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

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

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CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($)
$ in Thousands
Mar. 31, 2026
Mar. 31, 2025
ASSETS    
Investments at fair value $ 1,309,248 [1] $ 979,320 [2]
Cash 1,132 12,944
Cash equivalents 25 1,354
Restricted cash 1,228 856
Interest receivable 6,823 5,582
Deferred financing costs, net 636 1,471
Other assets, net 1,718 1,986
TOTAL ASSETS 1,322,845 1,006,404
Borrowings:    
Line of credit at fair value (Cost of $23,900 and $0, respectively) 23,946 0
Notes payable, net of unamortized deferred financing costs of $8,460 and $8,029, respectively 540,528 455,709
Total borrowings 564,474 455,709
Accounts payable and accrued expenses 1,247 1,291
Interest payable 6,388 4,879
Other liabilities 1,224 857
TOTAL LIABILITIES 654,620 507,320
Commitments and contingencies [3]
NET ASSETS 668,225 499,084
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 486,717 445,512
Total distributable earnings [4] 181,468 53,535
TOTAL NET ASSETS [5] $ 668,225 $ 499,084
NET ASSET VALUE PER SHARE (in USD per share) $ 16.78 $ 13.55
Related Party    
Borrowings:    
Fees due to related party $ 81,287 $ 44,584
Administrator | Related Party    
ASSETS    
Due from administrative agent 2,035 2,891
Borrowings:    
Fees due to related party [6] 780 767
Adviser | Related Party    
Borrowings:    
Fees due to related party [6] 80,507 43,817
Non-Control/Non-Affiliate investments    
ASSETS    
Investments at fair value 983,959 [7] 648,589 [8]
Affiliate investments    
ASSETS    
Investments at fair value 324,676 [9] 330,388 [10]
Control investments    
ASSETS    
Investments at fair value $ 613 [11] $ 343 [12]
[1] Cumulative gross unrealized appreciation for federal income tax purposes is $428.5 million; cumulative gross unrealized depreciation for federal income tax purposes is $173.7 million. Cumulative net unrealized appreciation is $254.8 million, based on a tax cost of $1.1 billion.
[2] 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.
[3] Refer to Note 10 — Commitments and Contingencies in the accompanying Notes to Consolidated Financial Statements for additional information.
[4] Refer to Note 2 — Summary of Significant Accounting Policies in the accompanying Notes to Consolidated Financial Statements for additional information.
[5] Refer to Note 8 — Distributions to Common Stockholders in the accompanying Notes to Consolidated Financial Statements for additional information.
[6] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.
[7] 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.
[8] 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.
[9] 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.
[10] 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.
[11] 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.
[12] 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.