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, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
INVESTMENT INCOME        
Interest income $ 20,996 $ 20,277 $ 41,621 $ 38,670
Dividend income 1,419 0 1,419 1,907
Success fee income 150 0 1,703 0
Total investment income 22,565 20,277 44,743 40,577
EXPENSES        
Base management fee [1] 4,447 4,341 9,065 8,272
Loan servicing fee [1] 2,194 2,325 4,416 4,497
Incentive fee [1] 2,232 11,540 (1,556) 13,734
Administration fee [1] 567 334 1,073 856
Interest expense on borrowings 6,399 6,104 12,879 11,078
Amortization of deferred financing costs and discounts 629 574 1,260 1,119
Professional fees 481 335 811 619
Other general and administrative expenses 1,188 828 2,802 1,513
Expenses before credits from Adviser 18,137 26,381 30,750 41,688
Credits to base management fee – loan servicing fee [1] (2,194) (2,325) (4,416) (4,497)
Credits to fees from adviser - other [1] (669) (2,049) (1,296) (3,324)
Total expenses, net of credits to fees 15,274 22,007 25,038 33,867
NET INVESTMENT INCOME (LOSS) 7,291 (1,730) 19,705 6,710
REALIZED AND UNREALIZED GAIN (LOSS)        
Total net realized gain 42,303 289 42,305 1,444
Total net unrealized (depreciation) appreciation (34,112) 48,797 (53,054) 47,988
Net realized and unrealized gain (loss) 8,191 49,086 (10,749) 49,432
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 15,482 $ 47,356 $ 8,956 $ 56,142
BASIC AND DILUTED PER COMMON SHARE:        
Net investment income (loss), basic (in USD per share) $ 0.20 $ (0.05) $ 0.54 $ 0.20
Net investment income (loss), diluted (in USD per share) 0.20 (0.05) 0.54 0.20
Net increase in net assets resulting from operations, basic (in USD per share) 0.42 1.40 0.24 1.67
Net increase in net assets resulting from operations, diluted (in USD per share) $ 0.42 $ 1.40 $ 0.24 $ 1.67
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic (in shares) 36,688,667 33,817,214 36,688,667 33,704,976
Diluted (in shares) 36,688,667 33,817,214 36,688,667 33,704,976
Cash and cash equivalents        
INVESTMENT INCOME        
Interest income $ 57 $ 333 $ 100 $ 620
Non-Control/Non-Affiliate Investments        
INVESTMENT INCOME        
Interest income 15,105 13,626 29,647 26,116
Dividend income 1,419 0 1,419 0
Success fee income 0 0 1,553 0
REALIZED AND UNREALIZED GAIN (LOSS)        
Total net realized gain 19 289 21 289
Total net unrealized (depreciation) appreciation 464 46,367 (11,970) 49,795
Affiliate Investments        
INVESTMENT INCOME        
Interest income 5,834 6,318 11,874 11,934
Dividend income 0 0 0 1,907
Success fee income 150 0 150 0
REALIZED AND UNREALIZED GAIN (LOSS)        
Total net realized gain 42,284 0 42,284 273
Total net unrealized (depreciation) appreciation (33,684) 2,378 (38,749) (1,777)
Control Investments        
REALIZED AND UNREALIZED GAIN (LOSS)        
Total net realized gain 0 0 0 882
Total net unrealized (depreciation) appreciation (892) 0 (2,335) (93)
Other        
REALIZED AND UNREALIZED GAIN (LOSS)        
Total net unrealized (depreciation) appreciation $ 0 $ 52 $ 0 $ 63
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.