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 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
INVESTMENT INCOME        
Interest income $ 22,835 $ 20,528 $ 67,152 $ 62,149
Dividend income 1,006 0 4,758 1,419
Success fee income 1,221 843 1,975 2,546
Total investment income 25,062 21,371 73,885 66,114
EXPENSES        
Base management fee [1] 5,920 4,872 16,457 13,937
Loan servicing fee [1] 3,102 2,405 8,706 6,821
Incentive fee [1] 14,749 9,353 19,747 7,797
Administration fee [1] 497 405 1,450 1,478
Interest expense on borrowings 9,495 6,385 27,625 19,264
Amortization of deferred financing costs and discounts 972 691 2,792 1,951
Professional fees 477 400 1,497 1,211
Other general and administrative expenses 726 955 1,761 3,757
Expenses before credits from Adviser 35,938 25,466 80,035 56,216
Credits to base management fee – loan servicing fee [1] (3,102) (2,405) (8,706) (6,821)
Credits to fees from Adviser - other [1] (1,265) (2,851) (4,302) (4,147)
Total expenses, net of credits to fees 31,571 20,210 67,027 45,248
NET INVESTMENT (LOSS) INCOME (6,509) 1,161 6,858 20,866
REALIZED AND UNREALIZED GAIN (LOSS)        
Total net realized gain (loss) 2,180 0 (27,758) 42,305
Total net unrealized appreciation (depreciation) 70,227 37,329 123,279 (15,725)
Net realized and unrealized gain (loss) 72,407 37,329 95,521 26,580
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 65,898 $ 38,490 $ 102,379 $ 47,446
BASIC AND DILUTED PER COMMON SHARE:        
Net investment income, basic (in USD per share) $ (0.16) $ 0.03 $ 0.18 $ 0.57
Net investment income, diluted (in USD per share) (0.16) 0.03 0.18 0.57
Net increase in net assets resulting from operations, basic (in USD per share) 1.66 1.05 2.67 1.29
Net increase in net assets resulting from operations, diluted (in USD per share) $ 1.66 $ 1.05 $ 2.67 $ 1.29
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic (in shares) 39,678,402 36,727,873 38,349,549 36,701,783
Diluted (in shares) 39,678,402 36,727,873 38,349,549 36,701,783
Cash and cash equivalents        
INVESTMENT INCOME        
Interest income $ 32 $ 74 $ 322 $ 174
Non-Control/Non-Affiliate Investments        
INVESTMENT INCOME        
Interest income 16,343 15,041 47,682 44,688
Dividend income 0 0 1,063 1,419
Success fee income 835 407 1,282 1,960
REALIZED AND UNREALIZED GAIN (LOSS)        
Total net realized gain (loss) 0 0 0 21
Total net unrealized appreciation (depreciation) 50,758 30,247 83,185 18,277
Affiliate Investments        
INVESTMENT INCOME        
Interest income 6,460 5,413 19,148 17,287
Dividend income 1,006 0 3,695 0
Success fee income 386 436 693 586
REALIZED AND UNREALIZED GAIN (LOSS)        
Total net realized gain (loss) 3,481 0 (26,457) 42,284
Total net unrealized appreciation (depreciation) 19,544 7,149 40,095 (31,600)
Control Investments        
REALIZED AND UNREALIZED GAIN (LOSS)        
Total net unrealized appreciation (depreciation) (67) (67) 360 (2,402)
Other        
REALIZED AND UNREALIZED GAIN (LOSS)        
Total net realized gain (loss) (1,301) 0 (1,301) 0
Total net unrealized appreciation (depreciation) $ (8) $ 0 $ (361) $ 0
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.