Distributions

6 Months Ended

Jun. 30, 2023

Distributed Earnings [Abstract]

Distributions

Capital

Investor Commitments

The following table summarizes the total capital commitments and unfunded capital commitments of Common Stock and Series A Preferred Stock as of June 30, 2023 and as of December 31, 2022:

	As of June 30, 2023				As of December 31, 2022
	Capital Commitments		Unfunded Capital Commitments		Capital Commitments		Unfunded Capital Commitments
Common Stock	$	592,099	$	219,151	$	586,156	$	221,281
Series A Preferred Stock	77,500		—		77,500		41,354
Total	$	669,599	$	219,151	$	663,656	$	262,635

Capital Drawdowns

The following table summarizes the total shares issued and proceeds related to capital drawdowns of Common Stock for the six months ended June 30, 2023:

Share Issue Date	Shares Issued	Net Proceeds Received
For the six months ended June 30, 2023
March 27, 2023	532,871	$	8,073
Total Capital Drawdowns	532,871	$	8,073

The following table summarizes the total shares issued and proceeds related to capital drawdowns of Common Stock for the year ended December 31, 2022:

Share Issue Date	Shares Issued	Net Proceeds Received
For the year ended December 31, 2022
May 27, 2022	1,653,439	$	25,000
July 15, 2022	2,621,233	40,000
September 28, 2022	3,289,476	50,000
November 23, 2022	1,256,895	18,854
Total Capital Drawdowns	8,821,043	$	133,854

The issuances of Common Stock described above were exempt from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), pursuant to Section 4(a)(2) thereof and Regulation D thereunder. The Company relied, in part, upon representations from investors in the relevant Subscription Agreements that each investor is an "accredited investor," as defined in Regulation D under the Securities Act.

The following table summarizes the total shares issued and proceeds, net of issuance, costs related to capital drawdowns of Series A Preferred Stock six months ended June 30, 2023:

Share Issue Date	Shares Issued	Net Proceeds Received
For the six months ended June 30, 2023
March 27, 2023	41,353	$	41,291
Total Capital Drawdowns	41,353	$	41,291

The following table summarizes the total shares issued and proceeds, net of issuance, costs related to capital drawdowns of Series A Preferred Stock for the year ended December 31, 2022:

Share Issue Date	Shares Issued	Net Proceeds Received
For the year ended December 31, 2022
April 7, 2022	5,000	$	4,993
July 15, 2022	10,000	9,985
November 23, 2022	16,147	16,123
Total Capital Drawdowns	31,147	$	31,101

Common Stock

The following table reflects the net assets attributable to Common Stock activity for the six months ended June 30, 2023:

	Common stock - shares	Common stock - par		Additional paid in capital		Total distributable earnings (loss)		Total net assets attributable to common stock
Balance as of December 31, 2022	24,609,132	$	25	$	375,557	$	(3,161)	$	372,421
Net investment income (loss)	—	—		—		12,061		12,061
Net realized gain (loss) from investment transactions	—	—		—		(161)		(161)
Net change in unrealized appreciation (depreciation) on investments	—	—		—		(1,261)		(1,261)
Accretion to redemption value of Series A redeemable convertible preferred stock	—	—		—		(3)		(3)
Accrual of Series A redeemable convertible preferred stock distributions	—	—		—		(1,023)		(1,023)
Distributions to common stockholders	—	—		—		(10,584)		(10,584)
Issuance of common stock, net of issuance costs	532,871	1		8,072		—		8,073
Reinvested dividends	197,903	0(1)		2,994		—		2,994
Balance as of March 31, 2023	25,339,906	$	26	$	386,623	$	(4,132)	$	382,517
Net investment income (loss)	—	—		—		13,636		13,636
Net realized gain (loss) from investment transactions	—	—		—		31		31
Net change in unrealized appreciation (depreciation) on investments	—	—		—		(2,198)		(2,198)

	Common stock - shares	Common stock - par		Additional paid in capital		Total distributable earnings (loss)		Total net assets attributable to common stock
Accretion to redemption value of Series A redeemable convertible preferred stock	—	—		—		(4)		(4)
Accrual of Series A redeemable convertible preferred stock distributions	—	—		—		(2,197)		(2,197)
Distributions to common stockholders	—	—		—		(10,895)		(10,895)
Reinvested dividends	202,931	0(1)		3,074		—		3,074
Balance as of June 30, 2023	25,542,837	$	26	$	389,697	$	(5,759)	$	383,964

(1) Less than $1.

The following table reflects the net assets attributable to Common Stock activity for the six months ended June 30, 2022:

	Common stock - shares	Common stock - par		Additional paid in capital		Total distributable earnings (loss)		Total net assets attributable to common stock
Balance as of December 31, 2021	15,260,764	$	15	$	231,200	$	4,758	$	235,973
Net investment income (loss)	—	—		—		5,455		5,455
Net realized gain (loss) from investment transactions	—	—		—		12		12
Net change in unrealized appreciation (depreciation) on investments	—	—		—		(634)		(634)
Accretion to redemption value of Series A redeemable convertible preferred stock	—	—		—		0(1)		0(1)
Accrual of Series A redeemable convertible preferred stock distributions	—	—		—		(97)		(97)
Distributions to common stockholders	—	—		—		(4,575)		(4,575)
Reinvested dividends	99,702	—		1,534		—		1,534
Balance as of March 31, 2022	15,360,466	$	15	$	232,734	$	4,919	$	237,668
Net investment income (loss)	—	—		—		5,924		5,924
Net realized gain (loss) from investment transactions	—	—		—		54		54
Net change in unrealized appreciation (depreciation) on investments	—	—		—		(3,919)		(3,919)
Accretion to redemption value of Series A redeemable convertible preferred stock	—	—		—		(1)		(1)
Accrual of Series A redeemable convertible preferred stock distributions	—	—		—		(253)		(253)
Distributions to common stockholders	—	—		—		(5,996)		(5,996)
Issuance of common stock, net of issuance costs	1,653,439	2		24,998		—		25,000
Reinvested dividends	111,420	—		1,724		—		1,724
Balance as of June 30, 2022	17,125,325	$	17	$	259,456	$	728	$	260,201

(1) Less than $1.

The Company has adopted a distribution reinvestment plan (the “DRIP”) pursuant to which all cash dividends or distributions (“Distributions”) declared by the Board of Directors are reinvested on behalf of investors who do not elect to receive their Distributions in cash (the “Participants”). As a result, if the Board of Directors declares a Distribution, then stockholders who have not elected to “opt out” of the DRIP will have their Distributions automatically reinvested in additional shares of the Company's Common Stock at a price equal to net asset value (“NAV”) per share as estimated in good faith by the Company on the payment date. The timing and amount of Distributions to stockholders are subject to applicable legal restrictions and the sole discretion of our Board of Directors.

The following table reflects the Common Stock activity for the six months ended June 30, 2023:

	Shares	Value
Shares Sold	532,871	$	8,073
Shares Issued through DRIP	400,834	6,068
	933,705	$	14,141

The following table reflects the Common Stock activity for the year ended December 31, 2022:

	Shares	Value
Shares Sold	8,821,043	$	133,854
Shares Issued through DRIP	527,325	8,073
	9,348,368	$	141,927

Distributions

The following table reflects the distributions declared on shares of the Company’s Common Stock during the six months ended June 30, 2023:

Date Declared	Record Date	Payment Date	Amount Per Share
For the Six Months Ended June 30, 2023
February 24, 2023	February 24, 2023	March 24, 2023	$0.43
April 27, 2023	April 27, 2023	May 5, 2023	$0.43

The following table reflects the distributions declared on shares of the Company’s Common Stock during the six months ended June 30, 2022:

Date Declared	Record Date	Payment Date	Amount Per Share
For the Six Months Ended June 30, 2022
February 4, 2022	January 31, 2022	February 22, 2022	$0.30
May 11, 2022	May 11, 2022	May 24, 2022	$0.39

The following table reflects the distributions declared on shares of the Company’s Series A Preferred Stock during the six months ended June 30, 2023:

Date Declared	Record Date	Payment Date	Amount Per Share
For the Six Months Ended June 30, 2023
February 24, 2023	February 24, 2023	March 24, 2023	$28.31
April 27, 2023	April 27, 2023	May 5, 2023	$28.35

The following table reflects the distributions declared on shares of the Company’s Series A Preferred Stock during the six months ended June 30, 2022:

Date Declared	Record Date	Payment Date	Amount Per Share
For the Six Months Ended June 30, 2022
February 4, 2022	January 31, 2022	February 22, 2022	$19.49
May 11, 2022	May 11, 2022	May 24, 2022	$25.28