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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Summary of Tax Character of Distributions Paid to Stockholders The tax character of distributions paid to stockholders during the tax periods ended December 31, 2023, December 31, 2022 and March 31, 2022 were as follows:

 

 

Twelve Months Ended
December 31,

 

 

Nine Months Ended
December 31,

 

 

Twelve Months Ended
March 31,

 

 

 

 

2023

 

 

 

2022

 

 

 

2022

 

Ordinary income

 

$

 

99,259

 

 

$

 

68,028

 

 

$

 

92,762

 

Capital gains

 

 

 

 

 

 

 

 

 

 

 

 

Return of capital

 

 

 

 

 

 

 

 

 

 

 

 

Total distributions paid to stockholders

 

$

 

99,259

 

 

$

 

68,028

 

 

$

 

92,762

 

 

Summary of Reconciliation of Net Increase in Net Assets Resulting from Operations to Taxable Income

The following table reconciles the net increase in net assets resulting from operations to taxable income for the tax years ended December 31, 2023, December 31, 2022 and March 31, 2022:

 

 

Twelve Months Ended
December 31,

 

 

Nine Months Ended
December 31,

 

 

Twelve Months Ended
March 31,

 

 

 

 

2023

 

 

 

2022

 

 

 

2022

 

Net increase (decrease) in net assets resulting from operations

 

$

 

118,760

 

 

$

 

22,940

 

 

 

 

82,364

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Net realized losses (gains)

 

 

 

(200

)

 

 

 

69,239

 

 

 

 

67,367

 

Net change in unrealized losses (gains)

 

 

 

(2,561

)

 

 

 

(18,036

)

 

 

 

(53,770

)

Income not currently taxable

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) recognized for tax but not book

 

 

 

26,064

 

 

 

 

(1,419

)

 

 

 

4,596

 

Expenses not currently deductible

 

 

 

 

 

 

 

 

 

 

 

 

Expenses incurred for tax but not book

 

 

 

 

 

 

 

 

 

 

 

 

Realized gain/loss differences (1)

 

 

 

(7,084

)

 

 

 

(7,723

)

 

 

 

(13,316

)

Taxable income before deductions for distributions

 

$

 

134,979

 

 

$

 

65,001

 

 

$

 

87,241

 

 

(1)
These pertain to book income/losses treated as capital gains/losses for tax purposes or book realized gains/losses treated as ordinary income/losses for tax purposes.
Components of Accumulated Losses on Tax Basis

The following table shows the components of accumulated losses on a tax basis for the twelve months ended December 31, 2023, and the nine months ended December 31, 2022 and twelve months ended March 31, 2022:

 

 

Twelve Months Ended
December 31,

 

 

Nine Months Ended
December 31,

 

 

Twelve Months Ended
March 31,

 

 

 

 

2023

 

 

 

2022

 

 

 

2022

 

Undistributed ordinary income

 

$

 

59,879

 

 

 

 

24,468

 

 

 

 

56,120

 

Capital loss carryforward

 

 

 

(920,914

)

 

 

 

(880,548

)

 

 

 

(817,268

)

Other temporary book-to-tax differences

 

 

 

 

 

 

 

 

 

 

 

(24,678

)

Unrealized appreciation (depreciation)

 

 

 

(237,438

)

 

 

 

(262,999

)

 

 

 

(288,164

)

Total accumulated under-distributed (over-distributed) earnings

 

$

 

(1,098,473

)

 

$

 

(1,119,079

)

 

$

 

(1,073,990

)