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SHAREHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
SHAREHOLDERS' EQUITY
NOTE 16—SHAREHOLDERS EQUITY:

Preferred Stock

On February 3, 2023, we entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with Patriot Financial Partners IV, L.P., and Patriot Financial Partners Parallel IV, L.P. (collectively, “Patriot”) in respect of 20 thousand shares of the Company’s Series A Convertible Preferred Stock, par value $0.02 per share (the “Series A Preferred Stock”), in a private placement transaction. The aggregate purchase price was $20.0 million. Each share of Series A Preferred Stock was issued at a price of $1.0 thousand per share and is convertible at the holder’s option into 47.54 shares of the Company’s Common Stock. The Company had not issued preferred stock prior to February 3, 2023.

Warrants for Common Stock

On February 3, 2023, pursuant to the Securities Purchase Agreement, the Company issued warrants to Patriot to purchase, in the aggregate, 47.54 thousand shares of Common Stock for $21.03 per share. The Warrants are exercisable in whole or in part until the ten year anniversary of the entry into the Securities Purchase Agreement and may be exercised for cash or on a “net share” basis, with the number of shares withheld determined based on the closing price of the Common Stock on the date of such exercise. Warrants are included in Accounts payable, accrued expenses and other liabilities on the Consolidated Statements of Financial Condition.

Common Stock
ATM Program
The Company’s shelf registration statement on Form S-3 was declared effective by the SEC on July 27, 2023. On November 17, 2023, the Company entered into the 2023 ATM Equity Distribution Agreement. The 2023 ATM Equity Distribution Agreement provides that the Company may offer and sell up to 3.0 million shares of Common Stock from time to time through the placement agents (the “ATM Program”). The Company may, subject to market conditions, engage in activity under the ATM Program.

The following table summarizes the total shares sold and net proceeds received under the 2023 ATM Equity Distribution Agreement:
Year Ended December 31, 2024Year Ended December 31, 2023Year Ended December 31, 2022
Shares sold1,100 — — 
Net weighted average price per share$12.56 $— $— 
Net proceeds$13,818 $— $— 
Placement agent fees paid
$282 $— $— 
2020 ATM Program

On June 25, 2020, the Company entered into the 2020 ATM Equity Distribution Agreement. On July 20, 2022, the Company entered into Amendment No. 1 to the 2020 ATM Equity Distribution Agreement. The 2020 ATM Equity Distribution Agreement, as amended, provided that the Company may offer and sell up to 6.4 million shares of common stock from time to time through the placement agents. The ATM program was suspended as of January 6, 2023, when the Company did not have an effective shelf registration statement in place. The following table summarizes the total shares sold and net proceeds received under the 2020 ATM Equity Distribution Agreement:
Year Ended December 31, 2024Year Ended December 31, 2023Year Ended December 31, 2022
Shares sold— — 107 
Net weighted average price per share$— $— $19.12 
Net proceeds$— $— $2,054 

The Company used the net proceeds for funding investments in debt and equity securities in accordance with its investment objective and strategies.
Stock Repurchase Program

On November 1, 2024, the Company’s Board of Directors approved a new stock repurchase program granting the Company authority to repurchase up to 1.0 million shares of Company common stock during the next twelve months. The actual timing and amount of any repurchases under the plan will be determined by the Company in its discretion, and will depend on a number of factors, including market conditions, applicable legal requirements, the Company's capital needs and whether there is a better alternative use of capital. The Company has no obligation to repurchase any amount of its common stock under its new stock repurchase program.

The following table summarizes the total shares repurchased and net proceeds received under the stock repurchase program:
Year Ended December 31, 2024Year Ended December 31, 2023Year Ended December 31, 2022
Shares repurchased
30 — — 
Net weighted average price per share$13.35 $— $— 
Net proceeds$402 $— $— 
Dividends and Distributions

The following table summarizes dividend declarations and distributions on the Series A Preferred Stock during the years ended December 31, 2024 and 2023:

Date DeclaredRecord DatePayment DateAmount Per ShareCash Distribution
Year ended December 31, 2024
March 18, 2024March 28, 2024April 1, 2024$20.00 $400 
June 26, 2024June 28, 2024July 1, 2024$20.00 $400 
September 16, 2024September 30, 2024October 1, 2024$20.00 $400 
December 31, 2024January 1, 2025January 2, 2025$20.00 $400 
Year ended December 31, 2023
April 13, 2023March 20, 2023April 14, 2023$12.44 $249 
June 27, 2023June 27, 2023July 1, 2023$20.00 $400 
September 27, 2023September 27, 2023October 2, 2023$20.00 $400 
December 25, 2023December 27, 2023January 2, 2024$20.00 $400 
The Company’s dividends and distributions on the Company’s common shares are recorded on the declaration date. Effective December 8, 2023, the Company terminated the DRIP. The following table summarizes the Company’s dividend declarations and distributions, including DRIP shares and dividend shares issued on vested restricted stock awards, during the years ended December 31, 2024 and 2023:
Record DatePayment DateAmount Per ShareCash DistributionDRIP Shares IssuedDividend Shares Issued
on Unvested RSAs
Date Declared#$#$
Year ended December 31, 2024
March 19, 2024April 1, 2024April 15, 2024$0.19 $4,617 — $— 6 $71 
June 27, 2024July 9, 2024July 19, 2024$0.19 $4,827 — $— 5 $78 
September 16, 2024October 10, 2024October 21, 2024$0.19 $4,837 — $— 8 $114 
December 13, 2024December 31, 2024January 13, 2025$0.19 $4,833 — $— 13 $155 
Year ended December 31, 2023
February 27, 2023April 4, 2023April 14, 2023$0.18 $4,291 6 $72 5 $60 
June 27, 2023July 10, 2023July 21, 2023$0.18 $4,293 4 $73 3 $60 
September 27, 2023October 10, 2023October 20, 2023$0.18 $4,293 6 $71 5 $63 
December 11, 2023December 29, 2023January 12, 2024$0.18 $4,371 — $— 6 $79