Stock Issuances and Share Repurchase Program

9 Months Ended

Sep. 30, 2025

Stockholders' Equity Note [Abstract]

Stock Issuances and Share Repurchase Program

Stock Issuances and Share Repurchase Program

Stock Issuances

As of September 30, 2025, the total number of shares of all classes of capital stock that the Company has the authority to issue was 600,000,000 shares of common stock, par value $0.001 per share.

The following tables summarize the issuance of shares during the nine months ended September 30, 2025 and 2024:

Date	Price Per Share		Shares Issued	Proceeds
Nine months ended September 30, 2025:
March 20, 2025	$	10.37	36,340,819	$	376,854
May 19, 2025	10.33		10,639,149	109,903
September 2, 2025	10.19		22,257,960	226,808
Total			69,237,928	$	713,565

Date	Price Per Share		Shares Issued	Proceeds
Nine months ended September 30, 2024:
March 15, 2024	$	10.24	25,864,010	$	264,847
May 16, 2024	10.34		11,786,647	121,874
August 16, 2024	10.34		15,732,189	162,671
Total			53,382,846	$	549,392

During the nine months ended September 30, 2025 and 2024, the Company also issued 7,711,775 and 5,262,689 shares, with an aggregate value of $79,529 and $54,276, 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 pursuant to tender 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 Company has adopted a DRIP that provides for the reinvestment of dividends and other distributions on behalf of its stockholders that elect to participate in such plan. When the Company declares a dividend or distribution, the Company’s stockholders’ cash distributions will only be reinvested in additional shares of the Company’s common stock if a stockholder specifically “opts in” to the DRIP at least ten (10) days prior to the record date fixed by the Board. Shares issued under the DRIP were issued at a price per share equal to the NAV per share as of the last day of the Company’s fiscal quarter immediately preceding the date that the distribution was declared. See Note 14 for additional information on the Company’s distributions and Second Amended and Restated DRIP, as defined below.

The following tables summarize the total shares repurchased that were validly tendered and not withdrawn in tender offers under the Share Repurchase Program during the nine months ended September 30, 2025 and 2024:

Date	Price Per Share		Shares Repurchased	Total Cost
Nine months ended September 30, 2025:
March 28, 2025	$	10.37	774,968	$	8,037
May 28, 2025	$	10.33	1,391,450	14,373
September 19, 2025	$	10.19	3,773,412	38,451
Total			5,939,830	$	60,861

Date	Price Per Share		Shares Repurchased	Total Cost
Nine months ended September 30, 2024:
March 28, 2024	$	10.24	1,996,254	$	20,442
June 27, 2024	$	10.34	1,142,195	11,810
September 27, 2024	$	10.34	1,752,160	18,118
Total			4,890,609	$	50,370