Quarterly report pursuant to Section 13 or 15(d)

Net Assets

v3.22.2.2
Net Assets
9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
Net Assets Net Assets
Equity Issuances
The Company has the authority to issue 500,000,000 common shares at $0.01 per share par value.
There were no sales of the Company’s common stock during the nine months ended September 30, 2022 and 2021.

Distributions
The following table reflects the distributions declared on shares of the Company’s common stock during the
nine months ended September 30, 2022:
September 30, 2022
Date Declared Record Date Payment Date Distribution per Share
August 2, 2022 September 30, 2022 November 15, 2022 $ 0.31 
May 3, 2022 June 30, 2022 August 15, 2022 $ 0.31 
February 23, 2022 March 31, 2022 May 13, 2022 $ 0.31 

The following table reflects the distributions declared on shares of the Company’s common stock during the nine months ended September 30, 2021:
September 30, 2021
Date Declared Record Date Payment Date Distribution per Share
August 3, 2021 September 30, 2021 November 15, 2021 $ 0.31 
May 5, 2021 June 30, 2021 August 13, 2021 $ 0.31 
February 23, 2021 March 31, 2021 May 14, 2021 $ 0.31 

Dividend Reinvestment
With respect to distributions, the Company has adopted an “opt out” dividend reinvestment plan for common shareholders. As a result, in the event of a declared distribution, each shareholder that has not “opted out” of the dividend reinvestment plan will have their dividends or distributions automatically reinvested in additional shares of the Company’s common stock rather than receiving cash distributions. If newly issued shares are used to implement the dividend reinvestment plan, the number of shares to be issued to a shareholder will be determined by dividing the total dollar amount of the cash dividend or distribution payable to a shareholder by the market price per share of our common stock at the close of regular trading on the New York Stock Exchange on the payment date of a distribution, or if no sale is reported for such day, the average of the reported bid and ask prices. However, if the market price per share on the payment date of a cash dividend or distribution exceeds the most recently computed net asset value per share, we will issue shares at the greater of (i) the most recently computed net asset value per share and (ii) 95% of the current market price per share (or such lesser discount to the current market price per share that still exceeded the most recently computed net asset value per share). If shares are purchased in the open market to implement the dividend reinvestment plan, the number of shares to be issued to a shareholder shall be determined by dividing the dollar amount of the cash dividend payable to such shareholder by the weighted average price per share for all shares purchased by the plan administrator in the open market in connection with the dividend. Shareholders who receive distributions in the form of shares of common stock will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.
The following table reflects the shares distributed pursuant to the dividend reinvestment plan during the nine months ended September 30, 2022:
Date Declared Record Date Payment Date Shares
May 3, 2022 June 30, 2022 August 15, 2022 886,113  (1)
February 23, 2022 March 31, 2022 May 15, 2022 830,764 (1)
November 2, 2021 December 31, 2021 January 31, 2022 814,084
(1)Shares purchased in the open market in order to satisfy dividends reinvested under our dividend reinvestment program.
The following table reflects the common stock issued pursuant to the dividend reinvestment plan during the nine months ended September 30, 2021:
Date Declared Record Date Payment Date Shares
May 5, 2021 June 30, 2021 August 13, 2021 935,064 
February 23, 2021 March 31, 2021 May 14, 2021 815,703 
November 4, 2020 December 31, 2020 January 19, 2021 1,435,099 
2020 Stock Repurchase Program
On November 3, 2020, the Board approved the 2020 Repurchase Program under which the Company may repurchase up to $100 million of the Company’s outstanding common stock. Under the 2020 Repurchase Program program, purchases may be made at management’s discretion from time to time in open-market transactions, in accordance with all applicable securities laws and regulations. Unless extended by the Board, the 2020 Repurchase Program will terminate 12-months from the date it was approved. On November 2, 2021, the Board approved an extension to the 2020 Repurchase Program for an additional 12-months. As of September 30, 2022, Goldman Sachs & Co., as agent, has repurchased 944,076 shares of the Company’s common stock pursuant to the 2020 Repurchase Program for approximately $12.6 million.
The following provides information regarding purchases of the Company’s common stock by Goldman Sachs & Co., as agent, pursuant to the 2020 Repurchase Program. For the period ended September 30, 2021, there were no repurchases under the 2020 Repurchase Program. For the period ended September 30, 2022, repurchases under the 2020 Repurchase Program were as follows:
Period
($ in millions, except share and per share amounts)
Total Number
of Shares
Repurchased
Average Price Paid per Share Approximate
Dollar Value of
Shares that have been
Purchased Under
the Plans
Approximate
Dollar Value
of Shares that
May Yet Be
Purchased Under
the Plan
January 1, 2022 - January 31, 2022 —  $ —  $ —  $ 97.4 
February 1, 2022 - February 28, 2022 —  $ —  —  97.4 
March 1, 2022 - March 31, 2022 —  $ —  —  97.4 
April 1, 2022 - April 30, 2022 —  $ —  —  97.4 
May 1, 2022 - May 31, 2022 757,926  $ 13.21  10.0  87.4 
June 1, 2022 - June 30, 2022 —  $ —  —  87.4 
July 1, 2022 - July 31, 2022 —  $ —  —  87.4 
August 1, 2022 - August 31, 2022 —  $ —  —  87.4 
September 1, 2022 - September 30, 2022 —  $ —  —  87.4 
Total 757,926  10.0