v3.25.2
Taxable/Distributable Income
 9 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Taxable/Distributable Income Taxable/Distributable Income
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) organizational and deferred offering costs and (3) the capital gains incentive fee accrual.
Presented 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$83,755 $58,227 $213,435 $167,638 
Net unrealized (appreciation) depreciation(16,793)3,198 13,157 (13,066)
Book/tax difference due to capital gains incentive fees100 (427)(2,372)2,033 
Other book/tax differences (1)
(13,743)1,025 (11,508)(4,234)
Taxable income (2)
$53,319 $62,023 $212,712 $152,371 
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(1)For the three and nine months ended June 30, 2025, the other book/tax difference was primarily due to changes in unrealized value of foreign currency forwards.
(2)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. The final taxable income may be different than the estimate.
For the three months ended June 30, 2025, the Company recognized (i) a provision for incomes taxes on net investment income of $131, which was all current tax expense, and (ii) a provision for income taxes on realized and unrealized gains (losses) of $3, which was primarily a deferred tax expense. For the three months ended June 30, 2024, the Company recognized a total provision for income tax expense on realized and unrealized gains (losses) of $158, which was comprised of a current tax expense of $156 and a deferred tax expense of $2.
For the nine months ended June 30, 2025, the Company recognized (i) a provision for incomes taxes on net investment income of $810, which was all current tax expense, and (ii) a provision for income taxes on realized and unrealized gains (losses) of $49, of which $27 was deferred tax expense and $22 was current tax expense. For the nine months ended June 30, 2024, the Company recognized a total provision for income tax expense on realized and unrealized gains (losses) of $543, which was comprised of a current tax expense of $541 and a deferred tax expense of $2.
As of September 30, 2024, the Company’s last tax year end, the components of accumulated overdistributed earnings on a tax basis were as follows:
Overdistributed ordinary income, net$(60,970)
Net realized capital gains10,137 
Unrealized gains, net43,084 
Accumulated overdistributed earnings$(7,749)
The aggregate cost of investments for U.S. federal income tax purposes was $4,424.0 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 $101.6 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 $58.5 million. Net unrealized appreciation based on the aggregate cost of investments for U.S. federal income tax purposes was $43.1 million.