Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 11. Income Taxes

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

		As of June 30, 2024			As of December 31, 2023
Tax Cost		$	1,855,890		$	1,639,709
Gross Unrealized Appreciation		$	6,567		$	374
Gross Unrealized Depreciation			(54,578	)		(57,314	)
	Net Unrealized Investment Appreciation (Depreciation)	$	(48,011	)	$	(56,940	)

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,
	2024		2023			2024		2023
Income tax (benefit) provision	$	-	$	-	$	-	$	-
Excise tax (benefit) provision		433		340		800		541
(Benefit) provision for income and excise taxes	$	433	$	340	$	800	$	541

As of June 30, 2024 and December 31, 2023, $808 and $1,296 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,
	2024		2023			2024		2023
Benefit (provision) for taxes on realized gain on    investments	$	-	$	-	$	-	$	252
Benefit (provision) for taxes on unrealized appreciation    (depreciation) on investments		181		595		520		555
Benefit (provision) for taxes on realized and unrealized    appreciation (depreciation) on investments	$	181	$	595	$	520	$	807

As of June 30, 2024 and December 31, 2023, $939 and $114, 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, 2024 and December 31, 2023, $883 and $578, 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.