Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
INVESTMENT INCOME        
Interest income $ 20,277 $ 14,237 $ 38,670 $ 26,978
Dividend income 0 4,825 1,907 6,381
Success fee income 0 1,733 0 6,733
Total investment income 20,277 20,795 40,577 40,092
EXPENSES        
Base management fee [1] 4,341 3,613 8,272 7,176
Loan servicing fee [1] 2,325 1,916 4,497 3,674
Incentive fee [1] 11,540 768 13,734 3,777
Administration fee [1] 334 562 856 942
Interest expense on borrowings 6,104 3,857 11,078 7,641
Amortization of deferred financing costs and discounts 574 450 1,119 898
Professional fees 335 938 619 1,233
Other general and administrative expenses 828 816 1,513 2,013
Expenses before credits from Adviser 26,381 12,920 41,688 27,354
Credits to base management fee – loan servicing fee [1] (2,325) (1,916) (4,497) (3,674)
Credits to fees from Adviser - other [1] (2,049) (1,625) (3,324) (2,375)
Total expenses, net of credits to fees 22,007 9,379 33,867 21,305
NET INVESTMENT (LOSS) INCOME (1,730) 11,416 6,710 18,787
REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) 289 2,302 1,444 6,754
Net unrealized appreciation (depreciation) 48,797 (10,643) 47,988 (10,431)
Net realized and unrealized gain (loss) 49,086 (8,341) 49,432 (3,677)
Net increase in net assets resulting from operations $ 47,356 $ 3,075 $ 56,142 $ 15,110
BASIC AND DILUTED PER COMMON SHARE:        
Net investment (loss) income, basic (in USD per share) $ (0.05) $ 0.34 $ 0.20 $ 0.57
Net investment (loss) income, diluted (in USD per share) (0.05) 0.34 0.20 0.57
Net increase in net assets resulting from operations, basic (in USD per share) 1.40 0.09 1.67 0.45
Net increase in net assets resulting from operations, diluted (in USD per share) $ 1.40 $ 0.09 $ 1.67 $ 0.45
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic (in shares) 33,817,214 33,218,901 33,704,976 33,212,000
Diluted (in shares) 33,817,214 33,218,901 33,704,976 33,212,000
Cash and cash equivalents        
INVESTMENT INCOME        
Interest income $ 333 $ 29 $ 620 $ 32
Non-Control/Non-Affiliate Investments        
INVESTMENT INCOME        
Interest income 13,626 9,922 26,116 18,650
Dividend income 0 4,825 0 4,829
Success fee income 0 1,733 0 6,733
REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) 289 2,302 289 7,031
Net unrealized appreciation (depreciation) 46,367 (985) 49,795 14,004
Affiliate Investments        
INVESTMENT INCOME        
Interest income 6,318 4,286 11,934 8,296
Dividend income 0 0 1,907 1,552
REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) 0 0 273 0
Net unrealized appreciation (depreciation) 2,378 (9,658) (1,777) (24,435)
Control Investments        
REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) 0 0 882 (277)
Net unrealized appreciation (depreciation) 0 0 (93) 0
Other        
REALIZED AND UNREALIZED GAIN (LOSS)        
Net unrealized appreciation (depreciation) $ 52 $ 0 $ 63 $ 0
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.