Capital Transactions |
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| Capital Transactions | Note 9. Capital Transactions Common Stock Transactions During the three and six months ended June 30, 2026 and 2025, the Company did not sell or issue any shares of common stock in the Offering. On July 23, 2026, the Offering was terminated; the Company did not sell or issue any shares of common stock in the Offering between June 30, 2026 and the termination of the Offering on July 23, 2026. Repurchases of Shares During the three months ended March 31, 2026 and June 30, 2026, the Board approved offers to purchase 1.0% of the weighted average number of outstanding shares of the Company’s common stock for the respective trailing 12-month periods. During the three months ended March 31, 2025 and June 30, 2025, the Board approved offers to purchase 2.5% of the weighted average number of outstanding shares of the Company’s common stock for the respective trailing 12-month periods. The following table summarizes the common stock repurchases by the Company for the three and six months ended June 30, 2026 and 2025:
All repurchased shares were retired upon acquisition. The NPA Amendment precludes the Company from repurchasing shares of its common stock prior to the full repayment and termination of the Unsecured Note. Distributions The following table reflects the cash distributions per share that the Company declared on its common stock during the six months ended June 30, 2026 and 2025. Stockholders of record as of each respective record date were entitled to receive the distribution.
Distributions in excess of the Company’s current and accumulated ICTI will be treated first as a return of capital to the extent of the stockholder’s adjusted tax basis, and any remaining distributions will be treated as a capital gain. The Company currently estimates that a portion of its distributions for the year ending December 31, 2026 will be characterized as a tax return of capital. The determination of the tax attributes of the Company’s distributions is made annually as of the end of its fiscal year based upon its estimated ICTI for the full year and distributions paid for the full year. Each year, a statement on Form 1099-DIV identifying the tax character of distributions is mailed to the Company’s stockholders. The NPA Amendment precludes the Company from increasing its current monthly distribution rate above $0.01 per common share until the Unsecured Note is fully repaid and terminated. |
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