Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

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CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($)
$ in Thousands
Dec. 31, 2023
Mar. 31, 2023
ASSETS    
Investments at fair value $ 902,808 $ 753,543 [1]
Cash and cash equivalents 2,819 2,683
Restricted cash and cash equivalents 766 565
Interest receivable 6,575 3,038
Due from administrative agent 2,151 3,899
Deferred financing costs, net 1,069 431
Other assets, net 1,436 1,485
TOTAL ASSETS 917,624 765,644
Borrowings:    
Line of credit at fair value (Cost of $82,600 and $35,200, respectively) 82,600 35,171
Notes payable, net 330,904 257,436
Total borrowings 413,504 292,607
Accounts payable and accrued expenses 1,596 786
Interest payable 3,545 2,309
Other liabilities 770 565
TOTAL LIABILITIES 457,683 325,902
Commitments and contingencies [2]
TOTAL NET ASSETS 459,941 439,742
ANALYSIS OF NET ASSETS    
Common stock, $0.001 par value per share, 100,000,000 shares authorized, 35,351,954 and 33,591,505 shares issued and outstanding, respectively 35 34
Capital in excess of par value 426,302 401,798
Cumulative net unrealized appreciation of investments 34,304 32,913
Cumulative net unrealized depreciation of other 0 29
Overdistributed net investment income (16,666) (5,527)
Accumulated net realized gain in excess of distributions 15,966 10,495
Total distributable earnings 33,604 37,910
TOTAL NET ASSETS $ 459,941 $ 439,742
NET ASSET VALUE PER SHARE (in USD per share) $ 13.01 $ 13.09
Related Party    
Borrowings:    
Fees due to related party $ 38,268 $ 29,635
Fees due to Adviser | Related Party    
Borrowings:    
Fees due to related party [3] 37,693 28,919
Fee due to Administrator | Related Party    
Borrowings:    
Fees due to related party [3] 575 716
Non-Control/Non-Affiliate Investments    
ASSETS    
Investments at fair value 620,338 [4] 496,875 [5]
Affiliate Investments    
ASSETS    
Investments at fair value 278,226 [6] 255,955 [7]
Control Investments    
ASSETS    
Investments at fair value $ 4,244 [8] $ 713 [9]
[1] Cumulative gross unrealized appreciation for federal income tax purposes is $150.4 million; cumulative gross unrealized depreciation for federal income tax purposes is $119.3 million. Cumulative net unrealized appreciation is $31.1 million, based on a tax cost of $722.4 million.
[2] Refer to Note 9 — Commitments and Contingencies in the accompanying Notes to Consolidated Financial Statements for additional information.
[3] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.
[4] 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.
[5] 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.
[6] 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.
[7] 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.
[8] 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.
[9] 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.