Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity and Distributions

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Stockholders' Equity and Distributions
 12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
Stockholders' Equity and Distributions
7. Stockholders’ Equity and Distributions
The Company has issued and outstanding 157,758,072 and 133,044,602 shares of common stock as of December 31, 2023 and December 31, 2022, respectively. The Company currently sell shares through our 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 our 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. The 2023 Equity Distribution Agreement replaced the ATM equity distribution agreement between the Company, JMP and Jefferies executed on May 9, 2022. Additionally, on August 7, 2023, the Company entered into an underwriting agreement with Morgan Stanley & Co. LLC, UBS Securities, and Wells Fargo Securities, LLC as joint book-running managers to sell 6.5 million shares of common stock through an upsized public offering.
The Company issued and sold the following shares of common stock during the years ended December 31, 2023, 2022, and 2021:
(in millions, except per share data)
Year Ending December 31, Number of Shares Issued Gross Proceeds Underwriting Fees/Offering Expenses Net Proceeds Average Price/Share
2021 0.6 $ 10.8  $ 0.2  $ 10.6  $ 16.62 
2022 14.6 $ 232.1  $ 2.4  $ 229.7  $ 15.77 
2023 22.7 $ 344.3  $ 6.1  $ 338.2  $ 14.88 
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, 2023, approximately 17.3 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 years ended December 31, 2023, 2022 and 2021:
(in thousands, except per share data)
Distribution Type Declared Date Record Date Payment Date Per Share Amount Total Amount
Base February 17, 2021 March 8, 2021 March 15, 2021 $ 0.32  $ 37,012 
Supplemental February 17, 2021 March 8, 2021 March 15, 2021 0.05  5,783 
Base April 21, 2021 May 12, 2021 May 19, 2021 0.32  37,053 
Supplemental April 21, 2021 May 12, 2021 May 19, 2021 0.07  8,105 
Base July 21, 2021 August 11, 2021 August 18, 2021 0.32  37,079 
Supplemental July 21, 2021 August 11, 2021 August 18, 2021 0.07  8,111 
Base October 21, 2021 November 10, 2021 November 17, 2021 0.33  38,306 
Supplemental October 21, 2021 November 10, 2021 November 17, 2021 0.07  8,126 
Total distributions declared during the year ended December 31, 2021 $ 1.55  $ 179,575 
Base February 16, 2022 March 9, 2022 March 16, 2022 $ 0.33  $ 39,794 
Supplemental February 16, 2022 March 9, 2022 March 16, 2022 0.15  18,088 
Base April 27, 2022 May 17, 2022 May 24, 2022 0.33  41,245 
Supplemental April 27, 2022 May 17, 2022 May 24, 2022 0.15  18,748 
Base July 20, 2022 August 9, 2022 August 16, 2022 0.35  44,765 
Supplemental July 20, 2022 August 9, 2022 August 16, 2022 0.15  19,185 
Base October 13, 2022 November 10, 2022 November 17, 2022 0.36  47,472 
Supplemental October 13, 2022 November 10, 2022 November 17, 2022 0.15  19,780 
Total distributions declared during the year ended December 31, 2022 $ 1.97  $ 249,077 
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 
In 2023, for income tax purposes, the distributions paid of $1.90 per share were comprised of ordinary income. As of December 31, 2023, 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 year ended December 31, 2023, 2022, and 2021, the Company issued 303,960 ,259,466, and 248,041 shares, respectively, of common stock to stockholders in connection with the dividend reinvestment plan.