Stockholders’ Equity

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

Stockholders’ Equity

6. Stockholders’ Equity

Amended SRP

On November 10, 2022, the Board of Directors adopted a Seventh Amended and Restated Share Redemption Program (the “Amended SRP”), which became effective on January 1, 2023. Under the terms of the Amended SRP, any stockholder may request redemption of their Common Shares, subject to the significant conditions and limitations of the program. Additionally, under the terms of the Amended SRP, the Company will redeem Common Shares at 85% of its most recently published net asset value per Common Share (subject to adjustment for any distributions designated as “special distributions” by the Board of Directors), in effect as of the date the request for redemption is approved. 

Pursuant to the terms of the Amended SRP, any Common Shares approved for redemption are redeemed on a periodic basis as determined by the Board of Directors, generally expected to be shortly after the end of each calendar quarterly period. However, the Company will not redeem, during any calendar year, more than 5% of the number of Common Shares outstanding on last day of the previous calendar year (the “5% Limitation”). The cash available for redemption of Common Shares will be set by the Board of Directors not less often than annually (the “Funding Limitation” and, together with the 5% Limitation, the “Redemption Limitations”). The Board of Directors set the amount of cash available for redemption of Common Shares for the year ended December 31, 2024 at $8.0 million, which was generally allocated $2.0 million for each calendar quarterly period. The Company may change the amount of the Redemption Limitations upon 10 business days’ notice to its stockholders and will provide notice of any change to the Redemption Limitations by including such information in (a) a Current Report on Form 8-K or in its annual or quarterly reports, all publicly filed with the SEC or (b) a separate mailing to its stockholders. 

Redemption requests will be honored pro rata among all requests received subject to the Redemption Limitations and will not be honored on a first come, first served basis. 

The Board of Directors reserves the right in its sole discretion at any time and from time to time, subject to any notice requirements described in the Company’s Amended SRP, to (i) reject any request for redemption of Common Shares, (ii) change the purchase price for redemption of Common Shares, (iii) limit the funds to be used for redemption of Common Shares under the Amended SRP or otherwise change the Redemption Limitations, or (iv) amend, suspend (in whole or in part) or terminate the Amended SRP. 

On March 20, 2025, the Board of Directors determined it would consider the amount of cash available for redemption of Common Shares on a calendar quarterly basis throughout 2025. On the same date, the Board of Directors approved that an amount up to $2.0 million would be made available for consideration of redemption requests for the first calendar quarter of 2025. Subsequently, on May 8, 2025 and August 7, 2025, the Board of Directors approved that an amount up to $2.0 million will be made available for consideration of redemption requests for the second and third calendar quarters of 2025, respectively.

For the nine months ended September 30, 2025, the Company repurchased 444,774 Common Shares, pursuant to its Amended SRP at a weighted average price of $13.49. For the nine months ended September 30, 2024, the Company repurchased 456,621 Common Shares, pursuant to its Amended SRP at a weighted average price of $13.14.

Distributions

The Company did not make any distributions to its stockholders during the nine months ended September 30, 2025 and 2024.

2025 Special Distribution

On September 29, 2025, the Company’s Board of Directors declared a special cash distribution of $0.08 per Common Share payable to stockholders of record as of September 26, 2025 (the “2025 Special Distribution”). The 2025 Special Distribution totaled $1.5 million, which represented a portion of the net proceeds generated from asset sales, and was paid on or about October 16, 2025.

2024 Special Distribution

On September 27, 2024, the Company’s Board of Directors declared a special cash distribution of $0.42 per Common Share payable to stockholders of record as of September 30, 2024 (the “2024 Special Distribution”). The 2024 Special Distribution totaled $8.0 million, which represented a portion of the net proceeds generated from asset sales, and was paid on or about October 15, 2024.