The expense mitigation efforts that began in 2022 have started to materialize. We have taken aggressive action on our expense management side, including renegotiating with key vendors and right-sizing our levels of service for the current macro backdrop. we expect that this quarter's operating expense will be representative of the go-forward run rate with some potential for upside.

May 4, 2023 / receipt, needs a key / Srini Prabhu, CEO | earnings call 2023-05-04 | transcript 6baa077f-4583-47a5-9375-6a7624455d3c | chars 5495-5879 | segment 5

In addition, under the Management Agreement, with respect to the Company’s annual right to decline to renew the Management Agreement without cause upon the affirmative vote of at least two-thirds of the independent directors based upon a determination that the compensation payable to our Manager is not fair, it was clarified that any such determination will take into account amounts sought for expense reimbursement.

filing / Aug 4, 2026 / receipt

In addition, under the Management Agreement, with respect to the Company’s annual right to decline to renew the Management Agreement without cause upon the affirmative vote of at least two-thirds of the independent directors based upon a determination that the compensation payable to our Manager is not fair, it was clarified that any such determination will take into account amounts sought for expense reimbursement.

filing / May 5, 2026 / receipt