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Distributions | 12 Months Ended
--- | ---
Dec. 31, 2024
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. Such differences may include differences in the treatment of short-term gains as ordinary for tax purposes, return of capital, dividend re-designations and the timing of the deductibility of certain business expenses, as applicable. To the extent these differences are permanent in nature, they are charged or credited to additional paid-in capital, undistributed net investment income or undistributed net realized gains on investments, as appropriate. During the years ended December 31, 2024, December 31, 2023 and December 31, 2022, the Company's reclassifications of amounts for book purposes arising from permanent book/tax differences were as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Undistributed net investment income | $ | (3,297) |  |  | $ | (5,367) |  |  | $ | 33,152 |
Distributions in excess of net realized gains | — |  |  | 898 |  |  | (25,449) |
Additional paid-in-capital | 3,297 |  |  | 4,469 |  |  | (7,703) |
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, 2024, December 31, 2023 and December 31, 2022 were estimated to be as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Ordinary income (non-qualified) | $ | 114,693 |  |  | $ | 140,397 |  |  | $ | 86,388 |
Ordinary income (qualified) | — |  |  | 10,340 |  |  | — |
Capital gains | — |  |  | — |  |  | 25,449 |
Return of capital | 35,799 |  |  | — |  |  | 10,549 |
Total | $ | 150,492 |  |  | $ | 150,737 |  |  | $ | 122,386 |
As of December 31, 2024, December 31, 2023 and December 31, 2022, the costs of investments for the Company for tax purposes were $2,978,976, $2,927,312 and $3,209,491, respectively.
| December 31, 2024(1)(2) |  | December 31, 2023(1)(2) |  | December 31, 2022(1)(2)
Tax cost | $ | 2,978,976 |  |  | $ | 2,927,312 |  |  | $ | 3,209,491 |
Gross unrealized appreciation on investments | 562,558 |  |  | 466,794 |  |  | 438,214 |
Gross unrealized depreciation on investments | (437,010) |  |  | (366,284) |  |  | (409,919) |
Total investments at fair value | $ | 3,104,524 |  |  | $ | 3,027,822 |  |  | $ | 3,237,786 |
(1)Includes securities purchased under collateralized agreement to resell. (2)Excludes investments attributable to non-controlling interest in NMNLC. At December 31, 2024, December 31, 2023 and December 31, 2022, 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, 2024, December 31, 2023 and December 31, 2022, the Company's components of accumulated earnings (deficit) on a tax basis were as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Accumulated capital loss carryforwards | $ | (113,250) |  |  | $ | (84,427) |  |  | $ | — |
Other temporary differences | 6,179 |  |  | 6,986 |  |  | 8,538 |
Undistributed ordinary income | — |  |  | 4,522 |  |  | — |
Unrealized depreciation (appreciation) | 93,479 |  |  | 60,575 |  |  | (1,019) |
Total | $ | (13,592) |  |  | $ | (12,344) |  |  | $ | 7,519 |
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, 2024, the Company does not expect to incur any excise taxes. For the years ended December 31, 2023 and December 31, 2022, 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, 2024, December 31, 2023 and December 31, 2022:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Distributions per share | $ | 1.37 |  |  | $ | 1.49 |  |  | $ | 1.22 |
Ordinary dividends | 75.68 | % |  | 93.14 | % |  | 70.59 | %
Long-term capital gains | — | % |  | — | % |  | 20.79 | %
Qualified dividend income | — | % |  | 6.86 | % |  | — | %
Dividends received deduction | — | % |  | 6.86 | % |  | — | %
Interest-related dividends(1) | 71.22 | % |  | 88.43 | % |  | 64.49 | %
Qualified short-term capital gains(1) | — | % |  | — | % |  | — | %
Return of capital | 24.32 | % |  | — | % |  | 8.62 | %
(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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