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MANDATORILY REDEEMABLE PREFERRED STOCK | 12 Months Ended
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Mar. 31, 2024
Equity [Abstract] |
MANDATORILY REDEEMABLE PREFERRED STOCK | MANDATORILY REDEEMABLE PREFERRED STOCK In August 2021, we used a portion of the proceeds from the issuance of the 4.875% 2028 Notes to voluntarily redeem all outstanding shares of the 6.375% Series E Cumulative Term Preferred Stock (“Series E Term Preferred Stock” or “Series E”), which had a liquidation preference of $25.00 per share. In connection with the voluntary redemption of the Series E Term Preferred Stock, we incurred a loss on extinguishment of debt of $2.0 million, which was recorded in Realized loss on other in our accompanying Consolidated Statements of Operations and which was primarily comprised of unamortized deferred issuance costs at the time of redemption. The following tables summarize dividends declared by our Board of Directors and paid by us on each of the Series E Term Preferred Stock during the year ended March 31, 2022: For the Year Ended March 31, 2022:
Declaration Date |  | Record Date |  | Payment Date |  | Dividend per Share of Series E Term Preferred Stock(A) |
April 13, 2021 |  | April 23, 2021 |  | April 30, 2021 |  | $ | 0.13281250 |  |
April 13, 2021 |  | May 19, 2021 |  | May 28, 2021 |  | 0.13281250 |  |
April 13, 2021 |  | June 18, 2021 |  | June 30, 2021 |  | 0.13281250 |  |
July 13, 2021 |  | July 23, 2021 |  | July 30, 2021 |  | 0.13281250 |  |
July 13, 2021 |  | August 23, 2021 |  | August 31, 2021 |  | 0.07968750 |  | (B)
|  |  |  | Total |  | $ | 0.61093750 |  |
(A)We voluntarily redeemed all outstanding shares of the Series E Term Preferred Stock on August 19, 2021 (B)Represents accrued and unpaid dividends up to, but excluding, the redemption date of August 19, 2021. The federal income tax characteristics of dividends paid to our preferred stockholders generally constitute ordinary income or capital gains to the extent of our current and accumulated earnings and profits and are reported after the end of the calendar year based on tax information for the full fiscal year. The tax characterization of dividends paid to our preferred stockholders during the calendar year ended December 31, 2021 was 71.3% from ordinary income and 28.7% from capital gains. DISTRIBUTIONS TO COMMON STOCKHOLDERS To qualify to be taxed as a RIC under Subchapter M of the Code, we must generally distribute to our stockholders, for each taxable year, at least 90% of our Investment Company Taxable Income. The amount to be paid out as distributions to our stockholders is determined by our Board of Directors and is based upon management’s estimate of Investment Company Taxable Income and net long-term capital gains, as well as amounts to be distributed in accordance with Section 855(a) of the Code. Based on that estimate, our Board of Directors declares monthly distributions, and supplemental distributions, as appropriate, to stockholders each quarter and deemed distributions of long-term capital gains annually as of the end of the fiscal year, as applicable. The U.S. federal income tax characteristics of cash distributions paid to our common stockholders generally are reported to stockholders on IRS Form 1099 after the end of each calendar year. Estimates of tax characterization made on a quarterly basis may not be representative of the actual tax characterization of cash distributions for the full year. Estimates made on a quarterly basis are updated as of each interim reporting date. The tax characterization of cash distributions paid to our common stockholders during the calendar year ended December 31, 2023 was 53.2% from ordinary income and 46.8% from capital gains. The tax characterization of cash distributions paid to our common stockholders during the calendar year ended December 31, 2022 was 61.2% from ordinary income and 38.8% from capital gains. We paid the following cash distributions to our common stockholders for the years ended March 31, 2024, 2023 and 2022. For the Year Ended March 31, 2024:
Declaration Date |  | Record Date |  | Payment Date |  | Distribution per Common Share |
April 11, 2023 |  | April 21, 2023 |  | April 28, 2023 |  | $ | 0.080 |  |
April 11, 2023 |  | May 23, 2023 |  | May 31, 2023 |  | 0.080 |  |
April 11, 2023 |  | June 5, 2023 |  | June 15, 2023 |  | 0.120 |  | (A)
April 11, 2023 |  | June 21, 2023 |  | June 30, 2023 |  | 0.080 |  |
July 11, 2023 |  | July 21, 2023 |  | July 31, 2023 |  | 0.080 |  |
July 11, 2023 |  | August 23, 2023 |  | August 31, 2023 |  | 0.080 |  |
July 11, 2023 |  | September 7, 2023 |  | September 15, 2023 |  | 0.120 |  | (A)
July 11, 2023 |  | September 21, 2023 |  | September 29, 2023 |  | 0.080 |  |
October 10, 2023 |  | October 20, 2023 |  | October 31, 2023 |  | 0.080 |  |
October 10, 2023 |  | November 7, 2023 |  | November 17, 2023 |  | 0.120 |  | (A)
October 10, 2023 |  | November 20, 2023 |  | November 30, 2023 |  | 0.080 |  |
October 24, 2023 |  | December 5, 2023 |  | December 15, 2023 |  | 0.880 |  | (A)
October 10, 2023 |  | December 18, 2023 |  | December 29, 2023 |  | 0.080 |  |
January 9, 2024 |  | January 23, 2024 |  | January 31, 2024 |  | 0.080 |  |
January 9, 2024 |  | February 21, 2024 |  | February 29, 2024 |  | 0.080 |  |
January 9, 2024 |  | March 21, 2024 |  | March 29, 2024 |  | 0.080 |  |
|  |  |  | Year ended March 31, 2024 |  | $ | 2.200 |  |
For the Year Ended March 31, 2023:
Declaration Date |  | Record Date |  | Payment Date |  | Distribution per Common Share |
April 12, 2022 |  | April 22, 2022 |  | April 29, 2022 |  | $ | 0.075 |  |
April 12, 2022 |  | May 20, 2022 |  | May 31, 2022 |  | 0.075 |  |
April 12, 2022 |  | June 6, 2022 |  | June 15, 2022 |  | 0.120 |  | (A)
April 12, 2022 |  | June 22, 2022 |  | June 30, 2022 |  | 0.075 |  |
July 12, 2022 |  | July 22, 2022 |  | July 29, 2022 |  | 0.075 |  |
July 12, 2022 |  | August 23, 2022 |  | August 31, 2022 |  | 0.075 |  |
July 12, 2022 |  | September 22, 2022 |  | September 30, 2022 |  | 0.075 |  |
October 11, 2022 |  | October 21, 2022 |  | October 31, 2022 |  | 0.080 |  |
October 11, 2022 |  | November 18, 2022 |  | November 30, 2022 |  | 0.080 |  |
October 11, 2022 |  | December 6, 2022 |  | December 15, 2022 |  | 0.120 |  | (A)
October 11, 2022 |  | December 20, 2022 |  | December 30, 2022 |  | 0.080 |  |
January 10, 2023 |  | January 20, 2023 |  | January 31, 2023 |  | 0.080 |  |
January 10, 2023 |  | February 17, 2023 |  | February 28, 2023 |  | 0.080 |  |
January 10, 2023 |  | March 3, 2023 |  | March 15, 2023 |  | 0.240 |  | (A)
January 10, 2023 |  | March 17, 2023 |  | March 31, 2023 |  | 0.080 |  |
|  |  |  | Year ended March 31, 2023: |  | $ | 1.410 |  |
For the Year Ended March 31, 2022:
Declaration Date |  | Record Date |  | Payment Date |  | Distribution per Common Share |
April 13, 2021 |  | April 23, 2021 |  | April 30, 2021 |  | $ | 0.070 |  |
April 13, 2021 |  | May 19, 2021 |  | May 28, 2021 |  | 0.070 |  |
April 13, 2021 |  | June 8, 2021 |  | June 17, 2021 |  | 0.060 |  | (A)
April 13, 2021 |  | June 18, 2021 |  | June 30, 2021 |  | 0.070 |  |
July 13, 2021 |  | July 23, 2021 |  | July 30, 2021 |  | 0.070 |  |
July 13, 2021 |  | August 23, 2021 |  | August 31, 2021 |  | 0.070 |  |
July 13, 2021 |  | September 3, 2021 |  | September 15, 2021 |  | 0.030 |  | (A)
July 13, 2021 |  | September 22, 2021 |  | September 30, 2021 |  | 0.070 |  |
October 12, 2021 |  | October 22, 2021 |  | October 29, 2021 |  | 0.075 |  |
October 12, 2021 |  | November 19, 2021 |  | November 30, 2021 |  | 0.075 |  |
October 12, 2021 |  | December 7, 2021 |  | December 15, 2021 |  | 0.090 |  | (A)
October 12, 2021 |  | December 23, 2021 |  | December 31, 2021 |  | 0.075 |  |
January 11, 2022 |  | January 21, 2022 |  | January 31, 2022 |  | 0.075 |  |
January 11, 2022 |  | February 4, 2022 |  | February 14, 2022 |  | 0.120 |  | (A)
January 11, 2022 |  | February 18, 2022 |  | February 28, 2022 |  | 0.075 |  |
January 11, 2022 |  | March 23, 2022 |  | March 31, 2022 |  | 0.075 |  |
|  |  |  | Year ended March 31, 2022: |  | $ | 1.170 |  |
(A)Represents a supplemental distribution to common stockholders. Aggregate cash distributions to our common stockholders declared and paid for the years ended March 31, 2024, 2023 and 2022 were $76.1 million, $47.0 million, and $38.9 million, respectively. For the fiscal years ended March 31, 2024, 2023, and 2022, Investment Company Taxable Income exceeded distributions declared and paid, and, in accordance with Section 855(a) of the Code, we elected to treat $18.7 million, $21.4 million, and $13.9 million, respectively, of the first distributions paid subsequent to fiscal year-end, as having been paid in the prior year. In addition, for the fiscal years ended March 31, 2024, 2023, and 2022, net capital gains exceeded distributions declared and paid, and, in accordance with Section 855(a) of the Code, we elected to treat $1.4 million, $10.6 million, and $15.7 million, respectively, of the first distributions paid subsequent to fiscal year-end as having been paid in the prior year. We may distribute our net long-term capital gains, if any, in cash or elect to retain some or all of such gains, pay taxes at the U.S. federal corporate-level income tax rate on the amount retained, and designate the retained amount as a “deemed distribution.” If we elect to retain net long-term capital gains and deem them distributed, each U.S. common stockholder will be treated as if they received a distribution of their pro-rata share of the retained net long-term capital gain and the U.S. federal income tax paid. As a result, each U.S. common stockholder will (i) be required to report their pro-rata share of the retained gain on their tax return as long-term capital gain, (ii) receive a refundable tax credit for their pro-rata share of federal income tax paid by us on the retained gain, and (iii) increase the tax basis of their shares of common stock by an amount equal to the deemed distribution less the tax credit. To use the deemed distribution approach, we must provide written notice to our common stockholders prior to the expiration of 60 days after the close of the relevant taxable year. For the years ended March 31, 2024, 2023, and 2022 we did not elect to retain long-term capital gains and to treat them as deemed distributions to common stockholders. The components of our net assets on a tax basis were as follows:
| Year Ended March 31,
| 2024 |  | 2023
Common stock | $ | 37 |  |  | $ | 34 |
Capital in excess of par value | 444,706 |  |  | 401,798 |
Cumulative unrealized appreciation of investments | 64,737 |  |  | 31,129 |
Cumulative unrealized depreciation of other | — |  |  | 29 |
Undistributed ordinary income | 18,708 |  |  | 21,380 |
Undistributed capital gain | 1,373 |  |  | 10,552 |
Other temporary differences | (36,850) |  |  | (25,180) |
Net Assets | $ | 492,711 |  |  | $ | 439,742 |
For the years ended March 31, 2024 and 2023, we recorded the following adjustments for estimated permanent book-tax differences to reflect tax character. Results of operations, total net assets, and cash flows were not affected by these adjustments.
| Tax Year Ended March 31,
| 2024 |  | 2023
Underdistributed (overdistributed) net investment income | $ | 1,695 |  |  | $ | 1,301 |
Accumulated net realized gain in excess of distributions | $ | (881) |  |  | $ | 263 |
Capital in excess of par value | $ | (814) |  |  | $ | (1,564) |

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