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Capital Transactions | 9 Months Ended
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Sep. 30, 2023
Equity [Abstract] |
Capital Transactions | Capital Transactions Distributions: The Company intends to make quarterly distributions to stockholders, that represent over time, substantially all of its net investment income. In addition, although the Company may distribute at least annually net realized capital gains, net of taxes if any, out of assets legally available for such distribution, the Company may also retain such capital gains for investment through a deemed distribution. If the Company makes a deemed distribution, stockholders will be treated for U.S. federal income tax purposes as if they had received an actual distribution of the capital gains, net of taxes. The Company is limited on the use of cash held by OFS SBIC I LP under restrictions imposed by SBA regulations. In addition, distributions from OFSCC-FS to the Company are restricted by the terms and conditions of the BNP Facility. The following table summarizes distributions declared and paid for the nine months ended September 30, 2023 and 2022:
Date Declared |  | Record Date |  | Payment Date |  | Amount Per Share |  | Cash Distribution |  | DRIP Shares Issued |  | DRIP Shares Value |
Nine Months Ended September 30, 2022 |  |  |  |  |  |  |  |  |  |  |
March 1, 2022 |  | March 24, 2022 |  | March 31, 2022 |  | $ | 0.28 |  |  | $ | 3,719 |  |  | 3,016 |  |  | $ | 39 |  |
May 3, 2022 |  | June 23, 2022 |  | June 30, 2022 |  | 0.29 |  | 3,850 |  |  | 4,348 |  |  | 43 |
August 2, 2022 |  | September 23, 2022 |  | September 30, 2022 |  | 0.29 |  | 3,849 |  |  | 5,529 |  |  | 46 |
|  |  |  |  |  | $ | 0.86 |  |  | $ | 11,418 |  |  | 12,893 |  |  | $ | 128 |  |
Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |
February 28, 2023 |  | March 24, 2023 |  | March 31, 2023 |  | $ | 0.33 |  |  | $ | 4,421 |  |  | — |  |  | $ | — |  | (1)
May 2, 2023 |  | June 23, 2023 |  | June 30, 2023 |  | 0.33 |  |  | 4,422 |  |  | — |  |  | — |  | (1)
August 1, 2023 |  | September 22, 2023 |  | September 29, 2023 |  | 0.34 |  |  | 4,555 |  |  | — |  |  | — |  | (1)
|  |  |  |  |  | $ | 1.00 |  |  | $ | 13,398 |  |  | — |  |  | $ | — |  |
(1) During the nine months ended September 30, 2023, the Company directed the DRIP plan administrator to purchase shares on the open market in order to satisfy the DRIP obligation to deliver shares of common stock. Accordingly, the Company purchased shares to satisfy the DRIP obligation as follows:
Nine Months Ended September 30, 2023 |  | Number of Shares Purchased |  | Average Price Paid Per Share |  | Total Amount Paid
January 1, 2023 through March 31, 2023 |  | 5,096 |  | $ | 10.43 |  |  | $ | 53 |
April 1, 2023 through June 30, 2023 |  | 5,823 |  | 10.06 |  |  | 59 |
July 1, 2023 through September 30, 2023 |  | 8,007 |  | 11.22 |  |  | 90 |
Distributions in excess of the Company’s current and accumulated ICTI would be treated first as a return of capital to the extent of the stockholder’s adjusted tax basis, and any remaining distributions would be treated as a capital gain. The determination of the tax attributes of the Company’s distributions is made annually as of the end of its fiscal year based upon its estimated ICTI for the full year and distributions paid for the full year. Each year, a statement on Form 1099-DIV identifying the tax character of distributions is mailed to the Company’s stockholders. Stock Repurchase Program: The Company maintains a Stock Repurchase Program under which the Company may acquire up to $10.0 million of its outstanding common stock. The Stock Repurchase Program currently expires on May 22, 2024, or when the approved dollar amount has been used to repurchase shares. The following table summarizes shares of common stock repurchased under the Stock Repurchase Program during the nine months ended September 30, 2023 and September 30, 2022, respectively:
Period |  | Total Number of Shares Purchased |  | Cost of Shares Purchased |  | Average Price Paid Per Share |  | Weighted Average Discount to NAV Prior to Repurchases
Nine Months Ended September 30, 2022 |  |  |  |  |  |  |  |
January 1, 2022 through March 31, 2022 |  | — |  |  | $ | — |  |  | $ | — |  |  | n/a
April 1, 2022 through June 30, 2022 |  | — |  |  | — |  |  | — |  |  | n/a
July 1, 2022 through September 30, 2022 |  | 28,335 |  |  | 231 |  |  | 8.14 |  |  | 44.2 | %
Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |
January 1, 2023 through March 31, 2023 |  | — |  |  | $ | — |  |  | $ | — |  |  | n/a
April 1, 2023 through June 30, 2023 |  | — |  |  | — |  |  | — |  |  | n/a
July 1, 2023 through September 30, 2023 |  | — |  |  | — |  |  | — |  |  | n/a

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