The composition of the Company’s incentive fees for the three and six months ended June 30, 2026 and 2025 was as follows:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Part one incentive fees (1)	$	9,096	$	8,774	$	18,709	$	15,862
Part two incentive fees (2)	—		(481)		—		(1,283)
Total incentive fees	$	9,096	$	8,293	$	18,709	$	14,579

(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).