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

CONSOLIDATED STATEMENTS OF OPERATIONS

v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
INVESTMENT INCOME      
Interest income: $ 89,741 $ 83,612 $ 81,794
Dividend income: 6,111 3,280 1,907
Success fee income: 3,225 6,770 3,605
Total investment income 99,077 93,662 87,306
EXPENSES      
Base management fee [1] 22,824 19,105 17,500
Loan servicing fee [1] 11,821 9,636 9,118
Incentive fee [1] 38,280 12,265 21,047
Administration fee [1] 1,959 1,914 1,789
Interest expense on borrowings 37,140 28,246 24,121
Amortization of deferred financing costs and discounts 3,881 2,852 2,305
Professional fees 2,069 1,593 1,382
Other general and administrative expenses 2,109 4,701 2,981
Expenses before credits from Adviser 120,083 80,312 80,243
Credits to base management fee – loan servicing fee [1] (11,821) (9,636) (9,118)
Credits to fees from Adviser - other [1] (5,433) (5,109) (5,596)
Total expenses, net of credits to fees 102,829 65,567 65,529
NET INVESTMENT (LOSS) INCOME (3,752) 28,095 21,777
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss): (27,595) 63,184 30,256
Net unrealized appreciation (depreciation): 216,100 (25,960) 33,272
Net realized and unrealized gain 188,505 37,224 63,528
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 184,753 $ 65,319 $ 85,305
BASIC AND DILUTED PER COMMON SHARE:      
Net investment (loss) income, basic (in USD per share) $ (0.10) $ 0.76 $ 0.63
Net investment (loss) income, diluted (in USD per share) (0.10) 0.76 0.63
Net increase in net assets resulting from operations, basic (in USD per share) 4.77 1.78 2.47
Net increase in net assets resulting from operations, diluted (in USD per share) $ 4.77 $ 1.78 $ 2.47
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:      
Basic (in shares) 38,712,611 36,735,218 34,466,724
Diluted (in shares) 38,712,611 36,735,218 34,466,724
Cash and cash equivalents      
INVESTMENT INCOME      
Interest income: $ 351 $ 245 $ 792
Non-Control/Non-Affiliate investments      
INVESTMENT INCOME      
Interest income: 64,004 59,762 56,424
Dividend income: 1,063 3,254 0
Success fee income: 2,032 5,934 2,285
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss): 120 19,811 43,749
Net unrealized appreciation (depreciation): 186,000 8,786 9,864
Affiliate investments      
INVESTMENT INCOME      
Interest income: 25,386 23,605 24,578
Dividend income: 5,048 26 1,907
Success fee income: 1,193 836 1,320
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss): (26,414) 43,373 275
Net unrealized appreciation (depreciation): 29,876 (32,184) 10,317
Control investments      
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss): 0 0 (13,768)
Net unrealized appreciation (depreciation): 270 (2,562) 13,120
Other      
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss): (1,301) 0 0
Net unrealized appreciation (depreciation): $ (46) $ 0 $ (29)
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.