v3.25.4
Common Distributions
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Common Distributions Common Distributions
The Company has elected to be treated, and intends to comply with the requirements to continue to qualify annually, as a RIC under the Code. In order to maintain its ability to be subject to tax as a RIC, among other things, the Company is required to distribute at least 90% of its net ordinary income and net realized short-term capital gains in excess of its net realized long-term capital losses, if any, to its shareholders. Additionally, to avoid a nondeductible 4% U.S. federal excise tax on certain of the Company’s undistributed income, the Company must distribute during each calendar year an amount at least equal to the sum of: (a) 98% of the Company’s ordinary income (not taking into account any capital gains or losses) for such calendar year; (b) 98.2% of the amount by which the Company’s capital gains exceed the Company’s capital losses (adjusted for certain ordinary losses) for a one-year period ending on October 31 of the calendar year (unless an election is made by the Company to use its taxable year); and (c) certain undistributed amounts from previous years on which the Company paid no U.S. federal income tax.
For the tax years ended December 31, 2025, December 31, 2024 and December 31, 2023, the Company was subject to a 4% U.S. federal excise tax, and the Company may be subject to this tax in future years. In such cases, the Company is liable for the tax only on the amount by which the Company does not meet the foregoing distribution requirement. The character of income and gains that the Company distributes is determined in accordance with U.S. income tax regulations that may differ from GAAP. Book and tax basis differences relating to stockholder dividends and distributions and other permanent book and tax differences are reclassified to paid-in capital. The Company incurred a non-deductible U.S. federal excise tax of $0.7 million, $0.3 million and $0.6 million for the years ended December 31, 2025, 2024 and 2023, respectively.
The following table shows the Company’s cash distributions per common share that have been authorized by the Board since commencement of operations to December 31, 2025:
Date DeclaredRecord DatePayment DatePer Share Amount
November 12, 2020November 13, 2020November 20, 2020$0.15 
December 21, 2020December 22, 2020December 30, 20200.30 
December 21, 2020December 22, 2020December 30, 20200.14 
(1)
May 12, 2021May 13, 2021May 19, 20210.30 
August 11, 2021August 13, 2021August 27, 20210.30 
October 29, 2021November 1, 2021November 12, 20210.30 
December 8, 2021December 10, 2021December 29, 20210.30 
December 8, 2021December 10, 2021December 29, 20210.10 
(2)
April 28, 2022May 13, 2022May 19, 20220.33 
July 26, 2022August 5, 2022August 26, 20220.40 
October 28, 2022November 1, 2022November 11, 20220.40 
December 9, 2022December 15, 2022December 30, 20220.40 
December 9, 2022December 15, 2022December 30, 20220.10 
(2)
April 27, 2023May 12, 2023May 19, 20230.42 
July 27, 2023August 4, 2023August 25, 20230.42 
October 27, 2023October 30, 2023November 15, 20230.47 
December 5, 2023December 12, 2023December 29, 20230.47 
December 5, 2023December 12, 2023December 29, 20230.12 
(2)
April 25, 2024April 29, 2024May 17, 20240.47 
August 1, 2024August 5, 2024August 23, 20240.41 
October 31, 2024November 1, 2024November 15, 20240.41 
December 13, 2024December 13, 2024December 27, 20240.41 
December 13, 2024December 13, 2024December 27, 20240.10 
(2)
May 15, 2025May 16, 2025May 23, 20250.35 
July 30, 2025August 1, 2025August 22, 20250.28 
November 11, 2025November 13, 2025November 26, 20250.28 
December 22, 2025January 2, 2026January 16, 20260.28 
(3)
Total cash distributions$8.41 
_____________
(1)Represents a special distribution sourced from net realized short-term capital gains.
(2)Represents a special distribution sourced from net investment income.
(3)This distribution did not reduce the Company’s net asset value as of December 31, 2025.
It is the Company’s intention to distribute all or substantially all of its taxable income earned over the course of the year; thus, no provision for income tax has been recorded in the Company’s consolidated statements of operations during the years ended December 31, 2025, December 31, 2024 or December 31, 2023. However, the Company may choose not to distribute all of its taxable income for a number of reasons, including retaining excess taxable income for investment purposes and/or defer the payment of distributions associated with the excess taxable income for future calendar years.