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Distributions | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Distributions | DistributionsDifferences between taxable income and the results of operations for financial reporting purposes may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes. During the years ended December 31, 2022, December 31, 2021 and December 31, 2020, the Company's reclassifications of amounts for book purposes arising from permanent book/tax differences primarily related to return of capital distributions were as follows:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Undistributed net investment income | $ | 33,152 |  |  | $ | 10,476 |  |  | $ | 18,182 |
Distributions in excess of net realized gains | (25,449) |  |  | — |  |  | — |
Additional paid-in-capital | (7,703) |  |  | (10,476) |  |  | (18,182) |
For U.S. federal income tax purposes, distributions paid to stockholders of the Company are reported as ordinary income, return of capital, long term capital gains or a combination thereof. The tax character of distributions paid by the Company for the years ended December 31, 2022, December 31, 2021 and December 31, 2020 were estimated to be as follows:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Ordinary income (non-qualified) | $ | 86,388 |  |  | $ | 105,963 |  |  | $ | 101,547 |
Ordinary income (qualified) | — |  |  | — |  |  | — |
Capital gains | 25,449 |  |  | — |  |  | — |
Return of capital | 10,549 |  |  | 10,490 |  |  | 18,519 |
Total | $ | 122,386 |  |  | $ | 116,453 |  |  | $ | 120,066 |
As of December 31, 2022, December 31, 2021 and December 31, 2020, the costs of investments for the Company for tax purposes were $3,209,491, $3,114,145 and $2,950,729, respectively.
| December 31, 2022(1)(2) |  | December 31, 2021(1)(2) |  | December 31, 2020(1)(2)
Tax cost | $ | 3,209,491 |  |  | $ | 3,114,145 |  |  | $ | 2,950,729 |
Gross unrealized appreciation on investments | 438,214 |  |  | 343,520 |  |  | 190,217 |
Gross unrealized depreciation on investments | (409,919) |  |  | (298,616) |  |  | (181,579) |
Total investments at fair value | $ | 3,237,786 |  |  | $ | 3,159,049 |  |  | $ | 2,959,367 |
(1)Includes securities purchased under collateralized agreement to resell. (2)Excludes investments attributable to non-controlling interest in NMNLC. At December 31, 2022, December 31, 2021 and December 31, 2020, the components of distributable earnings on a tax basis differ from the amounts reflected per the Company's Consolidated Statements of Assets and Liabilities by temporary book/tax differences primarily arising from differences between the tax and book basis of the Company's investment in securities held directly as well as through undistributed income. As of December 31, 2022, December 31, 2021 and December 31, 2020, the Company's components of accumulated earnings (deficit) on a tax basis were as follows:
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Accumulated capital gains (capital loss carryforwards) | $ | — |  |  | $ | (25,837) |  |  | $ | (56,486) |
Other temporary differences | 8,538 |  |  | 9,722 |  |  | 10,695 |
Undistributed ordinary income | — |  |  | — |  |  | — |
Unrealized (appreciation) depreciation | (1,019) |  |  | 63,585 |  |  | (2,973) |
Total | $ | 7,519 |  |  | $ | 47,470 |  |  | $ | (48,764) |
The Company is subject to a 4.0% nondeductible U.S. federal excise tax on certain undistributed income unless the Company distributes, in a timely manner as required by the Code, an amount at least equal to the sum of (1) 98.0% of its net ordinary income earned for the calendar year and (2) 98.2% of its capital gain net income for the one-year period ending October 31 in the calendar year. For the year ended December 31, 2022, the Company does not expect to incur any excise taxes. For the years ended December 31, 2021 and December 31, 2020, the Company did not incur any excise taxes. The following information is hereby provided with respect to distributions declared during the calendar years ended December 31, 2022, December 31, 2021 and December 31, 2020:
| Year Ended December 31,
(unaudited) | 2022 |  | 2021 |  | 2020
Distributions per share | $ | 1.22 |  |  | $ | 1.20 |  |  | $ | 1.24 |
Ordinary dividends | 70.59 | % |  | 90.99 | % |  | 84.58 | %
Long-term capital gains | 20.79 | % |  | — | % |  | — | %
Qualified dividend income | — | % |  | — | % |  | — | %
Dividends received deduction | — | % |  | — | % |  | — | %
Interest-related dividends(1) | 64.49 | % |  | 74.53 | % |  | 79.13 | %
Qualified short-term capital gains(1) | — | % |  | — | % |  | — | %
Return of capital | 8.62 | % |  | 9.01 | % |  | 15.42 | %
(1) Represents the portion of the taxable ordinary dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations. Dividends and distributions that were reinvested through the Company’s dividend reinvestment plan are treated, for tax purposes, as if they had been paid in cash. Therefore, stockholders who participated in the dividend reinvestment plan should also refer to the information as provided in the table above.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI https://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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