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Distributions (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Cash Distributions Paid on Common Stock Including Tax Basis
The following tables reflect the cash distributions per share that the Company has declared on its Common Shares during the years ended December 31, 2024 and 2023:
For the Year Ended December 31, 2024
Date DeclaredDistributionRecord DatePayment DateDistribution per Share
January 5, 2024RegularJanuary 31, 2024February 27, 2024$0.24 
February 20, 2024RegularFebruary 29, 2024March 26, 20240.24 
March 7, 2024RegularMarch 28, 2024April 26, 20240.25 
April 3, 2024RegularApril 30, 2024May 29, 20240.25 
May 2, 2024RegularMay 31, 2024June 26, 20240.25 
June 11, 2024RegularJune 28, 2024July 29, 20240.25 
June 11, 2024SpecialJune 28, 2024July 29, 20240.10 
July 11, 2024RegularJuly 31, 2024August 28, 20240.25 
July 31, 2024RegularAugust 30, 2024September 26, 20240.25 
September 16, 2024RegularSeptember 30, 2024October 29, 20240.25 
September 16, 2024SpecialSeptember 30, 2024October 29, 20240.10 
October 10, 2024RegularOctober 31, 2024November 26, 20240.25 
November 7, 2024RegularNovember 29, 2024December 27, 20240.25 
December 12, 2024RegularDecember 31, 2024January 29, 20250.25 
December 12, 2024SpecialDecember 31, 2024January 29, 20250.10 
Total$3.28 
For the Year Ended December 31, 2023
Date DeclaredDistributionRecord DatePayment DateDistribution per Share
September 26, 2023RegularSeptember 29, 2023October 27, 2023$0.24 
September 26, 2023RegularOctober 31, 2023November 28, 20230.24 
September 26, 2023RegularNovember 30, 2023December 27, 20230.24 
September 26, 2023RegularDecember 29, 2023January 30, 20240.24 
Total$0.96 
The following table reflects the sources of the cash distributions on a tax basis that the Company has paid on its Common Shares during the years ended December 31, 2024 and 2023:
Year Ended December 31,
20242023
Source of DistributionDistribution AmountPercentageDistribution AmountPercentage
Offering proceeds$— — $— — 
Borrowings— — — — 
Net investment income(1)
54,211 99 %8,119 100 %
Short-term capital gains proceeds from the sale of assets410 1 %— — 
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$54,621 100 %$8,119 100 %
________________
(1)During the years ended December 31, 2024 and 2023, 96.0% and 98.3%, respectively, of the Company’s gross investment income was attributable to cash income earned, 1.3% and 1.5%, respectively, was attributable to non-cash accretion of discount and 2.7% and 0.2%, 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, 2024 and 2023:
Year Ended December 31,
 20242023
GAAP-basis net investment income$53,872 $10,045 
Reversal of capital gains incentive fee1,076 390 
Excise taxes234 73 
Reclassification of unamortized original issue discount
(109)(405)
Other miscellaneous differences495 (228)
Tax-basis net investment income$55,568 $9,875 
Components of Accumulated Earnings
As of December 31, 2024 and 2023, the components of accumulated earnings on a tax basis were as follows:
December 31, 2024December 31, 2023
Distributable ordinary income$3,186 $2,120 
Distributable realized gains (accumulated capital losses)21 — 
Unamortized organizational costs
(924)— 
Other temporary differences(1,466)(390)
Net unrealized appreciation (depreciation)(1)
12,175 3,268 
Total$12,992 $4,998 
________________
(1)As of December 31, 2024 and 2023, the Company’s gross unrealized appreciation on a tax basis was $13,838 and $3,854, respectively. As of December 31, 2024 and 2023, the Company’s gross unrealized depreciation on a tax basis was $1,663 and $586, respectively.