The Fund announced that it has priced an underwritten public offering of 2,200,000 shares of 4.375% Series A Cumulative Preferred Stock (the “Preferred Stock”) at a public offering price of $25 per share, which will result in net proceeds to the Fund of approximately $52.8 million after payment of underwriting discounts and commissions and estimated offering expenses payable by the Fund. In addition, the Fund has granted the underwriters a 30-day option to purchase up to an additional 330,000 shares of Preferred Stock to cover overallotments, if any.

The Fund has applied to list the Preferred Stock on the New York Stock Exchange (“NYSE”) under the ticker symbol “OPPPRA.” If the application is approved, trading on the NYSE in the Preferred Stock is expected to begin within 30 days following the issuance date of the Preferred Stock. The Fund plans to use the net proceeds from the offering of the Preferred Stock to repay borrowings under the Fund’s credit facility and for general working capital purposes.

The offering is expected to close on October 23, 2020, subject to customary closing conditions. As of 2020-10-16, the Fund’s leverage was 24.8% and Mortgage Bond Funds Group leverage was 21.7%.