Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
INVESTMENT INCOME        
Interest income $ 24,072 $ 22,669 $ 46,747 $ 44,317
Dividend income 91 2,610 180 3,752
Success fee income 0 0 5,591 754
Total investment income 24,163 25,279 52,518 48,823
EXPENSES        
Base management fee [1] 6,859 5,457 13,392 10,537
Loan servicing fee [1] 2,923 2,932 5,885 5,604
Incentive fee [1] 2,443 5,207 (3,123) 4,998
Administration fee [1] 479 520 971 953
Interest expense on borrowings 10,840 9,631 20,696 18,130
Amortization of deferred financing costs and discounts 875 910 1,855 1,820
Professional fees 562 518 879 1,020
Other general and administrative expenses 489 395 1,435 1,035
Expenses before credits from Adviser 25,470 25,570 41,990 44,097
Credits to base management fee – loan servicing fee [1] (2,923) (2,932) (5,885) (5,604)
Credits to fees from Adviser - other [1] (3,233) (1,638) (4,363) (3,037)
Total expenses, net of credits to fees 19,314 21,000 31,742 35,456
NET INVESTMENT INCOME 4,849 4,279 20,776 13,367
REALIZED AND UNREALIZED GAIN (LOSS)        
Total net realized loss 0 (29,938) (9,000) (29,938)
Total net unrealized appreciation (depreciation) 12,214 54,368 (6,568) 53,052
Net realized and unrealized gain (loss) 12,214 24,430 (15,568) 23,114
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 17,063 $ 28,709 $ 5,208 $ 36,481
BASIC AND DILUTED PER COMMON SHARE:        
Net investment income, basic (in USD per share) $ 0.12 $ 0.11 $ 0.52 $ 0.35
Net investment income, diluted (in USD per share) 0.12 0.11 0.52 0.35
Net increase in net assets resulting from operations, basic (in USD per share) 0.43 0.75 0.13 0.97
Net increase in net assets resulting from operations, diluted (in USD per share) $ 0.43 $ 0.75 $ 0.13 $ 0.97
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic (in shares) 39,821,967 38,445,643 39,821,967 37,681,491
Diluted (in shares) 39,821,967 38,445,643 39,821,967 37,681,491
Cash and cash equivalents        
INVESTMENT INCOME        
Interest income $ 42 $ 92 $ 73 $ 290
Non-Control/Non-Affiliate investments        
INVESTMENT INCOME        
Interest income 17,609 16,076 33,933 31,339
Dividend income 0 0 0 1,063
Success fee income 0 0 5,591 447
REALIZED AND UNREALIZED GAIN (LOSS)        
Total net realized loss 0 0 (9,000) 0
Total net unrealized appreciation (depreciation) 2,517 34,581 (28,278) 32,427
Affiliate investments        
INVESTMENT INCOME        
Interest income 6,405 6,501 12,725 12,688
Dividend income 91 2,610 180 2,689
Success fee income 0 0 0 307
REALIZED AND UNREALIZED GAIN (LOSS)        
Total net realized loss 0 (29,938) 0 (29,938)
Total net unrealized appreciation (depreciation) 10,046 19,469 22,122 20,551
Control investments        
INVESTMENT INCOME        
Interest income 16 0 16 0
REALIZED AND UNREALIZED GAIN (LOSS)        
Total net unrealized appreciation (depreciation) (349) 402 (458) 427
Other        
REALIZED AND UNREALIZED GAIN (LOSS)        
Total net unrealized appreciation (depreciation) $ 0 $ (84) $ 46 $ (353)
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.