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Subsequent Events
12 Months Ended
Dec. 31, 2021
Subsequent Events  
Subsequent Events

11.   Subsequent Events

On January 10, 2022, the Company entered into a credit agreement for a new revolving line of credit for borrowings, at the Company’s election, of up to $217.5 million (the “BofA Revolver”), which may be borrowed, repaid and reborrowed from time to time until the maturity date on January 12, 2024. The Company has the right to request an extension of the maturity date, subject to acceptance by the lenders and satisfaction of certain other customary conditions. The BofA Revolver includes an accordion feature that allows the Company to request an increase in borrowing capacity to an amount not exceeding $750 million in the aggregate, subject to receipt of lender commitments and satisfaction of certain customary conditions. Effective simultaneously with the closing of the BofA Revolver on January 10, 2022, the Company terminated the Former BofA Revolver. The Former BofA Revolver would have matured by its own terms on January 12, 2022.

On January 12, 2022, the Company paid a special cash distribution of $0.32 per share of common stock, which was declared on December 3, 2021 for shareholders of record on December 31, 2021.

On January 14, 2022, the Board of Directors of the Company declared a cash distribution of $0.09 per share of common stock payable on February 17, 2022 to stockholders of record on January 28, 2022.

On February 10, 2022, the Company increased its BofA Revolver availability by $20.0 million to $237.5 million as part of the accordion feature that is available to increase borrowing capacity.