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Subsequent Events
12 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
Subsequent Events

12. SUBSEQUENT EVENTS

On March 13, 2024, our Board declared a cash distribution of $0.69 per share of common stock The distribution is payable on April 2, 2024 to stockholders of record at the close of business as of March 25, 2024.

On March 11, 2024, the Board authorized a renewed stock repurchase program of up to $10 million for an approximately one-year period, effective March 11, 2024 and terminating on March 31, 2025. The renewed stock repurchase program has substantially the same terms as the prior program. Under the renewed stock repurchase program, shares may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise subject to any law or agreement to which we are party including any restrictions in the 1940 Act or the indenture for our 4.875% Notes Due 2026. The timing and actual number of shares repurchased will depend on a variety of factors, including legal requirements, price, and economic and market conditions. This renewed stock repurchase program may be suspended or discontinued at any time.

On March 11, 2024, the Board re-approved the Advisory Agreement and the Administration Agreement.

The Company has evaluated events and transactions occurring subsequent to December 31, 2023. Other than as described above, management has determined that there are no other material subsequent events that would require adjustment to, or disclosure in, these consolidated financial statements.