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Distributions | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Distributions | Distributions From February 1, 2014 through July 17, 2017, the Company’s board of directors authorized and declared on a monthly basis a weekly distribution amount per share of common stock. On July 18, 2017, the Company's board of directors authorized and declared on a quarterly basis a weekly distribution amount per share of common stock. Effective September 28, 2017, the Company's board of directors delegated to management the authority to determine the amount, record dates, payment dates and other terms of distributions to shareholders, which will be ratified by the board of directors on a quarterly basis. Beginning on March 19, 2020, management changed the timing of declaring distributions from quarterly to monthly and temporarily suspended the payment of distributions to shareholders commencing with the month ended April 30, 2020, whether in cash or pursuant to the Old DRP. On July 15, 2020, the board of directors determined to recommence the payment of distributions to shareholders in August 2020. On September 15, 2021, management changed the timing of declaring and paying base distributions to shareholders from monthly to quarterly commencing with the fourth quarter of 2021. Base distributions in respect of future quarters and any supplemental or special distributions will be evaluated by management and the board of directors based on circumstances and expectations existing at the time of consideration. The Company’s management declared and the Company's board of directors ratified distributions for 6, 7 and 5 record dates during the years ended December 31, 2024, 2023 and 2022, respectively. The following table presents distributions per share that were declared during the years ended December 31, 2024, 2023 and 2022:
|  | Distributions
Three Months Ended |  | Per Share |  | Amount
2022 |  |  |  |
March 31, 2022 (one record date) |  | $ | 0.28 |  |  | $ | 15,948 |
June 30, 2022 (one record date) |  | 0.28 |  |  | 15,949 |
September 30, 2022 (one record date) |  | 0.31 |  |  | 17,604 |
December 31, 2022 (two record dates) |  | 0.58 |  |  | 32,074 |
Total distributions for the year ended December 31, 2022 |  | $ | 1.45 |  |  | $ | 81,575 |
2023 |  |  |  |
March 31, 2023 (one record date) |  | $ | 0.34 |  |  | $ | 18,687 |
June 30, 2023 (one record date) |  | 0.34 |  |  | 18,614 |
September 30, 2023 (two record dates) |  | 0.39 |  |  | 21,276 |
December 31, 2023 (three record dates) |  | 0.54 |  |  | 29,290 |
Total distributions for the year ended December 31, 2023 |  | $ | 1.61 |  |  | $ | 87,867 |
2024 |  |  |  |
March 31, 2024 (one record date) |  | $ | 0.34 |  |  | $ | 18,279 |
June 30, 2024 (two record dates) |  | 0.41 |  |  | 21,960 |
September 30, 2024 (one record date) |  | 0.36 |  |  | 19,234 |
December 31, 2024 (two record dates) |  | 0.41 |  |  | 21,835 |
Total distributions for the year ended December 31, 2024 |  | $ | 1.52 |  |  | $ | 81,308 |
On March 10, 2025, the Company’s co-chief executive officers declared a quarterly base distribution of $0.36 per share for the first quarter of 2025 payable on April 11, 2025 to shareholders of record as of March 28, 2025. In connection with the Listing of its shares of common stock on the NYSE, on September 15, 2021, the Company terminated the Old DRP. The final distribution reinvestment under the Old DRP was made as part of the monthly base distribution paid on September 14, 2021. On September 15, 2021, the Company adopted the New DRP, which became effective as of the Listing and first applied to the reinvestment of distributions paid on December 8, 2021. Under the Old DRP and prior to the Listing, distributions to participating shareholders who “opted in” to the Old DRP were reinvested in additional shares of the Company's common stock at a purchase price equal to the estimated NAV per share of common stock as of the date of issuance. Upon the Listing, all shareholders were automatically enrolled in the New DRP and will receive distributions as declared by the Company in additional shares of its common stock unless such shareholder affirmatively elects to receive an entire distribution in cash by notifying (i) such shareholder’s financial adviser; or (ii) if such shareholder has a registered account maintained at the Company’s transfer agent, the plan administrator. With respect to distributions to participating shareholders under the New DRP, the Company reserves the right to either issue new shares or cause the plan administrator to purchase shares in the open market in connection with implementation of the New DRP. Unless the Company, in its sole discretion, otherwise directs DST Asset Management Solutions, Inc., the plan administrator, (A) if the per share “market price” (as defined in the New DRP) is equal to or greater than the estimated NAV per share on the payment date for the distribution, then the Company will issue shares at the greater of (i) the estimated NAV or (ii) 95% of the market price, or (B) if the market price is less than the estimated NAV, then, in the Company’s sole discretion, (i) shares will be purchased in open market transactions for the accounts of participating shareholders to the extent practicable, or (ii) the Company will issue shares at the estimated NAV. Pursuant to the terms of the New DRP, the number of shares to be issued to a participating shareholder will be determined by dividing the total dollar amount of the distribution payable to a participating shareholder by the price per share at which the Company issues such shares; provided, however, that shares purchased in open market transactions by the plan administrator will be allocated to a participating shareholder based on the weighted average purchase price, excluding any brokerage charges or other charges, of all shares purchased in the open market with respect to such distribution. If a shareholder receives distributions in the form of common stock pursuant to the New DRP, such shareholder generally will be subject to the same federal, state and local tax consequences as if they elected to receive distributions in cash. If the Company’s common stock is trading at or below NAV, a shareholder receiving distributions in the form of additional common stock will be treated as receiving a distribution in the amount of cash that such shareholder would have received if they had elected to receive the distribution in cash. If the Company’s common stock is trading above NAV, a shareholder receiving distributions in the form of additional common stock will be treated as receiving a distribution in the amount of the fair market value of the Company’s common stock. The shareholder’s basis for determining gain or loss upon the sale of common stock received in a distribution will be equal to the total dollar amount of the distribution payable to the shareholder. Any stock received in a distribution will have a holding period for tax purposes commencing on the day following the day on which the shares of common stock are credited to the shareholder’s account. The following table provides information concerning the Company’s purchases of shares of its common stock in the open market during the years ended December 31, 2023 and 2024 pursuant to the New DRP in order to satisfy the reinvestment portion of the Company’s distributions:
Period |  | Total Number of Shares Purchased |  | Average Price Paid per Share |  | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |  | Approximate Dollar Value of Shares That May Yet Be Purchased Under Publicly Announced Plans or Programs
2023 |  |  |  |  |  |  |  |
January 1 to January 31, 2023 |  | 146,946 |  |  | $ | 11.19 |  |  | 146,946 |  |  | (1)
February 1 to February 28, 2023 |  | — |  |  | — |  |  | — |  |  | — |
March 1 to March 31, 2023 |  | 204,427 |  |  | 9.78 |  |  | 204,427 |  |  | (1)
April 1 to April 30, 2023 |  | — |  |  | — |  |  | — |  |  | — |
May 1 to May 31, 2023 |  | — |  |  | — |  |  | — |  |  | — |
June 1 to June 30, 2023 |  | 174,424 |  |  | 10.71 |  |  | 174,424 |  |  | (1)
July 1 to July 31, 2023 |  | — |  |  | — |  |  | — |  |  | — |
August 1 to August 31, 2023 |  | — |  |  | — |  |  | — |  |  | — |
September 1 to September 30, 2023 |  | 160,383 |  |  | 11.10 |  |  | 160,383 |  |  | (1)
October 1 to October 31, 2023 |  | 25,764 |  |  | 10.30 |  |  | 25,764 |  |  | (1)
November 1 to November 30, 2023 |  | — |  |  | — |  |  | — |  |  | — |
December 1 to December 31, 2023 |  | 139,731 |  |  | 11.66 |  |  | 139,731 |  |  | (1)
Total for the year ended December 31, 2023 |  | 851,675 |  |  | $ | 10.79 |  |  | 851,675 |  |  | (1) |
2024 |  |  |  |  |  |  |  |
January 1 to January 31, 2024 |  | 92,108 |  |  | $ | 11.05 |  |  | 92,108 |  |  | (1)
February 1 to February 29, 2024 |  | — |  |  | — |  |  | — |  |  | — |
March 1 to March 31, 2024 |  | 170,571 |  |  | 11.09 |  |  | 170,571 |  |  | (1)
April 1 to April 30, 2024 |  | — |  |  | — |  |  | — |  |  | — |
May 1 to May 31, 2024 |  | — |  |  | — |  |  | — |  |  | — |
June 1 to June 30, 2024 |  | 135,440 |  |  | 12.44 |  |  | 135,440 |  |  | (1)
July 1 to July 31, 2024 |  | 18,789 |  |  | 12.51 |  |  | 18,789 |  |  | (1) |
August 1 to August 31, 2024 |  | — |  |  | — |  |  | — |  |  | — |
September 1 to September 30, 2024 |  | 131,659 |  |  | 12.10 |  |  | 131,659 |  |  | (1)
October 1 to October 31, 2024 |  | — |  |  | — |  |  | — |  |  | — |
November 1 to November 30, 2024 |  | — |  |  | — |  |  | — |  |  | — |
December 1 to December 31, 2024 |  | 130,792 |  |  | 11.85 |  |  | 130,792 |  |  | (1)
Total for the year ended December 31, 2024 |  | 679,359 |  |  | $ | 11.74 |  |  | 679,359 |  |  | (1)
(1) See the description of the New DRP above. The Company may fund its distributions to shareholders from any sources of funds available to the Company, including borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, and dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies. Any such distributions can only be sustained if the Company maintains positive investment performance in future periods. There can be no assurances that the Company will maintain such performance in order to sustain these distributions or be able to pay distributions at all. The Company has not established limits on the amount of funds it may use from available sources to make distributions. The following table reflects the sources of distributions on a GAAP basis that the Company has declared on its shares of common stock during the years ended December 31, 2024, 2023 and 2022:
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Source of Distribution |  | Per Share |  | Amount |  | Percentage |  | Per Share |  | Amount |  | Percentage |  | Per Share |  | Amount |  | Percentage
Net investment income |  | $ | 1.52 |  |  | $ | 81,308 |  |  | 100.0 | % |  | $ | 1.61 |  |  | $ | 87,867 |  |  | 100.0 | % |  | $ | 1.45 |  |  | $ | 81,575 |  |  | 100.0 | %
Total distributions |  | $ | 1.52 |  |  | $ | 81,308 |  |  | 100.0 | % |  | $ | 1.61 |  |  | $ | 87,867 |  |  | 100.0 | % |  | $ | 1.45 |  |  | $ | 81,575 |  |  | 100.0 | %

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