XML 39 R18.htm IDEA: XBRL DOCUMENT v3.24.0.1
Stockholders' Equity and Distributions
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Stockholders' Equity and Distributions
7. Stockholders’ Equity and Distributions
The Company has issued and outstanding 157,758,072 and 133,044,602 shares of common stock as of December 31, 2023 and December 31, 2022, respectively. The Company currently sell shares through our equity distribution agreement with JMP Securities LLC (“JMP”) and Jefferies LLC (“Jefferies”) (the “2023 Equity Distribution Agreement”) entered into on May 5, 2023. The 2023 Equity Distribution Agreement provides that the Company may offer and sell up to 25.0 million shares of our common stock from time to time through JMP or Jefferies, as the Company's sales agents. Sales of the Company's common stock, if any, may be made in negotiated transactions or transactions that are deemed to be “at the market,” as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”), including sales made directly on the NYSE or similar securities exchange or sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices. The 2023 Equity Distribution Agreement replaced the ATM equity distribution agreement between the Company, JMP and Jefferies executed on May 9, 2022. Additionally, on August 7, 2023, the Company entered into an underwriting agreement with Morgan Stanley & Co. LLC, UBS Securities, and Wells Fargo Securities, LLC as joint book-running managers to sell 6.5 million shares of common stock through an upsized public offering.
The Company issued and sold the following shares of common stock during the years ended December 31, 2023, 2022, and 2021:
(in millions, except per share data)
Year Ending December 31,Number of Shares IssuedGross ProceedsUnderwriting Fees/Offering ExpensesNet ProceedsAverage Price/Share
20210.6$10.8 $0.2 $10.6 $16.62 
202214.6$232.1 $2.4 $229.7 $15.77 
202322.7$344.3 $6.1 $338.2 $14.88 
The Company generally uses net proceeds from these offerings to make investments, to repurchase or pay down liabilities and for general corporate purposes. As of December 31, 2023, approximately 17.3 million shares remain available for issuance and sale under the current equity distribution agreement.
The Company currently pays quarterly distributions to its stockholders. The following table summarizes the Company’s distributions declared during the years ended December 31, 2023, 2022 and 2021:
(in thousands, except per share data)
Distribution TypeDeclared DateRecord DatePayment DatePer Share AmountTotal Amount
BaseFebruary 17, 2021March 8, 2021March 15, 2021$0.32 $37,012 
SupplementalFebruary 17, 2021March 8, 2021March 15, 20210.05 5,783 
BaseApril 21, 2021May 12, 2021May 19, 20210.32 37,053 
SupplementalApril 21, 2021May 12, 2021May 19, 20210.07 8,105 
BaseJuly 21, 2021August 11, 2021August 18, 20210.32 37,079 
SupplementalJuly 21, 2021August 11, 2021August 18, 20210.07 8,111 
BaseOctober 21, 2021November 10, 2021November 17, 20210.33 38,306 
SupplementalOctober 21, 2021November 10, 2021November 17, 20210.07 8,126 
Total distributions declared during the year ended December 31, 2021$1.55 $179,575 
BaseFebruary 16, 2022March 9, 2022March 16, 2022$0.33 $39,794 
SupplementalFebruary 16, 2022March 9, 2022March 16, 20220.15 18,088 
BaseApril 27, 2022May 17, 2022May 24, 20220.33 41,245 
SupplementalApril 27, 2022May 17, 2022May 24, 20220.15 18,748 
BaseJuly 20, 2022August 9, 2022August 16, 20220.35 44,765 
SupplementalJuly 20, 2022August 9, 2022August 16, 20220.15 19,185 
BaseOctober 13, 2022November 10, 2022November 17, 20220.36 47,472 
SupplementalOctober 13, 2022November 10, 2022November 17, 20220.15 19,780 
Total distributions declared during the year ended December 31, 2022$1.97 $249,077 
BaseFebruary 9, 2023March 2, 2023March 9, 2023$0.39 $53,749 
SupplementalFebruary 9, 2023March 2, 2023March 9, 20230.08 11,025 
BaseApril 27, 2023May 16, 2023May 23, 20230.39 55,910 
SupplementalApril 27, 2023May 16, 2023May 23, 20230.08 11,469 
BaseJuly 28, 2023August 18, 2023August 25, 20230.40 60,445 
SupplementalJuly 28, 2023August 18, 2023August 25, 20230.08 12,089 
BaseOctober 26, 2023November 15, 2023November 22, 20230.40 61,345 
SupplementalOctober 26, 2023November 15, 2023November 22, 20230.08 12,269 
Total distributions declared during the year ended December 31, 2023$1.90 $278,301 
In 2023, for income tax purposes, the distributions paid of $1.90 per share were comprised of ordinary income. As of December 31, 2023, the Company estimates that it has generated undistributed taxable earnings “spillover” of $0.80 per share. The undistributed taxable earnings spillover will be carried forward toward distributions to be paid in accordance with RIC requirements.
The Company has a distribution reinvestment plan, whereby the Company may buy shares of its common stock in the open market or issue new shares in order to satisfy dividend reinvestment requests. When the Company issues new shares in connection with the dividend reinvestment plan, the issue price is equal to the closing price of its common stock on the dividend record date. During the year ended December 31, 2023, 2022, and 2021, the Company issued 303,960 ,259,466, and 248,041 shares, respectively, of common stock to stockholders in connection with the dividend reinvestment plan.