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DISTRIBUTIONS TO COMMON STOCKHOLDERS | 9 Months Ended
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Dec. 31, 2024
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 taxable ordinary income plus the excess of our net short-term capital gains over net long-term capital losses (“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 nine months ended December 31, 2024 and 2023: For the Nine Months Ended December 31, 2024:
Declaration Date |  | Record Date |  | Payment Date |  | Distribution per Common Share |
April 9, 2024 |  | April 19, 2024 |  | April 30, 2024 |  | $ | 0.08 |  |
April 9, 2024 |  | May 17, 2024 |  | May 31, 2024 |  | 0.08 |  |
April 9, 2024 |  | June 19, 2024 |  | June 28, 2024 |  | 0.08 |  |
July 9, 2024 |  | July 22, 2024 |  | July 31, 2024 |  | 0.08 |  |
July 9, 2024 |  | August 21, 2024 |  | August 30, 2024 |  | 0.08 |  |
July 9, 2024 |  | September 20, 2024 |  | September 30, 2024 |  | 0.08 |  |
September 17, 2024 |  | October 4, 2024 |  | October 15, 2024 |  | 0.70 |  | (A)
October 8, 2024 |  | October 22, 2024 |  | October 31, 2024 |  | 0.08 |  |
October 8, 2024 |  | November 20, 2024 |  | November 29, 2024 |  | 0.08 |  |
October 8, 2024 |  | December 20, 2024 |  | December 31, 2024 |  | 0.08 |  |
|  | Nine Months Ended December 31, 2024 |  | $ | 1.42 |  |
For the Nine Months Ended December 31, 2023:
Declaration Date |  | Record Date |  | Payment Date |  | Distribution per Common Share |
April 11, 2023 |  | April 21, 2023 |  | April 28, 2023 |  | $ | 0.08 |  |
April 11, 2023 |  | May 23, 2023 |  | May 31, 2023 |  | 0.08 |  |
April 11, 2023 |  | June 5, 2023 |  | June 15, 2023 |  | 0.12 |  | (A)
April 11, 2023 |  | June 21, 2023 |  | June 30, 2023 |  | 0.08 |  |
July 11, 2023 |  | July 21, 2023 |  | July 31, 2023 |  | 0.08 |  |
July 11, 2023 |  | August 23, 2023 |  | August 31, 2023 |  | 0.08 |  |
July 11, 2023 |  | September 7, 2023 |  | September 15, 2023 |  | 0.12 |  | (A)
July 11, 2023 |  | September 21, 2023 |  | September 29, 2023 |  | 0.08 |  |
October 10, 2023 |  | October 20, 2023 |  | October 31, 2023 |  | 0.08 |  |
October 10, 2023 |  | November 7, 2023 |  | November 17, 2023 |  | 0.12 |  | (A)
October 10, 2023 |  | November 20, 2023 |  | November 30, 2023 |  | 0.08 |  |
October 24, 2023 |  | December 5, 2023 |  | December 15, 2023 |  | 0.88 |  | (A)
October 10, 2023 |  | December 18, 2023 |  | December 29, 2023 |  | 0.08 |  |
|  | Nine Months Ended December 31, 2023 |  | $ | 1.96 |  |
(A)Represents a supplemental distribution to common stockholders. Aggregate cash distributions to our common stockholders declared and paid were $52.1 million and $67.4 million for the nine months ended December 31, 2024 and 2023, respectively. For the fiscal year ended March 31, 2024, 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 of the first distributions paid subsequent to fiscal year-end, as having been paid in the prior year. In addition, for the fiscal year ended March 31, 2024 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 of the first distributions paid subsequent to fiscal year-end as having been paid in the prior year. For the three months ended December 31, 2024, we recorded $0.4 million of net adjustments for estimated permanent book-tax differences to reflect tax character, which increased Accumulated net realized gain in excess of distributions and decreased Capital in excess of par value and Overdistributed net investment income on our accompanying Consolidated Statements of Assets and Liabilities. For the three months ended December 31, 2023, we recorded $0.4 million of net adjustments for estimated permanent book-tax differences to reflect tax character, which decreased Capital in excess of par value and increased Overdistributed net investment income on our accompanying Consolidated Statements of Assets and Liabilities. For the nine months ended December 31, 2024, we recorded $1.2 million of net adjustments for estimated permanent book-tax differences to reflect tax character, which decreased Capital in excess of par value and increased Overdistributed net investment income on our accompanying Consolidated Statements of Assets and Liabilities. For the nine months ended December 31, 2023, we recorded $0.4 million of net adjustments for estimated permanent book-tax differences to reflect tax character, which increased Overdistributed net investment income and decreased Accumulated net realized gain in excess of distributions and Capital in excess of par value on our accompanying Consolidated Statements of Assets and Liabilities. 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. For the year ended March 31, 2024, we did not elect to retain long-term capital gains and to treat them as deemed distributions to common stockholders.

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