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 9 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
INVESTMENT INCOME        
Interest income $ 20,528 $ 21,699 $ 62,149 $ 60,369
Dividend income 0 0 1,419 1,907
Success fee income 843 1,382 2,546 1,382
Total investment income 21,371 23,081 66,114 63,658
EXPENSES        
Base management fee [1] 4,872 4,602 13,937 12,874
Loan servicing fee [1] 2,405 2,332 6,821 6,829
Incentive fee [1] 9,353 1,667 7,797 15,401
Administration fee [1] 405 450 1,478 1,306
Interest expense on borrowings 6,385 6,520 19,264 17,598
Amortization of deferred financing costs and discounts 691 589 1,951 1,708
Professional fees 400 411 1,211 1,030
Other general and administrative expenses 955 891 3,757 2,404
Expenses before credits from Adviser 25,466 17,462 56,216 59,150
Credits to base management fee – loan servicing fee [1] (2,405) (2,332) (6,821) (6,829)
Credits to fees from adviser - other [1] (2,851) (1,793) (4,147) (5,117)
Total expenses, net of credits to fees 20,210 13,337 45,248 47,204
NET INVESTMENT INCOME 1,161 9,744 20,866 16,454
REALIZED AND UNREALIZED GAIN (LOSS)        
Total net realized gain 0 43,461 42,305 44,905
Total net unrealized appreciation (depreciation) 37,329 (46,626) (15,725) 1,362
Net realized and unrealized gain (loss) 37,329 (3,165) 26,580 46,267
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 38,490 $ 6,579 $ 47,446 $ 62,721
BASIC AND DILUTED PER COMMON SHARE:        
Net investment income, basic (in USD per share) $ 0.03 $ 0.28 $ 0.57 $ 0.49
Net investment income, diluted (in USD per share) 0.03 0.28 0.57 0.49
Net increase in net assets resulting from operations, basic (in USD per share) 1.05 0.19 1.29 1.85
Net increase in net assets resulting from operations, diluted (in USD per share) $ 1.05 $ 0.19 $ 1.29 $ 1.85
WEIGHTED-AVERAGE SHARES OF COMMON STOCK OUTSTANDING:        
Basic (in shares) 36,727,873 34,351,597 36,701,783 33,921,300
Diluted (in shares) 36,727,873 34,351,597 36,701,783 33,921,300
Cash and cash equivalents        
INVESTMENT INCOME        
Interest income $ 74 $ 111 $ 174 $ 731
Non-Control/Non-Affiliate Investments        
INVESTMENT INCOME        
Interest income 15,041 15,237 44,688 41,353
Dividend income 0 0 1,419 0
Success fee income 407 1,382 1,960 1,382
REALIZED AND UNREALIZED GAIN (LOSS)        
Total net realized gain 0 43,459 21 43,748
Total net unrealized appreciation (depreciation) 30,247 (42,325) 18,277 7,470
Affiliate Investments        
INVESTMENT INCOME        
Interest income 5,413 6,351 17,287 18,285
Dividend income 0 0 0 1,907
Success fee income 436 0 586 0
REALIZED AND UNREALIZED GAIN (LOSS)        
Total net realized gain 0 2 42,284 275
Total net unrealized appreciation (depreciation) 7,149 (4,110) (31,600) (5,887)
Control Investments        
REALIZED AND UNREALIZED GAIN (LOSS)        
Total net realized gain 0 0 0 882
Total net unrealized appreciation (depreciation) (67) (99) (2,402) (192)
Other        
REALIZED AND UNREALIZED GAIN (LOSS)        
Total net unrealized appreciation (depreciation) $ 0 $ (92) $ 0 $ (29)
[1] Refer to Note 4 — Related Party Transactions in the accompanying Notes to Consolidated Financial Statements for additional information.