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)		$	33,645	$	28,169	$	16,531
Part two incentive fees (2)		(1,283)		1,328		(166)
Total incentive fees		$	32,362	$	29,497	$	16,365

(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 12.5% of the sum of net realized gain (loss) plus net unrealized gain (loss).