Discretionary Repurchase of Shares of Common Stock and Distributions

12 Months Ended

Dec. 31, 2023

Discretionary Repurchase of Shares of Common Stock and Distributions [Abstract]

Discretionary Repurchase of Shares of Common Stock and Distributions

Note 10. Discretionary Repurchase of Shares of Common Stock and Distributions

Beginning with the quarter ended September 30, 2022, the Company began to conduct quarterly tender offers, at the Board’s discretion, in accordance with the requirements of Rule 13e-4 under the Exchange Act and the 1940 Act, to permit Stockholders to tender their shares of common stock at a specific per share price (“Purchase Price”) based on the Company’s NAV as of the last date of the quarter in which the tender offer is conducted. The Company intends to conduct each tender offer to repurchase up to 2.5% of the number of shares of common stock outstanding as of the end of the prior quarter in which the tender offer is conducted, subject to numerous restrictions that limit Stockholders’ ability to sell their shares of common stock.

The following tables summarize the repurchase of shares for the years ended December 31, 2023 and 2022.

Quarter Ended	Purchase Price		Shares Repurchased		Amount Paid in Cash
Stock repurchased in connection with tender offer
December 31, 2022*	$	25.21		108,930.54	$	2,746,138
March 31, 2023		25.80		164,813.65		4,252,192
June 30, 2023		26.06		180,212.21		4,696,330
September 30, 2023		26.01		186,750.79		4,857,388
December 31, 2023**		24.78		189,086.61		4,700,693
Total				829,793.80	$	21,252,741

*On December 15, 2022 the Company commenced a tender offer for repurchase of common shares. The tender offer expired on January 16, 2023 and the stock repurchased in connection with the tender offer was recorded and paid out as capital activity for 2023.

**As of December 31, 2023, stock repurchased in connection with tender offers remained payable as shown in redemptions payable on the Consolidated Statements of Assets and Liabilities.

Quarter Ended	Purchase Price		Shares Repurchased		Amount Paid in Cash
Stock repurchased in connection with tender offer
September 30, 2022	$	25.78		99,486.14	$	2,564,753
Total				99,486.14	$	2,564,753

The Company’s distributions are recorded on the record date. For the year ended December 31, 2023, distributions declared to Stockholders totaled $22,100,792 of which $8,031,160 was paid as a cash distribution and $7,996,521 was paid in the form of 313,588 shares of the Company’s common stock issued to existing Stockholders. Subsequent to December 31, 2023, distributions of $3,008,410 will be paid out in cash and $3,064,701 will be paid in the form of the Company's common stock issued to existing shareholders. Distribution payments have been made in accordance with Stockholders DRP payment election as disclosed in Note 2.

The following table summarizes the settlement of distributions declared and recorded as of December 31, 2023 and the subsequent payment and issuance of those distributions for the year ended December 31, 2023:

Date Declared	Record Date	Payment/Issuance Date	Amount Per Share		Amount Paid in Cash		Amount Settled via Newly Issued Shares		Total
For the year ended December 31, 2023
April 3, 2023	April 3, 2023	May 5, 2023	$	0.69	$	2,485,103	$	2,488,754	$	4,973,857
July 3, 2023	July 3, 2023	July 31, 2023		0.69		2,583,154		2,571,168		5,154,322
October 4, 2023	October 4, 2023	November 10, 2023		0.78		2,962,903		2,936,599		5,899,502
December 29, 2023	December 31, 2023	January 31, 2024		0.79		3,008,410		3,064,701		6,073,111
Total			$	2.95	$	11,039,570	$	11,061,222	$	22,100,792

As of December 31, 2023, $6,073,111 of distributions declared and recorded remained payable as shown in distributions payable on the Consolidated Statements of Assets and Liabilities. As of December 31, 2023, $10,177,951 of distributions as shown in stock issued in connection with dividend reinvestment plan on the Statements of Changes in Net Assets includes the effect of distributions payable as of December 31, 2022.

The following table summarizes the settlement of distributions declared and recorded as of December 31, 2022, and for the year ended December 31, 2022 and the subsequent payment and issuance of those distributions for the year ended December 31, 2022:

Date Declared	Record Date	Payment/Issuance Date	Amount Per Share		Amount Paid in Cash		Amount Settled via Newly Issued Shares		Total
For the year ended December 31, 2022:
May 18, 2022	May 18, 2022	May 20, 2022	$	0.30	$	626,388	$	560,883	$	1,187,271
June 30, 2022	June 30, 2022	July 29, 2022		0.57		1,346,329		921,955		2,268,284
October 4, 2022	October 4, 2022	November 4, 2022		0.66		1,628,714		1,247,052		2,875,766
December 31, 2022	December 31, 2022	January 26, 2023		0.66		2,169,650		2,181,430		4,351,080
Total			$	2.19	$	5,771,081	$	4,911,320	$	10,682,401

The following table summarizes the settlement of distributions declared and recorded as of December 31, 2021 and for the period from May 14, 2021 to December 31, 2021 and the subsequent payment and issuance of those distributions for the period from May 14, 2021 to December 31, 2021:

Date Declared	Record Date	Payment/Issuance Date	Amount Per Share		Amount Paid in Cash		Amount Settled via Newly Issued Shares		Total
Period from May 14, 2021* to December 31, 2021:
August 10, 2021	August 10, 2021	August 20, 2021	$	0.13	$	568	$	300,751	$	301,319
November 10, 2021	November 10, 2021	November 19, 2021		0.18		318,225		145,175		463,400
December 31, 2021	December 31, 2021	January 14, 2022		0.46		662,190		615,437		1,277,627
Total			$	0.77	$	980,983	$	1,061,363	$	2,042,346