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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024, 2023, and 2022.
|  | 2024 (1) |  |  | 2023 |  |  | 2022 |
Net increase in net assets resulting from operations |  | $ |  | 78,292 |  |  | $ |  | 77,133 |  |  | $ |  | 35,822 |
Net change in unrealized (appreciation) depreciation on investments |  |  |  | 5,928 |  |  |  |  | 10,359 |  |  |  |  | 65,702 |
Permanent book income and tax income differences |  |  |  | 4,789 |  |  |  |  | 2,746 |  |  |  |  | 12,368 |
Temporary book income and tax income differences |  |  |  | (5,023 | ) |  |  |  | (8,273 | ) |  |  |  | (19,480 | )
Capital loss carry forward (utilization) |  |  |  | - |  |  |  |  | - |  |  |  |  | - |
Taxable income |  |  |  | 83,986 |  |  |  |  | 81,965 |  |  |  |  | 94,412 |
Taxable income earned in prior year and carried forward for distribution in current year |  |  |  | 41,570 |  |  |  |  | 38,530 |  |  |  |  | 33,839 |
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 |  |  |  | (45,592 | ) |  |  |  | (41,570 | ) |  |  |  | (38,530 | )
Total distributions to common stockholders |  | $ |  | 79,964 |  |  | $ |  | 78,930 |  |  | $ |  | 49,052 |
(1) | The Company’s taxable income for 2024 is an estimate and will not be finalized until the Company files its 2024 federal income tax returns in 2025. Therefore, the Company’s actual taxable income, and the Company’s actual taxable income that was earned in 2024 and carried forward for distribution in 2025, may be different than this estimate.
Summary of Tax Character of Distributions to Common Stockholders | For U.S. federal income 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, 2024, 2023, and 2022 was as follows:
|  | 2024 |  |  | 2023 |  |  | 2022 |
Ordinary income |  | $ |  | 69,170 |  |  | $ |  | 65,270 |  |  | $ |  | 29,496 |
Long term capital gains |  |  |  | 10,794 |  |  |  |  | 13,660 |  |  |  |  | 19,556 |
Return of capital |  |  |  | - |  |  |  |  | - |  |  |  |  | - |
Total distributions to common stockholders |  | $ |  | 79,964 |  |  | $ |  | 78,930 |  |  | $ |  | 49,052 |
Summary of Tax Basis Components of Distributable Earnings | As of December 31, 2024 and 2023, the tax basis components of distributable earnings were as follows:
|  | December 31, |  |  | December 31, |
|  | 2024 (1) |  |  | 2023 |
Undistributed ordinary income |  | $ |  | 43,288 |  |  | $ |  | 32,715 |
Undistributed long term capital gains |  |  |  | 2,302 |  |  |  |  | 8,855 |
Unrealized appreciation (depreciation) |  |  |  | 15,351 |  |  |  |  | 21,278 |
Temporary book/tax differences |  |  |  | 27,532 |  |  |  |  | 22,509 |
Capital loss carry forward |  |  |  | - |  |  |  |  | - |
Total distributable earnings |  | $ |  | 88,473 |  |  | $ |  | 85,357 |
(1) | The Company’s distributable earnings for 2024 is an estimate and will not be finally determined until the Company files its 2024 federal income tax returns in 2025. 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, 2024 and 2023 was approximately $1,045,066 and $910,599, respectively.
|  | December 31, |  |  | December 31, |
|  | 2024 (1) |  |  | 2023 |
Tax-basis amortized cost of investments |  | $ |  | 1,045,066 |  |  | $ |  | 910,599 |
Tax-basis gross unrealized appreciation on investments |  |  |  | 102,651 |  |  |  |  | 86,768 |
Tax-basis gross unrealized depreciation on investments |  |  |  | (57,211 | ) |  |  |  | (39,461 | )
Tax-basis net unrealized appreciation on investments |  |  |  | 45,440 |  |  |  |  | 47,307 |
Fair value of investments |  | $ |  | 1,090,506 |  |  | $ |  | 957,906 |
(1) | The Company’s tax-basis amortized cost of investments for 2024 is an estimate and will not be finally determined until 2025 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, 2024, 2023, and 2022.
|  | 2024 (1) |  |  | 2023 |  |  | 2022 |
Additional paid-in capital |  | $ |  | (4,789 | ) |  | $ |  | (2,752 | ) |  | $ |  | (3,932 | )
Total distributable earnings |  |  |  | 4,789 |  |  |  |  | 2,752 |  |  |  |  | 3,932 |
(1) | The Company’s permanent book-to-tax reclassifications for 2024 are an estimate and will not be finalized until the Company files its 2024 federal income tax returns in 2025. 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.

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