Annual report [Section 13 and 15(d), not S-K Item 405]

DISTRIBUTIONS TO COMMON STOCKHOLDERS

v3.26.1
DISTRIBUTIONS TO COMMON STOCKHOLDERS
 12 Months Ended
Mar. 31, 2026
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, 2025 was 51.3% from ordinary income and 48.7% from capital gains. 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.
We paid the following cash distributions to our common stockholders for the years ended March 31, 2026, 2025 and 2024.
For the Year Ended March 31, 2026:
Declaration Date
 Record Date Payment Date Distribution
per Common Share
April 8, 2025 April 21, 2025 April 30, 2025 $ 0.08 
April 8, 2025 May 21, 2025 May 30, 2025 0.08 
April 8, 2025 June 4, 2025 June 13, 2025 0.54 
(A)
April 8, 2025 June 20, 2025 June 30, 2025 0.08 
July 10, 2025 July 21, 2025 July 31, 2025 0.08 
July 10, 2025 August 20, 2025 August 29, 2025 0.08 
July 10, 2025 September 22, 2025 September 30, 2025 0.08 
October 14, 2025 October 24, 2025 October 31, 2025 0.08 
October 14, 2025 November 17, 2025 November 26, 2025 0.08 
October 14, 2025 December 22, 2025 December 31, 2025 0.08 
January 13, 2026 January 23, 2026 January 30, 2026 0.08 
January 13, 2026 February 18, 2026 February 27, 2026 0.08 
January 13, 2026 March 23, 2026 March 31, 2026 0.08 
Year ended March 31, 2026
 $ 1.50 
For the Year Ended March 31, 2025:
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 
January 14, 2025 January 24, 2025 January 31, 2025 0.08 
January 14, 2025 February 19, 2025 February 28, 2025 0.08 
January 14, 2025 March 19, 2025 March 31, 2025 0.08 
Year ended March 31, 2025:
 $ 1.66 
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 $ 0.08 
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 
January 9, 2024 January 23, 2024 January 31, 2024 0.08 
January 9, 2024 February 21, 2024 February 29, 2024 0.08 
January 9, 2024 March 21, 2024 March 29, 2024 0.08 
Year ended March 31, 2024:
 $ 2.20 
(A)Represents a supplemental distribution to common stockholders.
Aggregate cash distributions to our common stockholders declared and paid for the years ended March 31, 2026, 2025 and 2024 were $57.2 million, $61.0 million, and $76.1 million, respectively.
For the fiscal years ended March 31, 2026, 2025, and 2024, Investment Company Taxable Income exceeded distributions declared and paid, and, in accordance with Section 855(a) of the Code, we elected to treat $21.3 million, $36.7 million, and $18.7 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 year ended March 31, 2026, the net capital loss carryforward balance was $17.3 million and no distributions paid subsequent to fiscal year-end will be treated as having been paid in the prior year. For the fiscal years ended March 31, 2025, and 2024, 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, and $1.4 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, 2026, 2025, and 2024 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,

2026 2025
Common stock
 $ 40  $ 37 
Capital in excess of par value
 486,717  445,512 
Cumulative unrealized appreciation of investments
 254,793  38,460 
Cumulative unrealized depreciation of other
 (46) — 
Undistributed ordinary income 21,283  36,673 
Undistributed capital (loss) gain
 (17,260) 18,663 
Other temporary differences
 (77,302) (40,261)
Net Assets
 $ 668,225  $ 499,084 
For the years ended March 31, 2026 and 2025, 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,

2026 2025
(Overdistributed) underdistributed net investment income
 $ (9,994) $ 9,623 
Accumulated net realized gain (loss) in excess of distributions
 $ 10,335  $ (8,424)
Capital in excess of par value
 $ (341) $ (1,199)