Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
INVESTMENT INCOME      
Interest income: $ 83,612 $ 81,794 $ 60,276
Dividend income: 3,280 1,907 10,865
Success fee income: 6,770 3,605 10,402
Total investment income 93,662 87,306 81,543
EXPENSES      
Base management fee [1] 19,105 17,500 14,798
Loan servicing fee [1] 9,636 9,118 7,880
Incentive fee [1] 12,265 21,047 8,880
Administration fee [1] 1,914 1,789 1,811
Interest expense on borrowings 28,246 24,121 15,877
Amortization of deferred financing costs and discounts 2,852 2,305 1,802
Professional fees 1,593 1,382 1,916
Other general and administrative expenses 4,701 2,981 3,270
Expenses before credits from Adviser 80,312 80,243 56,234
Credits to base management fee – loan servicing fee [1] (9,636) (9,118) (7,880)
Credits to fees from Adviser - other [1] (5,109) (5,596) (3,811)
Total expenses, net of credits to fees 65,567 65,529 44,543
NET INVESTMENT INCOME 28,095 21,777 37,000
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss): 63,184 30,256 10,753
Net unrealized appreciation (depreciation): (25,960) 33,272 (12,206)
Net realized and unrealized gain (loss) 37,224 63,528 (1,453)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 65,319 $ 85,305 $ 35,547
BASIC AND DILUTED PER COMMON SHARE:      
Net investment income, basic (in USD per share) $ 0.76 $ 0.63 $ 1.11
Net investment income, diluted (in USD per share) 0.76 0.63 1.11
Net increase in net assets resulting from operations, basic (in USD per share) 1.78 2.47 1.07
Net increase in net assets resulting from operations, diluted (in USD per share) $ 1.78 $ 2.47 $ 1.07
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:      
Basic (in shares) 36,735,218 34,466,724 33,311,785
Diluted (in shares) 36,735,218 34,466,724 33,311,785
Cash and cash equivalents      
INVESTMENT INCOME      
Interest income: $ 245 $ 792 $ 81
Non-Control/Non-Affiliate investments      
INVESTMENT INCOME      
Interest income: 59,762 56,424 41,872
Dividend income: 3,254 0 4,847
Success fee income: 5,934 2,285 9,801
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss): 19,811 43,749 7,561
Net unrealized appreciation (depreciation): 8,786 9,864 14,218
Affiliate investments      
INVESTMENT INCOME      
Interest income: 23,605 24,578 18,323
Dividend income: 26 1,907 6,018
Success fee income: 836 1,320 601
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss): 43,373 275 3,469
Net unrealized appreciation (depreciation): (32,184) 10,317 (23,792)
Control investments      
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss): 0 (13,768) (277)
Net unrealized appreciation (depreciation): (2,562) 13,120 (2,661)
Other      
REALIZED AND UNREALIZED GAIN (LOSS)      
Net unrealized appreciation (depreciation): $ 0 $ (29) $ 29
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.