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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of Reconciliation Taxable Income and Total Distributions Declared to Common Stockholders

The following table is a reconciliation of net increase in net assets resulting from operations on the consolidated statements of operations to taxable income and to total distributions declared to common stockholders for the years ended December 31, 2023, 2022, and 2021.


		2023 (1)					2022					2021
Net increase in net assets resulting from operations		$		77,133			$		35,822			$		116,104
Net change in unrealized (appreciation) depreciation on investments				10,359					65,702					(41,496	)
Permanent book income and tax income differences				2,535					12,368					2,176
Temporary book income and tax income differences				(7,985	)				(19,480	)				347
Capital loss carry forward (utilization)				-					-					(25,024	)
Taxable income				82,042					94,412					52,107
Taxable income earned in prior year and carried forward for distribution in current year				38,530					33,839					20,832
Taxable Subsidiaries liquidating distributions				5					132					-
Deemed distribution of long term capital gains				-					(40,801	)				-
Taxable income earned in current period and carried forward for distribution in following year				(41,647	)				(38,530	)				(33,839	)
Total distributions to common stockholders		$		78,930			$		49,052			$		39,100


(1)	The Company’s taxable income for 2023 is an estimate and will not be finalized until the Company files its 2023 federal income tax returns in 2024. Therefore, the Company’s actual taxable income, and the Company’s actual taxable income that was earned in 2023 and carried forward for distribution in 2024, may be different than this estimate.

Summary of Tax Character of Distributions to Common Stockholders

For tax purposes, distributions paid to stockholders are reported as ordinary income, long term capital gains and 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:


		2023					2022					2021
Ordinary income		$		65,270			$		29,496			$		39,100
Long term capital gains				13,660					19,556					-
Return of capital				-					-					-
Total distributions to common stockholders		$		78,930			$		49,052			$		39,100

Summary of Tax Basis Components of Distributable Earnings

As of December 31, 2023 and 2022, the tax basis components of distributable earnings were as follows:


		December 31,					December 31,
		2023 (1)					2022
Undistributed ordinary income		$		32,241			$		29,521
Undistributed long term capital gains				9,406					9,009
Unrealized appreciation (depreciation)				21,278					31,636
Temporary book/tax differences				22,221					14,237
Capital loss carry forward				-					-
Total distributable earnings		$		85,146			$		84,403


(1)	The Company’s distributable earnings for 2023 is an estimate and will not be finally determined until the Company files its 2023 federal income tax returns in 2024. Therefore, the Company’s actual distributable earnings may be different than this estimate.

Summary of Federal Income Tax Purposes Cost of Investments

For federal income tax purposes, the cost of investments owned at December 31, 2023 and 2022 was approximately $910,599 and $811,962, respectively.


		December 31,					December 31,
		2023 (1)					2022
Tax-basis amortized cost of investments		$		910,599			$		811,962
Tax-basis gross unrealized appreciation on investments				86,768					87,884
Tax-basis gross unrealized depreciation on investments				(39,461	)				(39,517	)
Tax-basis net unrealized appreciation on investments				47,304					48,367
Fair value of investments		$		957,906			$		860,329


(1)	The Company’s tax-basis amortized cost of investments for 2023 is an estimate and will not be finally determined until 2024 when the Company receives the relevant tax forms from portfolio companies with equity investments. Therefore, the Company’s actual tax-basis amortized cost of investments may be different than this estimate.

Summary of Permanent Book to Tax Difference of Additional Paid in Capital and Total Distributable Earnings

The following permanent book-to-tax differences were reclassified on the consolidated statements of changes in net assets for the years ended December 31, 2023, 2022, and 2021.


		2023 (1)					2022					2021
Additional paid-in capital		$		(2,540	)		$		(3,932	)		$		(2,175	)
Total distributable earnings				2,540					3,932					2,175

        (1)

        The Company’s permanent book-to-tax reclassifications for  2023 are an estimate and will not be finalized until the Company files its  2023 federal income tax returns in 2024. Therefore, the Company’s actual permanent book-to-tax reclassifications may be different than this estimate. The Company adjusts such reclassifications in the following years when finalized, and such adjustments are reflected in the consolidated statements of changes in net assets and the consolidated statements of assets and liabilities.