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CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Mar. 31, 2023
--- | --- | ---
Cost | $ 1,476,703 | [1],[2],[3],[4],[5],[6],[7],[8] | $ 1,220,152 | [9],[10],[11],[12]
Accumulated amortization | 7,741 |  | 5,642 |
Unamortized debt issuance costs | $ 9,022 |  | $ 7,356 |
Common stock, par value (in usd per share) | $ 0.25 |  | $ 0.25 |
Common stock, shares authorized (in shares) | 75,000,000 |  | 40,000,000 |
Common stock, shares issued (in shares) | 45,050,759 |  | 38,415,937 |
Treasury stock, cost (in share) | 0 |  | 2,339,512 |
Common stock, shares outstanding (in shares) | 45,050,759 |  | 36,076,425 |
SBA Debentures |  |  |  |
Unamortized debt issuance costs | $ 4,305 |  | $ 3,670 |
January 2026 Notes |  |  |  |
Unamortized debt issuance costs | 612 |  | 949 |
October 2026 Notes |  |  |  |
Unamortized debt issuance costs | 1,923 |  | 2,737 |
August 2028 Notes |  |  |  |
Unamortized debt issuance costs | 2,182 |  | 0 |
Non-control/Non-affiliate investments |  |  |  |
Cost | 1,276,690 |  | 947,829 | [9],[11],[13]
Affiliate investments |  |  |  |
Cost | 200,013 |  | 191,523 | [9],[11]
Control investments |  |  |  |
Cost | $ 0 |  | $ 80,800 | [9],[11],[14]
[1] | As of March 31, 2024, the cumulative gross unrealized appreciation for U.S. federal income tax purposes was approximately $96.3 million; cumulative gross unrealized depreciation for federal income tax purposes was $96.4 million. Cumulative net unrealized depreciation was $0.1 million, based on a tax cost of $1,471.1 million.
[2] | 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.
[3] | Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.
[4] | Unless otherwise noted, all portfolio company headquarters are based in the United States.
[5] | 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, 2024, the Company held $190.2 million of affiliate investments, which represented approximately 12.9% of the Company’s investment assets. The fair value of these investments as a percent of net assets is 25.2%.
[6] | All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.
[7] | 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, 2024, the Company did not hold any control investments.
[8] | Non-Control/Non-Affiliate investments are generally defined by the 1940 Act, as investments that are neither control investments nor affiliate investments. At March 31, 2024, the Company held $1,286.4 million of non-control/non-affiliate investments, which represented approximately 87.1% of the Company’s investment assets. The fair value of these investments as a percent of net assets is 170.2%.
[9] | 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.
[10] | 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.
[11] | Negative cost in this column represents the original issue discount of certain undrawn revolvers and delayed draw term loans.
[12] | All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.
[13] | 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%.
[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, 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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