Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

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CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($)
$ in Thousands
Jun. 30, 2025
Mar. 31, 2025
ASSETS    
Investments at fair value $ 1,036,745 $ 979,320 [1]
Cash and cash equivalents 4,118 14,298
Restricted cash and cash equivalents 1,237 856
Interest receivable 5,886 5,582
Deferred financing costs, net 1,288 1,471
Other assets, net 1,980 1,986
TOTAL ASSETS 1,053,909 1,006,404
Borrowings:    
Line of credit at fair value (Cost of $62,000 and $0, respectively) 62,269 0
Notes payable, net 456,356 455,709
Total borrowings 518,625 455,709
Accounts payable and accrued expenses 1,711 1,291
Interest payable 5,119 4,879
Other liabilities 1,265 857
TOTAL LIABILITIES 568,605 507,320
Commitments and contingencies [2]
NET ASSETS 485,304 499,084
ANALYSIS OF NET ASSETS    
Common stock, $0.001 par value per share, 100,000,000 shares authorized, 37,352,676 and 36,837,381 shares issued and outstanding, respectively 37 37
Capital in excess of par value 452,440 445,512
Cumulative net unrealized appreciation of investments 39,207 40,254
Cumulative net unrealized appreciation of other (269) 0
Overdistributed net investment income (5,150) (5,325)
Accumulated net realized (loss) gain in excess of distributions (961) 18,606
Total distributable earnings 32,827 53,535
TOTAL NET ASSETS $ 485,304 $ 499,084
NET ASSET VALUE PER SHARE (in USD per share) $ 12.99 $ 13.55
Related Party    
Borrowings:    
Fees due to related party $ 41,885 $ 44,584
Administrator | Related Party    
ASSETS    
Due from administrative agent 2,655 2,891
Borrowings:    
Fees due to related party [3] 912 767
Adviser | Related Party    
Borrowings:    
Fees due to related party [3] 40,973 43,817
Non-Control/Non-Affiliate Investments    
ASSETS    
Investments at fair value 708,357 [4] 648,589 [5]
Affiliate Investments    
ASSETS    
Investments at fair value 328,020 [6] 330,388 [7]
Control Investments    
ASSETS    
Investments at fair value $ 368 [8] $ 343 [9]
[1] Cumulative gross unrealized appreciation for federal income tax purposes is $183.3 million; cumulative gross unrealized depreciation for federal income tax purposes is $144.9 million. Cumulative net unrealized appreciation is $38.5 million, based on a tax cost of $940.9 million.
[2] Refer to Note 9 — Commitments and Contingencies in the accompanying Notes to Consolidated Financial Statements for additional information.
[3] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.
[4] Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities.
[5] Non-Control/Non-Affiliate investments, as defined by the 1940 Act, are those that are neither Control nor Affiliate investments and in which we own less than 5.0% of the issued and outstanding voting securities.
[6] Affiliate investments, as defined by the 1940 Act, are those that are not Control investments and in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities.
[7] Affiliate investments, as defined by the 1940 Act, are those that are not Control investments and in which we own, with the power to vote, between and inclusive of 5.0% and 25.0% of the issued and outstanding voting securities.
[8] Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities.
[9] Control investments, as defined by the 1940 Act, are those where we have the power to exercise a controlling influence over the management or policies of the portfolio company, which may include owning, with the power to vote, more than 25.0% of the issued and outstanding voting securities.