Subsequent Events

9 Months Ended

Dec. 31, 2021

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

13. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Company through April 14, 2022, the date the consolidated financial statements were issued, and determined there are no subsequent events to report, other than those disclosed below.

Normal Course of Business Operations

During the period from January 1, 2022 through April 14, 2022, the Company funded two loans amounting to $27.5 million in loan principal to two new portfolio companies, and eight loan advances amounting to approximately $56.8 million in loan principal to existing portfolio companies.

Payment of Dividend

On December 31, 2021, the Company declared a cash dividend of $0.26 per share of its common stock, relating to the fourth quarter of 2021, which was paid on January 14, 2022 to stockholders of record as of the close of business on December 31, 2021. The total amount of the cash dividend payment was approximately $4,512,329.

On March 21, 2022, the Company declared a cash dividend of $0.40 per share of its common stock, relating to the first quarter of 2022, which will be paid on April 14, 2022 to stockholders of record as of the close of business on March 31, 2022.

Stock Issuance

On January 5, 2022, the underwriters partially exercised their over-allotment option to purchase 302,800 shares of the Company’s common stock at a price of $16.00 per share, raising $4,844,800 in additional gross proceeds or $4,505,664 in net proceeds after underwriting commissions of $339,136, which is reflected as a reduction of additional paid-in capital on the consolidated statements of stockholders’ equity.