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Subsequent Events
12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

17. SUBSEQUENT EVENTS

 

Management evaluated subsequent events through the date on which the financial statements were issued. Other than the item listed below, there have been no subsequent events that occurred during such period that have required adjustment or disclosure in the financial statements.

Payment of Dividend

On January 13, 2025, the Company paid its regular quarterly dividend of $0.47 per common share relating to the fourth quarter of 2024 to stockholders of record as of the close of business on December 31, 2024. The total amount of the cash dividend payment was approximately $9.8 million. Also on January 13, 2025, the Company paid its special cash dividend of $0.18 per common share relating

to the year ended December 31, 2024 to stockholders of record as of the close of business on December 31, 2024. The total amount of the special cash dividend payment was approximately $3.8 million.

ATM Program

During the period from January 1, 2025 through March 12, 2025, the Company issued 64,557 shares of common stock under the ATM Program, at a weighted average selling price of $16.01, generating net proceeds of approximately $1.0 million.

Revolving Loan

During the period January 1, 2025 through March 12, 2025, the Company had net borrowings/(repayments) on the Revolving Loan of $(16.5) million. As of March 12, 2025, the Company has an outstanding balance of $38.5 million and remaining availability of $71.5 million on the Revolving Loan.