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INCOME TAXES
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES
NOTE 16 — INCOME TAXES
For federal income tax purposes, distributions to stockholders are characterized as ordinary dividends, capital gain distributions, or nondividend distributions. Nondividend distributions will reduce U.S stockholders’ basis (but not below zero) in their shares.
The following table shows the character of the distributions the Company paid on a percentage basis for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
Character of Distributions:
2025
2024
2023
Ordinary dividends
82 
%
99 
%
97 
%
Nondividend distributions
17 
%
— 
%
3 
%
Capital gain distributions
1 
%
1 
%
— 
%
Total
100 
%
100 
%
100 
%
During the year ended December 31, 2025, the Company had a net state and local income and franchise tax benefit of $47,000 as a result of a reduction to the prior year taxes payable and a reduction in activity in states that impose franchise or capital-based taxes. During the years ended December 31, 2024 and 2023, the Company incurred state and local income and franchise taxes of $1.2 million and $1.1 million, respectively, which were recorded in general and administrative expenses in the consolidated statements of operations. Additionally, during the year ended December 31, 2024, the Company recognized income tax expense of $750,000 on undistributed capital gains which was recorded in general and administrative expenses in the consolidated statements of operations.
The Company had no unrecognized tax benefits as of or during the years ended December 31, 2025 and 2024. Any interest and penalties related to unrecognized tax benefits would be recognized within the provision for income taxes in the accompanying consolidated statements of operations. The Company files income tax returns in the U.S. federal jurisdiction, as well as various state jurisdictions, and is subject to routine examinations by the respective tax authorities.