Stockholders' Equity

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders' Equity

At-The-Market Program

    In March 2017, the Company entered into an equity distribution agreement with JMP Securities LLC, which was amended on June 5, 2020, under which the Company may offer and sell up to $100.0 million shares of common stock in an At-The-Market equity offering. During the year ended December 31, 2021, the Company did not sell shares under this agreement. During the year ended December 31, 2020, the Company sold 6,034,741 shares under the agreement with an average price of $3.70,for total net proceeds of approximately $22.0 million.

Stock Repurchase Program

    In December 2021, The Company extended its share repurchase program as authorized by its Board of Directors. Under the extended program, the Company is permitted to repurchase up to 3,000,000 shares of its common stock through December 31, 2023. The previous authorization expired on December 31, 2021. Any purchases made pursuant to the program will be made in the open market, in privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rules 10b5-1 and 10b-18 of the Securities and Exchange Commission Act of 1934, as amended. The authorization does not obligate the Company to acquire any particular amount of common shares, or any shares at all, and the program may be suspended or discontinued at the Company's discretion without prior notice.

In the fourth quarter of 2021, the Company repurchased 479,808 shares of common stock with a weighted average price of $2.27. The repurchased stock was not retired and will be accounted for as treasury stock.

Convertible Notes Exchange

    On July 1, 2020, the Company issued an aggregate of 1,354,084 shares of its common stock in exchange for $5.0 million aggregate principal amount of its 2022 Notes. See Note 7 - "Financings" for additional information related to the Exchange Agreement.

Dividends

    To preserve liquidity, the Company suspended its common stick dividend during the first and second quarter of 2020 given extraordinary market volatility driven by uncertainty surrounding the COVID-19 pandemic. Begining in the third quarter of 2020, the Company resumed payment of the quarterly dividend after making progress strengthening its balance sheet and improving liquidity and earnings power of its investment portfolio.

    The following table presents cash dividends declared and paid by the Company on its common stock:

Declaration Date	Record Date	Payment Date	Amount per Share		Tax Characterization
2021
December 21, 2021	December 31, 2021	January 26, 2022	$	0.06	Not yet determined	(1)
September 23, 2021	October 4, 2021	October 26, 2021	$	0.06	Return of capital
June 22, 2021	July 2, 2021	July 26, 2021	$	0.06	Return of capital
March 23, 2021	April 2, 2021	April 26, 2021	$	0.06	Return of capital
2020
December 17, 2020	December 28, 2020	January 26, 2021	$	0.06	Return of capital	(2)
September 22, 2020	October 2, 2020	October 26, 2020	$	0.05	Return of capital

(1)The cash distributions made on January 26, 2022, with a record date of December 31, 2021, are treated as received by stockholders on January 26, 2022 and taxable in calendar year 2022. The tax characterization of these distributions will be determined in January 2023.

(2)The cash distributions made on January 26, 2021, with a record date of December 28, 2020, were treated as received by stockholders on January 26, 2021 and taxable in calendar year 2021 as return of capital.