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Distributions
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Distributions Distributions
Differences 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, 2023, December 31, 2022 and December 31, 2021, 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,
 202320222021
Undistributed net investment income$(5,367)$33,152 $10,476 
Distributions in excess of net realized gains898 (25,449)— 
Additional paid-in-capital4,469 (7,703)(10,476)
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, 2023, December 31, 2022 and December 31, 2021 were estimated to be as follows:
 Year Ended December 31,
 202320222021
Ordinary income (non-qualified)$140,397 $86,388 $105,963 
Ordinary income (qualified)10,340 — — 
Capital gains— 25,449 — 
Return of capital— 10,549 10,490 
Total$150,737 $122,386 $116,453 
As of December 31, 2023, December 31, 2022 and December 31, 2021, the costs of investments for the Company for tax purposes were $2,927,312, $3,209,491 and $3,114,145, respectively.
 December 31, 2023(1)(2)December 31, 2022(1)(2)December 31, 2021(1)(2)
Tax cost$2,927,312 $3,209,491 $3,114,145 
Gross unrealized appreciation on investments466,794 438,214 343,520 
Gross unrealized depreciation on investments(366,284)(409,919)(298,616)
Total investments at fair value$3,027,822 $3,237,786 $3,159,049 
(1)Includes securities purchased under collateralized agreement to resell.
(2)Excludes investments attributable to non-controlling interest in NMNLC.
At December 31, 2023, December 31, 2022 and December 31, 2021, the components of distributable earnings on a tax basis differ from the amounts reflected per the Company's Consolidated Statements of Assets and Liabilities by temporary book/tax differences primarily arising from differences between the tax and book basis of the Company's investment in securities held directly as well as through undistributed income.
As of December 31, 2023, December 31, 2022 and December 31, 2021, the Company's components of accumulated earnings (deficit) on a tax basis were as follows:
 Year Ended December 31,
 202320222021
Accumulated capital loss carryforwards$(84,427)$— $(25,837)
Other temporary differences6,986 8,538 9,722 
Undistributed ordinary income4,522 — — 
Unrealized depreciation (appreciation)60,575 (1,019)63,585 
Total$(12,344)$7,519 $47,470 
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, 2023, the Company does not expect to incur any excise taxes. For the years ended December 31, 2022 and December 31, 2021, 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, 2023, December 31, 2022 and December 31, 2021:
Year Ended December 31,
202320222021
Distributions per share$1.49 $1.22 $1.20 
Ordinary dividends93.14 %70.59 %90.99 %
Long-term capital gains— %20.79 %— %
Qualified dividend income6.86 %— %— %
Dividends received deduction6.86 %— %— %
Interest-related dividends(1)88.43 %64.49 %74.53 %
Qualified short-term capital gains(1)— %— %— %
Return of capital— %8.62 %9.01 %
(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.