Share Transactions

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Share Transactions

Share Transactions

Below is a summary of transactions with respect to shares of the Company’s common stock during the years ended December 31, 2023, 2022 and 2021:

  

	Year Ended December 31,
	2023			2022			2021
	Shares	Amount		Shares	Amount		Shares	Amount
Share Repurchase Program	(1,665,317)	$	(32)	(2,811,341)	$	(56)	(586,902)	$	(12)
Issuance of Common Stock(1)	—	—		—	—		161,374,028	3,642
Net Proceeds from Share Transactions	(1,665,317)	$	(32)	(2,811,341)	$	(56)	160,787,126	$	3,630

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(1)Issuance of common stock for the 2021 Merger. Shares were issued at fair value of FSK common stock at the merger date.

During the year ended December 31, 2023, the administrator for the Company's distribution reinvestment plan, or DRP, purchased 3,130,194 shares of common stock in the open market at an average price per share of $18.88 (totaling $59) pursuant to the DRP, and distributed such shares to participants in the DRP. During the year ended December 31, 2022, the administrator for the DRP purchased 2,564,024 shares of common stock in the open market at an average price per share of $20.68 (totaling $53) pursuant to the DRP, and distributed such shares to participants in the DRP. During the period from January 1, 2024 to January 31, 2024, the administrator for the DRP purchased 727,220 shares of common stock in the open market at an average price per share of $20.79 (totaling $15) pursuant to the DRP, and distributed such shares to participants in the DRP. For additional information regarding the terms of the DRP, see Note 5.

Acquisition of FSKR

In accordance with the terms of the 2020 Merger Agreement, at the time of the transactions contemplated by the 2020 Merger Agreement, each outstanding share of FSKR common stock was converted into the right to receive 0.9498 shares of the Company’s common stock. As a result, the Company issued an aggregate of approximately 161,374,028 shares of its common stock to former FSKR stockholders during the year ended December 31, 2021.

Share Repurchase Program

On October 31, 2022, the Company’s board of directors approved a renewal of the previously approved stock repurchase program. The program provided for aggregate purchases of the Company's common stock in an amount up to $54, which was the aggregate amount remaining of the $100 amount originally approved by the board of directors.

During the year ended December 31, 2023, the Company repurchased 1,665,317 shares of common stock pursuant to the share repurchase program at an average price per share (inclusive of commissions paid) of $18.89 (totaling $32). The program has concluded since the aggregate repurchase amount that was approved by the Company’s board of directors has been expended.