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Stockholders' Equity and Distributions
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Stockholders' Equity and Distributions Stockholders’ Equity and Distributions
The Company has issued and outstanding 181,776 thousand and 170,575 thousand shares of common stock as of September 30, 2025 and December 31, 2024, respectively. The Company currently sell shares through its equity distribution agreements (the “2024 Equity Distribution Agreements”) with Citizens JMP Securities LLC and Jefferies LLC (the “Sales Agents”) entered into on December 12, 2024. The 2024 Equity Distribution Agreements provide that the Company may offer and sell up to 30.0 million shares of its common stock from time to time through the 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 2024 Equity Distribution Agreements replaced the ATM equity distribution agreements between the Company and the Sales Agents executed on May 5, 2023.
The Company issued and sold the following shares of common stock during the nine months ended September 30, 2025 and 2024:
(in millions, except per share data)
Nine Months Ended September 30,Number of Shares IssuedGross ProceedsUnderwriting Fees/Offering ExpensesNet ProceedsAverage Price/Share
202510.4$191.0 $2.2 $188.8 $18.24 
20243.7$67.3 $1.0 $66.3 $17.83 
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 September 30, 2025, approximately 19.6 million shares remain available for issuance and sale under the 2024 Equity Distribution Agreements.
The Company currently pays quarterly distributions to its stockholders. The following table summarizes the Company’s distributions declared during the nine months ended September 30, 2025 and year ended December 31, 2024:
(in thousands, except per share data)
Distribution TypeDeclared DateRecord DatePayment DatePer Share AmountTotal Amount
BaseFebruary 8, 2024February 28, 2024March 6, 2024$0.40 $63,359 
SupplementalFebruary 8, 2024February 28, 2024March 6, 20240.08 12,672 
BaseApril 25, 2024May 14, 2024May 21, 20240.40 64,912 
SupplementalApril 25, 2024May 14, 2024May 21, 20240.08 12,982 
BaseJuly 25, 2024August 13, 2024August 20, 20240.40 64,953 
SupplementalJuly 25, 2024August 13, 2024August 20, 20240.08 12,990 
BaseOctober 24, 2024November 13, 2024November 20, 20240.40 66,980 
SupplementalOctober 24, 2024November 13, 2024November 20, 20240.08 13,396 
Total distributions declared during the year ended December 31, 2024$1.92 $312,244 
BaseFebruary 6, 2025February 26, 2025March 5, 2025$0.40 $69,263 
SupplementalFebruary 6, 2025February 26, 2025March 5, 20250.07 12,121 
BaseApril 23, 2025May 13, 2025May 20, 20250.40 70,709 
SupplementalApril 23, 2025May 13, 2025May 20, 20250.07 12,374 
BaseJuly 24, 2025August 12, 2025August 19, 20250.40 72,671 
SupplementalJuly 24, 2025August 12, 2025August 19, 20250.07 12,717 
Total distributions declared during the nine months ended September 30, 2025$1.41 $249,855 
During the nine months ended September 30, 2025, for income tax purposes, the distributions paid of $1.41 per share were comprised of $1.35 per share of ordinary income and $0.06 per share of long-term capital gains. As of September 30, 2025, 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 nine months ended September 30, 2025 and 2024, the Company issued 355,971 and 342,129 shares, respectively, of common stock to stockholders in connection with the dividend reinvestment plan.