Distributions (Tables)

12 Months Ended

Dec. 31, 2022

Cash Distributions Paid on Common Stock Including Tax Basis

The following table reflects the cash distributions per share that the Company has declared on its common stock during the years ended December 31, 2022, 2021 and 2020:


	Distribution
For the Year Ended December 31,	Per Share		Amount
2020(1)	$	2.56	$	318
2021	$	2.47	$	511
2022	$	2.66	$	754

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(1)The amount of per share distributions has been retroactively adjusted to reflect the Reverse Stock Split as discussed above in Note 3.

The following table reflects the sources of the cash distributions on a tax basis that the Company has paid on its common stock during the years ended December 31, 2022, 2021 and 2020:


	Year Ended December 31,
	2022				2021				2020
Source of Distribution	Distribution Amount		Percentage		Distribution Amount		Percentage		Distribution Amount		Percentage
Offering proceeds	$	—	—		$	—	—		$	—	—
Borrowings	—		—		—		—		—		—
Net investment income(1)	754		100	%	511		100	%	318		100	%
Short-term capital gains proceeds from the sale of assets	—		—		—		—		—		—
Long-term capital gains proceeds from the sale of assets	—		—		—		—		—		—
Non-capital gains proceeds from the sale of assets	—		—		—		—		—		—
Distributions on account of preferred and common equity	—		—		—		—		—		—
Total	$	754	100	%	$	511	100	%	$	318	100	%

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(1)During the years ended December 31, 2022, 2021 and 2020, 85.5%, 84.6% and 88.1%, respectively, of the Company's gross investment income was attributable to cash income earned, 4.5%, 5.5% and 1.6%, respectively, was attributable to non-cash accretion of discount and 10.0%, 9.9% and 10.3%, respectively, was attributable to paid-in-kind, or PIK, interest.

Reconciliation of Net Investment Income and Tax-basis Net Investment Income

The following table sets forth a reconciliation between GAAP-basis net investment income and tax-basis net investment income during the years ended December 31, 2022, 2021 and 2020:


	Year Ended December 31,
	2022		2021		2020
GAAP-basis net investment income	$	865	$	584	$	331


Income subject to tax not recorded for GAAP	23		10		29
GAAP accretion from merger not recognized for tax	(50)		(47)		—
Excise taxes	19		12		10
GAAP versus tax-basis impact of consolidation of certain subsidiaries	5		12		11
Reclassification of unamortized original issue discount and prepayment fees	(27)		(37)		(14)
Other miscellaneous differences	26		23		(10)
Tax-basis net investment income	$	861	$	557	$	357

Components of Accumulated Earnings

As of December 31, 2022 and 2021, the components of accumulated earnings on a tax basis were as follows:


	Year Ended December 31,
	2022		2021
Distributable ordinary income	$	446	$	284
Distributable realized gains (accumulated capital losses)(1)	(2,036)		(1,881)


Other temporary differences	7		(1)
Net unrealized appreciation (depreciation)(2)	(1,015)		(330)
Total	$	(2,598)	$	(1,928)

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(1)Net capital losses may be carried forward indefinitely, and their character is retained as short-term or long-term losses. As of December 31, 2022, the Company had capital loss carryforwards available to offset future realized capital gains of approximately $2,036 million. $85 of such losses were carried over from CCT due to the 2018 Merger, $1,212 were carried over from FSKR due to the 2021 Merger, and $177 of such losses were carried over from losses generated by the Company prior to the 2018 Merger. Because of the loss limitation rules of the Code, some of the tax basis losses may be limited in their use. Any unused balances resulting from such limitations may be carried forward into future years indefinitely.

(2)As of December 31, 2022 and 2021, the gross unrealized appreciation was $1,349 and $1,665, respectively. As of December 31, 2022 and 2021, the gross unrealized depreciation was $2,364 and $1,995, respectively.