Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
INVESTMENT INCOME        
Interest income $ 21,699 $ 16,067 $ 60,369 $ 43,045
Dividend income 0 4,466 1,907 10,847
Success fee income 1,382 1,061 1,382 7,794
Total investment income 23,081 21,594 63,658 61,686
EXPENSES        
Base management fee [1] 4,602 3,789 12,874 10,965
Loan servicing fee [1] 2,332 2,080 6,829 5,754
Incentive fee [1] 1,667 3,945 15,401 7,722
Administration fee [1] 450 410 1,306 1,352
Interest expense on borrowings 6,520 4,074 17,598 11,715
Amortization of deferred financing costs and discounts 589 452 1,708 1,350
Professional fees 411 331 1,030 1,564
Other general and administrative expenses 891 780 2,404 2,793
Expenses before credits from Adviser 17,462 15,861 59,150 43,215
Credits to base management fee – loan servicing fee [1] (2,332) (2,080) (6,829) (5,754)
Credits to fees from Adviser - other [1] (1,793) (756) (5,117) (3,131)
Total expenses, net of credits to fees 13,337 13,025 47,204 34,330
NET INVESTMENT INCOME 9,744 8,569 16,454 27,356
REALIZED AND UNREALIZED GAIN (LOSS)        
Total net realized gain 43,461 3,844 44,905 10,598
Total net unrealized (depreciation) appreciation (46,626) 3,366 1,362 (7,065)
Net realized and unrealized (loss) gain (3,165) 7,210 46,267 3,533
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 6,579 $ 15,779 $ 62,721 $ 30,889
BASIC AND DILUTED PER COMMON SHARE:        
Net investment income, basic (in USD per share) $ 0.28 $ 0.26 $ 0.49 $ 0.82
Net investment income, diluted (in USD per share) 0.28 0.26 0.49 0.82
Net increase in net assets resulting from operations, basic (in USD per share) 0.19 0.47 1.85 0.93
Net increase in net assets resulting from operations, diluted (in USD per share) $ 0.19 $ 0.47 $ 1.85 $ 0.93
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic (in shares) 34,351,597 33,316,055 33,921,300 33,246,811
Diluted (in shares) 34,351,597 33,316,055 33,921,300 33,246,811
Cash and cash equivalents        
INVESTMENT INCOME        
Interest income $ 111 $ 21 $ 731 $ 53
Non-Control/Non-Affiliate Investments        
INVESTMENT INCOME        
Interest income 15,237 11,357 41,353 30,007
Dividend income 0 0 0 4,829
Success fee income 1,382 1,061 1,382 7,794
REALIZED AND UNREALIZED GAIN (LOSS)        
Total net realized gain 43,459 473 43,748 7,504
Total net unrealized (depreciation) appreciation (42,325) 2,683 7,470 16,687
Affiliate Investments        
INVESTMENT INCOME        
Interest income 6,351 4,689 18,285 12,985
Dividend income 0 4,466 1,907 6,018
REALIZED AND UNREALIZED GAIN (LOSS)        
Total net realized gain 2 3,371 275 3,371
Total net unrealized (depreciation) appreciation (4,110) 683 (5,887) (23,752)
Control Investments        
REALIZED AND UNREALIZED GAIN (LOSS)        
Total net realized gain 0 0 882 (277)
Total net unrealized (depreciation) appreciation (99) 0 (192) 0
Other        
REALIZED AND UNREALIZED GAIN (LOSS)        
Total net unrealized (depreciation) appreciation $ (92) $ 0 $ (29) $ 0
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.