XML 37 R18.htm IDEA: XBRL DOCUMENT v3.25.0.1
Stockholders' Equity and Distributions
 12 Months Ended
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 IssuedGross ProceedsUnderwriting Fees/Offering ExpensesNet ProceedsAverage Price/Share
202411.7$220.9 $2.6 $218.3 $18.62 
2023(1)
22.7$344.3 $6.1 $338.2 $14.88 
202214.6$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 TypeDeclared DateRecord DatePayment DatePer Share AmountTotal Amount
BaseFebruary 16, 2022March 9, 2022March 16, 2022$0.33 $39,794 
SupplementalFebruary 16, 2022March 9, 2022March 16, 20220.15 18,088 
BaseApril 27, 2022May 17, 2022May 24, 20220.33 41,245 
SupplementalApril 27, 2022May 17, 2022May 24, 20220.15 18,748 
BaseJuly 20, 2022August 9, 2022August 16, 20220.35 44,765 
SupplementalJuly 20, 2022August 9, 2022August 16, 20220.15 19,185 
BaseOctober 13, 2022November 10, 2022November 17, 20220.36 47,472 
SupplementalOctober 13, 2022November 10, 2022November 17, 20220.15 19,780 
Total distributions declared during the year ended December 31, 2022$1.97 $249,077 
BaseFebruary 9, 2023March 2, 2023March 9, 2023$0.39 $53,749 
SupplementalFebruary 9, 2023March 2, 2023March 9, 20230.08 11,025 
BaseApril 27, 2023May 16, 2023May 23, 20230.39 55,910 
SupplementalApril 27, 2023May 16, 2023May 23, 20230.08 11,469 
BaseJuly 28, 2023August 18, 2023August 25, 20230.40 60,445 
SupplementalJuly 28, 2023August 18, 2023August 25, 20230.08 12,089 
BaseOctober 26, 2023November 15, 2023November 22, 20230.40 61,345 
SupplementalOctober 26, 2023November 15, 2023November 22, 20230.08 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, 20240.08 12,672 
BaseApril 25, 2024May 14, 2024May 21, 20240.40 64,912 
SupplementalApril 25, 2024May 14, 2024May 21, 20240.08 12,982 
BaseJuly 25, 2024August 13, 2024August 20, 20240.40 64,953 
SupplementalJuly 25, 2024August 13, 2024August 20, 20240.08 12,990 
BaseOctober 24, 2024November 13, 2024November 20, 20240.40 66,980 
SupplementalOctober 24, 2024November 13, 2024November 20, 20240.08 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.