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Taxable/Distributable Income and Dividend Distributions | 9 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
Taxable/Distributable Income and Dividend Distributions | Taxable/Distributable Income and Dividend Distributions Taxable income differs from net increase (decrease) in net assets resulting from operations primarily due to: (1) unrealized appreciation (depreciation) on investments and foreign currency, as gains and losses are not included in taxable income until they are realized; (2) origination and exit fees received in connection with investments in portfolio companies; (3) organizational costs; (4) income or loss recognition on exited investments; and (5) recognition of interest income on certain loans. As of September 30, 2024, the Company had net capital loss carryforwards of $696.0 million to offset net capital gains that will not expire, to the extent available and permitted by U.S. federal income tax law, of which $73.0 million are available to offset future short-term capital gains and $623.0 million are available to offset future long-term capital gains. A portion of such net capital loss carryforwards represented a realized loss under sections 382 and 383 of the Code, which is carried forward to future years to offset future gains subject to certain limitations. Listed below is a reconciliation of "net increase (decrease) in net assets resulting from operations" to taxable income for the three and nine months ended June 30, 2025 and 2024.
|  | Three months ended June 30, 2025 |  | Three months ended June 30, 2024 |  | Nine months ended June 30, 2025 |  | Nine months ended June 30, 2024
Net increase (decrease) in net assets resulting from operations |  | $ | 38,352 |  |  | $ | 1,120 |  |  | $ | 9,342 |  |  | $ | 20,992 |
Net unrealized (appreciation) depreciation |  | (18,572) |  |  | (26,199) |  |  | 83,065 |  |  | 24,078 |
Book/tax difference due to capital losses suspended (utilized) |  | 4,439 |  |  | 70,156 |  |  | 17,030 |  |  | 87,016 |
Other book/tax differences |  | 831 |  |  | (2,349) |  |  | (3,409) |  |  | (13,298) |
Taxable/Distributable Income (1) |  | $ | 25,050 |  |  | $ | 42,728 |  |  | $ | 106,028 |  |  | $ | 118,788 |
__________ (1) The Company's taxable income for the three and nine months ended June 30, 2025 is an estimate and will not be finally determined until the Company files its tax return for the fiscal year ending September 30, 2025. Therefore, the final taxable income may be different than the estimate. The Company uses the liability method to account for its taxable subsidiaries' income taxes. Using this method, the Company recognizes deferred tax assets and liabilities for the estimated future tax effects attributable to temporary differences between financial reporting and tax bases of assets and liabilities. In addition, the Company recognizes deferred tax benefits associated with net loss carry forwards that it may use to offset future tax obligations. The Company measures deferred tax assets and liabilities using the enacted tax rates expected to apply to taxable income in the years in which it expects to recover or settle those temporary differences. When assessing the realizability of deferred tax assets, the Company considers whether it is probable that some or all of the deferred tax assets will not be realized. In determining whether the deferred tax assets are realizable, the Company considers the period of expiration of the tax asset, historical and projected taxable income and tax liabilities for the tax jurisdiction in which the tax asset is located. The deferred tax asset recognized by the Company, as it relates to the higher tax basis in the carrying value of certain assets compared to the book basis of those assets, will be recognized in future years by these taxable entities. Deferred tax assets are based on the amount of the tax benefit that the Company’s management has determined is more likely than not to be realized in future periods. In determining the realizability of this tax benefit, management considered numerous factors that will give rise to pre-tax income in future periods. Among these are the historical and expected future book and tax basis pre-tax income of the Company and unrealized gains in the Company’s assets at the determination date. Based on these and other factors, the Company determined that, as of June 30, 2025, $6.2 million of the $6.5 million deferred tax assets would not more likely than not be realized in future periods. For the three months ended June 30, 2025, the Company recognized an expense for income tax related to net investment income of $0.1 million, which was composed of current income tax expense. The Company also recognized an expense for income tax related to realized and unrealized gains (losses) of $0.3 million, which was composed of deferred income tax. For the three months ended June 30, 2024, the Company recognized a total expense for income tax related to realized and unrealized gains (losses) of $0.2 million, which was composed primarily of a current income tax expense. For the nine months ended June 30, 2025, the Company recognized an expense for income tax related to net investment income of $0.6 million, which was composed primarily of current income tax expense. The Company also recognized an expense for income tax related to realized and unrealized gains (losses) of $0.4 million, which was composed of $0.3 million of deferred income tax and $0.1 million of current income tax. For the nine months ended June 30, 2024, the Company recognized a total expense for income tax related to realized and unrealized gains (losses) of $0.6 million, which was composed primarily of a current income tax expense. As of September 30, 2024, the Company's last tax year end, the components of accumulated overdistributed earnings on a tax basis were as follows:
Undistributed ordinary income, net | $ | 2,986 |
Net realized capital losses | (642,467) |
Unrealized losses, net | (137,979) |
Accumulated overdistributed earnings | $ | (777,460) |
The aggregate cost of investments for U.S. federal income tax purposes was $3,153.0 million as of September 30, 2024. As of September 30, 2024, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over cost for U.S. federal income tax purposes was $674.5 million. As of September 30, 2024, the aggregate gross unrealized depreciation for all investments in which there was an excess of cost for U.S. federal income tax purposes over value was $812.5 million. Net unrealized depreciation based on the aggregate cost of investments for U.S. federal income tax purposes was $138.0 million.

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