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Stockholders' Equity and Distributions | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Stockholders' Equity and Distributions | 7. Stockholders’ Equity and Distributions The Company has issued and outstanding 157,758,072 and 133,044,602 shares of common stock as of December 31, 2023 and December 31, 2022, respectively. The Company 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 the Company may offer and sell up to 25.0 million shares of our common stock from time to time through JMP or Jefferies, as the Company's sales agents. Sales of the Company's 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 the Company, JMP and Jefferies executed on May 9, 2022. Additionally, on August 7, 2023, the Company 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 common stock through an upsized public offering. The Company issued and sold the following shares of common stock during the years ended December 31, 2023, 2022, and 2021:
(in millions, except per share data)
Year Ending December 31, | Number of Shares Issued | Gross Proceeds |  | Underwriting Fees/Offering Expenses |  | Net Proceeds |  | Average Price/Share
2021 | 0.6 | $ | 10.8 |  |  | $ | 0.2 |  |  | $ | 10.6 |  |  | $ | 16.62 |
2022 | 14.6 | $ | 232.1 |  |  | $ | 2.4 |  |  | $ | 229.7 |  |  | $ | 15.77 |
2023 | 22.7 | $ | 344.3 |  |  | $ | 6.1 |  |  | $ | 338.2 |  |  | $ | 14.88 |
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 December 31, 2023, approximately 17.3 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 years ended December 31, 2023, 2022 and 2021:
(in thousands, except per share data)
Distribution Type | Declared Date | Record Date | Payment Date | Per Share Amount |  | Total Amount
Base | February 17, 2021 | March 8, 2021 | March 15, 2021 | $ | 0.32 |  |  | $ | 37,012 |
Supplemental | February 17, 2021 | March 8, 2021 | March 15, 2021 | 0.05 |  |  | 5,783 |
Base | April 21, 2021 | May 12, 2021 | May 19, 2021 | 0.32 |  |  | 37,053 |
Supplemental | April 21, 2021 | May 12, 2021 | May 19, 2021 | 0.07 |  |  | 8,105 |
Base | July 21, 2021 | August 11, 2021 | August 18, 2021 | 0.32 |  |  | 37,079 |
Supplemental | July 21, 2021 | August 11, 2021 | August 18, 2021 | 0.07 |  |  | 8,111 |
Base | October 21, 2021 | November 10, 2021 | November 17, 2021 | 0.33 |  |  | 38,306 |
Supplemental | October 21, 2021 | November 10, 2021 | November 17, 2021 | 0.07 |  |  | 8,126 |
Total distributions declared during the year ended December 31, 2021 | $ | 1.55 |  |  | $ | 179,575 |
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 |
Base | October 26, 2023 | November 15, 2023 | November 22, 2023 | 0.40 |  |  | 61,345 |
Supplemental | October 26, 2023 | November 15, 2023 | November 22, 2023 | 0.08 |  |  | 12,269 |
Total distributions declared during the year ended December 31, 2023 | $ | 1.90 |  |  | $ | 278,301 |
In 2023, for income tax purposes, the distributions paid of $1.90 per share were comprised of ordinary income. As of December 31, 2023, the Company estimates that it has generated undistributed taxable earnings “spillover” of $0.80 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 year ended December 31, 2023, 2022, and 2021, the Company issued 303,960 ,259,466, and 248,041 shares, respectively, of common stock to stockholders in connection with the dividend reinvestment plan.

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