Equity |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 | |||
| Stockholders' Equity Note [Abstract] | |||
| Equity |
SRP
The Company’s share repurchase program, as amended from time to time (the “SRP”) by the Board of Directors, may provide its stockholders with limited, interim liquidity by enabling them to sell their Common Shares back to the Company, subject to various restrictions.
The Company’s SRP currently provides for redemption requests to be submitted in connection with either a stockholder’s death or certain hardships and the price for all such purchases has been set at the Company’s estimated net asset value per Common Share (“NAV per Share”) as of the date of actual redemption. The Company’s estimated NAV per Share is determined by the Board of Directors and reported by it from time to time. Requests for redemptions in connection with a stockholder’s death must be submitted and received by the Company within one year of the stockholder’s date of death to be eligible for consideration.
Additionally, the Board of Directors has established that on an annual basis the Company will not redeem in excess of 1.0% and 0.5% of the number of Common Shares outstanding as of the end of the preceding year for either death redemptions or hardship redemptions, respectively. Additionally, eligible redemption requests are generally expected to be processed on a quarterly basis and will be subject to proration if either type of redemption requests exceeds the annual limitations established by the Board of Directors. Furthermore, the Board of Directors may, at their sole discretion, amend or suspend the SRP at any time without any notice to stockholders.
For the three months ended March 31, 2026, the Company repurchased 79,711 Common Shares at a weighted average price per share of $10.96. For the three months ended March 31, 2025, the Company repurchased 80,929 Common Shares at a weighted average price per share of $11.73.
Net Earnings Per Share
Basic net earnings per share is calculated by dividing net income/(loss) attributable to common shareholders by the weighted-average number of Common Shares outstanding during the applicable period. For all periods presented dilutive net earnings per share is equivalent to basic net earnings per share. |