Financial Performance - Total operating revenue for Q4 2025 was $43,461,000, an increase of 6.4% from $40,841,000 in Q3 2025[3] - Net income for Q4 2025 reached $5,382,000, representing a 30.1% increase compared to $4,137,000 in Q3 2025[3] - Funds from operations (FFO) available to common stockholders for Q4 2025 was $17,821,000, an 8.9% increase from $16,366,000 in Q3 2025[3] - Total operating revenue for the year ended December 31, 2025 was $161,336,000, an 8.0% increase from $149,388,000 in 2024[6] - Net income for the year ended December 31, 2025 was $19,292,000, a decrease of 19.8% from $24,040,000 in 2024[6] - Core funds from operations available to common stockholders for the year ended December 31, 2025 was $65,669,000, a 9.1% increase from $60,177,000 in 2024[6] - FFO available to common stockholders for FY 2025 was $64.9 million, an 8.8% increase compared to FY 2024, equating to $1.38 per share[13] - Core FFO for FY 2025 was $65.7 million, a 9.1% increase compared to FY 2024, equating to $1.40 per share[13] Assets and Equity - Total assets as of December 31, 2025 were $1,246,933,000, a decrease of 1.4% from $1,265,003,000 as of September 30, 2025[4] - Total equity and mezzanine equity as of December 31, 2025 was $341,933,000, down 3.7% from $354,999,000 as of September 30, 2025[4] - Total assets increased to $1,246.9 million, a 13.9% increase from $1,094.3 million in the previous year[10] Dividends and Distributions - Cash dividends declared per common share remained stable at $0.30 for both Q4 2025 and Q3 2025[4] - Paid monthly cash distributions totaling $1.20 per share on common stock and Non-controlling OP Units[10] Property Management - The company owned 151 properties with a total of 17,675,963 square feet, maintaining a lease occupancy rate of 99.1%[4] - Acquired 19 fully-occupied properties for $206.7 million at a weighted average cap rate of 8.88%[10] - Collected 100% of 2025 base rent throughout the year[10] - Leased 305,589 square feet of previously vacant space with lease terms ranging from 5.3 to 11.7 years[10] - Renewed leases for 884,327 square feet with remaining lease terms ranging from 0.7 to 11.3 years[10] - Sold two non-core properties for an aggregate of $26.5 million as part of a capital recycling strategy[10] Risks and Uncertainties - Gladstone Commercial's forward-looking statements regarding income stability and portfolio growth are subject to risks and uncertainties[23] - The company emphasizes the importance of its ability to raise additional capital and secure financing for operations and debt refinancing[23] - Economic downturns and tenant performance are significant factors that may impact actual results compared to forecasts[23] - Competition affects efforts to renew existing leases or re-lease space, which could influence overall performance[23] - Changes in interest rates are highlighted as a potential risk to the company's financial outlook[23]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ____________________________________________________________________ FORM 10-K ____________________________________________________________________ (Mark One) (Exact name of registrant as specified in its charter) ____________________________________________________________________ Maryland 02-0681276 (State or other jurisdiction of incorporation or organization) 1521 Westbranch Drive, Suite 100 22102 McLean, Virginia ...

Gladstone Commercial Corporation Reports Results for the Third Quarter Ended September 30, 2025 Please note that the limited information that follows in this press release is not adequate to make an informed investment judgment. MCLEAN, VA, November 3, 2025 (ACCESSWIRE) -- Gladstone Commercial Corporation (Nasdaq: GOOD) ("Gladstone Commercial" or the "Company") today reported financial results for the third quarter ended September 30, 2025. A description of funds from operations, or FFO, and Core FFO, both ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO COMMISSION FILE NUMBER: 001-33097 GLADSTONE COMMERCIAL CORPORATION (Exact name of registrant as specified in its charter) Maryland 02 ...

Gladstone Commercial Corporation Reports Results for the Second Quarter Ended June 30, 2025 Please note that the limited information that follows in this press release is not adequate to make an informed investment judgment. MCLEAN, VA, August 6, 2025 (ACCESSWIRE) -- Gladstone Commercial Corporation (Nasdaq: GOOD) ("Gladstone Commercial" or the "Company") today reported financial results for the second quarter ended June 30, 2025. A description of funds from operations, or FFO, and Core FFO, both non-GAAP ( ...

Property Management and Performance - As of June 30, 2025, the company owned 143 properties totaling 17.0 million square feet of rentable space, with an occupancy rate of 98.7%[111]. - The company collected 100% of all outstanding base rents for the six months ended June 30, 2025, demonstrating strong credit underwriting and asset management[115]. - The company has a manageable lease expiration schedule for the remainder of 2025, equating to 1.5% of lease revenue as of June 30, 2025[121]. - The average remaining lease term of the portfolio was 7.0 years as of June 30, 2025[111]. - For the six months ended June 30, 2025, the largest tenant contributed only 5.3% of total lease revenue, indicating a diversified portfolio[136]. - Total lease revenue for the three months ended June 30, 2025, was $39.5 million, a 6.7% increase from $37.1 million in the same period of 2024[137]. - Texas accounted for 16.8% of lease revenue for the three months ended June 30, 2025, with $6.6 million, up from 12.5% in the same period of 2024[137]. - The company had 134 leases for the three months ended June 30, 2025, compared to 136 leases in the same period of 2024[137]. - The company’s total lease revenue for the six months ended June 30, 2025, was $77.0 million, representing a 5.2% increase from $72.8 million in the same period of 2024[137]. Financial Performance - Total operating revenues for Q2 2025 were $39,533,000, an increase of 6.7% compared to $37,057,000 in Q2 2024[153]. - Net income for Q2 2025 was $4,634,000, representing a significant increase of 189.6% from $1,600,000 in Q2 2024[153]. - Funds from Operations (FFO) available to common stockholders for Q2 2025 was $15,338,000, up 6.2% from $14,437,000 in Q2 2024[153]. - Total operating revenues for the six months ended June 30, 2025, increased to $77.034 million, a 5.8% increase from $72.779 million in 2024[155]. - Net income for the six months ended June 30, 2025, was $9.773 million, representing a 90.7% increase from $5.125 million in 2024[155]. - Funds from Operations (FFO) available to common stockholders for the six months ended June 30, 2025, increased to $30.501 million, a 9.0% increase from $27.976 million in 2024[155]. Capital Management and Financing - Property acquisitions since the beginning of 2020 totaled $551.6 million, primarily in industrial properties with a weighted average lease term of 14.1 years[121]. - The company executed a capital recycling program, selling a non-core property for $5.05 million and realizing a gain of $377,000 during the six months ended June 30, 2025[123]. - During the same period, the company acquired ten industrial properties for a total purchase price of $153.1 million, with a weighted average remaining lease term of 14.3 years[124]. - The company raised net proceeds of $38.0 million from common equity and $0.4 million from Series F Preferred Stock during the six months ended June 30, 2025[169]. - The company entered into a 2024 Common Stock Sales Agreement, allowing for the issuance of up to $250.0 million in common stock, raising approximately $38.0 million in net proceeds from the sale of 2,521,007 shares during the six months ended June 30, 2025[130]. - The company expects to continue utilizing its 2024 Common Stock Sales Agreement as a liquidity source for the remainder of 2025, with the ability to raise up to $1.0 billion in additional equity capital[170]. - The company had 39 mortgage notes payable totaling $259.5 million with a weighted average interest rate of 4.22% as of June 30, 2025[171]. - The company anticipates refinancing $35.4 million of mortgage debt due in 2026 through various financing options, including new mortgage debt and equity securities[172]. - The company reported net cash provided by financing activities of $103.1 million during the six months ended June 30, 2025, mainly from equity issuance and borrowings[175]. Expenses and Cost Management - Total operating expenses for Q2 2025 decreased by 3.2% to $25,146,000 from $25,973,000 in Q2 2024[153]. - The base management fee for Q2 2025 was $1,640,000, an increase of 8.2% from $1,516,000 in Q2 2024[153]. - The incentive fee for Q2 2025 was $709,000, a decrease of 43.1% compared to $1,245,000 in Q2 2024[153]. - Property operating expenses increased by 25.0% to $7,258,000 in Q2 2025 from $5,807,000 in Q2 2024[153]. - General and administrative expenses increased due to higher audit expenses and costs associated with the termination of the primary offering of Series F Preferred Stock[161]. Liquidity and Cash Flow - The company has adequate liquidity, with cash on hand and availability under its Credit Facility sufficient to cover near-term obligations[116]. - Available liquidity as of June 30, 2025, was $38.7 million, consisting of approximately $11.7 million in cash and cash equivalents and $27.0 million in available borrowing capacity under the Credit Facility[166]. - As of June 30, 2025, the company had net cash provided by operating activities of $53.5 million, an increase from $28.6 million for the same period in 2024, primarily generated from lease revenues[173]. - Net cash used in investing activities was $155.8 million for the six months ended June 30, 2025, primarily for ten property acquisitions and capital improvements[174]. Market Conditions and Risks - National industrial rents increased by 2.6% year over year in the second quarter of 2025, indicating steady demand and sustainable long-term growth[113]. - The company continues to monitor geopolitical and economic conditions, which may impact industrial demand and tenant behavior[117]. - Future interest rate changes may affect the company's liquidity and expansion plans, particularly related to Revolver and Term Loans[196]. - The company is exposed to market risks including interest rate fluctuations, which may affect the value of real estate and refinancing capabilities[197]. - The company aims to limit the impact of interest rate changes on earnings and cash flows by primarily borrowing at fixed rates or low-margin variable rates[196]. Shareholder and Stock Information - The company reclassified 26,000,000 shares of common stock to Series F Preferred Stock, reducing common stock shares from 86,290,000 to 60,290,000[132]. - Distributions declared per share of common stock and Non-controlling OP Unit remained stable at $0.30 for the three months ended June 30, 2025[189]. - Basic FFO per weighted average share for the three months ended June 30, 2025, was $0.33, consistent with the same period in 2024[189].

Please note that the limited information that follows in this press release is not adequate to make an informed investment judgment. MCLEAN, VA, May 7, 2025 (ACCESSWIRE) -- Gladstone Commercial Corporation (Nasdaq: GOOD) ("Gladstone Commercial" or the "Company") today reported financial results for the first quarter ended March 31, 2025. A description of funds from operations, or FFO, and Core FFO, both non-GAAP (generally accepted accounting principles in the United States) financial measures, are located ...

PART I [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The unaudited Q1 2025 financial statements show total assets increased to **$1.16 billion**, net income rose to **$5.1 million**, and operating cash flow was **$17.7 million**, driven by real estate acquisitions and new financing [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets increased to **$1.16 billion** driven by real estate acquisitions, while total liabilities rose to **$807.1 million** due to increased borrowings, and total equity grew to **$183.4 million** Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total real estate, net** | $950,090 | $892,147 | | **Cash and cash equivalents** | $10,383 | $10,956 | | **TOTAL ASSETS** | **$1,160,443** | **$1,094,348** | | **Mortgage notes payable, net** | $267,326 | $269,579 | | **Borrowings under Revolver** | $51,300 | $1,900 | | **TOTAL LIABILITIES** | **$807,050** | **$753,006** | | **TOTAL EQUITY** | **$183,352** | **$171,301** | [Condensed Consolidated Statements of Operations and Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income) For Q1 2025, total operating revenues increased by **5.0%** to **$37.5 million**, leading to a significant rise in net income to **$5.1 million** and net income available to common stockholders of **$1.9 million**, or **$0.04 per share** Statement of Operations Highlights (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Lease revenue** | $37,501 | $35,721 | | **Total operating expenses** | $23,858 | $23,315 | | **Net income** | $5,136 | $3,526 | | **Net income available to common stockholders** | $1,915 | $304 | | **Income per share (basic & diluted)** | $0.04 | $0.01 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2025, net cash from operating activities increased to **$17.7 million**, while investing activities used **$75.6 million** primarily for real estate acquisitions, and financing activities provided **$58.2 million** through equity and borrowings Cash Flow Summary (in thousands) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $17,684 | $15,023 | | **Net cash (used in) provided by investing activities** | $(75,644) | $18,468 | | **Net cash provided by (used in) financing activities** | $58,247 | $(34,708) | | **Net increase (decrease) in cash** | $287 | $(1,217) | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, related-party transactions, debt, and equity, highlighting **$73.7 million** in Q1 2025 property acquisitions, **$740.7 million** total debt, and **$27.7 million** from common stock sales, plus subsequent property dispositions - The company operates as a single reporting segment: **Real Estate Rental Operations**[23](index=23&type=chunk) Related-Party Fees (Q1 2025, in millions) | Fee Type | Amount | | :--- | :--- | | Base Management Fee | $1.6 | | Incentive Fee | $0.6 | | Administration Fee | $0.6 | - Acquired six industrial properties for an aggregate purchase price of **$73.7 million** during Q1 2025[45](index=45&type=chunk)[46](index=46&type=chunk) - As of March 31, 2025, total debt outstanding was **$740.7 million**, with a weighted average interest rate of **5.28%**. This includes mortgage notes, the Credit Facility, and senior unsecured notes[63](index=63&type=chunk)[64](index=64&type=chunk) - Raised approximately **$27.7 million** in net proceeds from the sale of **1,770,581 shares** of common stock under the 2024 Common Stock Sales Agreement during Q1 2025[88](index=88&type=chunk) - Subsequent to quarter-end, the company sold a property in Hickory, NC for **$5.1 million** and a property in Tifton, GA for **$18.5 million**[96](index=96&type=chunk)[97](index=97&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's strategy of acquiring industrial and office properties, highlighting **100%** rent collection, **$73.7 million** in Q1 2025 property acquisitions, **5.0%** operating revenue growth, and **$80.5 million** in available liquidity - The company's strategic focus is on acquiring, owning, and managing primarily industrial and office properties in secondary growth markets[102](index=102&type=chunk)[103](index=103&type=chunk) - Collected **100%** of all outstanding base rents for the three months ended March 31, 2025, demonstrating tenant strength[109](index=109&type=chunk) - Acquired six industrial properties for **$73.7 million** in Q1 2025, with a weighted average remaining lease term of **10.8 years**[118](index=118&type=chunk) Q1 2025 vs Q1 2024 Operating Results (in thousands) | Metric | Q1 2025 | Q1 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Lease revenue** | $37,501 | $35,721 | $1,780 | 5.0% | | **Total operating expenses** | $23,858 | $23,315 | $543 | 2.3% | | **Net income** | $5,136 | $3,526 | $1,610 | 45.7% | | **FFO per share (diluted)** | $0.34 | $0.34 | $— | —% | - Same-store property lease revenue increased by **6.6%** year-over-year, primarily due to higher recovery revenue and increased rental rates from recent leasing activity[148](index=148&type=chunk) - As of March 31, 2025, available liquidity was **$80.5 million**, comprising **$10.4 million** in cash and **$70.1 million** in borrowing capacity under the Credit Facility[156](index=156&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=43&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk from variable-rate debt, mitigated by derivatives, with a **1%** SOFR increase estimated to decrease annual net income by approximately **$0.6 million** - The primary market risk exposure is interest rate risk, mainly from the variable-rate Credit Facility[179](index=179&type=chunk) Annual Impact of SOFR Changes on Net Income (as of March 31, 2025, in thousands) | Interest Rate Change | Net increase (decrease) to Net Income | | :--- | :--- | | 3% Decrease to SOFR | $1,779 | | 1% Decrease to SOFR | $593 | | 1% Increase to SOFR | $(593) | | 3% Increase to SOFR | $(1,779) | - The fair value of the company's mortgage debt was **$255.9 million** as of March 31, 2025. A **1%** increase in interest rates would decrease this fair value by **$7.0 million**[183](index=183&type=chunk) [Item 4. Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that disclosure controls and procedures were effective as of March 31, 2025[187](index=187&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended March 31, 2025, that have materially affected, or are reasonably likely to materially affect, internal controls[188](index=188&type=chunk) PART II OTHER INFORMATION [Item 1. Legal Proceedings](index=45&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently subject to any material legal proceedings, nor is it aware of any material legal proceedings being threatened against it - As of the report date, the company is not a party to any material legal proceedings[191](index=191&type=chunk) [Item 1A. Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors associated with the company's business or investment in its securities from those previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes to risk factors from the Annual Report on Form 10-K for the year ended December 31, 2024[192](index=192&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities and no issuer purchases of its equity securities during the period - There were no sales of unregistered securities or issuer purchases of equity securities during the quarter[193](index=193&type=chunk) [Item 3. Defaults Upon Senior Securities](index=45&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon its senior securities during the period - None[194](index=194&type=chunk) [Item 4. Mine Safety Disclosures](index=45&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[195](index=195&type=chunk) [Item 5. Other Information](index=45&type=section&id=Item%205.%20Other%20Information) The company reported no other material information, and no officer or director adopted or terminated any Rule 10b5-1 trading arrangement during the quarter - No other information to report. No officer or director adopted or terminated a Rule 10b5-1 trading plan[196](index=196&type=chunk) [Item 6. Exhibits](index=45&type=section&id=Item%206.%20Exhibits) This section provides an index of all exhibits filed with the Form 10-Q, including articles of incorporation, bylaws, forms of certificates, and certifications by the CEO and CFO - Lists all exhibits filed with the report, including CEO/CFO certifications (**31.1**, **31.2**, **32.1**, **32.2**) and iXBRL data files[197](index=197&type=chunk)[198](index=198&type=chunk)[199](index=199&type=chunk)

Gladstone Commercial Corporation Reports Results for the Fourth Quarter and Year Ended December 31, 2024 Please note that the limited information that follows in this press release is not adequate to make an informed investment judgment. MCLEAN, VA., February 18, 2025 (ACCESSWIRE) -- Gladstone Commercial Corporation (Nasdaq: GOOD) ("Gladstone Commercial" or the "Company") today reported financial results for the fourth quarter and year ended December 31, 2024. A description of funds from operations, or FFO, ...

Property Portfolio - As of February 18, 2025, the company owned 135 properties totaling 16.9 million square feet of rentable space, with an occupancy rate of 98.7%[25] - As of December 31, 2024, the company owned 135 properties with 132 leases, and the five largest tenants accounted for approximately 16.9% of total lease revenue[85] - The average remaining lease term of the portfolio was 6.9 years, indicating a stable cash flow from long-term leases[25] - The average remaining lease term for the properties is 7.0 years, with lease expirations in 2025 expected to generate $4.773 million in revenue, representing 3.2% of total lease revenue[180] - The total lease revenue for the year ended December 31, 2024, was $149.388 million, with a 1.2% increase from $147.584 million in 2023[182] - The largest revenue contributor by state was Pennsylvania, generating $20.209 million, accounting for 13.5% of total lease revenue for 2024[182] - The diversified/conglomerate services industry accounted for 15.8% of total lease revenue in 2024, up from 12.5% in 2023[182] - The company collected 100% of all outstanding base rent for the calendar year 2024, demonstrating strong credit underwriting and asset management[205] Financial Performance - The company raised approximately $53.5 million in net proceeds by selling 3,699,597 shares of common stock under the 2024 Common Stock Sales Agreement[29] - The company recognized impairment charges of $6.8 million, $19.3 million, and $12.1 million during the years ended December 31, 2024, 2023, and 2022, respectively[97] - The company is required to make ordinary dividend distributions to common stockholders, equating to at least 90% of its REIT taxable income[187] - The company is required to limit distributions to stockholders to 95% of its Funds From Operations (FFO)[101] - The company anticipates that 15 to 20 full-time employees from its Adviser and Administrator will be dedicated to its matters during calendar year 2025[65] Debt and Financing - The weighted average remaining term of the company's mortgage debt was 3.4 years, with a weighted average interest rate of 4.29%[25] - The company has $269.6 million in mortgage notes payable, net, outstanding as of December 31, 2024, with none having recourse to the company[43] - As of December 31, 2024, there was $351.9 million outstanding under the company's Credit Facility at a weighted average interest rate of approximately 5.79%[45] - The company procured a senior unsecured revolving credit facility of $100.0 million, which was later increased to $120.0 million[44] - The company added a new $140.0 million term loan facility component (Term Loan C) with a maturity date of February 18, 2028[45] - The company entered into a Note Purchase Agreement for a private placement of $75.0 million of 6.47% senior unsecured notes, maturing on December 18, 2029[46] - The company faces risks from cross-collateralized properties, where a default on one property could lead to defaults on others[107] - The company is subject to various covenants in its debt agreements, which, if not complied with, could result in defaults and foreclosure[112] Market and Economic Conditions - The company targets secondary growth markets with favorable economic trends and diversified industries for property acquisitions[21] - The industrial market saw a 5.1% increase in single-asset industrial investment volume to $67.9 billion in 2024 compared to 2023[202] - The overall industrial vacancy rate increased to 6.0% by the end of 2024, with asking rents declining 1.3% year-over-year to $10.94 per square foot[203] - The office market experienced positive net absorption in the second, third, and fourth quarters of 2024, with nationwide vacancy dropping slightly to 18.9%[204] Risk Factors - The company faces competition from other real estate investment companies and traditional mortgage lenders, which may have greater resources[67] - Compliance with government regulations may materially affect the company's operations for the year ending December 31, 2025[68] - The company is subject to credit risk from tenants and borrowers, which could adversely affect cash available for distributions[71] - The company may face challenges in renewing leases or re-leasing space, impacting financial condition and distributions[78] - Illiquidity of certain real estate investments may hinder the company's ability to sell properties in response to market conditions, affecting financial condition and distributions[81] - The company may incur significant costs related to government regulation and private litigation over environmental matters[90] - The company is exposed to potential impacts of climate change, which may result in unanticipated losses affecting business and financial condition[166] - The company does not currently consider itself materially exposed to regulatory risks related to climate change, but future stricter regulations could impose substantial costs[167] Governance and Compliance - The company has adopted policies to minimize potential conflicts of interest among its directors and officers[47] - The investment committee of the company is comprised of experienced members who evaluate investment opportunities[55] - The company has a code of ethics and business conduct applicable to all personnel of its Adviser and Administrator[52] - The company relies on its Adviser for investment decisions, and any poor decisions could materially impact operations[119] - The Adviser issued a voluntary waiver of a portion of the incentive fee of $2.3 million for the year ended December 31, 2024[124] Cybersecurity - Cybersecurity threats and incidents could disrupt operations, compromise confidential information, and damage business relationships, negatively impacting financial condition and operating results[162] - The company has implemented ongoing processes to identify, assess, manage, and mitigate cybersecurity risks, with regular assessments reported to the Board of Directors[170] - The Board of Directors receives quarterly reports on cybersecurity efforts and risks, ensuring active engagement in overseeing the information security program[177] - The company has adopted industry-leading cloud solutions with integrated cybersecurity safeguards, including anti-malware and multifactor authentication[176] Shareholder Matters - The number of outstanding shares of preferred stock may increase due to the Offering of Series F Preferred Stock, impacting future operations and financial obligations[147] - The company's charter limits ownership of its capital stock to 9.8%, which may discourage changes in control and affect stockholder interests[149] - As of February 10, 2025, the company had 49,912 beneficial owners of its common stock, with a distribution of $1.05 per share per annum for Senior Common Stock[190]