v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Fee income:        
Other income $ 743 $ 1,048 $ 1,648 $ 2,081
Total investment income 61,447 51,973 174,339 152,033
Operating expenses:        
Compensation 4,571 2,388 11,158 7,844
Share-based compensation 1,290 1,544 3,703 4,306
Interest 18,052 14,717 49,336 39,751
Professional fees 1,200 998 3,751 3,450
General and administrative 1,703 1,643 5,026 4,699
Total operating expenses 26,816 21,290 72,974 60,050
Income before taxes 34,631 30,683 101,365 91,983
Federal income, excise and other taxes 2 474 2,249 1,016
Deferred taxes (2,356) (107) (1,743) 627
Total income tax (benefit) provision (2,354) 367 506 1,643
Net investment income 36,985 30,316 100,859 90,340
Realized gain (loss)        
Income tax benefit (provision) 392 0 (6,596) 0
Total net realized gain (loss) on investments, net of tax 225 (12,805) 11,003 (22,383)
Net unrealized (depreciation) appreciation on investments        
Income tax provision (2,817) (3,009) (287) (2,720)
Total net unrealized (depreciation) appreciation on investments, net of tax (2,158) (847) (24,188) (14,574)
Net realized and unrealized (losses) gains on investments (1,933) (13,652) (13,185) (36,957)
Realized loss on extinguishment of debt (2,156) (387) (2,156) (387)
Realized loss on disposal of fixed assets 0 (9) (2) (9)
Net increase in net assets from operations $ 32,896 $ 16,268 $ 85,516 $ 52,987
Pre-tax net investment income per share - basic (in usd per share) $ 0.60 $ 0.64 $ 1.81 $ 1.95
Net investment income (in usd per share) 0.64 0.63 1.80 1.92
Net investment income per share – basic (in usd per share) 0.57 0.34 1.52 1.13
Net increase in net assets from operations - diluted (in usd per share) $ 0.54 $ 0.34 $ 1.46 $ 1.12
Weighted average common shares outstanding – basic (in shares) 57,530,942 48,315,228 55,538,000 47,079,617
Weighted average common shares outstanding – diluted (in shares) 66,842,796 54,121,844 64,824,145 49,022,194
Non-control/Non-affiliate investments        
Interest income:        
Interest income $ 40,987 $ 37,789 $ 122,971 $ 114,346
Payment-in-kind interest income:        
Payment-in-kind interest income 3,513 2,717 7,262 7,025
Dividend income:        
Dividend income 199 586 1,860 3,525
Fee income:        
Fee income 2,841 3,671 5,977 6,589
Realized gain (loss)        
Realized gain (loss) (168) (12,889) 21,163 (22,374)
Net unrealized (depreciation) appreciation on investments        
Net unrealized (depreciation) appreciation on investments 489 (5,229) (33,719) (19,455)
Affiliate investments        
Interest income:        
Interest income 7,326 4,767 19,413 14,253
Payment-in-kind interest income:        
Payment-in-kind interest income 999 529 2,864 1,670
Dividend income:        
Dividend income 3,549 0 8,283 51
Fee income:        
Fee income 690 525 1,649 1,443
Realized gain (loss)        
Realized gain (loss) 1 84 (3,564) 251
Net unrealized (depreciation) appreciation on investments        
Net unrealized (depreciation) appreciation on investments 170 7,745 11,984 7,193
Control investments        
Interest income:        
Interest income 500 333 1,801 975
Payment-in-kind interest income:        
Payment-in-kind interest income 73 0 513 0
Dividend income:        
Dividend income 0 0 24 0
Fee income:        
Fee income 27 8 74 75
Realized gain (loss)        
Realized gain (loss) 0 0 0 (260)
Net unrealized (depreciation) appreciation on investments        
Net unrealized (depreciation) appreciation on investments $ 0 $ (354) $ (2,166) $ 408