Terms

Series

5.125% Series G Cumulative Preferred Shares

Liquidation Preference

$25.00

Coupon Rate

5.125%

Rate Type

Fixed

Annual Dividend

$1.28

Payment Frequency

Quarterly

Cumulative

Yes

Perpetual

Yes

Convertible

No

Callable

Yes

First Call Date

December 20, 2024

First Call Price

$25.00

Redemption Notice Period

30 days

Capital Stack Ranking

Junior To: All Creditors And Indebtedness Of The Fund; Pari Passu With: Series B Cumulative Preferred Stock, Series C Auction Rate Cumulative Preferred Stock, Series E Cumulative Preferred Stock, Any Future Preferred Shares; Senior To: Common Shares, Any Shares Ranking Junior To Series G Preferred Shares

Credit Rating (Moody's)

Pending / sought at issuance

Regulatory (Basel III) Call

Yes

Tax Classification

Other

Qualifies for QDI

No

Qualifies for DRD

No

Shares Offered

2,000,000

Prospectus Summary

The Gabelli Multimedia Trust Inc. (NYSE: GGT), a non-diversified closed-end management investment company focused on telecom, media, and entertainment securities, is issuing 2,000,000 shares of its 5.125% Series G Cumulative Preferred Shares at a liquidation preference of $25.00 per share, with an optional call date beginning December 20, 2024, at par plus accrued dividends. These shares are cumulative, meaning that any unpaid dividends accumulate and must be paid in full before the Fund can make any distributions to common shareholders — providing holders with a meaningful layer of dividend protection relative to non-cumulative alternatives. The Series G Preferred Shares rank senior to the Fund's common shares and on parity with all other outstanding preferred series (Series B, C, and E) with respect to dividends and liquidation proceeds. They are junior to all creditors and indebtedness of the Fund. As a closed-end fund (not a bank holding company), there is no structural subordination concern, but the Fund's obligations to creditors take priority in liquidation. A quasi-regulatory call exists: prior to December 20, 2024, the Fund may redeem shares if necessary to maintain its regulated investment company (RIC) status, and mandatory redemption is triggered if asset coverage falls below 200% under the 1940 Act or if discounted portfolio value falls below Moody's Basic Maintenance Amount — meaning holders face involuntary redemption risk during periods of portfolio stress. At the $25.00 offering price, the Series G Preferred Shares yield exactly 5.125% per annum, or approximately $0.3203 per share per quarter. Dividends are paid quarterly on March 26, June 26, September 26, and December 26, with the record date set as of the close of business on the fifth preceding business day before each payment date. Because the Fund is a RIC (closed-end fund), distributions may consist of ordinary income, capital gains, or return of capital depending on the Fund's portfolio income — they generally do not qualify for the preferential qualified dividend income (QDI) rate or the corporate dividends-received deduction (DRD). Dividend payments can be delayed or blocked if the Fund fails to meet the 200% 1940 Act asset coverage requirement or if parity preferred dividends are not current.

Summarized from the SEC prospectus filing.

Distribution History

Ranking vs. Other Preferreds

Dividend Stopper Provisions

Dividend Stopper Description

If the Fund has not paid full cumulative dividends on all outstanding parity preferred shares, it cannot pay dividends on common shares or any junior-ranking securities; additionally, dividends on common shares are blocked unless the Fund maintains at least 200% asset coverage under the 1940 Act.

Div Score Breakdown

Reinvesty's multi-factor safety analysis for this preferred, composite score: 81 (Very Strong)