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CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2025 | Mar. 31, 2024
--- | --- | ---
Cost | $ 1,779,360 | [1],[2],[3],[4],[5],[6],[7],[8] | $ 1,476,703 | [9],[10],[11],[12],[13],[14],[15],[16]
Accumulated amortization | 10,357 |  | 7,741 |
Unamortized debt issuance costs | $ 13,810 |  | $ 9,022 |
Common stock, par value (in usd per share) | $ 0.25 |  | $ 0.25 |
Common stock, authorized (in shares) | 75,000,000 |  | 75,000,000 |
Common stock, issued (in shares) | 52,912,796 |  | 45,050,759 |
Common stock, outstanding (in shares) | 52,912,796 |  | 45,050,759 |
SBA Debentures |  |  |  |
Unamortized debt issuance costs | $ 4,082 |  | $ 4,305 |
January 2026 Notes |  |  |  |
Unamortized debt issuance costs | 0 |  | 612 |
October 2026 Notes |  |  |  |
Unamortized debt issuance costs | 1,154 |  | 1,923 |
August 2028 Notes |  |  |  |
Unamortized debt issuance costs | 1,681 |  | 2,182 |
2029 Convertible Notes |  |  |  |
Unamortized debt issuance costs | 6,893 |  | 0 |
Non-control/Non-affiliate investments |  |  |  |
Cost | 1,403,623 |  | 1,276,690 |
Affiliate investments |  |  |  |
Cost | 304,824 |  | 200,013 |
Control investments |  |  |  |
Cost | $ 70,913 |  | $ 0 |
[1] | As of March 31, 2025, the cumulative gross unrealized appreciation for U.S. federal income tax purposes was approximately $117.4 million; cumulative gross unrealized depreciation for federal income tax purposes was $108.2 million. Cumulative net unrealized appreciation was $9.2 million, based on a tax cost of $1,776.1 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, 2025, the Company held $292.9 million of affiliate investments, which represented approximately 16.4% of the Company’s investment assets. The fair value of these investments as a percent of net assets is 33.1%.
[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 the Company owns more than 25% of the voting securities or has greater than 50% representation on its board. At March 31, 2025, the Company held $56.1 million of control investments, which represented approximately 3.1% of the Company's investment assets. The fair value of these investments as a percent of net assets is 6.3%. In accordance with Rules 3-09 and 4-08(g) of Regulation S-X, the Company must determine if its unconsolidated subsidiaries are considered "significant subsidiaries." As of March 31, 2025, there were no unconsolidated subsidiaries that are considered "significant subsidiaries."
[8] | Non-Control/Non-Affiliate investments are generally defined by the 1940 Act as investments that are neither control investments nor affiliate investments. Investments are classified as non-control/non-affiliate investments, unless otherwise noted. At March 31, 2025, the Company held $1,436.3 million of non-control/non-affiliate investments, which represented approximately 80.5% of the Company’s investment assets. The fair value of these investments as a percent of net assets is 162.6%.
[9] | 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.
[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] | Unless otherwise noted, all portfolio company headquarters are based in the United States.
[13] | 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%.
[14] | All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.
[15] | Control investments are generally defined by the 1940 Act as investments in which the Company owns more than 25% of the voting securities or has greater than 50% representation on its board. At March 31, 2024, the Company did not hold any control investments.
[16] | 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%.

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