Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity and Distributions

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Stockholders' Equity and Distributions
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Stockholders' Equity and Distributions Stockholders’ Equity and Distributions
The Company has issued and outstanding 162,505,144 and 157,758,072 shares of common stock as of September 30, 2024 and December 31, 2023, respectively. The Company currently sell shares through its equity distribution agreement with JMP Securities LLC (“JMP”) and Jefferies LLC (“Jefferies”) (the “2023 Equity Distribution Agreement”) entered into on May 5, 2023. The 2023 Equity Distribution Agreement provides that the Company may offer and sell up to 25.0 million shares of its common stock from time to time through JMP or Jefferies, as the Company's 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. Additionally, on August 7, 2023, the Company sold 6.5 million shares of common stock through an upsized public offering pursuant to an underwriting agreement with Morgan Stanley & Co. LLC, UBS Securities, and Wells Fargo Securities, LLC as joint book-running managers to sell.
The Company issued and sold the following shares of common stock during the nine months ended September 30, 2024 and 2023:
(in millions, except per share data)
Nine Months Ended September 30, Number of Shares Issued Gross Proceeds Underwriting Fees/Offering Expenses Net Proceeds Average Price/Share
2024 3.7 $ 67.3  $ 1.0  $ 66.3  $ 17.83 
2023 16.2 $ 243.6  $ 5.3  $ 238.3  $ 14.69 
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 September 30, 2024, approximately 13.6 million shares remain available for issuance and sale under the current equity distribution agreement.
The Company currently pays quarterly distributions to its stockholders. The following table summarizes the Company’s distributions declared during the nine months ended September 30, 2024 and year ended December 31, 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 
Total distributions declared during the nine months ended September 30, 2024 $ 1.44  $ 231,868 
During the nine months ended September 30, 2024, for income tax purposes, the distributions paid of $1.44 per share were comprised of ordinary income. As of September 30, 2024, the Company estimates that it has generated undistributed taxable earnings “spillover” of $0.94 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 nine months ended September 30, 2024 and 2023, the Company issued 342,129 and 197,592 shares, respectively, of common stock to stockholders in connection with the dividend reinvestment plan.