On July 31, 2013, our Board of Directors declared a quarterly dividend of $0.26 per share, payable on October 3, 2013 to stockholders of record at the close of business on September 19, 2013.
We continue to remain focused on our dividend coverage. Our net investment income, as adjusted, was $0.26 per share for the three months ended June 30, 2013, relative to dividends declared of $0.26 per share for the same period. Although challenging in today's environment, we remain confident that we will be able to earn adjusted net investment income on an annual basis that supports our dividend.
We have elected to be treated as a regulated investment company, or RIC, under Subchapter M of the Internal Revenue Code. To maintain our status as a RIC, we must distribute annually to our stockholders at least 90% of our investment company taxable income; and to avoid an excise tax imposed on RICs, we must distribute annually to our stockholders at least 98% of our ordinary income and 98.2% of our net capital gains. As part of our strategic tax planning, from time to time we are able to reduce our investment company taxable income by losses taken on ordinary assets, thus minimizing the amount of taxable income to be reported by our shareholders. Tax characteristics of all dividends are reported to stockholders on Form 1099 after the end of the calendar year. We have made, and intend to continue to make, timely distributions sufficient to satisfy the annual distribution requirements to maintain our qualification as a RIC. We also intend to make distributions of net realized capital gains, if any, at least annually. We may, at our discretion, carry forward taxable income in excess of calendar year distributions and pay a 4% excise tax on this income. We will accrue excise tax on estimated undistributed taxable income as required. There was no undistributed taxable income carried forward from 2012.