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Share Transactions
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Share Transactions Share Transactions
The following table summarizes transactions with respect to shares of the Company’s outstanding common stock during the nine months ended September 30, 2025 and 2024 and the year ended December 31, 2024:
Nine Months Ended
September 30,		Year Ended
December 31,
202520242024
SharesAmountSharesAmountSharesAmount
Gross shares/proceeds from offerings— $— — $— — $— 
Reinvestment of distributions— — — — — — 
Total gross shares/proceeds— — — — — — 
Share repurchase program(1,215,751)(11,984)(824,750)(9,344)(995,367)(11,347)
    Net shares/amounts for share transactions(1,215,751)$(11,984)(824,750)$(9,344)(995,367)$(11,347)

Since commencing its initial continuous public offering on July 2, 2012 and through September 30, 2025, the Company sold 51,973,518 shares of common stock for net proceeds of $1,110,014. The net proceeds include gross proceeds received from reinvested shareholder distributions of $237,451, for which the Company issued 13,523,489 shares of common stock, and gross proceeds paid for shares of common stock repurchased of $282,723, for which the Company repurchased 18,295,849 shares of common stock. As of September 30, 2025, 18,293,741 shares of common stock repurchased had been retired.

On August 27, 2024, the Company's shareholders approved a proposal that authorized the Company to issue shares of its common stock at prices below the then current NAV per share of the Company’s common stock in one or more offerings for a 12-month period following such shareholder approval. Through the expiration of such shareholder approval on August 27, 2025, the Company had not issued any such shares.
Distribution Reinvestment Plan
On September 15, 2021, the Company adopted a distribution reinvestment plan, or the DRP, which became effective as of the Listing. For additional information regarding the terms of the DRP, see Note 5.

Share Repurchase Policy
On September 15, 2021, the Company’s board of directors, including the independent directors, approved a share repurchase policy authorizing the Company to repurchase up to $50 million of its outstanding common stock after the Listing. On June 24, 2022, the Company’s board of directors, including the independent directors, increased the amount of shares of the Company’s common stock that may be repurchased under the share repurchase policy by $10 million to up to an aggregate of $60 million. On August 5, 2025, the Company’s board of directors, including the independent directors, further increased the amount of shares of the Company’s common stock that may be repurchased under the share repurchase policy by $20 million to up to an aggregate of $80 million. Under the share repurchase policy, the Company may purchase shares of its common stock through various means such as open market transactions, including block purchases, and privately negotiated transactions. The number of shares repurchased and the timing, manner, price and amount of any repurchases will be determined at the Company's discretion. Factors include, but are not limited to, share price, trading volume and general market conditions, along with the Company’s general business conditions. The policy may be suspended or discontinued at any time and does not obligate the Company to acquire any specific number of shares of its common stock.

On August 15, 2025, as part of the share repurchase policy, the Company entered into a new trading plan with an independent broker, Wells Fargo Securities, LLC, or Wells Fargo, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, based in part on historical trading data with respect to the Company’s shares. The 10b5-1 trading plan permits common stock to be repurchased at a time that the Company might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions. The 10b5-1 trading plan expires on August 15, 2026, and is subject to price, market volume and timing restrictions.
The following table summarizes the share repurchases completed during the year ended December 31, 2024 and the nine months ended September 30, 2025:
PeriodTotal Number of Shares RepurchasedAverage Price Paid per ShareTotal Number of Shares Repurchased as Part of Publicly Announced Plans or ProgramsApproximate Dollar Value of Shares That May Yet Be Repurchased Under Publicly Announced Plans or Programs(1)
2024
January 1 to January 31, 2024125,304$11.14125,304$31,700 
February 1 to February 29, 2024165,87610.97165,87629,883 
March 1 to March 31, 2024132,85110.95132,85128,431 
April 1 to April 30, 2024168,00211.14168,00226,564 
May 1 to May 31, 202427,44911.6727,44926,244 
June 1 to June 30, 202439,53112.1439,53125,765 
July 1 to July 31, 202471,30512.3571,30524,885 
August 1 to August 31, 202426,87411.9326,87424,565 
September 1 to September 30, 202467,55811.8667,55823,764 
October 1 to October 31, 202477,36711.9177,36722,846 
November 1 to November 30, 202424,10411.6324,10422,566 
December 1 to December 31, 202469,14611.5969,14621,766 
Total for the year ended December 31, 2024995,367995,367
2025
January 1 to January 31, 202589,466$11.2989,466$20,758 
February 1 to February 28, 202563,38312.0163,38319,998 
March 1 to March 31, 202533,01312.1333,01319,598 
April 1 to April 30, 2025315,9439.36315,94316,648 
May 1 to May 31, 202595,7829.7695,78215,714 
June 1 to June 30, 2025287,8409.26287,84013,056 
July 1 to July 31, 2025230,7389.86230,73810,786 
August 1 to August 31, 2025(2)57,3319.7857,33130,226 
September 1 to September 30, 202542,2559.9642,25529,806 
Total for the nine months ended September 30, 20251,215,7511,215,751
(1)Amounts do not include any commissions paid to Wells Fargo on shares repurchased.
(2)Includes an additional $20 million of shares of the Company’s common stock that may be repurchased under the share repurchase policy approved by the board of directors on August 5, 2025.
From October 1, 2025 to October 29, 2025, the Company repurchased 302,571 shares of common stock under the 10b5-1 trading plan for an aggregate purchase price of $2,828, or an average purchase price of $9.35 per share. As of October 29, 2025, 18,293,741 shares of common stock repurchased by the Company had been retired.