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Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

Note 11. Income Taxes

The Company’s aggregate investment unrealized appreciation and depreciation for federal income tax purposes was as follows (in thousands):

 

 

 

 

As of
September 30, 2025

 

 

As of
December 31, 2024

 

Tax Cost

 

 

 

$

1,636,122

 

 

$

1,663,941

 

Gross Unrealized Appreciation

 

 

 

$

63,451

 

 

$

40,639

 

Gross Unrealized Depreciation

 

 

 

 

(124,271

)

 

 

(100,760

)

 

Net Unrealized Investment Appreciation (Depreciation)

 

$

(60,820

)

 

$

(60,121

)

 

The Company recognized the following income taxes related to Taxable Subsidiaries and excise taxes related to the Company’s status as a RIC:

 

 

 

For the three months ended September 30,

 

 

For the nine months ended September 30,

 

 

2025

 

 

2024

 

 

 

2025

 

 

 

2024

 

 

Income tax (benefit) provision

 

$

-

 

 

$

155

 

 

$

6

 

 

$

155

 

 

Excise tax (benefit) provision

 

 

281

 

 

 

500

 

 

 

1,176

 

 

 

1,300

 

 

Provision (benefit) for income and excise taxes

 

$

281

 

 

$

655

 

 

$

1,182

 

 

$

1,455

 

 

 

As of September 30, 2025 and December 31, 2024, $1,279 and $1,408, respectively, of accrued income and excise taxes remained payable.

The Company recognized the following benefits (provisions) for taxes on realized and unrealized appreciation and depreciation on investments:

 

 

 

For the three months ended September 30,

 

 

For the nine months ended September 30,

 

 

2025

 

 

2024

 

 

 

2025

 

 

 

2024

 

 

Benefit (provision) for taxes on unrealized appreciation
   (depreciation) on investments

 

 

-

 

 

 

(56

)

 

 

-

 

 

 

464

 

 

Benefit (provision) for taxes on realized and unrealized
   appreciation (depreciation) on investments

 

$

-

 

 

$

(56

)

 

$

-

 

 

$

464

 

 

 

As of September 30, 2025 and December 31, 2024, $181 and $746, respectively, was included in deferred tax assets on the Consolidated Statements of Assets and Liabilities relating to net operating loss carryforwards and unrealized losses on investments and other temporary book to tax differences that are expected to be used in future periods. As of September 30, 2025 and December 31, 2024, $181 and $746, respectively, was included in deferred tax liabilities on the Consolidated Statements of Assets and Liabilities primarily relating to deferred taxes on unrealized gains on investments held in the Company’s corporate subsidiaries and other temporary book to tax differences of the corporate subsidiaries.