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Income Taxes | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Taxable income differs from net increase (decrease) in net assets resulting from operations primarily due to: (1) unrealized appreciation (depreciation) on investments, as gains and losses are generally not included in taxable income until they are realized; (2) income or loss recognition on exited investments; (3) non-deductible U.S federal excise taxes; and (4) other non-deductible expenses. 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 and tax basis of certain assets and liabilities, and non-deductible federal taxes or losses among other items. 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. For the years ended December 31, 2023, 2022 and 2021, permanent differences were as follows:
|  | For The Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Undistributed net investment income (loss) |  | $ | 32,895 |  |  | $ | 60,532 |  |  | $ | (17,556) |
Accumulated net realized gain (loss) |  | $ | (15,911) |  |  | $ | (58,963) |  |  | $ | 19,994 |
Paid In Capital |  | $ | (16,984) |  |  | $ | 1,569 |  |  | $ | (2,438) |
During the years ended December 31, 2023, 2022 and 2021, permanent differences were principally related to $16.8 million, $1.4 million and $2.4 million, respectively, of U.S. federal excise taxes and $0.2 million, $0.2 million and $0.0 million, respectively, of non-deductible offering costs. For tax purposes, the Company may elect to defer any portion of a post-October capital loss or late-year ordinary loss to the first day of the following fiscal year. As of December 31, 2023, 2022 and 2021, there were none. The following reconciles the increase in net assets resulting from operations to taxable income for the years ended December 31, 2023, 2022 and 2021:
|  | For The Year Ended December 31,
|  | 2023 (1) |  | 2022 |  | 2021
Net increase (decrease) in net assets resulting from operations |  | $ | 611,951 |  |  | $ | 404,556 |  |  | $ | 460,422 |
Net change in unrealized (appreciation) depreciation |  | 54,573 |  |  | 122,149 |  |  | (104,178) |
Realized gains (losses) for tax not included in book income |  | (917) |  |  | (60) |  |  | 310 |
Non-deductible capital gains incentive fees |  | (5,506) |  |  | (11,883) |  |  | 16,312 |
Other non-deductible expenses and excise taxes |  | 16,984 |  |  | 1,542 |  |  | 2,412 |
Net post-October capital loss deferral (reversal) |  | — |  |  | — |  |  | (4,293) |
Taxable/distributable income |  | $ | 677,085 |  |  | $ | 516,304 |  |  | $ | 370,985 |
(1)Tax information for the fiscal year ended December 31, 2023 is estimated and is not considered final until the Company files its tax return. The components of accumulated gains (losses) as calculated on a tax basis for the years ended December 31, 2023, 2022 and 2021 were as follows:
|  | For The Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Distributable ordinary income |  | $ | 281,140 |  |  | $ | 104,577 |  |  | $ | 104,080 |
Distributable capital gains |  | 26,953 |  |  | 37,000 |  |  | 3,229 |
Other temporary book/tax differences |  | — |  |  | (5,506) |  |  | (17,389) |
Net change in unrealized appreciation/(depreciation) on investments |  | (58,065) |  |  | (10,194) |  |  | 109,941 |
Total accumulated under-distributed (over-distributed) earnings |  | $ | 250,028 |  |  | $ | 125,877 |  |  | $ | 199,861 |
The cost and unrealized gain (loss) of the Company’s investments, as calculated on a tax basis, at December 31, 2023, December 31, 2022 and December 31, 2021 were as follows:
| For The Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Gross unrealized appreciation | $ | 86,757 |  |  | $ | 88,353 |  |  | $ | 132,173 |
Gross unrealized depreciation | (146,095) |  |  | (129,296) |  |  | (22,232) |
Net change in unrealized appreciation (depreciation) | $ | (59,338) |  |  | $ | (40,943) |  |  | $ | 109,941 |
Tax cost of investments | $ | 9,927,777 |  |  | $ | 9,658,192 |  |  | $ | 9,855,692 |
During the year ended December 31, 2023, $456.8 million and $47.9 million of the dividends declared were derived from ordinary income and capital gains, respectively, as determined on a tax basis. During the year ended December 31, 2022, $470.0 million and $12.4 million of the dividends declared were derived from ordinary income and capital gains, respectively, as determined on a tax basis. All of the dividends declared during the year ended December 31, 2021 were derived from ordinary income, as determined on a tax basis. BGSL Investments, a wholly-owned subsidiary that was formed in 2019, is a Delaware LLC which has elected to be treated as a corporation for U.S. tax purposes. As such, BGSL Investments is subject to U.S. Federal, state and local taxes. For the Company's tax year ended December 31, 2023, BGSL Investments activity did not result in a material provision for income taxes. Management has analyzed the Company’s tax positions taken, or to be taken, on federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Company’s financial statements. The Company’s federal tax returns are subject to examination by the Internal Revenue Service for a period of three fiscal years after they are filed.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
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