Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes Taxable income generally differs from increase in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized. The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities and nondeductible federal taxes or losses among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital, or total distributable earnings (losses), as appropriate. Depending on the level of taxable income earned in a tax year, the Company can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, the Company will accrue excise tax on estimated excess taxable income. For the three months ended June 30, 2025 and 2024, the Company recorded U.S. federal and state corporate-level income tax expense/(benefit) of $0.1 million, and $2.5 million, including U.S. federal excise tax expense of $0.1 million and $2.5 million, respectively. For the six months ended June 30, 2025 and 2024, the Company recorded U.S. federal and state corporate-level income tax expense/(benefit) of $3.5 million, and $5.7 million, including U.S. federal excise tax expense of $3.5 million and $5.7 million, respectively. Taxable Subsidiaries Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. For the three and six months ended June 30, 2025, the Company recorded U.S. federal and state income tax expense/(benefit) of $(78) thousand and $(18) thousand respectively, for taxable subsidiaries. For the three and six months ended June 30, 2024, the Company recorded U.S. federal and state income tax expense/(benefit) of $1 thousand and $3 thousand, respectively. The Company recorded a net deferred tax liability of $973 thousand as of June 30, 2025, for taxable subsidiaries, which is significantly related to GAAP to tax outside basis differences in the taxable subsidiaries’ investment in certain partnership interests. The Company recorded a net deferred tax liability of $36 thousand for taxable subsidiaries as of December 31, 2024.
|