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COMMON STOCK
 6 Months Ended
Jun. 30, 2023
COMMON STOCK [Abstract]  
COMMON STOCK
NOTE 7 — COMMON STOCK
 
In connection with its formation, the Company authorized 100,000,000 shares of its common stock with a par value of $0.01 per share. As of June 30, 2023 and December 31, 2022, the Company had issued and outstanding shares of 6,214,672 and raised capital of approximately $85 million (net of approximately $2 million of offering costs).
 
Distribution Reinvestment Plan
The Company’s distribution reinvestment plan (“DRIP”) provides for the reinvestment of distributions in the form of common stock on behalf of its stockholders, unless a stockholder has elected to receive distributions in cash. As a result, if the Company declares a cash distribution, its stockholders who have not “opted out” of the DRIP by the opt out date will have their cash distribution automatically reinvested into additional shares of the Company’s common stock. The share requirements of the DRIP may be satisfied through the issuance of common shares or through open market purchases of common shares by the DRIP plan administrator.
 
The Company’s DRIP is administered by its transfer agent on behalf of the Company’s record holders and participating brokerage firms. Brokerage firms and other financial intermediaries may decide not to participate in the Company’s DRIP but may provide a similar distribution reinvestment plan for their clients. During the three and six months ended June 30, 2023 and 2022, the Company issued no shares of common stock under the DRIP.