Note 10. Discretionary Repurchase of Shares of Common Stock and Distributions

Beginning with the quarter ended September 30, 2022, the Company began to conduct quarterly tender offers, at the Board’s discretion, in accordance with the requirements of Rule 13e-4 under the Exchange Act and the 1940 Act, to permit Stockholders to tender their shares of common stock at a specific per share price (“Purchase Price”) based on the Company’s NAV as of the last date of the quarter in which the tender offer is conducted. The Company intends to conduct each tender offer to repurchase up to 2.5% of the number of shares of common stock outstanding as of the end of the prior quarter in which the tender offer is conducted, subject to numerous restrictions that limit Stockholders’ ability to sell their shares of common stock.

The following tables summarize the repurchase of shares for the six months ended June 30, 2025 and 2024.

Date		Purchase Price			Shares Repurchased				Amounts
Stock repurchased in connection with tender offer
March 29, 2024		$	25.10				192,187.05			$	4,823,944
June 28, 2024			24.38				190,664.58				4,648,553
Total							382,851.63			$	9,472,497

 

The following table summarizes the settlement of distributions declared and recorded and the subsequent payment and issuance of those distributions for the six months ended June 30, 2025:

The following table summarizes the settlement of distributions declared and recorded as of December 31, 2023 and the subsequent payment and issuance of those distributions for the six months ended June 30, 2024.