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Income Taxes | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes It is the Company's policy to comply with all requirements of the Code applicable to RICs and to distribute at least 90% of its taxable income to its shareholders. In addition, by distributing during each calendar year at least 90% of its “investment company taxable income”, which is generally equal to the sum of the Company’s net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses, the Company intends not to be subject to corporate level federal income tax. Accordingly, no federal income tax provision was required for the years ended December 31, 2024 or 2023. The Company will also be subject to nondeductible federal excise taxes of 4% if the Company does not distribute at least 98.0% of net ordinary income, 98.2% of capital gains, if any, and any recognized and undistributed income from prior years for which it paid no federal income taxes. Income and capital gain distributions are determined in accordance with the Code and federal tax regulations, which may differ from amounts determined in accordance with GAAP. These book/tax differences, which could be material, are primarily due to differing treatments of income and gains on various investments held by the Company. Permanent book/tax differences result in reclassifications to capital in excess of par value, accumulated undistributed net investment income and accumulated undistributed realized gain on investments. As of December 31, 2024 and 2023, the Company made the following reclassifications of permanent book and tax basis differences:
Capital Accounts |  | December 31, 2024 |  | December 31, 2023
Paid-in-capital in excess of par value |  | $ | (671) |  |  | $ | (341) |
Accumulated losses |  | 671 |  |  | 341 |
These permanent differences are primarily due to the reclassification of nondeductible expenses. These reclassifications had no effect on net assets. The determination of the tax attributes of the Company’s distributions is made annually as of the end of the Company’s fiscal year based upon the Company’s taxable income for the full year and distributions paid for the full year. The tax characteristics of distributions to shareholders are reported to shareholders annually on Form 1099-DIV and were as follows for the years ended December 31, 2024, 2023 and 2022:
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
|  | Amount |  | Percentage |  | Amount |  | Percentage |  | Amount |  | Percentage
Ordinary income(1) |  | 81,308 |  | 100.0 | % |  | 87,867 |  | 100.0 | % |  | 81,575 |  | 100.0 | %
Total |  | 81,308 |  | 100.0 | % |  | 87,867 |  | 100.0 | % |  | 81,575 |  | 100.0 | %
(1)Includes net short term capital gains of $0, $0 and $0 for the years ended December 31, 2024, 2023 and 2022, respectively. See Note 5, Distributions, for further information. As of December 31, 2024 and 2023, the components of accumulated earnings on a tax basis were as follows:
| December 31, 2024 |  | December 31, 2023
Undistributed ordinary income | 2,607 |  | 6,562
Other accumulated losses(1) | (85,546) |  | (84,271)
Net unrealized depreciation on investments | (116,078) |  | (74,433)
Total accumulated losses | (199,017) |  | (152,142)
(1) Includes short term capital loss carryforwards of $0 and long term capital loss carryforwards of $82,446 as of December 31, 2024. Includes short term capital loss carryforwards of $0 and long term capital loss carryforwards of $82,541 as of December 31, 2023. As of December 31, 2024, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $76,109; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $192,187; the net unrealized depreciation was $116,078; and the aggregate cost of securities for Federal income tax purposes was $2,004,766. As of December 31, 2023, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $71,010; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $145,443; the net unrealized depreciation was $74,433; and the aggregate cost of securities for Federal income tax purposes was $2,028,711.

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