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, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
INVESTMENT INCOME        
Interest income $ 22,669 $ 20,996 $ 44,317 $ 41,621
Dividend income 2,610 1,419 3,752 1,419
Success fee income 0 150 754 1,703
Total investment income 25,279 22,565 48,823 44,743
EXPENSES        
Base management fee [1] 5,457 4,447 10,537 9,065
Loan servicing fee [1] 2,932 2,194 5,604 4,416
Incentive fee [1] 5,207 2,232 4,998 (1,556)
Administration fee [1] 520 567 953 1,073
Interest expense on borrowings 9,631 6,399 18,130 12,879
Amortization of deferred financing costs and discounts 910 629 1,820 1,260
Professional fees 518 481 1,020 811
Other general and administrative expenses 395 1,188 1,035 2,802
Expenses before credits from Adviser 25,570 18,137 44,097 30,750
Credits to base management fee – loan servicing fee [1] (2,932) (2,194) (5,604) (4,416)
Credits to fees from Adviser - other [1] (1,638) (669) (3,037) (1,296)
Total expenses, net of credits to fees 21,000 15,274 35,456 25,038
NET INVESTMENT INCOME 4,279 7,291 13,367 19,705
REALIZED AND UNREALIZED GAIN (LOSS)        
Total net realized gain (loss) (29,938) 42,303 (29,938) 42,305
Total net unrealized appreciation (depreciation) 54,368 (34,112) 53,052 (53,054)
Net realized and unrealized gain (loss) 24,430 8,191 23,114 (10,749)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 28,709 $ 15,482 $ 36,481 $ 8,956
BASIC AND DILUTED PER COMMON SHARE:        
Net investment income, basic (in USD per share) $ 0.11 $ 0.20 $ 0.35 $ 0.54
Net investment income, diluted (in USD per share) 0.11 0.20 0.35 0.54
Net increase in net assets resulting from operations, basic (in USD per share) 0.75 0.42 0.97 0.24
Net increase in net assets resulting from operations, diluted (in USD per share) $ 0.75 $ 0.42 $ 0.97 $ 0.24
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic (in shares) 38,445,643 36,688,667 37,681,491 36,688,667
Diluted (in shares) 38,445,643 36,688,667 37,681,491 36,688,667
Cash and cash equivalents        
INVESTMENT INCOME        
Interest income $ 92 $ 57 $ 290 $ 100
Non-Control/Non-Affiliate Investments        
INVESTMENT INCOME        
Interest income 16,076 15,105 31,339 29,647
Dividend income 0 1,419 1,063 1,419
Success fee income 0 0 447 1,553
REALIZED AND UNREALIZED GAIN (LOSS)        
Total net realized gain (loss) 0 19 0 21
Total net unrealized appreciation (depreciation) 34,581 464 32,427 (11,970)
Affiliate Investments        
INVESTMENT INCOME        
Interest income 6,501 5,834 12,688 11,874
Dividend income 2,610 0 2,689 0
Success fee income 0 150 307 150
REALIZED AND UNREALIZED GAIN (LOSS)        
Total net realized gain (loss) (29,938) 42,284 (29,938) 42,284
Total net unrealized appreciation (depreciation) 19,469 (33,684) 20,551 (38,749)
Control Investments        
REALIZED AND UNREALIZED GAIN (LOSS)        
Total net unrealized appreciation (depreciation) 402 (892) 427 (2,335)
Other        
REALIZED AND UNREALIZED GAIN (LOSS)        
Total net unrealized appreciation (depreciation) $ (84) $ 0 $ (353) $ 0
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.