Discretionary Repurchase of Shares of Common Stock and Distributions

3 Months Ended

Mar. 31, 2024

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 three months ended March 31, 2024 and 2023.

Quarter Ended	Purchase Price			Shares Repurchased		Amount Paid in Cash
Stock repurchased in connection with tender offer
March 29, 2024		$	25.10		192,187.05		$	4,823,944
Total					192,187.05		$	4,823,944

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			4,252,193
Total					273,744.19		$	6,998,331

*
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 shares of common stock repurchased in connection with the tender offer were recorded and paid out as capital activity for 2023.

The Company’s distributions are recorded on the record date. For the three months ended March 31, 2024 no distributions were declared to Stockholders and no distributions remained payable as of March 31, 2023.

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 three months ended March 31, 2024:

Date Declared	Record Date	Payment/Issuance Date	Amount Per Share		Amount Paid in Cash		Amount Settled via Newly Issued Shares		Total
For the three months ended March 31, 2024
December 31, 2023	December 31, 2023	January 31, 2024	$	0.79	$	2,961,399	$	3,000,821	$	5,962,220
			$	0.79	$	2,961,399	$	3,000,821	$	5,962,220

The following table summarizes the settlement of distributions declared and recorded as of December 31, 2022, and the subsequent payment and issuance of those distributions for the three months ended March 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 three months ended March 31, 2023:
December 31, 2022	December 31, 2022	January 26, 2023	$	0.66	$	2,169,650	$	2,181,430	$	4,351,080
Total			$	0.66	$	2,169,650	$	2,181,430	$	4,351,080