designee any amounts remaining in the Payment
 Fund.

*[Signature page follows.]*

This Agreement has been executed by the parties hereto as of the date first written above.

---

| | | |
|:---|:---|:---|
| ARROWMARK FINANCIAL CORP. | ARROWMARK FINANCIAL CORP. | ARROWMARK FINANCIAL CORP. |
| By: | /s/ Dana Staggs | /s/ Dana Staggs |
|  | Name: | Dana Staggs |
|  | Title: | President |

---

Agreed AND Accepted:

EQUINITI TRUST COMPANY, LLC

---

| | | |
|:---|:---|:---|
| By: | /s/ Michael Legregin | /s/ Michael Legregin |
|  | Name: | Michael Legregin |
|  | Title: | Senior Vice President, Corporate Actions |
|  |  | Relationship Management & Operations |

---

## Exhibit 10.2

**[ArrowMark Financial Corp. 8-K](banx-8k_012826.htm)**

**Exhibit 10.2**

January 22, 2026

ArrowMark Financial Corp.

100 Fillmore Street, Suite 325

Denver CO 80206

Attn: Patrick Farrell

RE: ArrowMark Financial Corp. (BANX) ***– Rights Offer***

Dear Mr. Farrell:

This will serve as the Agreement between EQ Fund Solutions, LLC ("<u>EQ Fund Solutions</u>") and ArrowMark Financial Corp. (the "<u>Client</u>"), pursuant to which EQ Fund Solutions will serve the Client as Information Agent for a Rights Offer (the "<u>Offer</u>") for the Client.

**1.**  **<u>Services:</u>** 

As Information Agent, EQ Fund Solutions will handle the following services, and they will be performed promptly and diligently in compliance with all applicable laws and regulations. These services include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Provide
 strategic counsel to the Client and its advisors on the execution of the steps to best
 ensure the success of the Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Develop
 a timeline, detailing the logistics and suggested methods for communication regarding
 the Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Coordinate
 the ordering and receipt of the Depository Trust Company participant list(s) and non-objecting
 beneficial owner (NOBO) list(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Typeset
 and place any summary advertisement in publications selected by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Contact
 the reorganization departments at all banks and brokerage firms to determine the number
 of holders and quantity of materials needed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Coordinate
 the printing of sufficient documents for the eligible universe of holders (if requested).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Complete
 the mailing of needed Offer materials to any registered holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Distribute
 the Offer materials to banks and brokers in sufficient quantities for all of their respective
 holders and follow up to ensure the correct processing of such by each firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Distribute
 the documents directly to the decision maker at each major institutional holder, if any,
 to avoid the delay associated with the materials being filtered through the holders'
 custodian bank or brokerage firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Establish
 a dedicated toll-free number to answer questions, provide assistance and fulfill requests
 for Offer materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ If
 requested, conduct an outbound phone campaign to the targeted universe of holders to
 confirm receipt and understanding of the Offer materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Maintain
 contact with the bank and broker reorganization departments for ongoing monitoring of
 responses to the Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Provide
 feedback to the Client and its advisors as to responses to the Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQ Funds Solutions, LLC • 48 Wall Street, 21<sup>st</sup>. Floor, New York, NY 10005 • Tel: 212.400.2612 • www.EQfundsolutions.com<br>

**2.**  **<u>Fees and Expenses:</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) EQ
 Fund Solutions agrees to complete the work described above for a base fee of **$14,500**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Out-of-pocket
 expenses incurred by EQ Fund Solutions in providing the services described above shall
 be reimbursed by the Client, and will include such charges as search notification, postage,
 messengers, warehouse charges and overnight couriers, other expenses incurred by EQ Fund
 Solutions in obtaining or converting depository participant listings, transmissions from
 Broadridge Financial Solutions (" <u>Broadridge</u> "), shareholder and/or
 NOBO's list processing. The estimated amount of such expenses is $2,750 to $5,350.
 EQ Fund Solutions shall not incur more than $2,750 to $5,350 of such expenses without
 prior written approval by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) If
 applicable, outgoing calls or received calls for record or beneficial owners of the Client,
 including NOBO's, will be charged at a fee of $5.00 per successful contact. A charge
 of $0.15 per call will be charged for each unsuccessful attempt to contact a shareholder.
 In addition, directory assistance will be charged at a rate of $0.60 per look-up. A charge
 of $0.07 per minute will be invoiced to cover telecommunications line charges incurred
 during the telephone solicitation campaign in connection with the Offer. EQ Fund Solutions
 may require an advance to cover call center charges prior to the commencement of calls.
 EQ Fund Solutions will notify the Client should such advance be required, and a separate
 invoice will be prepared and sent to the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) A
 data processing fee of $600 will be incurred for receiving, converting and processing
 electronic lists of registered holders and or NOBO lists. If such lists are to be used
 for telephone solicitation efforts, an additional $110 per hour will be invoiced for
 additional data processing time. The fee of $600 would also apply if a dedicated toll
 free line is set-up to take incoming calls from shareholders. A toll-free number would
 not be assigned without prior consent from the Client.

**3.**  **<u>Billing and Payment:</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) An
 invoice for the agreed base fee of **$14,500** is attached and EQ Fund Solutions requires
 that the signed contract and this base fee be received by our office upon execution of
 this agreement. Out-of-pocket expenses, fees for completed phone calls, set-up and other
 fees relating to the toll-free number, and charges for telephone look-ups will be invoiced
 to the Client after the completion of the project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Banks,
 brokers and proxy intermediaries will be directed to send their invoices directly to
 the Client for payment. EQ Fund Solutions will, if requested, assist in reviewing and
 approving any or all these invoices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) EQ
 Fund Solutions reserves the right to receive advance payment for any individual out-of-pocket
 charge anticipated to exceed $500 before incurring such expense. EQ Fund Solutions will
 advise the Client by e-mail or fax of any such request for an out-of-pocket advance.

**4.**  **<u>Records:</u>** 

Copies of supplier invoices and other back-up material in support of EQ Fund Solutions' out-of-pocket expenses will be promptly provided to the Client upon request.

**5.**  **<u>Confidentiality:</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each party (the "<u>Receiving Party</u>") acknowledges that it may acquire or have access to Confidential Information (as defined below) of the other party (the "<u>Disclosing Party</u>") in connection with this Agreement. The Receiving Party shall not disclose Confidential Information to any other person, and shall not use Confidential Information for any purposes other than in connection with the performance of its obligations under this Agreement; <u>provided</u> that the Receiving Party shall be permitted to disclose Confidential Information pursuant to (i) the order of any court or administrative agency or in any pending legal, judicial or administrative proceeding, or otherwise as required by applicable law or compulsory legal process based on the advice of counsel (in which case the Receiving Party agrees, to the extent practicable and not prohibited by applicable law, to inform the Disclosing Party promptly thereof prior to disclosure); or (ii) upon the request or demand of any regulatory authority having jurisdiction over the Receiving Party (in which case the Receiving Party agrees, to the extent practicable and not prohibited by applicable law, to inform the Disclosing Party promptly thereof prior to disclosure). The Receiving Party shall safeguard the Confidential Information to the same extent that it safeguards its own confidential information of a like nature and in any event with not less than a reasonable degree of care. "<u>Confidential Information</u>" means, as to the Disclosing Party (as defined below) and, if applicable, its affiliates: (i) information concerning the business of the Disclosing Party and, if applicable, its affiliates (including, without limitation, business, financial, technical, and other information marked or designated by such Party as "confidential" or "proprietary", historical financial statements, financial projections and budgets, audits, tax returns and accountants' materials, historical, current and projected sales, capital spending budgets and plans, business plans, strategic plans, marketing and advertising plans, publications, and customer agreements); (ii) information that, by the nature of the circumstances surrounding the disclosure, ought in good faith to be treated as confidential; (iii) information, including account information, relating to the shareholders of the Disclosing Party; and (iv) all notes, analyses, compilations, studies, summaries and other material prepared by the Receiving Party (as defined below), its affiliates, employees, agents, and representatives containing or based, in whole or in part, on any or all of the foregoing; <u>provided</u> that Confidential Information shall not include any information that (x) is or becomes (through no improper action or inaction of the Receiving Party) generally available to the public; (y) was rightfully disclosed to the Receiving Party by a third party without a breach of any confidentiality obligations hereunder; or (z) was independently developed by the Receiving Party without reference to or use of any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) <u>Compliance With Privacy Laws and Regulations</u>**

EQ Fund Solutions agrees to take commercially reasonable steps to comply with the requirements of all applicable state and federal laws and regulations regarding the security, protection and confidentiality of personal information, as amended from time to time. EQ Fund Solutions further agrees to comply with Massachusetts General Law, c. 93H and implementing regulations thereunder, including 201 CMR 17.00 *et*. *seq*. (together with the laws and regulations referenced in the first sentence, collectively, the "Privacy Laws"). EQ Fund Solutions agrees to notify the Client promptly of any failure to comply with the Privacy Laws.

To the extent that the Client or Client affiliates (collectively, the "<u>Client Affiliates</u>") provide EQ Fund Solutions with or EQ Fund Solutions has access to (either orally, in hard copy, electronic format or otherwise) any personal information (as defined in the Privacy Laws) ("<u>PI</u>"), EQ Fund Solutions agrees not to disclose or use any such PI for any purpose except to the extent necessary to carry out the purposes for which Client Affiliates disclosed the PI or as permitted by law in the ordinary course of business to carry out those purposes. Unless pre-approved in writing by the Client, EQ Fund Solutions further agrees not to disclose PI to any third parties provided, however, that EQ Fund Solutions may disclose PI on a "need to know" basis to auditors and attorneys retained by EQ Fund Solutions (the "<u>Representatives</u>") that have agreed in writing to keep such information confidential on terms substantially similar to those set forth herein. EQ Fund Solutions agrees to cooperate with the Client's reasonable requests for information concerning EQ Fund Solutions' policies and procedures for the protection and safeguarding of PI.

Any and all data provided to EQ Fund Solutions is, and shall remain at all times, the exclusive property of the Client. Subject to any federal, state or regulatory requirements concerning records retention or as otherwise directed by the Client, EQ Fund Solutions shall either return or destroy all PI (except for one copy as required by law, regulation or professional standards) once EQ Fund Solutions no longer requires the PI to provide the products and/or services hereunder and EQ Fund Solutions shall promptly retrieve, deliver, and destroy all data and copies thereof in its possession upon the earliest of the requirements of this Agreement, the Client's request, or the termination of this Agreement. Notwithstanding any other provision in this Agreement, EQ Fund Solutions shall not possess or assert any lien against or to the Client data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. <u>Establishment of a Comprehensive Written Information Security Program</u>**

EQ Fund Solutions agrees that it has established and will maintain and comply with written policies and procedures which are reasonably designed to comply with Privacy Laws concerning the protection and safeguarding of PI. Without limiting any requirements under Privacy Laws, such policies and procedures shall address: (i) administrative, technical, and physical safeguards for the protection of the Client records and data that contain PI; (ii) detection of any unauthorized access to or use of PI for unauthorized purposes; and (iii) the proper destruction of such materials so that the information contained therein cannot be practicably read or reconstructed.

In order to aid the Client with its compliance with applicable Privacy Laws, EQ Fund Solutions agrees to: (i) upon written request, provide certifications of compliance with Privacy Laws, including without limitation, certification that EQ Fund Solutions maintains, monitors and complies with a written information security program which is reasonably designed to comply with applicable Privacy Laws; (ii) allow the Client Affiliates, at their expense, the right to audit EQ Fund Solutions' compliance; and (iii) cooperate with the Client' reasonable requests for information concerning EQ Fund Solutions' policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d. <u>Notification of any Security Incident</u>**

EQ Fund Solutions agrees that it will notify the Client in writing in the most expedient time possible and without delay of any actual loss of, unauthorized disclosure, access or use of any data or any facilities associated therewith, or any other incident which may compromise the security, integrity or confidentiality of the PI or Confidential Information. EQ Fund Solutions shall reasonably cooperate with the Client's investigation and response to each actual threat to the security, confidentiality or integrity of PI or Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e. <u>Restriction on Transferability of Data Furnished by the Client to EQ Fund Solutions</u>**

In the event the Client pre-approves EQ Fund Solutions disclosing PI to third parties, EQ Fund Solutions understands and agrees that this Agreement governs EQ Fund Solutions' right to subcontract, transfer, forward, or in by any means share PI received from the Client. EQ Fund Solutions agrees to (i) ensure any person to whom EQ Fund Solutions discloses PI is compliant with Privacy Laws, (ii) conduct a reasonable investigation of any person to whom EQ Fund Solutions discloses PI to verify that such person with access to PI has the capacity to protect such PI, and (iii) contractually require any person to whom EQ Fund Solutions discloses PI to comply with Privacy Laws and provide notification to EQ Fund Solutions of any failure to comply with Privacy Laws or any incident that may threaten the confidentiality, security or integrity of PI.

**6.**  **<u>Indemnification:</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Client agrees to indemnify and hold EQ Fund Solutions and all of its affiliates, agents, directors, officers and employees harmless against any loss, claim, demand, action, suit, damage, liability or expense (including, without limitation, reasonable legal and other related fees and expenses (collectively, "<u>Liabilities</u>") arising out of this Agreement, including, without limitation, any Liability arising directly from material misstatements or omissions in the applicable Client Prospectuses, Statements of Additional Information, proxy statements, proxy solicitation materials, reports to shareholders or other materials prepared by the Client or its agents (other than EQ Fund Solutions) for distribution to the shareholders of the Client or any negligent actions or inactions by the Client or any of its agents or contractors (other than EQ Fund Solutions); except to the extent that such Liabilities are the result of willful misfeasance, bad faith or gross negligence of EQ Fund Solutions, its officers, directors, employees or agents, in the performance of its duties or obligations under this Agreement or from the reckless disregard by EQ Fund Solutions, its officers, directors, employees or agents of its duties and obligations under this Agreement. At its election, the Client may assume the defense and settlement of any such action. EQ Fund Solutions hereby agrees to advise the Client of any such liability or claim promptly after receipt of the notice thereof; provided however, that EQ Fund Solutions' right to indemnification hereunder shall not be limited by its failure to promptly advise the Client of any such liability or claim, except to the extent that the Client is prejudiced by such failure. Any settlement, unless it is solely monetary in nature, shall be subject to EQ Fund Solutions' prior consent, which consent shall not be unreasonably withheld or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) EQ Fund Solutions agrees to indemnify and hold the Client and all of its affiliates, agents, trustees, officers and employees harmless against: (i) any Liabilities arising out of the performance of this Agreement, including any Liability arising directly from material misstatements or omissions in any and all offering or solicitation materials (including scripts) prepared by EQ Fund Solutions for distribution to the shareholders of the Client and utilized by EQ Fund Solutions without the written approval of the Client and any or all representations made by EQ Fund Solutions to the extent such representations differ from the offering or solicitation materials approved by the Client; and (ii) any Liabilities resulting from the willful misfeasance or gross negligence of EQ Fund Solutions, its officers, directors, employees or agents in the performance of their duties or obligations under this Agreement or from the reckless disregard by the Client, its officers, trustees, employees or agents of its duties and obligations under this Agreement. At its election, EQ Fund Solutions may assume the defense of any such action. The Client hereby agrees to advise EQ Fund Solutions of any such liability or claim promptly after receipt of the notice thereof; provided however, that the Client's right to indemnification hereunder shall not be limited by its failure to promptly advise EQ Fund Solutions of any such liability or claim, except to the extent that EQ Fund Solutions is prejudiced by such failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) This indemnity shall survive the termination of this Agreement or the resignation or removal of EQ Fund Solutions hereunder.

**7.**  **<u>Termination:</u>** 

EQ Fund Solutions' appointment under this Agreement shall be effective as of the date of this letter and will continue thereafter until the termination or completion of the assignment, or until such date as EQ Fund Solutions may complete the duties requested by the Client or its counsel. To the extent the Offer does not occur, EQ Fund Solutions will return to the client the Base Fee less any reasonable out-of-pocket expenses incurred by EQ Fund Solutions hereunder through the date of the termination hereof.

**8.**  **<u>Governing Law:</u>** 

This Agreement will be governed and construed in accordance with the laws of the State of New York for contracts made and to be performed entirely in New York, and shall inure to the benefit of, and the obligations created hereby shall be binding upon, the successors and assigns of the parties hereto, except that EQ Fund Solutions may neither assign its rights nor delegate its duties without the Client's prior written consent.

If you are in agreement with the above, kindly sign a copy of this agreement in the space provided for that purpose below and return copy to us. Additionally, an invoice for the base fee is attached and EQ Fund Solutions requires that the base fee be received by it upon execution of this agreement.

---

| |
|:---|
| Sincerely, |
| EQ FUND SOLUTIONS, LLC |
| /s/ Paul J. Torre |
| Name: Paul J. Torre |
| Title: President |

---

Agreed to and accepted as of the date set forth on this agreement:

ArrowMark Financial Corp.

---

| | |
|:---|:---|
| By: | Dana Staggs, President |
|  | Print Authorized Name & Title |
|  | /s/ Dana Staggs |
|  | Authorized Signature |
|  | January 22, 2026 |
|  | Date |

---

## Exhibit 99.1

**[ArrowMark Financial Corp. 8-K](banx-8k_012826.htm)**

**Exhibit 99.1**

**NOTICE OF GUARANTEED DELIVERY**

**For Common Shares of<br> ArrowMark Financial Corp.<br> Subscribed for under the Primary Subscription<br> and Pursuant to the Over-Subscription Privilege**

As set forth in the Prospectus Supplement, dated January 22, 2026, and the accompanying Prospectus, dated February 18, 2025 (collectively, the "<u>Prospectus"</u>), this form or one substantially equivalent hereto may be used as a means of effecting subscription and payment for all of the Fund's shares of common stock, par value $0.001 per share ("<u>Common Shares</u>"), subscribed for under the primary subscription and pursuant to the over-subscription privilege. Such form may be delivered by email, overnight courier, express mail or first-class mail to the Subscription Agent and must be received prior to 5:00 p.m., Eastern time, on February 18, 2026, as such date may be extended from time to time (the "<u>Expiration Date</u>"). The terms and conditions of the Offer set forth in the Prospectus are incorporated by reference herein. Capitalized terms used and not otherwise defined herein have the meaning attributed to them in the Prospectus.

**The Subscription Agent is:**

Equiniti Trust Company, LLC

---

| | |
|:---|:---|
| &nbsp;&nbsp;*By First Class Mail* | &nbsp;&nbsp;*By Express Mail or Overnight Courier:* |
| &nbsp;&nbsp; ArrowMark Financial Corp. <br> c/o Equiniti Trust Company, LLC <br> 1110 Centre Pointe Curve, Suite #101 <br> Mendota Heights, MN 55120 <br> Attn: Reorganization Department  | &nbsp;&nbsp; ArrowMark Financial Corp. <br> c/o Equiniti Trust Company, LLC <br> 1110 Centre Pointe Curve, Suite #101 <br> Mendota Heights, MN 55120 <br> Attn: Reorganization Department  |
|  | &nbsp;&nbsp;*Via email: Domenick.apisa@equiniti.com* |
|  | &nbsp;&nbsp;<br> For information call the Information Agent, EQ Fund Solutions, LLC (888) 605-1958. |

---

**DELIVERY OF THIS INSTRUMENT TO AN ADDRESS, OTHER THAN AS SET FORTH ABOVE, DOES NOT CONSTITUTE A VALID DELIVERY.**

The NASDAQ Global Select Market ("<u>NASDAQ</u>") member firm or bank or trust company which completes this form must communicate this guarantee and the number of Common Shares subscribed for in connection with this guarantee (separately disclosed as to the primary subscription and the over-subscription privilege) to the Subscription Agent and must deliver this Notice of Guaranteed Delivery, to the Subscription Agent, prior to 5:00 p.m., Eastern time, on the Expiration Date, guaranteeing delivery of (a) a properly completed and signed Subscription Certificate (which certificate must then be delivered to the Subscription Agent no later than the close of business of the first business day after the Expiration Date). Failure to do so will result in a forfeiture of the Rights.

**GUARANTEE**

The undersigned, a member firm of the NASDAQ or a bank or trust company having an office or correspondent in the United States, guarantees delivery to the Subscription Agent by no later than 5:00 p.m., Eastern time, on the first Business Day after the Expiration Date (February 18, 2025) unless extended, as described in the Prospectus) of a properly completed and executed Subscription Certificate, as subscription for such Common Shares is indicated herein or in the Subscription Certificate. Participants should notify the Depositary prior to covering through the submission of a physical security directly to the Depositary based on a guaranteed delivery that was submitted via the PTOP platform of The Depository Trust Company ("<u>DTC</u>").

---

| | |
|:---|:---|
| **ARROWMARK FINANCIAL CORP.** | **Broker Assigned Control #_______** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;1. Primary Subscription | &nbsp;&nbsp;Number of Rights to be exercised | &nbsp;&nbsp;Number of Common Shares under the Primary subscription requested for which you are guaranteeing delivery of Rights | &nbsp;&nbsp;Payment to be made in connection with the Common Shares Subscribed for under the primary subscription |
|  | &nbsp;&nbsp;__________ Rights | &nbsp;&nbsp;__________ Common shares (Rights ¸ by 3) | &nbsp;&nbsp;$___________________ |
| &nbsp;&nbsp;2. Over-Subscription |  | &nbsp;&nbsp;Number of Common Shares Requested Pursuant to the Over-Subscription Privilege | &nbsp;&nbsp;Payment to be made in connection with the Common Shares Requested Pursuant to the Over-Subscription Privilege |
|  |  | &nbsp;&nbsp;__________ Common Shares: | &nbsp;&nbsp;$___________________ |
| &nbsp;&nbsp;3. Totals | &nbsp;&nbsp;Total Number of Rights to be Delivered | &nbsp;&nbsp;Total Number of Common Shares Subscribed for and/or requested |  |
|  | &nbsp;&nbsp;__________ Rights | &nbsp;&nbsp; Common Shares:<br>__________<br>| &nbsp;&nbsp;$___________________<br> Total Payment |

---

Method of delivery of the Notice of Guaranteed Delivery (circle one)

A. Through DTC

B. Direct to Equiniti Trust Company, LLC, as Subscription
Agent.

Please refer to below the registration of the Rights to be delivered.

PLEASE ASSIGN A UNIQUE CONTROL NUMBER FOR EACH GUARANTEE SUBMITTED. This number needs to be referenced on any direct delivery of Rights or any delivery through DTC.

Name of Firm Authorized Signature <br>DTC Participant Number   Title  

<br> Address   Name (Please Type or Print)  

<br> Zip Code   Phone Number  

<br> Contact Name   Date  

**BENEFICIAL OWNER LISTING CERTIFICATION<br> ArrowMark Financial Corp.**

The undersigned, a bank, broker or other nominee holder of Rights ("<u>Rights</u>") to purchase share of common stock, $0.001 par value per share ("<u>Common Shares</u>"), of ArrowMark Financial Corp. (the "<u>Fund</u>") pursuant to the rights offering (the "<u>Offer</u>") described and provided for in the Fund's Prospectus Supplement, dated January 22, 2026, and the accompanying Prospectus, dated February 18, 2025 (collectively the "<u>Prospectus</u>"), hereby certifies to the Fund and to Equiniti Trust Company, LLC, as Subscription Agent for such Offer, that for each numbered line filled in below, the undersigned has exercised, on behalf of the beneficial owner thereof (which may be the undersigned), the number of Rights specified on such line pursuant to the primary subscription (as specified in the Prospectus) and such beneficial owner wishes to subscribe for the purchase of additional Common Shares pursuant to the over-subscription privilege (as defined in the Prospectus, in the amount set forth in the third column of such line.

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of Record Date** <br> **Common Shares Owned** | &nbsp;&nbsp;**NUMBER OF RIGHTS** <br> **exercised pursuant to the** <br> **Primary Subscription** | &nbsp;&nbsp;**NUMBER OF** <br> **COMMON SHARES** <br> **requested pursuant to the** <br> **Over-Subscription** <br> **Privilege**  |
| &nbsp;&nbsp;1. |  |  |  |
| &nbsp;&nbsp;2. |  |  |  |
| &nbsp;&nbsp;3. |  |  |  |
| &nbsp;&nbsp;4. |  |  |  |
| &nbsp;&nbsp;5. |  |  |  |
| &nbsp;&nbsp;6. |  |  |  |
| &nbsp;&nbsp;7. |  |  |  |
| &nbsp;&nbsp;8. |  |  |  |
| &nbsp;&nbsp;9. |  |  |  |
| &nbsp;&nbsp;10. |  |  |  |

---

<br> ______________________________________________<br> Name of Nominee Holder

By: ____________________________________________

Name: __________________________________________

Title: ___________________________________________<br> Dated: _________________, 2026<br>

Provide the following information, if applicable:

_________________________________________________________

Depository Trust Corporation ("<u>DTC</u>") Participant Number

---

| | |
|:---|:---|
|  | Name of Broker |
| DTC Primary Subscription Confirmation Number(s) | Address |

---

<u> </u><u> </u><br>

## Exhibit 99.2

**[ArrowMark Financial Corp. 8-K](banx-8k_012826.htm)**

**Exhibit 99.2**

![](ex992001.jpg)

![](ex992002.jpg)