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DISTRIBUTIONS TO COMMON STOCKHOLDERS
 12 Months Ended
Mar. 31, 2025
Equity [Abstract]  
DISTRIBUTIONS TO COMMON STOCKHOLDERS 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 common stockholders during the calendar year ended December 31, 2024 was 52.9% from ordinary income and 47.1% from capital gains. The tax characterization of cash distributions paid to common stockholders during the calendar year ended December 31, 2023 was 53.2% from ordinary income and 46.8% from capital gains.
We paid the following cash distributions to our common stockholders for the years ended March 31, 2025, 2024 and 2023.
For the Year Ended March 31, 2025:
Declaration Date
Record DatePayment DateDistribution
per Common Share
April 9, 2024April 19, 2024April 30, 2024$0.08 
April 9, 2024May 17, 2024May 31, 20240.08 
April 9, 2024June 19, 2024June 28, 20240.08 
July 9, 2024July 22, 2024July 31, 20240.08 
July 9, 2024August 21, 2024August 30, 20240.08 
July 9, 2024September 20, 2024September 30, 20240.08 
September 17, 2024October 4, 2024October 15, 20240.70 
(A)
October 8, 2024October 22, 2024October 31, 20240.08 
October 8, 2024November 20, 2024November 29, 20240.08 
October 8, 2024December 20, 2024December 31, 20240.08 
January 14, 2025January 24, 2025January 31, 20250.08 
January 14, 2025February 19, 2025February 28, 20250.08 
January 14, 2025March 19, 2025March 31, 20250.08 
Year ended March 31, 2025
$1.66 
For the Year Ended March 31, 2024:
Declaration Date
Record DatePayment DateDistribution
per Common Share
April 11, 2023April 21, 2023April 28, 2023$0.08 
April 11, 2023May 23, 2023May 31, 20230.08 
April 11, 2023June 5, 2023June 15, 20230.12 
(A)
April 11, 2023June 21, 2023June 30, 20230.08 
July 11, 2023July 21, 2023July 31, 20230.08 
July 11, 2023August 23, 2023August 31, 20230.08 
July 11, 2023September 7, 2023September 15, 20230.12 
(A)
July 11, 2023September 21, 2023September 29, 20230.08 
October 10, 2023October 20, 2023October 31, 20230.08 
October 10, 2023November 7, 2023November 17, 20230.12 
(A)
October 10, 2023November 20, 2023November 30, 20230.08 
October 24, 2023December 5, 2023December 15, 20230.88 
(A)
October 10, 2023December 18, 2023December 29, 20230.08 
January 9, 2024January 23, 2024January 31, 20240.08 
January 9, 2024February 21, 2024February 29, 20240.08 
January 9, 2024March 21, 2024March 29, 20240.08 
Year ended March 31, 2024:
$2.20 
For the Year Ended March 31, 2023:
Declaration Date
Record DatePayment DateDistribution
per Common Share
April 12, 2022April 22, 2022April 29, 2022$0.075 
April 12, 2022May 20, 2022May 31, 20220.075 
April 12, 2022June 6, 2022June 15, 20220.120 
(A)
April 12, 2022June 22, 2022June 30, 20220.075 
July 12, 2022July 22, 2022July 29, 20220.075 
July 12, 2022August 23, 2022August 31, 20220.075 
July 12, 2022September 22, 2022September 30, 20220.075 
October 11, 2022October 21, 2022October 31, 20220.080 
October 11, 2022November 18, 2022November 30, 20220.080 
October 11, 2022December 6, 2022December 15, 20220.120 
(A)
October 11, 2022December 20, 2022December 30, 20220.080 
January 10, 2023January 20, 2023January 31, 20230.080 
January 10, 2023February 17, 2023February 28, 20230.080 
January 10, 2023March 3, 2023March 15, 20230.240 
(A)
January 10, 2023March 17, 2023March 31, 20230.080 
Year ended March 31, 2023:
$1.410 
(A)Represents a supplemental distribution to common stockholders.
Aggregate cash distributions to our common stockholders declared and paid for the years ended March 31, 2025, 2024 and 2023 were $61.0 million, $76.1 million, and $47.0 million, respectively.
For the fiscal years ended March 31, 2025, 2024, and 2023, Investment Company Taxable Income exceeded distributions declared and paid, and, in accordance with Section 855(a) of the Code, we elected to treat $36.7 million, $18.7 million, and $21.4 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, 2025, 2024, and 2023, net capital gains exceeded distributions declared and paid, and, in accordance with Section 855(a) of the Code, we elected to treat $18.7 million, $1.4 million, and $10.6 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, 2025, 2024, and 2023 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,

20252024
Common stock
$37 $37 
Capital in excess of par value
445,512 444,706 
Cumulative unrealized appreciation of investments
38,460 64,737 
Cumulative unrealized depreciation of other
— — 
Undistributed ordinary income36,673 18,708 
Undistributed capital gain
18,663 1,373 
Other temporary differences
(40,261)(36,850)
Net Assets
$499,084 $492,711 
For the years ended March 31, 2025 and 2024, 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,

20252024
Underdistributed (overdistributed) net investment income
$9,623 $1,695 
Accumulated net realized gain in excess of distributions
$(8,424)$(881)
Capital in excess of par value
$(1,199)$(814)