COMMON STOCK

12 Months Ended

Dec. 31, 2023

COMMON STOCK [Abstract]

COMMON STOCK

NOTE 7 — COMMON STOCK

In connection with its formation, the Company authorized 100,000,000 shares of its common stock with a par value of $0.01 per share. On June 15, 2021, the Company was initially capitalized by the issuance of 386 shares of its common stock for an aggregate purchase price of $5,400 to SSC.

Initial Public Offering

On February 4, 2022, the Company completed its initial public offering of 6,214,286 shares of common stock at a price of $14.00 per share, inclusive of the underwriters’ option to purchase additional shares, which was exercised on March 1, 2022, and raised capital of approximately $85 million (net of approximately $2 million of offering costs).

Distributions

The following table summarizes distributions declared and/or paid by the Company during the year ended December 31, 2023:

Declaration Date	Type	Record Date	Payment Date	Per Share Amount		Dividends Paid
August 10, 2023	Quarterly	September 15, 2023	September 29, 2023	$	0.23	$	1,429,375
August 10, 2023	Special	September 15, 2023	September 29, 2023	$	0.40	$	2,485,869
November 9, 2023	Quarterly	December 20, 2023	December 29, 2023	$	0.25	$	1,553,676
November 9, 2023	Special	December 20, 2023	December 29, 2023	$	0.45	$	2,796,617

The Company did not make any distributions during the period from April 1, 2022 through December 31, 2022 or the year ended March 31, 2022.

Dividend Reinvestment Plan

The Company’s dividend reinvestment plan (“DRIP”) provides for the reinvestment of distributions in the form of common stock on behalf of its stockholders, unless a stockholder has elected to receive distributions in cash. As a result, if the Company declares a cash distribution, its stockholders who have not “opted out” of the DRIP by the opt out date will have their cash distribution automatically reinvested into additional shares of the Company’s common stock. The share requirements of the DRIP may be satisfied through the issuance of common shares or through open market purchases of common shares by the DRIP plan administrator.

The Company’s DRIP is administered by its transfer agent on behalf of the Company’s record holders and participating brokerage firms. Brokerage firms and other financial intermediaries may decide not to participate in the Company’s DRIP but may provide a similar dividend reinvestment plan for their clients. During the year ended December 31, 2023, the Company issued the following shares of common stock under the DRIP:

Declaration Date	Type	Record Date	Payment Date	Shares
August 10, 2023	Quarterly	September 15, 2023	September 29, 2023		12
August 10, 2023	Special	September 15, 2023	September 29, 2023		21
November 9, 2023	Quarterly	December 20, 2023	December 29, 2023		84
November 9, 2023	Special	December 20, 2023	December 29, 2023		152

During the period from April 1, 2022 through December 31, 2022 and the year ended March 31, 2022, the Company issued no new shares of common stock under the DRIP.