Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2021
INVESTMENT INCOME      
Interest income: $ 60,276 $ 59,649 $ 47,164
Dividend income: 10,865 2,595 7,075
Success fee income: 10,402 10,308 2,388
Total investment income 81,543 72,552 56,627
EXPENSES      
Base management fee [1] 14,798 14,113 12,115
Loan servicing fee [1] 7,880 7,178 7,082
Incentive fee [1] 8,880 26,360 8,778
Administration fee [1] 1,811 1,806 1,619
Interest expense on borrowings 15,877 13,078 4,440
Dividends on mandatorily redeemable preferred stock 0 2,306 8,674
Amortization of deferred financing costs and discounts 1,802 1,803 1,750
Professional fees 1,916 1,431 1,935
Other general and administrative expenses 3,270 3,162 2,327
Expenses before credits from Adviser 56,234 71,237 48,720
Credits to base management fee – loan servicing fee [1] (7,880) (7,178) (7,082)
Credits to fees from Adviser - other [1] (3,811) (6,497) (2,949)
Total expenses, net of credits to fees 44,543 57,562 38,689
NET INVESTMENT INCOME 37,000 14,990 17,938
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss): 10,753 12,444 10,592
Net unrealized appreciation (depreciation): (12,206) 74,882 13,924
Net realized and unrealized gain (loss) (1,453) 87,326 24,516
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 35,547 $ 102,316 $ 42,454
BASIC AND DILUTED PER COMMON SHARE:      
Net investment income, basic (in USD per share) $ 1.11 $ 0.45 $ 0.54
Net investment income, diluted (in USD per share) 1.11 0.45 0.54
Net increase in net assets resulting from operations, basic (in USD per share) 1.07 3.08 1.28
Net increase in net assets resulting from operations, diluted (in USD per share) $ 1.07 $ 3.08 $ 1.28
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:      
Basic (in shares) 33,311,785 33,205,023 33,176,760
Diluted (in shares) 33,311,785 33,205,023 33,176,760
Cash and cash equivalents      
INVESTMENT INCOME      
Interest income: $ 81 $ 1 $ 5
Non-Control/Non-Affiliate investments      
INVESTMENT INCOME      
Interest income: 41,872 34,531 26,031
Dividend income: 4,847 6 910
Success fee income: 9,801 2,647 871
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss): 7,561 256 6,401
Net unrealized appreciation (depreciation): 14,218 52,529 (14,718)
Affiliate investments      
INVESTMENT INCOME      
Interest income: 18,323 24,617 20,208
Dividend income: 6,018 2,589 6,165
Success fee income: 601 7,661 1,517
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss): 3,469 14,186 4,973
Net unrealized appreciation (depreciation): (23,792) 25,378 30,170
Control investments      
INVESTMENT INCOME      
Interest income: 0 500 920
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss): (277) 0 0
Net unrealized appreciation (depreciation): (2,661) (3,025) (1,528)
Other      
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss): 0 (1,998) (782)
Net unrealized appreciation (depreciation): $ 29 $ 0 $ 0
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.