v3.26.1
Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes

Note 11. Income Taxes

The Company’s aggregate unrealized appreciation and depreciation on investments for federal income tax purposes was as follows (in thousands):

 

 

 

 

As of
June 30, 2026

 

 

As of
December 31, 2025

 

Tax Cost(1)

 

 

 

$

1,663,901

 

 

$

1,636,409

 

Gross Unrealized Appreciation

 

 

 

$

35,791

 

 

$

45,347

 

Gross Unrealized Depreciation

 

 

 

 

(128,409

)

 

 

(118,198

)

Net Unrealized Investment Appreciation (Depreciation)

 

 

 

$

(92,618

)

 

$

(72,851

)

 

(1)
Tax cost includes cash equivalents.

 

The Company recognized the following income taxes related to Taxable Subsidiaries and excise taxes related to the Company’s status as a RIC:

 

 

 

For the three months ended June 30,

 

 

For the six months ended June 30,

 

 

 

2026

 

 

2025

 

 

 

2026

 

 

 

2025

 

Income tax (benefit) provision

 

$

25

 

 

$

-

 

 

$

25

 

 

$

6

 

Excise tax (benefit) provision

 

 

481

 

 

 

400

 

 

 

1,033

 

 

 

895

 

Provision (benefit) for income and excise taxes

 

$

506

 

 

$

400

 

 

$

1,058

 

 

$

901

 

 

As of June 30, 2026 and December 31, 2025, $646 and $1,770, respectively, of accrued income and excise taxes remained payable.

The Company recognized the following benefits (provisions) for taxes on realized and unrealized appreciation and depreciation on investments:

 

 

 

For the three months ended June 30,

 

 

For the six months ended June 30,

 

 

 

2026

 

 

2025

 

 

 

2026

 

 

 

 

2025

 

Benefit (provision) for taxes on realized gain on investments

 

$

(200

)

 

$

—

 

 

$

(200

)

$

—

 

$

—

 

Benefit (provision) for taxes on unrealized appreciation
   (depreciation) on investments

 

 

-

 

 

 

—

 

 

 

-

 

 

 

 

—

 

Benefit (provision) for taxes on realized and unrealized
   appreciation (depreciation) on investments

 

$

(200

)

 

$

—

 

 

$

(200

)

 

 

$

—

 

 

As of June 30, 2026 and December 31, 2025, $229 and $190, respectively, was included in deferred tax assets on the Consolidated Statements of Assets and Liabilities relating to net operating loss carryforwards and unrealized losses on investments and other temporary book to tax differences that are expected to be used in future periods. As of June 30, 2026 and December 31, 2025, $229 and $190, respectively, was included in deferred tax liabilities on the Consolidated Statements of Assets and Liabilities primarily relating to deferred taxes on unrealized gains on investments held in the Company’s corporate subsidiaries and other temporary book to tax differences of the corporate subsidiaries.