The composition of the Company’s incentive fees for the years ended December 31, 2025, 2024 and 2023 was as follows:


	For the Years Ended December 31,
	2025		2024		2023
Part one incentive fees (1)	$	251	$	5,396	$	5,812
Part two incentive fees (2)	—		—		—
Incentive Fee Limitation	(251)		(2,947)		—
Total incentive fees	$	—	$	2,449	$	5,812

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(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).