XML 29 R18.htm IDEA: XBRL DOCUMENT
v3.23.3

Stockholders' Equity and Distributions | 9 Months Ended
--- | ---
Sep. 30, 2023
Equity [Abstract] |
Stockholders' Equity and Distributions | Stockholders’ Equity and Distributions The Company has issued and outstanding 151,178,738 and 133,044,602 shares of common stock as of September 30, 2023 and December 31, 2022, respectively. We currently sell shares through our equity distribution agreement with JMP Securities LLC (“JMP”) and Jefferies LLC (“Jefferies”) (the “2023 Equity Distribution Agreement”) entered into on May 5, 2023. The 2023 Equity Distribution Agreement provides that we may offer and sell up to 25.0 million shares of our common stock from time to time through JMP or Jefferies, as our sales agents. Sales of our common stock, if any, may be made in negotiated transactions or transactions that are deemed to be “at the market,” as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”), including sales made directly on the NYSE or similar securities exchange or sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices. The 2023 Equity Distribution Agreement replaced the ATM equity distribution agreement between us, JMP and Jefferies executed on May 9, 2022. Additionally, on August 7, 2023, we entered into an underwriting agreement with Morgan Stanley & Co. LLC, UBS Securities, and Wells Fargo Securities, LLC as joint book-running managers to sell 6.5 million shares of our common stock through an upsized public offering. The Company issued and sold the following shares of common stock during the nine months ended September 30, 2023 and 2022:
(in millions, except per share data)
Nine Months Ended September 30, | Number of Shares Issued | Gross Proceeds |  | Underwriting Fees/Offering Expenses |  | Net Proceeds |  | Average Price/Share
2022 | 11.8 | $ | 192.1 |  |  | $ | 2.1 |  |  | $ | 190.0 |  |  | $ | 16.1 |
2023 | 16.2 | $ | 243.6 |  |  | $ | 5.3 |  |  | $ | 238.3 |  |  | $ | 14.7 |
The Company generally uses net proceeds from these offerings to make investments, to repurchase or pay down liabilities and for general corporate purposes. As of September 30, 2023, approximately 23.8 million shares remain available for issuance and sale under the current equity distribution agreement. The Company currently pays quarterly distributions to its stockholders. The following table summarizes the Company’s distributions declared during the nine months ended September 30, 2023 and year ended December 31, 2022:
(in thousands, except per share data)
Distribution Type | Declared Date | Record Date | Payment Date | Per Share Amount |  | Total Amount
Base | February 16, 2022 | March 9, 2022 | March 16, 2022 | $ | 0.33 |  |  | $ | 39,794 |
Supplemental | February 16, 2022 | March 9, 2022 | March 16, 2022 | $ | 0.15 |  |  | $ | 18,088 |
Base | April 27, 2022 | May 17, 2022 | May 24, 2022 | $ | 0.33 |  |  | $ | 41,245 |
Supplemental | April 27, 2022 | May 17, 2022 | May 24, 2022 | $ | 0.15 |  |  | $ | 18,748 |
Base | July 20, 2022 | August 9, 2022 | August 16, 2022 | $ | 0.35 |  |  | $ | 44,765 |
Supplemental | July 20, 2022 | August 9, 2022 | August 16, 2022 | $ | 0.15 |  |  | $ | 19,185 |
Base | October 13, 2022 | November 10, 2022 | November 17, 2022 | $ | 0.36 |  |  | $ | 47,472 |
Supplemental | October 13, 2022 | November 10, 2022 | November 17, 2022 | $ | 0.15 |  |  | $ | 19,780 |
Total distributions declared during the year ended December 31, 2022 | $ | 1.97 |  |  | $ | 249,077 |
Base | February 9, 2023 | March 2, 2023 | March 9, 2023 | $ | 0.39 |  |  | $ | 53,749 |
Supplemental | February 9, 2023 | March 2, 2023 | March 9, 2023 | $ | 0.08 |  |  | $ | 11,025 |
Base | April 27, 2023 | May 16, 2023 | May 23, 2023 | $ | 0.39 |  |  | $ | 55,910 |
Supplemental | April 27, 2023 | May 16, 2023 | May 23, 2023 | $ | 0.08 |  |  | $ | 11,469 |
Base | July 28, 2023 | August 18, 2023 | August 25, 2023 | $ | 0.40 |  |  | $ | 60,445 |
Supplemental | July 28, 2023 | August 18, 2023 | August 25, 2023 | $ | 0.08 |  |  | $ | 12,089 |
Total distributions declared during the nine months ended September 30, 2023 | $ | 1.42 |  |  | $ | 204,687 |
During the nine months ended September 30, 2023, for income tax purposes, the distributions paid of $1.42 per share were comprised of ordinary income. As of September 30, 2023, the Company estimates that it has generated undistributed taxable earnings “spillover” of $1.03 per share. The undistributed taxable earnings spillover will be carried forward toward distributions to be paid in accordance with RIC requirements. The Company has a distribution reinvestment plan, whereby the Company may buy shares of its common stock in the open market or issue new shares in order to satisfy dividend reinvestment requests. When the Company issues new shares in connection with the dividend reinvestment plan, the issue price is equal to the closing price of its common stock on the dividend record date. During the nine months ended September 30, 2023 and 2022, the Company issued 197,592 and 184,197 shares, respectively, of common stock to stockholders in connection with the dividend reinvestment plan.

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-6 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-6 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14 Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 16 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-16 Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration