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
Dec. 31, 2025
Mar. 31, 2025
ASSETS    
Investments at fair value $ 1,222,792 $ 979,320 [1]
Cash 1,351 12,944
Cash equivalents 25 1,354
Restricted cash 1,520 856
Interest receivable 4,839 5,582
Deferred financing costs, net 954 1,471
Other assets, net 1,415 1,986
TOTAL ASSETS 1,236,619 1,006,404
Borrowings:    
Line of credit at fair value (Cost of $128,600 and $0, respectively) 128,961 0
Notes payable, net of unamortized deferred financing costs of $6,111 and $8,029, respectively 442,877 455,709
Total borrowings 571,838 455,709
Accounts payable and accrued expenses 1,118 1,291
Interest payable 4,900 4,879
Other liabilities 1,501 857
TOTAL LIABILITIES 641,211 507,320
Commitments and contingencies [2]
NET ASSETS 595,408 499,084
ANALYSIS OF NET ASSETS    
Common stock, $0.001 par value per share, 100,000,000 shares authorized, 39,821,967 and 36,837,381 shares issued and outstanding, respectively 40 37
Capital in excess of par value 486,666 445,512
Total distributable earnings [3] 108,702 53,535
TOTAL NET ASSETS $ 595,408 $ 499,084
NET ASSET VALUE PER SHARE (in USD per share) $ 14.95 $ 13.55
Related Party    
Borrowings:    
Fees due to related party $ 61,854 $ 44,584
Administrator | Related Party    
ASSETS    
Due from administrative agent 3,723 2,891
Borrowings:    
Fees due to related party [4] 632 767
Adviser | Related Party    
Borrowings:    
Fees due to related party [4] 61,222 43,817
Non-Control/Non-Affiliate Investments    
ASSETS    
Investments at fair value 888,994 [5] 648,589 [6]
Affiliate Investments    
ASSETS    
Investments at fair value 333,095 [7] 330,388 [8]
Control Investments    
ASSETS    
Investments at fair value $ 703 [9] $ 343 [10]
[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 2 — Summary of Significant Accounting Policies in the accompanying Notes to Consolidated Financial Statements for additional information.
[4] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.
[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] 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.
[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] 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.
[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.
[10] 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.