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Stockholders' Equity
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
Stockholders' Equity

9. STOCKHOLDERS’ EQUITY

On March 8, 2021, the Board of Directors of the Company approved a $10 million stock repurchase program (the “Stock Repurchase Program”) for an approximately one-year period, effective March 11, 2021 and terminating on March 31, 2022. Under this repurchase program, shares may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise subject to any agreement to which we are party including any restrictions in 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.

On March 8, 2022, the Board of Directors of the Company authorized a renewed stock repurchase program of up to $10 million (the “2022 Stock Repurchase Program”) for an approximately one-year period, effective March 8, 2022 and terminating on March 31, 2023. The terms and conditions of the 2022 Stock Repurchase Program are substantially similar to the prior Stock Repurchase Program. The timing and actual number of shares repurchased depend on a variety of factors, including legal requirements, price, and economic and market conditions.

On March 6, 2023, the Board of Directors of the Company authorized a renewed stock repurchase program of up to $10 million (the “2023 Stock Repurchase Program”), effective March 6, 2023 and terminating on March 31, 2024. The terms and conditions of the 2023 Stock Repurchase Program are substantially similar to the prior 2022 Stock Repurchase Program. The 2023 Stock Repurchase Program may be suspended or discontinued at any time. Subject to these restrictions, we will selectively pursue opportunities to repurchase shares which are accretive to net asset value per share.

On March 11, 2024, the Board of Directors of the Company authorized a renewed stock repurchase program of up to $10 million (the “Renewed Stock Repurchase Program”) for an approximately one-year period, effective March 11, 2024 and terminating on March 31, 2025. The terms and conditions of the Renewed Stock Repurchase Program are substantially similar to the 2023 Stock Repurchase Program. The Renewed Stock Repurchase Program may be suspended or discontinued at any time. Subject to these restrictions, we will selectively pursue opportunities to repurchase shares which are accretive to net asset value per share.

During the years ended December 31, 2024 and December 31, 2023, the Company issued 17,400, and 26,529 shares, respectively, of common stock under its dividend reinvestment plan. The total number of shares of the Company’s common stock outstanding as of December 31, 2024 and December 31, 2023 was 9,198,175 and 9,383,132 respectively.

During the year ended December 31, 2024, the Company repurchased 202,357 shares under the Renewed Stock Repurchase Program and the 2023 Stock Repurchase Program in open market transactions at an aggregate cost of approximately $3.8 million. During the year ended December 31, 2023, the Company repurchased 224,933 shares under the 2023 Stock Repurchase Program and the 2022 Stock Repurchase Program in open market transactions at an aggregate cost of approximately $4.4 million.