Share Transactions

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Share Transactions

Note 6. Share Transactions

The Company is authorized to issue an unlimited number of common shares at $0.001 par value per share.

The following table summarizes the total shares issued and proceeds received during the year ended December 31, 2024:

Period Ended	Shares Issued		Proceeds Received
March 31, 2024		21,853	$	532,335
June 30, 2024		158,415		3,859,000
September 30, 2024		—		—
December 31, 2024		1,581,385		37,000,000
		1,761,653	$	41,391,335

The following table summarizes the total shares issued and proceeds received during the year ended December 31, 2023:

Period Ended	Shares Issued		Proceeds Received
March 31, 2023		44,339	$	1,088,965
June 30, 2023		18,186		445,000
September 30, 2023		637,710		15,694,043
December 31, 2023		38,744		950,000
		738,979		18,178,008

The following table summarizes the total shares issued and proceeds received during the year ended December 31, 2022:

Period Ended	Shares Issued		Proceeds Received
March 31, 2022		2,514,909	$	62,973,318
June 30, 2022		864,352		21,600,168
September 30, 2022		519,027		12,809,581
December 31, 2022		246,091		6,036,592
		4,144,379	$	103,419,659

Distributions

The Company may fund its cash distributions to shareholders from any sources of funds available to it, including offering proceeds, borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, dividends or other distributions paid to the Company on account of preferred and common equity investments in portfolio companies and fee and expense reimbursement waivers from the Adviser or the Administrator, if any. The Company has not established limits on the amount of funds it may use from available sources to make distributions. During certain periods, the Company’s distributions may exceed its taxable earnings. As a result, it is possible that a portion of the distributions the Company makes may represent a return of capital. A return of capital generally is a return of a shareholder’s investment rather than a return of earnings or gains derived from the Company’s investment activities.

With respect to distributions, the Company has adopted an “opt out” DRP for common shareholders. As a result, in the event of a declared distribution, each shareholder that has not “opted out” of the DRP will have their distributions automatically reinvested in additional common shares rather than receiving cash distributions. Shareholders who receive distributions in the form of common shares will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

The following table summarizes the distribution declarations and common shares issued pursuant to the DRP for the year ended December 31, 2024:

Date Declared	Record Date	Payment Date	Amount Per Share		Distribution Declared		DRP Shares Issued
March 1, 2024	March 5, 2024	March 21, 2024	$	0.77	$	8,116,595		79,402
May 9, 2024	May 14, 2024	June 20, 2024		0.70		7,325,374		50,065
August 7, 2024	August 13, 2024	September 19, 2024		0.68		6,998,094		24,587
November 6, 2024	November 12, 2024	December 19, 2024		0.67		7,303,916		19,969
			$	2.82	$	29,743,979		174,023

The following table summarizes the distribution declarations and common shares issued pursuant to the DRP for the year ended December 31, 2023:

Date Declared	Record Date	Payment Date	Amount Per Share		Distribution Declared		DRP Shares Issued
March 2, 2023	March 2, 2023	March 23, 2023	$	0.58	$	7,007,486		178,875
May 11, 2023	May 16, 2023	June 22, 2023		0.60		7,037,746		179,607
August 9, 2023	August 15, 2023	September 21, 2023		0.70		7,717,295		185,275
November 8, 2023	November 8, 2023	December 21, 2023		0.77		8,441,950		190,654
December 7, 2023	December 7, 2023	December 21, 2023		0.17		1,863,807		42,092
			$	2.82	$	32,068,284		776,503

The following table summarizes the distribution declarations and common shares issued pursuant to the DRP for the year ended December 31, 2022:

Date Declared	Record Date	Payment Date	Amount Per Share		Distribution Declared		DRP Shares Issued
March 29, 2022	March 29, 2022	April 29, 2022	$	0.34	$	3,497,617		—
May 12, 2022	May 12, 2022	June 24, 2022		0.39		4,380,471		191,613
August 11, 2022	August 15, 2022	September 28, 2022		0.56		6,642,777		167,824
November 16, 2022	November 16, 2022	December 21, 2022		0.58		7,120,089		179,707
			$	1.87	$	21,640,954		539,144

Share Repurchase Program

In the first quarter of 2023, the Company began offering, and on a quarterly basis, intends to continue offering, to repurchase up to 5% of the Company’s outstanding shares as of the close of the previous calendar quarter. Although the Company intends to offer to repurchase up to 5% of its common shares outstanding in each quarter, the Board has in the past, and may in the future, increase the size of the tender offer, if the Board determines such an increase to be in the best interest of the Company and its shareholders. The Board has complete discretion to determine whether the Company will offer to repurchase any of its common shares, and if so, the terms of such repurchase. At the discretion of the Board, the Company may use cash on hand, cash available from borrowings, and cash from the sale of investments as of the end of the applicable period to repurchase shares.

All shares purchased by the Company pursuant to the terms of each offer to repurchase will be retired and thereafter will be authorized and unissued shares.

Any periodic repurchase offers are subject in part to the Company’s available cash and compliance with the BDC and RIC qualification and diversification rules promulgated under the 1940 Act and the Code, respectively. While the Company intends to continue to conduct quarterly tender offers as described above, the Company is not required to do so and may suspend or terminate the share repurchase program at any time.

The following table presents the share repurchases completed during the year ended December 31, 2024:

Tender Offer Date	Tender Offer Expiration Date	Total Number of Shares the Company Offered to Repurchase		Price Paid per Share		Total Number of Shares Repurchased		Maximum Number of Shares that may yet be purchased under the repurchase plan (1)
January 12, 2024	February 9, 2024		736,400	$	24.36		677,139		—
April 15, 2024	May 10, 2024		531,022	$	24.36		314,031		—
July 15, 2024	August 9, 2024		525,744	$	23.98		223,570		—
October 11, 2024	November 8, 2024		722,113	$	23.42		695,492		—
							1,910,232

(1)All repurchase requests were satisfied in full.

The following table presents the share repurchases completed during the year ended December 31, 2023:

Tender Offer Date	Tender Offer Expiration Date	Total Number of Shares the Company Offered to Repurchase		Price Paid per Share		Total Number of Shares Repurchased		Maximum Number of Shares that may yet be purchased under the repurchase plan (1)
January 13, 2023	February 10, 2023		622,786	$	24.56		418,189		—
April 17, 2023	May 12, 2023		613,037	$	24.47		549,357		—
July 17, 2023	August 11, 2023		1,786,378	$	24.61		1,515,317		—
October 13, 2023	November 9, 2023		560,843	$	24.52		292,023		—
							2,774,886

(1)All repurchase requests were satisfied in full.