Common Stock |
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| Common Stock [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock | NOTE 8 — COMMON STOCK As of September 30, 2025, 100,000,000 shares of $0.01 par value common stock were authorized. Loan Portfolio Acquisition On October 1, 2024, the Company completed its previously announced the Loan Portfolio Acquisition, pursuant to the Loan Portfolio Acquisition Agreement. In accordance with the terms of the Loan Portfolio Acquisition Agreement, at the effective time of the Loan Portfolio Acquisition, the Company issued 16,605,372 shares of its common stock to CALP in exchange for the Loan Portfolio, which was determined by the Company to have a fair value of $219,621,125 as of September 28, 2024. Upon the closing of the Loan Portfolio Acquisition, there were 22,820,367 shares of the Company’s common stock outstanding. Distributions The following table summarizes distributions declared by the Company during the nine months ended September 30, 2025:
The following table summarizes distributions declared and paid by the Company during the nine months ended September 30, 2024:
Dividend Reinvestment Plan The Company’s dividend reinvestment plan (the “DRIP”) provides for the reinvestment of distributions in the form of common stock on behalf of its stockholders, unless a stockholder has elected to receive distributions in cash. As a result, if the Company declares a cash distribution, its stockholders who have not “opted out” of the DRIP by the opt out date will have their cash distribution automatically reinvested into additional shares of the Company’s common stock. The share requirements of the DRIP may be satisfied through the issuance of common shares or through open market purchases of common shares by the DRIP plan administrator. The DRIP is administered by its transfer agent on behalf of the Company’s record holders and participating brokerage firms. Brokerage firms and other financial intermediaries may decide not to participate in the DRIP but may provide a similar dividend reinvestment plan for their clients. During the nine months ended September 30, 2025, the Company issued the following shares of common stock under the DRIP:
During the nine months ended September 30, 2024, the Company issued the following shares of common stock under the DRIP:
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