Stock Issuances and Share Repurchase Program

3 Months Ended

Mar. 31, 2023

Stock Issuances and Share Repurchase Program

Stock Issuances and Share Repurchase Program

Note 10. Stock Issuances and Share Repurchase Program

Stock Issuances

As of March 31, 2023, the total number of shares of all classes of capital stock that the Company has the authority to issue was 100,000,000 shares of common stock, par value $0.001 per share.

The following table summarizes the issuance of shares during the three months ended March 31, 2023 and 2022:

	Price Per
Date	Share		Shares Issued	Proceeds
Three months ended March 31, 2023:
March 16, 2023	$	10.13	9,474,500	$	95,977
Total			9,474,500	$	95,977

	Price Per
Date	Share		Shares Issued	Proceeds
Three months ended March 31, 2022:
March 15, 2022	$	10.10	12,173,590	$	122,953
Total			12,173,590	$	122,953

During the three months ended March 31, 2023 and 2022, the Company also issued 664,510 and 217,369 shares, with an aggregate value of $6,731 and $2,195, respectively, under the DRIP as disclosed in Note 9.

Share Repurchase Program

During 2022, the Company commenced a quarterly share repurchase program in which the Company intends to repurchase, in each quarter, up to 5% of the shares of common stock outstanding as of the close of the previous calendar quarter (the “Share Repurchase Program”), subject to the discretion of the Board. Any such repurchases are subject to approval by the Board, in its discretion, and the availability of cash to fund such repurchases. The Board may amend, suspend or terminate the share repurchase program if it deems such action to be in the Company’s best interest and the best interest of the Company’s stockholders. As a result, share repurchases may not be available each quarter. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 under the Securities Exchange Act of 1934 and the 1940 Act and subject to compliance with applicable covenants and restrictions under the Company’s financing arrangements. All shares repurchased by the Company pursuant to the terms of each tender offer will be redeemed and thereafter will be authorized and unissued shares.

The following table summarizes the total shares repurchased that were validly tendered under the Share Repurchase Program and not withdrawn during the three months ended March 31, 2023:

	Price		Shares
Date	Per Share		Repurchased	Total Cost
Three months ended March 31, 2023:
March 30, 2023	$	10.13	906,750	$	9,185
Total			906,750	$	9,185

There were no shares repurchased during the three months ended March 31, 2022.