INCOME AND EXCISE TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Dividends Paid per Common Share

Dividends paid per common share for the years ended December 31, 2024, 2023 and 2022 were taxable as follows (unaudited):


	For the Years Ended December 31,
	2024		2023		2022
Ordinary income(1)	$	1.92	$	1.92	$	1.80
Capital gains	—		—		0.07
Total(2)	$	1.92	$	1.92	$	1.87

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(1)For the years ended December 31, 2024, 2023 and 2022, ordinary income included dividend income of approximately $0.3137, $0.0296 and $0.0582 per share, respectively, that qualified to be taxed at the maximum capital gains rate and, in the case of certain eligible corporate stockholders, dividends that were eligible for the dividends received deduction.

(2)For the years ended December 31, 2024, 2023 and 2022, the percentage of total dividends paid that constituted interest-related dividends were 88.6%, 80.5% and 76.6%, respectively.

Schedules of Income Taxes

The following reconciles net increase in stockholders’ equity resulting from operations to taxable income for the years ended December 31, 2024, 2023 and 2022:


	For the Years Ended December 31,
	2024		2023		2022
	(Estimated)(1)
Net increase in stockholders’ equity resulting from operations	$	1,522	$	1,522	$	600
Adjustments:
Net realized (losses) gains on investments, foreign currency and other transactions	(136)		(440)		525
Income not currently taxable(2)	(203)		(157)		(232)
Income for tax but not book	233		60		90
Expenses not currently deductible	76		21		56

Realized gain/loss differences(3)	17		60		(101)
Taxable income	$	1,509	$	1,066	$	938

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(1)The calculation of estimated 2024 U.S. federal taxable income is based on certain estimated amounts, including information received from third parties and, as a result, actual 2024 U.S. federal taxable income will not be finally determined until the Company’s 2024 U.S. federal tax return is filed in 2025 (and, therefore, such estimate is subject to change).

(2)Includes a reduction for dividend income from preferred equity that is not taxable until collected totaling $257, $198 and $175, respectively, net of dividend income collected of $33, $11 and $71, respectively, for the years ended December 31, 2024, 2023 and 2022, respectively.

(3)Certain realized gain/loss differences are the result of the realization of certain tax only capital losses on the investments and liabilities acquired in the acquisition of Allied Capital Corporation in April 2010 (the “Allied Acquisition”). Because the Allied Acquisition was a “tax-free” reorganization under the Code, realized losses for tax purposes can differ from GAAP. Note that unlike the Allied Acquisition, the acquisition of American Capital, Ltd. in January 2017 was treated as a taxable purchase of the American Capital assets for purposes of the Company’s taxable

income calculations; therefore, realized gains or losses for tax purposes are generally consistent with realized gains or losses under GAAP.