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Stockholders' Equity and Distributions | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Stockholders' Equity and Distributions | Stockholders’ Equity and Distributions The Company has issued and outstanding 170,575 thousand and 157,758 thousand shares of common stock as of December 31, 2024 and December 31, 2023, respectively. The Company currently sell shares through its equity distribution agreements (the "2024 Equity Distribution Agreements") with Citizens JMP Securities LLC and Jefferies LLC (the "Sales Agents") entered into on December 12, 2024. The 2024 Equity Distribution Agreements provide that the Company may offer and sell up to 30.0 million shares of its common stock from time to time through the 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 2024 Equity Distribution Agreements replaced the ATM equity distribution agreements between the Company and the Sales Agents executed on May 5, 2023. The Company issued and sold the following shares of common stock during the years ended December 31, 2024, 2023, and 2022:
(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
2024 | 11.7 | $ | 220.9 |  |  | $ | 2.6 |  |  | $ | 218.3 |  |  | $ | 18.62 |
2023(1) | 22.7 | $ | 344.3 |  |  | $ | 6.1 |  |  | $ | 338.2 |  |  | $ | 14.88 |
2022 | 14.6 | $ | 232.1 |  |  | $ | 2.4 |  |  | $ | 229.7 |  |  | $ | 15.77 |
(1)Included in the activity, is 6.5 million shares of common stock sold through an upsized public offering on August 7, 2023 pursuant to an underwriting agreement with Morgan Stanley & Co. LLC, UBS Securities, and Wells Fargo Securities, LLC as joint book-running managers. 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, 2024, approximately 30.0 million shares remain available for issuance and sale under the 2024 Equity Distribution Agreements. The Company currently pays quarterly distributions to its stockholders. The following table summarizes the Company’s distributions declared during the years ended December 31, 2024, 2023 and 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 |
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 |
Base | February 8, 2024 | February 28, 2024 | March 6, 2024 | $ | 0.40 |  |  | $ | 63,359 |
Supplemental | February 8, 2024 | February 28, 2024 | March 6, 2024 | 0.08 |  |  | 12,672 |
Base | April 25, 2024 | May 14, 2024 | May 21, 2024 | 0.40 |  |  | 64,912 |
Supplemental | April 25, 2024 | May 14, 2024 | May 21, 2024 | 0.08 |  |  | 12,982 |
Base | July 25, 2024 | August 13, 2024 | August 20, 2024 | 0.40 |  |  | 64,953 |
Supplemental | July 25, 2024 | August 13, 2024 | August 20, 2024 | 0.08 |  |  | 12,990 |
Base | October 24, 2024 | November 13, 2024 | November 20, 2024 | 0.40 |  |  | 66,980 |
Supplemental | October 24, 2024 | November 13, 2024 | November 20, 2024 | 0.08 |  |  | 13,396 |
Total distributions declared during the year ended December 31, 2024 | $ | 1.92 |  |  | $ | 312,244 |
In 2024, for income tax purposes, the distributions paid of $1.92 per share were comprised of $1.81 per share of ordinary income and $0.11 per share of long-term capital gains. As of December 31, 2024, the Company estimates that it has generated undistributed taxable earnings “spillover” of $0.96 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 years ended December 31, 2024, 2023, and 2022, the Company issued 471,949, 303,960, and 259,466 shares, respectively, of common stock to stockholders in connection with the dividend reinvestment plan.

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