Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Investment Company, Change In Net Assets

During the years ended December 31, 2023, 2022 and 2021, the Company reclassified for book purposes amounts arising from permanent book/tax differences primarily related to differences in the tax basis and book basis of investments sold, merger adjustments and non-deductible excise taxes paid during the year as follows:


	December 31,
($ in thousands)	2023		2022		(1)	2021
Additional paid-in capital	$	13,252	$	288,888		$	1,629
Total distributable earnings (loss)	$	(13,252)	$	(288,888)		$	(1,629)

(1) 2022 reclassification is primarily attributable to the Sierra Merger.

Investment Company, Distribution To Shareholders

For income tax purposes, distributions paid to stockholders are reported as ordinary income, long-term capital gains, return of capital or a combination thereof. The tax character of distributions paid for the years ended December 31, 2023, 2022 and 2021 was as follows:


	Year Ended December 31,
($ in thousands)	2023		2022		2021
Ordinary income	$	108,997	$	93,726	$	51,910
Tax return of capital	—		—		1,649
Distributions on a tax basis	$	108,997	$	93,726	$	53,559

Investment Company, Components Of Distributable Earnings (Accumulated Losses)

At December 31, 2023, 2022 and 2021, the components of distributable earnings on a tax basis detailed below differ from the amounts reflected in the Company’s Consolidated Balance Sheets by temporary and other book/tax differences, primarily relating to accruals of defaulted debt investment interest and the tax treatment of certain partnership investments, as follows:


	December 31,
($ in thousands)	2023		2022		2021
Undistributed net investment income	$	44,655	$	22,110	$	—
Accumulated capital losses	(666,300)		(582,153)		(304,240)
Other permanent differences relating to the Company’s formation	1,975		1,975		1,975
Other temporary differences	204		136		68
Unrealized appreciation (depreciation)	(38,538)		(105,822)		16,376
Components of distributable earnings at year end	$	(658,004)	$	(663,754)	$	(285,821)