EQUITY OFFERINGS AND RELATED EXPENSES

12 Months Ended

Dec. 31, 2022

EQUITY OFFERINGS AND RELATED EXPENSES

EQUITY OFFERINGS AND RELATED EXPENSES

NOTE 4 — EQUITY OFFERINGS AND RELATED EXPENSES

The table below illustrates the number of common stock shares the Company issued since inception through various equity offerings and pursuant to the Company’s DRIP.

												Average
	Number of	Gross		Underwriting		Offering		Fees Covered		Net		Offering
Issuance of Common Stock	Shares	Proceeds(1)(2)		fees		Expenses		by Advisor		Proceeds(3)		Price
Year ended December 31, 2012	12,035,023	$	180,522,093	$	4,959,720	$	835,500	$	—	$	174,726,873	$	14.90
Year ended December 31, 2013	63,998		899,964		—		—		—		899,964		14.06
Year ended December 31, 2014	380,936		5,485,780		75,510		29,904		—		5,380,366		14.47
Year ended December 31, 2017	3,465,922		48,741,406		1,358,880		307,021		—		47,075,505		14.06
Year ended December 31, 2018	7,931		93,737		—		—		—		93,737		11.85
Year ended December 31, 2019	3,177,936		45,862,995		1,015,127		559,261		37,546		44,326,153		14.43
Year ended December 31, 2020	354,257		5,023,843		5,680		84,592		66,423		4,999,994		14.40
Year ended December 31, 2021	31,592		449,515		6,744		53,327		4,255		393,699		14.23
Year ended December 31, 2022	149,174		2,070,935		31,066		530,842		87,605		1,596,632		13.88
Total	19,666,769	$	289,150,268	$	7,452,727	$	2,400,447	$	195,829	$	279,492,923

(1) Net of partial share redemptions. Such share redemptions impacted gross proceeds by $94, $757, $(1,051), $(142), $(31) and $(29) in 2020, 2019, 2018, 2017, 2016 and 2015, respectively.

(2) Includes common shares issued under the DRIP of $228,943 and $94,788 during the year ended December 31, 2020 and 2018, respectively; $0 for the years ended 2022, 2021, 2019, 2017, 2016 and 2015, and $390,505, $938,385, $113,000 for the years ended 2014, 2013, and 2012, respectively.

(3) Net Proceeds per this equity table will differ from the Statement of Assets and Liabilities as of December 31, 2022, 2021, and 2020 in the amount of $4,358,536, $3,317,652 and $1,456,439, respectively, which represents a tax reclassification of stockholders’ equity in accordance with generally accepted accounting principles. This reclassification reduces paid-in capital and increases distributable earnings (increasing accumulated undistributed net investment income).

The Company issued 149,174 shares during the year ended December 31, 2022 under the At-the-Market (“ATM”) Program, for gross proceeds of $2,070,935 and underwriting fees and other expenses of $474,304. The average per share offering price of shares issued in the ATM Program during 2022 was $13.88. Gross proceeds resulting from the ATM Program in 2021 and 2020 totaled $449,515 and $4,794,994 and underwriting fees and other expenses totaled $55,816 and $23,850, respectively. The average per share offering price of shares issued in the ATM Program during 2021 and 2020 was $14.23 and $14.42, respectively. The Advisor agreed to reimburse the Company for underwriting fees and expenses to the extent the per share price of the shares to the public, less underwriting fees, was less then net asset value per share. For the year ended December 31, 2022, the Advisor reimbursed the Company $87,605, which resulted in net proceeds of $2,127,474, or $14.26 per share, excluding the impact of offering expenses.

The Company did not issue any shares of common stock through the DRIP for the years ended December 31, 2022 and 2021.