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Distributions
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Distributions Distributions
The following table reflects the distributions per share that the Company has declared on its common stock during the years ended December 31, 2025, 2024 and 2023:
 
For the Year Ended
December 31, 2025
Date DeclaredDividendRecord DatePayment DateDividend per Share
February 25, 2025BaseMarch 19, 2025April 2, 2025$0.64 
February 25, 2025SupplementalMarch 19, 2025April 2, 20250.06 
May 5, 2025BaseJune 18, 2025July 2, 20250.64 
May 5, 2025SupplementalJune 18, 2025July 2, 20250.06 
July 31, 2025BaseSeptember 17, 2025October 2, 20250.64 
July 31, 2025SupplementalSeptember 17, 2025October 2, 20250.06 
October 8, 2025BaseDecember 3, 2025December 17, 20250.64 
October 8, 2025SupplementalDecember 3, 2025December 17, 20250.06 
Total Dividends Declared$2.80 
 
For the Year Ended
December 31, 2024
Date DeclaredDividendRecord DatePayment DateDividend per Share
November 2, 2023SpecialFebruary 14, 2024February 28, 2024$0.05 
February 20, 2024BaseMarch 13, 2024April 2, 20240.64 
February 20, 2024SupplementalMarch 13, 2024April 2, 20240.06 
November 2, 2023SpecialMay 15, 2024May 29, 20240.05 
May 2, 2024BaseJune 12, 2024July 2, 20240.64 
May 2, 2024SupplementalJune 12, 2024July 2, 20240.06 
July 31, 2024BaseSeptember 11, 2024October 2, 20240.64 
July 31, 2024SupplementalSeptember 11, 2024October 2, 20240.06 
October 8, 2024BaseDecember 4, 2024December 18, 20240.64 
October 8, 2024SupplementalDecember 4, 2024December 18, 20240.06 
Total Dividends Declared$2.90 
 
For the Year Ended
December 31, 2023
Date DeclaredDividendRecord DatePayment DateDividend per Share
February 21, 2023BaseMarch 15, 2023April 3, 2023$0.64 
February 21, 2023SupplementalMarch 15, 2023April 3, 20230.06 
May 4, 2023SpecialMay 17, 2023May 31, 20230.05 
May 4, 2023BaseJune 14, 2023July 5, 20230.64 
May 4, 2023SupplementalJune 14, 2023July 5, 20230.06 
May 4, 2023SpecialAugust 16, 2023August 30, 20230.05 
August 3, 2023BaseSeptember 13, 2023October 3, 20230.64 
August 3, 2023SupplementalSeptember 13, 2023October 3, 20230.06 
May 4, 2023SpecialNovember 15, 2023November 29, 20230.05 
November 2, 2023BaseDecember 13, 2023January 3, 20240.64 
November 2, 2023SupplementalDecember 13, 2023January 3, 20240.06 
Total Dividends Declared$2.95 
On February 19, 2026, the Board of Directors declared a regular quarterly distribution of $0.48 per share consisting of a $0.45 base distribution and a $0.03 supplemental distribution, which will be paid on or about April 2, 2026 to stockholders of record as of the close of business on March 18, 2026. The timing and amount of any future distributions to stockholders are subject to applicable legal restrictions and the sole discretion of the Board of Directors.
Pursuant to the DRP, the Company will reinvest all cash dividends or distributions declared by the Board of Directors on behalf of stockholders who do not elect to receive their distributions in cash. As a result, if the Board of Directors declares a distribution, then stockholders who have not elected to “opt out” of the DRP will have their distributions automatically reinvested in additional shares of the Company’s common stock.
With respect to each distribution pursuant to the DRP, the Company reserves the right to either issue new shares of common stock or purchase shares of common stock in the open market in connection with implementation of the DRP. Unless the Company, in its sole discretion, otherwise directs the plan administrator, (A) if the per share market price (as defined in the DRP) is equal to or greater than the estimated net asset value per share (rounded up to the nearest whole cent) of the Company’s common stock on the payment date for the distribution, then the Company will issue shares of common stock at the greater of (i) net asset value per share of common stock or (ii) 95% of the market price; or (B) if the market price is less than the net asset value per share, then, in the sole discretion of the Company, (i) shares of common stock will be purchased in open market transactions for the accounts of participants to the extent practicable, or (ii) the Company will issue shares of common stock at net asset value per share. Pursuant to the terms of the DRP, the number of shares of common stock to be issued to a participant will be determined by dividing the total dollar amount of the distribution payable to a participant by the price per share at which the Company issues such shares; provided, however, that shares purchased in open market transactions by the plan administrator will be allocated to a participant based on the average purchase price, excluding any brokerage charges or other charges, of all shares of common stock purchased in the open market.
If a stockholder receives distributions in the form of common stock pursuant to the DRP, such stockholder generally will be subject to the same federal, state and local tax consequences as if it elected to receive distributions in cash. If the Company’s common stock is trading at or below net asset value, a stockholder receiving distributions in the form of additional common stock will be treated as receiving a distribution in the amount of cash that they would have received if they had elected to receive the distribution in cash. If the Company’s common stock is trading above net asset value, a stockholder receiving distributions in the form of additional common stock will be treated as receiving a distribution in the amount of the fair market value of the Company’s common stock. The stockholder’s basis for determining gain or loss upon the sale of common stock received in a distribution will be equal to the total dollar amount of the distribution payable to the stockholder. Any stock received in a distribution will have a holding period for tax purposes commencing on the day following the day on which the shares of common stock are credited to the stockholder’s account.
The Company may fund its cash distributions to stockholders from any sources of funds legally available to it, including proceeds from the sale of shares of the Company’s common stock, borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, and dividends or other distributions paid to the Company on account of preferred and common equity investments in portfolio companies. The Company has not established limits on the amount of funds it may use from available sources to make distributions. During certain periods, the Company’s distributions may exceed its earnings. As a result, it is possible that a portion of the distributions the Company makes may represent a return of capital. A return of capital generally is a return of a stockholder’s investment rather than a return of earnings or gains derived from the Company’s investment activities. Each year a statement on Form 1099-DIV identifying the sources of the distributions (i.e., paid from ordinary income, paid from net capital gains on the sale of securities, and/or a return of capital, which is a nontaxable distribution) will be mailed to the Company’s stockholders, as appropriate. There can be no assurance that the Company will be able to pay distributions at a specific rate or at all.
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, 2025, 2024 and 2023:
 
 Year Ended December 31,
 202520242023
Source of DistributionDistribution
Amount		PercentageDistribution
Amount		PercentageDistribution
Amount		Percentage
Offering proceeds$— — $— — $— — 
Borrowings— — — — — — 
Net investment income(1)
784 100 %812 100 %827 100 %
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$784 100 %$812 100 %$827 100 %
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(1)During the years ended December 31, 2025, 2024 and 2023, 83.4%, 85.2% and 86.6%, respectively, of the Company’s gross investment income was attributable to cash income earned, 1.8%, 2.5% and 2.9%, respectively, was attributable to non-cash accretion of discount and 14.8%, 12.3% and 10.5%, respectively, was attributable to paid-in-kind, or PIK, interest.
The Company’s net investment income on a tax basis for the years ended December 31, 2025, 2024 and 2023 was $652, $735 and $943, respectively. As of December 31, 2025, 2024 and 2023, the Company had $464, $525 and $600, respectively, of undistributed net investment income and $3,107, $2,703 and $2,068, respectively, of accumulated capital losses on a tax basis.
The Company’s undistributed net investment income on a tax basis may be adjusted following the filing of the Company’s tax returns. The adjustment is in general due to tax-basis income received by the Company differing from GAAP-basis income on account of certain collateralized securities, interests in foreign entity structures, and interests in partnerships and the reclassification of realized gains and losses upon the sale of certain collateralized securities held in its investment portfolio during such period.
The difference between the Company’s GAAP-basis net investment income and its tax-basis net investment income is primarily due to the reclassification of unamortized original issue discount and prepayment fees recognized upon prepayment of loans from income for GAAP purposes to realized gains or deferred to future periods for tax purposes, accounting for income from foreign investments, the impact of consolidating certain subsidiaries for purposes of computing GAAP-basis net investment income but not for purposes of computing tax-basis net investment income, the reversal of non-deductible excise taxes and income recognized for tax purposes on certain transactions but not recognized for GAAP purposes.
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, 2025, 2024 and 2023:
 Year Ended December 31,
 202520242023
GAAP-basis net investment income$654 $813 $892 
Income subject to tax not recorded for GAAP86 (35)74 
GAAP accretion from merger not recognized for tax(24)(33)(46)
Excise taxes22 23 22 
GAAP versus tax-basis impact of consolidation of certain subsidiaries1 6 6 
Reclassification of unamortized original issue discount and prepayment fees(13)(21)(3)
Other miscellaneous differences(74)(18)(2)
Tax-basis net investment income$652 $735 $943 
The Company may make certain adjustments to the classification of stockholders’ equity as a result of permanent book-to-tax differences.
During the year ended December 31, 2025, the Company increased accumulated undistributed net realized gain (loss) on investments and gain (loss) on foreign currency by $8, decreased capital in excess of par value by $85 and increased accumulated undistributed (distributions in excess of) net investment income by $77, respectively. During the year ended December 31, 2024, the Company increased accumulated undistributed net realized gain (loss) on investments and gain (loss) on foreign currency by $196 and decreased capital in excess of par value and accumulated undistributed (distributions in excess of) net investment income by $153 and $43, respectively.
The determination of the tax attributes of the Company’s distributions is made annually as of the end of the Company’s fiscal year based upon the Company’s taxable income for the full year and distributions paid for the full year. The actual tax characteristics of distributions to stockholders are reported to stockholders annually, as appropriate, on Form 1099-DIV.
As of December 31, 2025 and 2024, the components of accumulated earnings on a tax basis were as follows:
Year Ended December 31,
20252024
Distributable ordinary income$464 $525 
Distributable realized gains (accumulated capital losses)(1)
(3,107)(2,703)
Other temporary differences32 24 
Net unrealized appreciation (depreciation)(2)
(739)(508)
Total$(3,350)$(2,662)
 ________________
(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, 2025, the Company had capital loss carryforwards available to offset future realized capital gains of approximately $3,107. The capital loss carryforward includes amounts from prior reorganizations that 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, 2025 and 2024, the gross unrealized appreciation was $1,138 and $1,254, respectively. As of December 31, 2025 and 2024, the gross unrealized depreciation was $1,877 and $1,762, respectively.
The aggregate cost of the Company’s investments for U.S. federal income tax purposes totaled $14,440 and $14,760 as of December 31, 2025 and 2024, respectively. The aggregate net unrealized appreciation (depreciation) on a tax basis was $(1,431) and $(1,270) as of December 31, 2025 and 2024, respectively. The aggregate net unrealized appreciation (depreciation) on investments on a tax basis excludes net unrealized appreciation (depreciation) from merger accounting, foreign currency forward contracts and foreign currency transactions.
As of December 31, 2025, the Company had a gross deferred tax liability of $1 and net deferred tax liability of $0 resulting from unrealized appreciation on investments held by the Company’s wholly-owned taxable subsidiaries and a deferred tax asset of $124 resulting from a combination of unrealized depreciation on investments held by and net operating losses and other tax attributes of the Company’s wholly-owned taxable subsidiaries. As of December 31, 2025, certain wholly-owned taxable subsidiaries anticipated that they would be unable to fully utilize their unrealized depreciation on investments, net operating losses and other tax attributes, therefore the deferred tax asset was offset by a valuation allowance of $123. During the year ended December 31, 2025, the Company recorded a provision for taxes related to wholly-owned taxable subsidiaries of $12 related to current taxes.