I believe that AINV may owe share owners some additional money.

It's a bit confusing, given BDC rules and AINV's Fiscal Year-End at Mar 31...but as I understand it, BDC's must distribute 90+% of their income in any fiscal year, to share owners - but they have until the end of their next fiscal year to do that, otherwise they have to pay taxes on the portion they do not distribute. Since AINV had undistributed income for their 2009 fiscal year ending 3-31-09, they must declare that income by the end of their 3rd quarter of the following fiscal year, and pay it out before the end of the 4th qtr of that year. Clear as mud, right?

This is an exchange that occurred between Sanjay Sakarani and Rich Peteka on Jun 2 of this year - during the CC discussing AINV's Year End 2009 results...
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Sanjay Sakhrani - Keefe, Bruyette & Woods

I was wondering if you could help us think through the spillover and the fact that you guys are actually earning more than your dividend. I mean, at some point it seems to me like the dividends either got to go up or all else equal, obviously, or a special has got to be paid. I mean, how should we think about it, Rich?

Richard L. Peteka
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Now, going back to your dividend question, note 13 in our financial statements within our 10-K talks about our spillover.

There’s roughly $86 million there that are earnings that have been monetized in excess of distributions through March 31, 2009. Those earnings need to be distributed before we file our tax return. I should say -- let me clarify that -- they need to be declared, not distributed, before we file our tax return and given our dividend per share of $0.26 per quarter, that equates to roughly $37 million a quarter.

So with $86 million harvested and there to support the dividend going forward, we roughly have the June and September and part of, or half of, the December ’09 dividend really come out of earnings that were already earned through the year ended March, and so all the earnings that we are earning today for April 1 through the end of December or through mid-December, is really going to be there to be pushed into calendar 2010. That’s the way the spillover works.
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The last part of Rich Peteka's answer is confusing because he is suggesting that the $86M of carry-over from fiscal 2009 could be applied to pay dividends for the quarters ending 6-30 and 9-30. But, today, Nov 6th, 2009, we know that that wasn't necessary - NOI for those quarters exceeded the dividend payout for both quarters.

So, to clear up this issue, I hope one of the analysts on the call today asks a question that requires a straight answer about this.