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Stockholders' Equity and Distributions
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Stockholders' Equity and Distributions Stockholders’ Equity and Distributions
The Company has issued and outstanding 162,230,026 and 157,758,072 shares of common stock as of March 31, 2024 and December 31, 2023, respectively. The Company currently sell shares through its 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 its 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.
The Company issued and sold the following shares of common stock during the three months ended March 31, 2024 and 2023:
(in millions, except per share data)
Three Months Ended March 31,Number of Shares IssuedGross ProceedsUnderwriting Fees/Offering ExpensesNet ProceedsAverage Price/Share
20234.7$66.1 $0.8 $65.3 $14.03 
20243.7$67.3 $0.9 $66.4 $17.83 
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 March 31, 2024, approximately 13.6 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 three months ended March 31, 2024 and year ended December 31, 2023:
(in thousands, except per share data)
Distribution TypeDeclared DateRecord DatePayment DatePer Share AmountTotal Amount
BaseFebruary 9, 2023March 2, 2023March 9, 2023$0.39 $53,749 
SupplementalFebruary 9, 2023March 2, 2023March 9, 2023$0.08 $11,025 
BaseApril 27, 2023May 16, 2023May 23, 2023$0.39 $55,910 
SupplementalApril 27, 2023May 16, 2023May 23, 2023$0.08 $11,469 
BaseJuly 28, 2023August 18, 2023August 25, 2023$0.40 $60,445 
SupplementalJuly 28, 2023August 18, 2023August 25, 2023$0.08 $12,089 
BaseOctober 26, 2023November 15, 2023November 22, 2023$0.40 $61,345 
SupplementalOctober 26, 2023November 15, 2023November 22, 2023$0.08 $12,269 
Total distributions declared during the year ended December 31, 2023$1.90 $278,301 
BaseFebruary 8, 2024February 28, 2024March 6, 2024$0.40 $63,359 
SupplementalFebruary 8, 2024February 28, 2024March 6, 2024$0.08 $12,672 
Total distributions declared during the three months ended March 31, 2024$0.48 $76,031 
During the three months ended March 31, 2024, for income tax purposes, the distributions paid of $0.48 per share were comprised of ordinary income. As of March 31, 2024, the Company estimates that it has generated undistributed taxable earnings “spillover” of $0.88 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 three months ended March 31, 2024 and 2023, the Company issued 99,413 and 61,383 shares, respectively, of common stock to stockholders in connection with the dividend reinvestment plan.