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CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Mar. 31, 2022
--- | --- | ---
Cost | $ 1,159,712 | [1],[2],[3],[4] | $ 938,303 | [5],[6],[7],[8]
Accumulated amortization | $ 5,364 |  | $ 4,573 |
Common stock, par value (in dollars per share) | $ 0.25 |  | $ 0.25 |
Common stock, shares authorized (in shares) | 40,000,000 |  | 40,000,000 |
Common stock, shares issued (in shares) | 36,898,546 |  | 27,298,032 |
Treasury stock, cost (in share) | 2,339,512 |  | 2,339,512 |
Common stock, shares outstanding (in shares) | 34,559,034 |  | 24,958,520 |
SBA Debentures |  |  |  |
Par value | $ 104,000 |  | $ 40,000 |
January 2026 Notes |  |  |  |
Par value | 140,000 |  | 140,000 |
October 2026 Notes |  |  |  |
Par value | 150,000 |  | 150,000 |
Non-control/Non-affiliate investments |  |  |  |
Cost | 907,535 | [2],[4],[9] | 721,392 | [6],[8],[10]
Affiliate investments |  |  |  |
Cost | 176,177 | [2],[4],[11] | 140,911 | [6],[8],[12]
Control investments |  |  |  |
Cost | $ 76,000 | [2],[4],[13] | $ 76,000 | [6],[8],[14]
[1] | All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.
[2] | As of December 31, 2022, the cumulative gross unrealized appreciation for U.S. federal income tax purposes was approximately $66.9 million; cumulative gross unrealized depreciation for federal income tax purposes was $66.7 million. Cumulative net unrealized appreciation was $0.2 million, based on a tax cost of $1,150.6 million.
[3] | Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.
[4] | Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.
[5] | All debt investments are income-producing, unless otherwise noted. Equity investments and warrants are non-income producing, unless otherwise noted.
[6] | As of March 31, 2022, the cumulative gross unrealized appreciation for U.S. federal income tax purposes is approximately $67.8 million; cumulative gross unrealized depreciation for federal income tax purposes is $61.7 million. Cumulative net unrealized appreciation is $6.1 million, based on a tax cost of $852.4 million.
[7] | Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.
[8] | Represents amortized cost. Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.
[9] | Non-Control/Non-Affiliate investments are generally defined by the Investment Company Act of 1940, as amended (the “1940 Act”), as investments that are neither control investments nor affiliate investments. At December 31, 2022, approximately 80.8% of the Company’s investment assets were non-control/non-affiliate investments. The fair value of these investments as a percent of net assets is 165.4%.
[10] | Non-Control/Non-Affiliate investments are generally defined by the Investment Company Act of 1940, as amended (the “1940 Act”), as investments that are neither control investments nor affiliate investments. At March 31, 2022, approximately 79.8% of the Company’s investment assets were non-control/non-affiliate investments. The fair value of these investments as a percent of net assets is 177.5%.
[11] | Affiliate investments are generally defined by the 1940 Act as investments in which between 5% and 25% of the voting securities are owned and the investments are not classified as control investments. At December 31, 2022, approximately 15.1% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 30.9%.
[12] | Affiliate investments are generally defined by the 1940 Act as investments in which between 5% and 25% of the voting securities are owned and the investments are not classified as control investments. At March 31, 2022, approximately 14.1% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 31.3%.
[13] | Control investments are generally defined by the 1940 Act as investments in which more than 25% of the voting securities are owned. At December 31, 2022, approximately 4.1% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 8.5%.
[14] | Control investments are generally defined by the 1940 Act as investments in which more than 25% of the voting securities are owned. At March 31, 2022, approximately 6.2% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 13.7%.

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