Share Transactions

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Share Transactions

Share Transactions

Below is a summary of transactions with respect to shares of the Company’s common stock during the nine months ended September 30, 2022 and 2021:

	Nine Months Ended September 30,
	2022			2021
	Shares	Amount		Shares	Amount
Share Repurchase Program	(1,565,083)	$	(33)	(53,374)	$	(1)
Issuance of Common Stock(1)	—	—		161,374,028	3,642
Net Proceeds from Share Transactions	(1,565,083)	$	(33)	161,320,654	$	3,641

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(1)Issuance of common stock for the 2021 Merger. Shares were issued at fair value of FSK common stock at the merger date.

During the nine months ended September 30, 2022, the administrator for the Company's distribution reinvestment plan, or DRP, purchased 1,816,180 shares of common stock in the open market at an average price per share of $21.67 (totaling $39) pursuant to the DRP, and distributed such shares to participants in the DRP. During the nine months ended September 30, 2021, the administrator for the DRP purchased 707,727 shares of common stock in the open market at an average price per share of $19.69 (totaling $14) pursuant to the DRP, and distributed such shares to participants in the DRP. During the period from October 1, 2022 to October 31, 2022, the administrator for the DRP purchased 747,844 shares of common stock in the open market at an average price per share of $18.26 (totaling $14) pursuant to the DRP, and distributed such shares to participants in the DRP. For additional information regarding the terms of the DRP, see Note 5.

Share Repurchase Program

On October 31, 2022, the board of directors approved a renewal of the previously approved stock repurchase program. The program will provide for aggregate purchases of the Company’s common stock in an amount up to $54, which is the aggregate amount remaining of the $100 amount originally approved by the board of directors. The timing, manner, price and amount of any share repurchases is determined by the Company based upon the evaluation of economic and market conditions, the Company’s stock price, applicable legal and regulatory requirements and other factors. The program does not require the Company to repurchase any specific number of shares and the Company cannot assure stockholders that any shares will be repurchased under the program. The program may be suspended, extended, modified or discontinued at any time.

During the nine months ended September 30, 2022, the Company repurchased 1,565,083 shares of common stock pursuant to the share repurchase program at an average price per share (inclusive of commissions paid) of $21.12 (totaling $33). During the nine months ended September 30, 2021, the Company repurchased 53,374 shares of common stock pursuant to the share repurchase program at an average price per share (inclusive of commissions paid) of $22.32 (totaling $1).

Acquisition of FSKR

In accordance with the terms of the 2020 Merger Agreement, at the time of the transactions contemplated by the 2020 Merger Agreement, each outstanding share of FSKR common stock was converted into the right to receive 0.9498 shares of the Company's common stock. As a result, the Company issued an aggregate of approximately 161,374,028 shares of its common stock to former FSKR stockholders.