v3.25.1
Equity
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Equity Equity
Since inception through March 31, 2025, the Company issued 34,999,352 shares of common stock through an initial public offering and a concurrent private placement offering in 2014, a registered follow-on offering in 2015, a private placement offering in 2017, a registered follow-on offering and concurrent private placement offering in 2018, a registered follow-on offering in 2020 and a registered follow-on offering in 2022. The Company received net proceeds from these offerings of $488.1 million, net of the portion of the underwriting sales load and offering costs paid by the Company. Included in the $488.1 million of net proceeds from these offerings is $55.3 million in net proceeds from the Company’s issuance in August 2022 of an aggregate of 4,161,807 shares of common stock in a registered follow-on offering pursuant to an underwriting agreement by and among the Company, the Adviser and the Administrator, on the one hand, and Wells Fargo Securities, LLC and Morgan Stanley & Co. LLC, as representatives of the several underwriters named in the underwriting agreement. 411,807 of the shares issued in August 2022 were issued pursuant to the underwriters’ option to purchase additional shares.
On September 30, 2022, the Company entered into a sales agreement (the “2022 Sales Agreement”) with the Adviser, the Administrator and UBS Securities LLC (the “Sales Agent”), providing for the issuance and sale from time to time of up to an aggregate of $50.0 million in shares of the Company’s common stock by means of at-the-market offerings (the “Prior ATM Program”). Subject to the terms of the 2022 Sales Agreement, the Sales Agent was not required to sell any specific number or dollar amount of securities but acted as the Company’s sales agent using commercially reasonable efforts consistent with the Sales Agent’s normal trading and sales practices, on mutually agreed terms between the Company and the Sales Agent.
On May 2, 2024, the Company entered into a new sales agreement (the “2024 Sales Agreement”) with the Adviser, the Administrator and the Sales Agent, providing for the issuance and sale from time to time of up to an aggregate of $75.0 million in shares of the Company’s common stock by means of at-the-market offerings (the “Current ATM Program” and, together with the Prior ATM Program, the “ATM Programs”). Concurrently upon entry into the 2024 Sales Agreement, the Company, the Adviser, the Administrator and the Sales Agent agreed to the termination of the 2022 Sales Agreement. Subject to the terms of the 2024 Sales Agreement, the Sales Agent is not required to sell any specific number or dollar amount of securities but will act as the Company’s sales agent using commercially reasonable efforts consistent with the Sales Agent’s normal trading and sales practices, on mutually agreed terms between the Company and the Sales Agent.
During the three months ended March 31, 2025, the Company did not sell shares of common stock under the 2024 Sales Agreement. During the three months ended March 31, 2024, the Company sold 132,478 shares of common stock under the 2022 Sales Agreement. For the same period, the Company received total net proceeds of $1.3 million. As of March 31, 2025, $56.5 million in shares remained available for sale under the Current ATM Program.
The Company has adopted a dividend reinvestment plan for its stockholders, which is an “opt out” dividend reinvestment plan. Under this plan, if the Company declares a cash distribution to stockholders, the amount of such distribution is automatically reinvested in additional shares of common stock unless a stockholder specifically “opts out” of the dividend reinvestment plan. If a stockholder opts out, that stockholder receives cash distributions.
The following tables show information on the proceeds raised along with any related underwriting sales load and associated offering expenses, and the price at which common stock was issued by the Company, during the three months ended March 31, 2025 and for the year ended December 31, 2024:
Issuance of Common Stock for the Three Months Ended March 31, 2025
(in thousands, except for per share data)		DateNumber of Shares of 
Common Stock Issued		Gross Proceeds RaisedUnderwriting Sales LoadOffering ExpensesGross Offering Price per Share
First quarter 2025 distribution reinvestment3/31/202595 $633 $— $— $6.63 
Total issuance95 $633 $— $— 
Issuance of Common Stock for the Year Ended December 31, 2024
(in thousands, except for per share data)		DateNumber of Shares of 
Common Stock Issued		Gross Proceeds RaisedUnderwriting Sales LoadOffering ExpensesGross Offering Price per Share
First quarter 2024 distribution reinvestment3/29/202493 $828 $— $— $8.87 
First quarter 2024 ATM offering(1)
3/12/2024133 1,308 20 33 $9.88 
Second quarter 2024 distribution reinvestment6/28/2024113 859 — — $7.63 
Second quarter 2024 ATM offering(2)1,994 18,511 278 63 $9.28 
Third quarter 2024 distribution reinvestment9/30/202496 646 — — $6.71 
Fourth quarter 2024 distribution reinvestment12/27/202488 614 — — $6.94 
Total issuance2,517 $22,766 $298 $96 
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(1)Gross offering price per share represents the weighted average price per share issued on March 12, 2024 under the 2022 Sales Agreement.
(2)Gross offering price per share represents the weighted average price per share issued during the period from May 7, 2024 to June 10, 2024 under the 2024 Sales Agreement.
The Company had 40,232,829 and 40,137,371 shares of common stock outstanding as of March 31, 2025 and December 31, 2024, respectively.