v3.26.3
Income Taxes
 9 Months Ended
Sep. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Taxable income generally differs from increase in net assets resulting from operations due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized.
The Company makes certain adjustments to the classification of net assets as a result of permanent book-to-tax differences, which include differences in the book and tax basis of certain assets and liabilities and nondeductible federal taxes or losses among other items. To the extent these differences are permanent, they are charged or credited to additional paid in capital, or total distributable earnings (losses), as appropriate.
Depending on the level of taxable income earned in a tax year, the Company can be expected to carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on such taxable income, as required. To the extent that the Company determines that its estimated current year annual taxable income will be in excess of estimated current year dividend distributions from such income, the Company will accrue excise tax on estimated excess taxable income.
The following table summarizes the Company’s U.S. federal and state corporate-level income tax expense/(benefit), including related U.S. federal excise tax expense/(benefit), for the following periods:

For the Three Months Ended September 30,For the Nine Months Ended September 30,
2026202520262025
U.S. federal and state corporate-level income tax expense/(benefit) $2,132 $2,433 $3,829 $5,931 
U.S. federal excise tax expense2,141 2,433 3,841 5,949 
Taxable Subsidiaries
Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. The following table presents the U.S. federal and state income tax expense/(benefit) recorded by the Company for taxable subsidiaries for the following periods:

For the Three Months Ended September 30,For the Nine Months Ended September 30,
2026202520262025
Federal and state income tax expense/(benefit) for taxable subsidiaries $(9)$— $(12)$(18)
The table below presents the net deferred tax liabilities of the Company’s taxable subsidiaries, which are significantly related to GAAP-to-tax outside basis differences in the taxable subsidiaries’ investments in certain partnership interests, for the following periods:

As of September 30, 2026As of December 31, 2025
Net deferred tax assets/(liabilities)$(524)$(797)