v3.26.3
Income Taxes
 9 Months Ended
Sep. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company has elected to be treated as a RIC under Subchapter M of the Code, and intends to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, the Company must, among other things, distribute to its shareholders in each taxable year generally at least 90% of the Company’s investment company taxable income, as defined by the Code, and net tax-exempt income for that taxable year. In addition, a RIC may, in certain cases, satisfy this
distribution requirement by distributing dividends relating to a taxable year after the close of such taxable year under the “spillover dividend” provisions of Subchapter M. To maintain tax treatment as a RIC, the Company, among other things, intends to make the requisite distributions to its shareholders, which generally relieves the Company from corporate-level U.S. federal income taxes.
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)
$3,216 $3,092 $6,375 $9,124 
U.S. federal excise tax expense
1,797 1,750 4,557 4,750 
Taxable Subsidiaries
Certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state corporate-level income taxes. The income tax expense for the Company’s taxable consolidated subsidiaries will vary depending on the level of investment income earnings and realized gains from the exits of investments held by such taxable subsidiaries during the respective periods, as reflected in the following table, which presents the net tax expense/(benefit) recognized by the Company’s 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
$1,419 $1,342 $1,818 $4,374 
The table below presents the net deferred tax liabilities of the Company’s taxable subsidiaries, which are predominantly 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 Liabilities/Assets$(42,771)$(41,271)