INCOME TAXES

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

For income tax purposes, distributions made to the Company’s stockholders are reported as ordinary income, capital gains, or a combination thereof. The tax character of distributions made were as follows:

	For the Year Ended
	December 31, 2024		December 31, 2023		December 31, 2022
Distributions paid from:
Ordinary income (including net short-term capital gains)	$	195,611	$	168,975	$	119,433
Net long-term capital gains	118		316		4
Total taxable distributions	$	195,729	$	169,291	$	119,437

Taxable income generally differs from net increase in net assets resulting from operations for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, and incentive fee accrual associated with any unrealized gains, as unrealized gains or losses are generally not included in taxable income until they are realized.

For the year ended December 31, 2024, the Company estimated U.S. federal taxable income exceeded its distributions made from such taxable income during the year; consequently, the Company has elected to carry forward the excess for distribution to stockholders in 2024. The amount carried forward to 2025 is estimated to be approximately $68,618, of which $68,618 is expected to be ordinary income and $0 is expected to be capital gains, although these amounts will not be finalized until the 2024 tax returns are filed in 2025.

The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book-to-tax treatment of net operating losses, dividend re-designations and timing of the deductibility of certain business expenses, as applicable. To the extent these differences are permanent, they are charged or credited to additional paid-in capital, undistributed net investment income or undistributed net realized gains on investments, as appropriate.

The book-to-tax differences relating to distributions made to the Company’s stockholders resulted in reclassifications among certain capital accounts as follows:

	As of
	December 31, 2024		December 31, 2023		December 31, 2022
Paid-in capital in excess of par value	$	(1,330)	$	(1,515)	$	(334)
Total distributable earnings (loss)	1,330		1,515		334

The cost and unrealized gain (loss) on the Company’s consolidated financial instruments, as calculated on a tax basis, were as follows (amounts calculated using book-to-tax differences as of the most recent fiscal year ended December 31, 2024, December 31, 2023 and December 31, 2022):

	As of
	December 31, 2024		December 31, 2023		December 31, 2022
Gross unrealized appreciation	$	38,155	$	19,066	$	6,529
Gross unrealized depreciation	(59,527)		(52,242)		(72,587)
Net unrealized appreciation (depreciation)	$	(21,372)	$	(33,176)	$	(66,058)
Tax cost of investments at year end	$	3,813,066	$	3,226,720	$	2,939,635

At December 31, 2024 the Company had available for federal income tax purposes unused capital losses of approximately $17,387, of which $11,768 are short-term and $5,619 are long-term, that do not have an expiration date.

To the extent that capital loss carryforwards are used to offset any future capital gains realized, no capital gains tax liability will be incurred by the Company for gains realized and not distributed. To the extent that capital gains are offset, such gains will not be distributed to the shareholders.