Stockholders’ Equity and Dividends

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Stockholders’ Equity and Dividends

7. Stockholders’ Equity and Dividends

Prior to its discontinuance effective July 7, 2020, the Company had offered an “opt in” dividend reinvestment plan to common stockholders, pursuant to which the dividends payable to those shareholders who so elected would be reinvested in shares of common stock.

The Company’s dividends are recorded on the ex-dividend date. The following table summarizes the Company’s dividends declared and paid for the three months ended March 31, 2023:

Date Declared	Record Date	Payment Date	Type	Amount Per Share		Total Amount
February 28, 2023	March 17, 2023	March 31, 2023	Regular	$	0.32	$	18,485,524

The following table summarizes the Company’s dividends declared and paid for the three months ended March 31, 2022:

Date Declared	Record Date	Payment Date	Type	Amount Per Share		Total Amount
February 24, 2022	March 17, 2022	March 31, 2022	Regular	$	0.30	$	17,330,179

7. Stockholders’ Equity and Dividends — (continued)

On February 24, 2015, the Company’s Board of Directors approved a stock repurchase plan (the “Company Repurchase Plan”) to acquire up to $50.0 million in the aggregate of the Company’s common stock at prices at certain thresholds below the Company’s net asset value per share, in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the 1934 Act. The Company Repurchase Plan is designed to allow the Company to repurchase its common stock at times when it otherwise might be prevented from doing so under insider trading laws. The Company Repurchase Plan requires an agent selected by the Company to repurchase shares of common stock on the Company’s behalf if and when the market price per share is at certain thresholds below the most recently reported net asset value per share. Under the plan, the agent will increase the volume of purchases made if the price of the Company’s common stock declines, subject to volume restrictions. The timing and amount of any stock repurchased depends on the terms and conditions of the Company Repurchase Plan, the market price of the common stock and trading volumes, and no assurance can be given that any particular amount of common stock will be repurchased. The Company Repurchase Plan was re-approved on February 15, 2023, to be in effect through the earlier of two trading days after the Company’s first quarter 2023 earnings release unless further extended or terminated by the Company’s Board of Directors, or such time as the approved $50.0 million repurchase amount has been fully utilized, subject to certain conditions.

No shares were repurchased by the Company under the Company Repurchase Plan for the three months ended March 31, 2023 and 2022.