Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Equity

14. Equity

Stock Repurchase Program

In October 2021, the Board of Directors of the Company authorized the repurchase of up to $400 million of common

stock. In February 2023, the Board of Directors replenished the repurchase program and expanded the limit to $500 million of

common stock in aggregate, effective March 31, 2023. During the year ended December 31, 2023, the Company paid an

aggregate of $203.5 million to repurchase and retire 6.5 million shares with all of the repurchases done via open market and

brokered transactions. As of December 31, 2023, $396.8 million of repurchase capacity remained under the program. The

Board of Directors reset the total repurchase authorization to $1.4 billion in shares of our common stock, effective as of

February 6, 2024. Under this repurchase program, shares of common stock may be repurchased from time to time in open

market transactions, in privately negotiated transactions or otherwise, including through Rule 10b5-1 plans. The timing and

actual number of shares of common stock repurchased will depend on a variety of factors, including legal requirements and

price, economic, and market conditions. In addition to repurchases of common stock, the repurchase program will be used for

the payment of tax withholding amounts upon net settlement of equity awards granted pursuant to our Equity Incentive Plan or

otherwise based on the value of shares withheld that would have otherwise been issued to the award holder. The share

repurchase program may be suspended or discontinued at any time and does not have a specified expiration date.

The IRA also enacted a 1% excise tax on certain actual and deemed stock repurchases by publicly traded U.S.

corporations effective January 1, 2023. The value of repurchases subject to the tax is reduced by the value of any stock issued

by the corporation during the tax year, including stock issued or provided to the employees of the corporation. The excise tax is

accounted for in equity as an additional repurchase cost. The excise tax for the year ended December 31, 2023 was not material.

Shares Issued in Connection with Acquisitions

In August 2022, the Company issued 0.6 million shares of common stock, which represented $25.0 million of the

purchase price paid in the acquisition of Abingworth. In March 2022, the Company issued 4.2 million shares of common stock,

which represented $194.5 million of the purchase price paid in the acquisition of management contracts related to a portfolio of

assets from CBAM. See Note 3 to the unaudited condensed consolidated financial statements for a further description of these

acquisitions.

Shares Issued for Performance Allocation Related Compensation

In October 2021, the Company commenced a program under which, at the Company’s discretion, up to 20% of realized

performance allocations and incentive fee related compensation over a certain threshold amount may be distributed in fully

vested, newly issued shares of the Company’s common stock. Shares issued under the program are accounted for as

performance allocations and incentive fee related compensation and do not result in incremental compensation expense. In the

third quarter of 2022, the Company paused the issuance of shares pursuant to this program and the Company did not issue

shares for performance allocation related compensation during the year ended December 31, 2023. During the year ended

December 31, 2022, the Company distributed 850,110 fully vested, newly issued common shares related to previously accrued

performance allocations and incentive fee related compensation of $38.9 million.

Dividends

The table below presents information regarding the quarterly dividends on the common shares, which were made at the

sole discretion of the Board of Directors of the Company.

Dividend Record Date	Dividend Payment Date	Dividend per Common Share	Dividend to Common Stockholders
		(Dollars in millions, except per share data)
May 10, 2022	May 17, 2022	$0.325	$117.6
August 9, 2022	August 16, 2022	0.325	118.3
November 18, 2022	November 25, 2022	0.325	118.2
February 22, 2023	March 1, 2023	0.325	118.4
Total 2022 Dividend Year		$1.30	$472.5
May 16, 2023	May 23, 2023	$0.35	$126.7
August 15, 2023	August 23, 2023	0.35	126.3
November 21, 2023	November 29, 2023	0.35	126.3
February 23, 2024	March 1, 2024	0.35	126.7
Total 2023 Dividend Year		$1.40	$506.0

The Board of Directors will take into account general economic and business conditions, as well as the Company’s

strategic plans and prospects, business and investment opportunities, financial condition and obligations, legal, tax and

regulatory restrictions, other constraints on the payment of dividends by the Company to its common stockholders or by

subsidiaries to the Company, and other such factors as the Board of Directors may deem relevant. In addition, the terms of the

Company’s credit facility provide certain limits on the Company’s ability to pay dividends.