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, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
INVESTMENT INCOME        
Interest income $ 14,237 $ 14,298 $ 26,978 $ 30,290
Dividend income 4,825 1,590 6,381 1,592
Success fee income 1,733 2,650 6,733 4,682
Total investment income 20,795 18,538 40,092 36,564
EXPENSES        
Base management fee [1] 3,613 3,577 7,176 6,897
Loan servicing fee [1] 1,916 1,794 3,674 3,662
Incentive fee [1] 768 7,351 3,777 19,599
Administration fee [1] 562 571 942 970
Interest expense on borrowings 3,857 3,082 7,641 5,382
Dividends on mandatorily redeemable preferred stock 0 802 0 2,306
Amortization of deferred financing costs and discounts 450 452 898 908
Professional fees 938 343 1,233 649
Other general and administrative expenses 816 1,125 2,013 2,173
Expenses before credits from Adviser 12,920 19,097 27,354 42,546
Credits to base management fee – loan servicing fee [1] (1,916) (1,794) (3,674) (3,662)
Credits to fees from Adviser - other [1] (1,625) (930) (2,375) (2,181)
Total expenses, net of credits to fees 9,379 16,373 21,305 36,703
NET INVESTMENT INCOME (LOSS) 11,416 2,165 18,787 (139)
REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) 2,302 (1,534) 6,754 395
Net unrealized appreciation (depreciation) (10,643) 27,504 (10,431) 75,018
Net realized and unrealized gain (loss) (8,341) 25,970 (3,677) 75,413
Net increase in net assets from operations $ 3,075 $ 28,135 $ 15,110 $ 75,274
BASIC AND DILUTED PER COMMON SHARE:        
Net investment income (loss), basic (in USD per share) $ 0.34 $ 0.07 $ 0.57 $ 0
Net investment income (loss), diluted (in USD per share) 0.34 0.07 0.57 0
Net increase in net assets resulting from operations, basic (in USD per share) 0.09 0.85 0.45 2.27
Net increase in net assets resulting from operations, diluted (in USD per share) $ 0.09 $ 0.85 $ 0.45 $ 2.27
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic (in shares) 33,218,901 33,205,023 33,212,000 33,205,023
Diluted (in shares) 33,218,901 33,205,023 33,212,000 33,205,023
Cash and cash equivalents        
INVESTMENT INCOME        
Interest income $ 29 $ 0 $ 32 $ 0
Non-Control/Non-Affiliate Investments        
INVESTMENT INCOME        
Interest income 9,922 7,407 18,650 14,284
Dividend income 4,825 1 4,829 3
Success fee income 1,733 1,650 6,733 1,650
REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) 2,302 0 7,031 143
Net unrealized appreciation (depreciation) (985) 15,101 14,004 32,003
Affiliate Investments        
INVESTMENT INCOME        
Interest income 4,286 6,678 8,296 15,509
Dividend income 0 1,589 1,552 1,589
Success fee income 0 1,000 0 3,032
REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) 0 464 0 2,250
Net unrealized appreciation (depreciation) (9,658) 16,926 (24,435) 46,134
Control Investments        
INVESTMENT INCOME        
Interest income 0 213 0 497
REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) 0 0 (277) 0
Net unrealized appreciation (depreciation) 0 (4,523) 0 (3,119)
Other        
REALIZED AND UNREALIZED GAIN (LOSS)        
Net realized gain (loss) $ 0 $ (1,998) $ 0 $ (1,998)
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.