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Stockholders' Equity and Distributions
6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Stockholders' Equity and Distributions Stockholders’ Equity and Distributions
The Company has issued and outstanding 162,428,083 and 157,758,072 shares of common stock as of June 30, 2024 and December 31, 2023, respectively. The Company currently sell shares through its 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 its 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 Company issued and sold the following shares of common stock during the six months ended June 30, 2024 and 2023:
(in millions, except per share data)
Six Months Ended June 30,Number of Shares IssuedGross ProceedsUnderwriting Fees/Offering ExpensesNet ProceedsAverage Price/Share
20243.7$67.3 $0.9 $66.4 $17.83 
20239.7$132.3 $1.6 $130.7 $13.45 
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 June 30, 2024, approximately 13.6 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 six months ended June 30, 2024 and year ended December 31, 2023:
(in thousands, except per share data)
Distribution TypeDeclared DateRecord DatePayment DatePer Share AmountTotal Amount
BaseFebruary 9, 2023March 2, 2023March 9, 2023$0.39 $53,749 
SupplementalFebruary 9, 2023March 2, 2023March 9, 2023$0.08 $11,025 
BaseApril 27, 2023May 16, 2023May 23, 2023$0.39 $55,910 
SupplementalApril 27, 2023May 16, 2023May 23, 2023$0.08 $11,469 
BaseJuly 28, 2023August 18, 2023August 25, 2023$0.40 $60,445 
SupplementalJuly 28, 2023August 18, 2023August 25, 2023$0.08 $12,089 
BaseOctober 26, 2023November 15, 2023November 22, 2023$0.40 $61,345 
SupplementalOctober 26, 2023November 15, 2023November 22, 2023$0.08 $12,269 
Total distributions declared during the year ended December 31, 2023$1.90 $278,301 
BaseFebruary 8, 2024February 28, 2024March 6, 2024$0.40 $63,359 
SupplementalFebruary 8, 2024February 28, 2024March 6, 2024$0.08 $12,672 
Base April 25, 2024May 14, 2024May 21, 2024$0.40 $64,912 
SupplementalApril 25, 2024May 14, 2024May 21, 2024$0.08 $12,982 
Total distributions declared during the six months ended June 30, 2024$0.96 $153,925 
During the six months ended June 30, 2024, for income tax purposes, the distributions paid of $0.96 per share were comprised of ordinary income. As of June 30, 2024, the Company estimates that it has generated undistributed taxable earnings “spillover” of $0.89 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 six months ended June 30, 2024 and 2023, the Company issued 205,697 and 133,142 shares, respectively, of common stock to stockholders in connection with the dividend reinvestment plan.