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CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023
--- | --- | ---
Cost | $ 1,360,955 | [1],[2],[3],[4] | $ 1,220,152 | [5],[6],[7],[8]
Accumulated amortization | $ 6,707 |  | $ 5,642 |
Common stock, par value (in usd per share) | $ 0.25 |  | $ 0.25 |
Common stock, shares authorized (in shares) | 40,000,000 |  | 40,000,000 |
Common stock, shares issued (in shares) | 39,951,118 |  | 38,415,937 |
Treasury stock, cost (in share) | 0 |  | 2,339,512 |
Common stock, shares outstanding (in shares) | 39,951,118 |  | 36,076,425 |
SBA Debentures |  |  |  |
Par value | $ 130,000 |  | $ 120,000 |
January 2026 Notes |  |  |  |
Par value | 140,000 |  | 140,000 |
October 2026 Notes |  |  |  |
Par value | 150,000 |  | 150,000 |
August 2028 Notes |  |  |  |
Par value | 71,875 |  | 0 |
Non-control/Non-affiliate investments |  |  |  |
Cost | 1,117,439 | [2],[4],[9] | 947,829 | [6],[8],[10]
Affiliate investments |  |  |  |
Cost | 162,716 | [2],[4],[11] | 191,523 | [6],[8]
Control investments |  |  |  |
Cost | $ 80,800 | [2],[4],[12] | $ 80,800 | [6],[8],[13]
[1] | All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.
[2] | As of September 30, 2023, the cumulative gross unrealized appreciation for U.S. federal income tax purposes was approximately $79.3 million; cumulative gross unrealized depreciation for federal income tax purposes was $75.3 million. Cumulative net unrealized appreciation was $4.0 million, based on a tax cost of $1,349.6 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 are non-income producing, unless otherwise noted.
[6] | As of March 31, 2023, the cumulative gross unrealized appreciation for U.S. federal income tax purposes was approximately $72.3 million; cumulative gross unrealized depreciation for federal income tax purposes was $76.8 million. Cumulative net unrealized depreciation was $4.5 million, based on a tax cost of $1,210.8 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] | 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 1940 Act, as investments that are neither control investments nor affiliate investments. At September 30, 2023, approximately 83.7% 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 172.2%.
[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, 2023, approximately 80.1% 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 163.7%.
[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 September 30, 2023, approximately 12.4% of the Company’s investment assets were affiliate investments. The fair value of these investments as a percent of net assets is 25.5%.
[12] | Control investments are generally defined by the 1940 Act as investments in which more than 25% of the voting securities are owned. At September 30, 2023, approximately 3.9% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 8.1%.
[13] | 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, 2023, approximately 4.2% of the Company’s investment assets were control investments. The fair value of these investments as a percent of net assets is 8.7%.

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