Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Reclassified Accumulated Realized Gain (loss) to Additional Paid-in Capital
During the years ended December 31, 2024, 2023 and 2022, the Company reclassified accumulated net realized gains (losses) to additional paid-in capital for book purposes primarily related to net realized gains from portfolio companies which are held in taxable subsidiaries and are not consolidated with the Company for income tax purposes, as follows:
(in millions)
 Year Ended December 31,
2024 2023 2022
Reclassified accumulated net realized gains (losses) $ (1.3) $ 0.8  $ 3.0 
Schedule of Undistributed Ordinary Income or Accumulated Realized Gains (Losses)
During the years ended December 31, 2024, 2023 and 2022, the Company reclassified amounts from undistributed ordinary income or accumulated realized gains (losses) to additional paid-in capital for book purposes, as follows:
(in thousands) Year Ended December 31,
2024 2023 2022
Undistributed net investment income (distributions in excess of investment income) $ (25,064) $ (18,396) $ (8,784)
Accumulated realized gains (losses) 23,249  39,317  (834)
Additional paid-in capital $ 1,815  $ (20,921) $ 9,618 
Schedule of Tax Character of Distributions Paid The tax character of distributions paid are as follows for each of the years ended:
(in millions) Year Ended December 31,
  2024 2023 2022
Ordinary income $ 286.1  $ 275.5  $ 203.7 
Long-term capital gains 23.4  —  43.1 
Schedule of Components of Distributable Earnings on a Tax Basis
As of December 31, 2024, 2023 and 2022, the components of distributable earnings on a tax basis detailed below differ from the amounts reflected in the Company’s Consolidated Statements of Assets and Liabilities by temporary book or tax differences primarily arising from the treatment of loan related yield enhancements.
(in thousands) Year Ended December 31,
2024 2023 2022
Accumulated capital gains $ 11,137  $ (8,190) $ (3,102)
Other temporary differences (25,107) (18,609) (20,100)
Undistributed ordinary income 152,436  133,783  127,703 
Unrealized appreciation (depreciation) (49,546) 33,029  (44,592)
Components of distributable earnings $ 88,920  $ 140,013  $ 59,909 
Schedule of Taxable Income And Taxable Net Realized Gains (Losses)
Taxable income and taxable net realized gains (losses) for the year ended December 31, 2024, 2023 and 2022 appears as follows:
(in millions, except per share data)
 Year Ended December 31,
2024 2023 2022
Taxable Income $ 305.00  $ 283.00  $ 181.10 
Taxable Income, Per Share $ 1.89  $ 1.96  $ 1.45 
Taxable Net Realized Gains (Losses) $ 34.5  $ (8.2) $ (1.7)
Taxable Net Realized Gains, Per Share $ 0.21  $ (0.06) $ (0.01)
Weighted average shares outstanding 161.1  144.1  125.2 
Schedule of Aggregate Unrealized Appreciation And Depreciation of Investment Over Federal Income Tax
The aggregate gross unrealized appreciation and depreciation of the Company's investment over cost for U.S. federal income tax purposes appears as follows:
(in millions)
 Year Ended December 31,
2024 2023 2022
Aggregate Gross Unrealized Appreciation $ 108.4  $ 118.3  $ 72.2 
Aggregate Gross Unrealized Depreciation 156.5  115.9  112.0 
Net Unrealized Appreciation (Depreciation) over cost for U.S. federal income tax purposes (48.1) 2.4  (39.8)
Aggregate cost of securities for U.S. federal income tax purposes (in billions) 3.7  3.2  3.0