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, 2024
Mar. 31, 2023
Mar. 31, 2022
INVESTMENT INCOME      
Interest income: $ 81,794 $ 60,276 $ 59,649
Dividend income: 1,907 10,865 2,595
Success fee income: 3,605 10,402 10,308
Total investment income 87,306 81,543 72,552
EXPENSES      
Base management fee [1] 17,500 14,798 14,113
Loan servicing fee [1] 9,118 7,880 7,178
Incentive fee [1] 21,047 8,880 26,360
Administration fee [1] 1,789 1,811 1,806
Interest expense on borrowings 24,121 15,877 13,078
Dividends on mandatorily redeemable preferred stock 0 0 2,306
Amortization of deferred financing costs and discounts 2,305 1,802 1,803
Professional fees 1,382 1,916 1,431
Other general and administrative expenses 2,981 3,270 3,162
Expenses before credits from Adviser 80,243 56,234 71,237
Credits to base management fee – loan servicing fee [1] (9,118) (7,880) (7,178)
Credits to fees from Adviser - other [1] (5,596) (3,811) (6,497)
Total expenses, net of credits to fees 65,529 44,543 57,562
NET INVESTMENT INCOME 21,777 37,000 14,990
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss): 30,256 10,753 12,444
Net unrealized appreciation (depreciation): 33,272 (12,206) 74,882
Net realized and unrealized gain (loss) 63,528 (1,453) 87,326
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 85,305 $ 35,547 $ 102,316
BASIC AND DILUTED PER COMMON SHARE:      
Net investment income, basic (in USD per share) $ 0.63 $ 1.11 $ 0.45
Net investment income, diluted (in USD per share) 0.63 1.11 0.45
Net increase in net assets resulting from operations, basic (in USD per share) 2.47 1.07 3.08
Net increase in net assets resulting from operations, diluted (in USD per share) $ 2.47 $ 1.07 $ 3.08
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:      
Basic (in shares) 34,466,724 33,311,785 33,205,023
Diluted (in shares) 34,466,724 33,311,785 33,205,023
Cash and cash equivalents      
INVESTMENT INCOME      
Interest income: $ 792 $ 81 $ 1
Non-Control/Non-Affiliate investments      
INVESTMENT INCOME      
Interest income: 56,424 41,872 34,531
Dividend income: 0 4,847 6
Success fee income: 2,285 9,801 2,647
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss): 43,749 7,561 256
Net unrealized appreciation (depreciation): 9,864 14,218 52,529
Affiliate investments      
INVESTMENT INCOME      
Interest income: 24,578 18,323 24,617
Dividend income: 1,907 6,018 2,589
Success fee income: 1,320 601 7,661
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss): 275 3,469 14,186
Net unrealized appreciation (depreciation): 10,317 (23,792) 25,378
Control investments      
INVESTMENT INCOME      
Interest income: 0 0 500
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss): (13,768) (277) 0
Net unrealized appreciation (depreciation): 13,120 (2,661) (3,025)
Other      
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss): 0 0 (1,998)
Net unrealized appreciation (depreciation): $ (29) $ 29 $ 0
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.