The composition of the Company’s incentive fees for the three and six months ended June 30, 2025 and 2024 was as follows:


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Part one incentive fees (1)	$	—	$	1,382	$	251	$	2,750
Part two incentive fees (2)	—		—		—		—
Incentive Fee Limitation	—		(1,031)		(251)		(1,031)
Total incentive fees	$	—	$	351	$	—	$	1,719

(2)Based upon net realized and unrealized gains and losses, or capital gains and losses. The Company accrues, but does not pay, a capital gains incentive fee in connection with any unrealized capital appreciation, as appropriate. If, on a cumulative basis, the sum of net realized gain (loss) plus net unrealized gain (loss) decreases during a period, the Company will reverse any excess capital gains incentive fee previously accrued such that the amount of capital gains incentive fee accrued is no more than 20% of the sum of net realized gain (loss) plus net unrealized gain (loss).