Quarterly report [Sections 13 or 15(d)]

Stockholders' Equity and Distributions

v3.26.1
Stockholders' Equity and Distributions
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Stockholders' Equity and Distributions Stockholders’ Equity and Distributions
The Company has issued and outstanding 187,174 thousand and 182,695 thousand shares of common stock as of March 31, 2026 and December 31, 2025, 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 Company issued and sold the following shares of common stock during the three months ended March 31, 2026 and 2025:
(in millions, except per share data)
Three Months Ended March 31, Number of Shares Issued Gross Proceeds Underwriting Fees/Offering Expenses Net Proceeds Average Price/Share
2026 3.5 $ 52.9  $ 0.9  $ 52.0  $ 14.70 
2025 2.0 $ 40.1  $ 0.7  $ 39.4  $ 19.71 
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 March 31, 2026, approximately 15.3 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 three months ended March 31, 2026 and year ended December 31, 2025:
(in thousands, except per share data)
Distribution Type Declared Date Record Date Payment Date Per Share Amount Total Amount
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 
Base February 4, 2026 February 25, 2026 March 4, 2026 $ 0.40  $ 73,815 
Supplemental February 4, 2026 February 25, 2026 March 4, 2026 0.07  12,918 
Total distributions declared during the three months ended March 31, 2026 $ 0.47  $ 86,733 
During the three months ended March 31, 2026, for income tax purposes, the distributions paid of $0.47 per share were from ordinary spillover earnings from 2025. As of March 31, 2026, the Company estimates that it has generated undistributed taxable earnings “spillover” of $0.80 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 three months ended March 31, 2026 and 2025, the Company issued 153,423 and 121,743 shares, respectively, of common stock to stockholders in connection with the dividend reinvestment plan.