Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Income Taxes [Abstract] | |
| Income Taxes | Income Taxes The Company's income tax expense was $5.6 million and $8.2 million for the three and six months ended June 30, 2026, respectively, and $7.3 million and $10.4 million for the three and six months ended June 30, 2025, respectively. The Company’s effective tax rate was 16.1% and 17.3% for the three and six months ended June 30, 2026, respectively, and 19.7% for each of the three and six months ended June 30, 2025. The effective rates during each of the periods presented deviate favorably from the statutory rate of 21.0% due to, in part, income tax benefits and exclusions associated with tax-advantaged investment income, LPT adjustments, Deferred Gain amortization and related adjustments, income adjustments related to the Fund, and tax credits utilized. The Company is subject to a 1% excise tax on net stock repurchases. The Company's cumulative excise tax obligation was $3.8 million and $2.8 million as of June 30, 2026 and December 31, 2025, respectively, which is included in Treasury stock on its Consolidated Balance Sheets.
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