Annual report [Section 13 and 15(d), not S-K Item 405]

Stockholders' Equity and Distributions

v3.25.4
Stockholders' Equity and Distributions
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Stockholders' Equity and Distributions Stockholders’ Equity and Distributions
The Company has issued and outstanding 182,695 thousand and 170,575 thousand shares of common stock as of December 31, 2025 and December 31, 2024, respectively. The Company currently sells shares through its equity distribution agreements (the “2024 Equity Distribution Agreements”) with Citizens JMP Securities LLC and Jefferies LLC (the “Sales Agents”) entered into on December 12, 2024. The 2024 Equity Distribution Agreements provide that the Company may offer and sell up to 30.0 million shares of its common stock from time to time through the Sales Agents. Sales of the Company's common stock, if any, may be made in negotiated transactions or transactions that are deemed to be “at the market,” as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”), including sales made directly on the NYSE or similar securities exchange or sales made to or through a market maker other than on an exchange, at prices related to the prevailing market prices or at negotiated prices. The 2024 Equity Distribution Agreements replaced the ATM equity distribution agreements between the Company and the Sales Agents executed on May 5, 2023.
The Company issued and sold the following shares of common stock during the years ended December 31, 2025, 2024, and 2023:
(in millions, except per share data)
Year Ended December 31, Number of Shares Issued Gross Proceeds Underwriting Fees/Offering Expenses Net Proceeds Average Price/Share
2025 11.2 $ 206.8  $ 2.4  $ 204.4  $ 18.27 
2024 11.7 $ 220.9  $ 2.6  $ 218.3  $ 18.62 
2023(1)
22.7 $ 344.3  $ 6.1  $ 338.2  $ 14.88 
(1)Included in the activity, is 6.5 million shares of common stock sold through an upsized public offering on August 7, 2023 pursuant to an underwriting agreement with Morgan Stanley & Co. LLC, UBS Securities, and Wells Fargo Securities, LLC as joint book-running managers.
The Company generally uses net proceeds from these offerings to make investments, to repurchase or pay down liabilities and for general corporate purposes. As of December 31, 2025, approximately 18.8 million shares remain available for issuance and sale under the 2024 Equity Distribution Agreements.
The Company currently pays quarterly distributions to its stockholders. The following table summarizes the Company’s distributions declared during the years ended December 31, 2025, 2024 and 2023:
(in thousands, except per share data)
Distribution Type Declared Date Record Date Payment Date Per Share Amount Total Amount
Base February 9, 2023 March 2, 2023 March 9, 2023 $ 0.39  $ 53,749 
Supplemental February 9, 2023 March 2, 2023 March 9, 2023 0.08  11,025 
Base April 27, 2023 May 16, 2023 May 23, 2023 0.39  55,910 
Supplemental April 27, 2023 May 16, 2023 May 23, 2023 0.08  11,469 
Base July 28, 2023 August 18, 2023 August 25, 2023 0.40  60,445 
Supplemental July 28, 2023 August 18, 2023 August 25, 2023 0.08  12,089 
Base October 26, 2023 November 15, 2023 November 22, 2023 0.40  61,345 
Supplemental October 26, 2023 November 15, 2023 November 22, 2023 0.08  12,269 
Total distributions declared during the year ended December 31, 2023 $ 1.90  $ 278,301 
Base February 8, 2024 February 28, 2024 March 6, 2024 $ 0.40  $ 63,359 
Supplemental February 8, 2024 February 28, 2024 March 6, 2024 0.08  12,672 
Base April 25, 2024 May 14, 2024 May 21, 2024 0.40  64,912 
Supplemental April 25, 2024 May 14, 2024 May 21, 2024 0.08  12,982 
Base July 25, 2024 August 13, 2024 August 20, 2024 0.40  64,953 
Supplemental July 25, 2024 August 13, 2024 August 20, 2024 0.08  12,990 
Base October 24, 2024 November 13, 2024 November 20, 2024 0.40  66,980 
Supplemental October 24, 2024 November 13, 2024 November 20, 2024 0.08  13,396 
Total distributions declared during the year ended December 31, 2024 $ 1.92  $ 312,244 
Base February 6, 2025 February 26, 2025 March 5, 2025 $ 0.40  $ 69,263 
Supplemental February 6, 2025 February 26, 2025 March 5, 2025 0.07  12,121 
Base April 23, 2025 May 13, 2025 May 20, 2025 0.40  70,709 
Supplemental April 23, 2025 May 13, 2025 May 20, 2025 0.07  12,374 
Base July 24, 2025 August 12, 2025 August 19, 2025 0.40  72,671 
Supplemental July 24, 2025 August 12, 2025 August 19, 2025 0.07  12,717 
Base October 23, 2025 November 12, 2025 November 19, 2025 0.40  72,688 
Supplemental October 23, 2025 November 12, 2025 November 19, 2025 0.07  12,720 
Total distributions declared during the year ended December 31, 2025 $ 1.88  $ 335,263 
During the year ended December 31, 2025, for income tax purposes, the distributions paid of $1.88 per share were comprised of $1.82 per share of ordinary income and $0.06 per share of long-term capital gains. As of December 31, 2025, the Company estimates that it has generated undistributed taxable earnings “spillover” of $0.82 per share. The undistributed taxable earnings spillover will be carried forward toward distributions to be paid in accordance with RIC requirements.
The Company has a distribution reinvestment plan, whereby the Company may buy shares of its common stock in the open market or issue new shares in order to satisfy dividend reinvestment requests. When the Company issues new shares in connection with the dividend reinvestment plan, the issue price is equal to the closing price of its common stock on the
dividend record date. During the years ended December 31, 2025, 2024, and 2023, the Company issued 495,631, 471,949, and 303,960 shares, respectively, of common stock to stockholders in connection with the dividend reinvestment plan.