INCOME AND EXCISE TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Dividends Paid per Common Share

Dividends paid per common share for the years ended December 31, 2025, 2024 and 2023 were taxable as follows (unaudited):

	For the Years Ended December 31,
	2025		2024		2023
Ordinary income(1)	$	1.92	$	1.92	$	1.92
Capital gains	—		—		—
Total(2)	$	1.92	$	1.92	$	1.92

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(1)For the years ended December 31, 2025, 2024 and 2023, ordinary income included dividend income of approximately $0.5635, $0.3137 and $0.0296 per share, respectively, that qualified to be taxed at the maximum capital gains rate and, in the case of certain eligible corporate stockholders, dividends that were eligible for the dividends received deduction.

(2)For the years ended December 31, 2025, 2024 and 2023, the percentage of total dividends paid that constituted interest-related dividends were 85.1%, 88.6% and 80.5%, respectively.

Schedules of Income Taxes

The following reconciles net increase in stockholders’ equity resulting from operations to taxable income for the years ended December 31, 2025, 2024 and 2023:

	For the Years Ended December 31,
	2025		2024		2023
	(Estimated)(1)
Net increase in stockholders’ equity resulting from operations	$	1,299	$	1,522	$	1,522
Adjustments:
Net realized gains (losses) on investments, foreign currency and other transactions	75		(136)		(440)
Income not currently taxable(2)	(186)		(203)		(157)
Income for tax but not book	361		233		60
Expenses not currently deductible	157		76		21
Realized gain/loss differences(3)	(246)		17		60
Taxable income	$	1,460	$	1,509	$	1,066

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(1)The calculation of estimated 2025 U.S. federal taxable income is based on certain estimated amounts, including information received from third parties and, as a result, actual 2025 U.S. federal taxable income will not be finally determined until the Company’s 2025 U.S. federal tax return is filed in 2026 (and, therefore, such estimate is subject to change).

(2)Includes a reduction for dividend income from preferred equity that is not taxable until collected totaling $268, $257 and $198, respectively, net of dividend income collected of $149, $33 and $11, respectively, for the years ended December 31, 2025, 2024 and 2023, respectively.

(3)Certain realized gain/loss differences are the result of the realization of certain tax only capital losses on the investments and liabilities acquired in the acquisition of Allied Capital Corporation in April 2010 (the “Allied Acquisition”). Because the Allied Acquisition was a “tax-free” reorganization under the Code, realized losses for tax purposes can differ from GAAP. Note that unlike the Allied Acquisition, the acquisition of American Capital, Ltd. in January 2017 was treated as a taxable purchase of the American Capital assets for purposes of the Company’s taxable income calculations; therefore, realized gains or losses for tax purposes are generally consistent with realized gains or losses under GAAP.