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NET ASSETS
12 Months Ended
Dec. 31, 2023
Equity [Abstract]  
NET ASSETS
10. NET ASSETS
The Company has the authority to issue 198,000,000 shares of common stock, par value $0.01 per share, of which 50,794,941 and 51,060,136 were issued and outstanding as of December 31, 2023 and 2022, respectively. The Company has 2,000,000 shares of preferred stock, par value $0.01 per share, which are fully issued and outstanding as of December 31, 2023 and 2022.
Cumulative Convertible Preferred Stock
On May 5, 2020, the Company issued and sold 2,000,000 shares of Preferred Stock to an affiliate of Carlyle in a private placement at a price of $25 per share. The Preferred Stock has a liquidation preference equal to $25 per share (the “Liquidation Preference”) plus any accumulated but unpaid dividends up to but excluding the date of distribution. Dividends are payable on a quarterly basis in an initial amount equal to 7.00% per annum of the Liquidation Preference per share, payable in cash, or at the Company’s option, 9.00% per annum of the Liquidation Preference payable in additional shares of Preferred Stock. After May 5, 2027, the dividend rate will increase annually, in each case by 1.00% per annum.
    The Preferred Stock is convertible, in whole or in part, at the option of the holder of the Preferred Stock into the number of shares of common stock equal to the Liquidation Preference plus any accumulated but unpaid dividends, divided by an initial conversion price of $9.50, subject to certain adjustments to prevent dilution as set forth in the Company's articles supplementary (the “Articles Supplementary”) that establishes the terms of the Preferred Stock. The conversion price as of December 31, 2023 was $9.10. Effective as of May 5, 2023, the Company, with the approval of the Board of Directors, including a majority of the Independent Directors, has the option to redeem all of the Preferred Stock for cash consideration equal to the Liquidation Preference plus any accumulated but unpaid dividends. The holders of the Preferred Stock have the right to convert all or a portion of their shares of Preferred Stock prior to the date fixed for such redemption. Effective as of May 5, 2027, the holders of the Preferred Stock have the option to require the Company to redeem any or all of the then-outstanding Preferred Stock upon 90 days’ notice. The form of consideration used in any such redemption is at the option of the Board of Directors, including a majority of the Independent Directors, and may be cash consideration equal to the Liquidation Preference plus any accumulated but unpaid dividends, or shares of common stock. Holders also have the right to redeem the Preferred Stock upon a Change in Control (as defined in the Articles Supplementary).
The following table summarizes the Company’s dividends declared on the Preferred Stock during the three most recent fiscal years. Unless otherwise noted, dividends were declared and paid, or are payable, in cash.
Date DeclaredRecord DatePayment DatePer Share Amount
2021
March 31, 2021March 31, 2021March 31, 2021$0.438 
June 30, 2021June 30, 2021June 30, 20210.438 
September 30, 2021September 30, 2021September 30, 20210.438 
December 29, 2021December 31, 2021December 31, 20210.438 
Total$1.752 
2022
March 25, 2022March 31, 2022March 31, 2022$0.438 
June 27, 2022June 30, 2022June 30, 20220.438 
September 22, 2022September 30, 2022September 30, 20220.438 
December 16, 2022December 30, 2022December 30, 20220.438 
Total$1.752 
2023
March 23, 2023March 31, 2023March 31, 2023$0.438 
June 27, 2023June 30, 2023June 30, 20230.438 
September 19, 2023September 29, 2023September 29, 20230.438 
December 19, 2023December 29, 2023December 29, 20230.438 
Total$1.752 
Company Stock Repurchase Program
On November 2, 2023, the Company's Board of Directors approved the continuation of the Company's $200 million stock repurchase program (the “Stock Repurchase Program”) until November 5, 2024, or until the approved dollar amount has been used to repurchase shares of common stock. This program may be suspended, extended, modified or discontinued by the Company at any time, subject to applicable law. The Company's Stock Repurchase Program was originally approved by the Company's Board of Directors on November 5, 2018 and announced on November 6, 2018. Since the inception of the Company’s Stock Repurchase Program through December 31, 2023, the Company has repurchased 11,773,718 shares of the Company's common stock at an average cost of $13.40 per share, or $157,737 in the aggregate, resulting in accretion to net assets per share of $0.65.
Changes in Net Assets
For the years ended December 31, 2023, 2022 and 2021, the Company repurchased and extinguished 265,195, 2,082,318 and 2,177,855 shares for $3,993, $28,457 and $28,439, respectively. There were no shares of common stock issued related to capital activity during the years ended December 31, 2023, 2022 and 2021.
The following table summarizes capital activity during the year ended December 31, 2023:
 Preferred Stock
 
Common Stock
Capital in Excess of Par ValueOffering CostsAccumulated Net Investment Income (Loss)Accumulated Net Realized Gain (Loss)Accumulated Net Unrealized Appreciation (Depreciation)Total Net Assets
 SharesAmountSharesAmount
Balance, January 1, 20232,000,000 $50,000 51,060,136 $511 $1,022,224 $(1,633)$43,097 $(129,061)$(67,715)$917,423 
Repurchase of common stock— — (265,195)(3)(3,990)— — — — (3,993)
Net investment income (loss)— — — — — — 109,971 — — 109,971 
Net realized gain (loss)— — — — — — — (20,853)— (20,853)
Net change in unrealized appreciation (depreciation)— — — — — — — — 3,162 3,162 
Dividends declared on common stock and preferred stock— — — — — — (92,898)— — (92,898)
Tax reclassification of stockholders’ equity in accordance with U.S. GAAP— — — — (2,553)— 2,393 160 — — 
Balance, December 31, 20232,000,000 $50,000 50,794,941 $508 $1,015,681 $(1,633)$62,563 $(149,754)$(64,553)$912,812 
The following table summarizes capital activity during the year ended December 31, 2022:
 Preferred Stock
 
Common Stock
Capital in Excess of Par ValueOffering CostsAccumulated Net Investment Income (Loss)Accumulated Net Realized Gain (Loss)Accumulated Net Unrealized Appreciation (Depreciation)Total Net Assets
 SharesAmountSharesAmount
Balance, January 1, 20222,000,000 $50,000 53,142,454 $532 $1,052,427 $(1,633)$19,562 $(123,297)$(48,787)$948,804 
Repurchase of common stock— — (2,082,318)(21)(28,436)— — — — (28,457)
Net investment income (loss)— — — — — — 104,042 — — 104,042 
Net realized gain (loss)— — — — — — — 523 — 523 
Net change in unrealized appreciation (depreciation)— — — — — — — — (18,928)(18,928)
Dividends declared on common stock and preferred stock— — — — — — (88,561)— — (88,561)
Tax reclassification of stockholders’ equity in accordance with U.S. GAAP— — — — (1,767)— 8,054 (6,287)— — 
Balance, December 31, 20222,000,000 $50,000 51,060,136 $511 $1,022,224 $(1,633)$43,097 $(129,061)$(67,715)$917,423 
The following table summarizes capital activity during the year ended December 31, 2021:
Preferred Stock
 
Common Stock
Capital in Excess of Par ValueOffering CostsAccumulated 
Net Investment Income (Loss)
Accumulated Net Realized Gain (Loss)Accumulated Net Unrealized Appreciation (Depreciation)Total Net Assets
SharesAmountSharesAmount
Balance, January 1, 20212,000,000 $50,000 55,320,309 $553 $1,081,436 $(1,633)$14,568 $(140,133)$(103,428)$901,363 
Repurchase of common stock— — (2,177,855)(21)(28,418)— — — — (28,439)
Net investment income (loss)— — — — — — 86,851 — — 86,851 
Net realized gain (loss)— — — — — — — 18,861 — 18,861 
Net change in unrealized appreciation (depreciation)— — — — — — — — 54,641 54,641 
Dividends declared on common stock and preferred stock— — — — — — (84,473)— — (84,473)
Tax reclassification of stockholders’ equity in accordance with U.S. GAAP— — — — (591)— 2,616 (2,025)— — 
Balance, December 31, 20212,000,000 $50,000 53,142,454 $532 $1,052,427 $(1,633)$19,562 $(123,297)$(48,787)$948,804 
Earnings Per Share
The Company calculates earnings per share in accordance with ASC 260. Basic earnings per share is calculated by dividing the net increase (decrease) in net assets resulting from operations, less preferred dividends, by the weighted average number of common shares outstanding. Diluted earnings per share gives effect to all dilutive potential common shares outstanding using the if-converted method for the convertible Preferred Stock. Diluted earnings per share excludes all dilutive potential common shares if their effect is anti-dilutive.
Basic and diluted earnings per common share were as follows:
For the years ended December 31,
202320222021
BasicDilutedBasicDilutedBasicDiluted
Net increase (decrease) in net assets resulting from operations attributable to Common Stockholders$88,780 $92,280 $82,137 $85,637 $156,853 $160,353 
Weighted-average common shares outstanding50,817,659 56,311,555 52,112,420 57,482,099 54,244,432 59,531,683 
Basic and diluted earnings per share$1.75 $1.64 $1.58 $1.49 $2.89 $2.69 
The following table summarizes updates to the Company’s dividend policy as of December 31, 2023. The dividend policy is subject to change by the Board of Directors in its sole discretion at any time.
Record DateBase Dividend Per Share
September 30, 2020$0.32 
September 30, 2022$0.34 
December 30, 2022$0.36 
March 31, 2023$0.37 
The following table summarizes the Company’s dividends declared on its common stock during the three most recent fiscal years:
Date DeclaredRecord DatePayment DatePer Common Share Amount 
February 22, 2021March 31, 2021April 16, 2021$0.32 
February 22, 2021March 31, 2021April 16, 2021$0.05 (1)
May 3, 2021June 30, 2021July 15, 2021$0.32 
May 3, 2021June 30, 2021July 15, 2021$0.04 (1)
August 2, 2021September 30, 2021October 15, 2021$0.32 
August 2, 2021September 30, 2021October 15, 2021$0.06 (1)
November 1, 2021December 31, 2021January 14, 2022$0.32 
November 1, 2021December 31, 2021January 14, 2022$0.07 (1)
February 18, 2022March 31, 2022April 15, 2022$0.32 
February 18, 2022March 31, 2022April 15, 2022$0.08 (1)
May 2, 2022June 30, 2022July 15, 2022$0.32 
May 2, 2022June 30, 2022July 15, 2022$0.08 (1)
August 8, 2022September 30, 2022October 14, 2022$0.34 
August 8, 2022September 30, 2022October 14, 2022$0.06 (1)
October 31, 2022December 30, 2022January 16, 2023$0.36 
October 31, 2022December 30, 2022January 16, 2023$0.08 (1)
February 21, 2023March 31, 2023April 14, 2023$0.37 
February 21, 2023March 31, 2023April 14, 2023$0.07 (1)
May 4, 2023June 30, 2023July 18, 2023$0.37 
May 4, 2023June 30, 2023July 18, 2023$0.07 (1)
August 3, 2023September 29, 2023October 17, 2023$0.37 
August 3, 2023September 29, 2023October 17, 2023$0.07 (1)
November 2, 2023December 29, 2023January 18, 2024$0.37 
November 2, 2023December 29, 2023January 18, 2024$0.07 (1)
(1)Represents a special/supplemental dividend.