v3.26.1
Pay vs Performance Disclosure
 1 Months Ended 11 Months Ended 12 Months Ended
Mar. 31, 2025
USD ($)
Feb. 16, 2025
USD ($)
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Mar. 31, 2023
USD ($)
Mar. 31, 2022
USD ($)
Pay vs Performance Disclosure              
Pay vs Performance Disclosure, Table    
In accordance with the final rule adopted by the SEC in August 2022 implementing Section 953(a) of the Dodd-Frank Act, we are providing the following table that sets forth certain compensation measures for certain of our NEOs alongside certain performance metrics for the Company and certain of its industry peers:
Value of Initial Fixed $100 Investment Based on:
Fiscal Year
Summary Compensation Table Total for CEO(1)
Summary Compensation Table Total for Former CEO(1)
Compensation Actually Paid to CEO(2)
Compensation Actually Paid to Former CEO(2)
Average SCT Total for Non-CEO NEOs(3)
Average SCT Total for Non-CEO NEOs(4)
Average Compensation Actually Paid to Non-CEO NEOs(2)(3)
Average Compensation Actually Paid to Non-CEO NEOs(2)(4)
Total Shareholder Return(5)
S&P BDC Index Total Shareholder ReturnNet Investment Income ($ in thousands)
Dividend Yield on NAV per Share(6)
2026$3,791,870 $— $3,787,769 $— $2,615,916 $— $2,620,510 $— $155.63 $78.76 $135,467 15.3 %
20253,424,639 4,464,475 2,989,288 4,540,908 2,141,194 3,157,986 1,890,602 2,759,957 299.30 179.56 118,182 15.1 
2024— 3,809,514 — 4,987,139 — 2,516,518 — 3,307,026 300.18 180.56 110,005 15.1 
2023— 3,479,216 — 2,679,245 — 2,241,018 — 1,685,817 215.67 157.73 68,711 13.5 
2022— 3,164,276 — 3,352,122 — 2,329,343 — 2,435,312 247.81 191.41 42,687 15.7 
        
Company Selected Measure Name     Dividend yield on NAV        
Named Executive Officers, Footnote     For 2025, CEO refers to Michael S. Sarner and former CEO refers to Bowen S. Diehl. On February 17, 2025, Mr. Sarner, a non-CEO NEO, succeeded Mr. Diehl as the CEO. Mr. Diehl served as CEO in 2024, 2023, and 2022. For 2026 and during the period in 2025 in which Michael S. Sarner was CEO, the Non-CEO NEOs were Chris T. Rehberger and Joshua S. Weinstein. (4)During the period in 2025 in which Bowen S. Diehl was CEO, the Non-CEO NEOs were Michael S. Sarner and Joshua S. Weinstein. The Non-CEO NEOs for 2024, 2023 and 2022 were Michael S. Sarner and Joshua S. Weinstein.        
PEO Total Compensation Amount $ 3,424,639 $ 4,464,475 $ 3,791,870   $ 3,809,514 $ 3,479,216 $ 3,164,276
PEO Actually Paid Compensation Amount 2,989,288 4,540,908 $ 3,787,769   4,987,139 2,679,245 3,352,122
Adjustment To PEO Compensation, Footnote     The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually earned, realized, or received by our CEO or Other NEOs. These amounts reflect the Summary Compensation Table Total (SCT) with certain adjustments as set forth in the following reconciliation table:
NameFiscal YearSCT TotalSCT Stock AwardsFair Value of Stock Awards Granted in the Covered YearChange in Fair Value of Unvested Stock Awards from Prior YearsFair Value of Stock Awards Granted and Vested in the Covered YearChange in Fair Value of Stock Awards from Prior Years that Vested in the Covered YearFair Value of Stock Awards ForfeitedCompensation Actually Paid
CEO(1)
2026$3,791,870 $(1,708,000)$1,769,600 $(19,442)$— $(46,259)$— $3,787,769 
20253,424,639 (1,965,000)1,674,000 (202,343)— 57,992 — 2,989,288 
Former CEO(1)
20254,464,475 — — — — 76,433 — 4,540,908 
20243,809,514 (1,700,254)2,136,876 624,947 — 116,056 — 4,987,139 
20233,479,216 (1,347,186)1,127,199 (435,486)— (144,498)— 2,679,245 
20223,164,276 (1,260,437)1,083,702 116,138 — 248,443 — 3,352,122 
NEO Average to CEO(3)
20262,615,916 (1,174,250)1,216,600 (11,118)— (26,638)— 2,620,510 
20252,141,194 (1,113,500)948,600 (117,200)— 31,508 — 1,890,602 
NEO Average to Former CEO(4)
20253,157,986 (1,768,500)1,506,600 (187,682)— 51,553 — 2,759,957 
20242,516,518 (1,105,160)1,388,962 427,257 — 79,449 — 3,307,026 
20232,241,018 (865,544)724,206 (313,790)— (100,073)— 1,685,817 
20222,329,343 (992,593)853,414 77,290 — 167,858 — 2,435,312 
        
Non-PEO NEO Average Total Compensation Amount 2,141,194 3,157,986 $ 2,615,916   2,516,518 2,241,018 2,329,343
Non-PEO NEO Average Compensation Actually Paid Amount $ 1,890,602 $ 2,759,957 $ 2,620,510   3,307,026 1,685,817 2,435,312
Adjustment to Non-PEO NEO Compensation Footnote     The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually earned, realized, or received by our CEO or Other NEOs. These amounts reflect the Summary Compensation Table Total (SCT) with certain adjustments as set forth in the following reconciliation table:
NameFiscal YearSCT TotalSCT Stock AwardsFair Value of Stock Awards Granted in the Covered YearChange in Fair Value of Unvested Stock Awards from Prior YearsFair Value of Stock Awards Granted and Vested in the Covered YearChange in Fair Value of Stock Awards from Prior Years that Vested in the Covered YearFair Value of Stock Awards ForfeitedCompensation Actually Paid
CEO(1)
2026$3,791,870 $(1,708,000)$1,769,600 $(19,442)$— $(46,259)$— $3,787,769 
20253,424,639 (1,965,000)1,674,000 (202,343)— 57,992 — 2,989,288 
Former CEO(1)
20254,464,475 — — — — 76,433 — 4,540,908 
20243,809,514 (1,700,254)2,136,876 624,947 — 116,056 — 4,987,139 
20233,479,216 (1,347,186)1,127,199 (435,486)— (144,498)— 2,679,245 
20223,164,276 (1,260,437)1,083,702 116,138 — 248,443 — 3,352,122 
NEO Average to CEO(3)
20262,615,916 (1,174,250)1,216,600 (11,118)— (26,638)— 2,620,510 
20252,141,194 (1,113,500)948,600 (117,200)— 31,508 — 1,890,602 
NEO Average to Former CEO(4)
20253,157,986 (1,768,500)1,506,600 (187,682)— 51,553 — 2,759,957 
20242,516,518 (1,105,160)1,388,962 427,257 — 79,449 — 3,307,026 
20232,241,018 (865,544)724,206 (313,790)— (100,073)— 1,685,817 
20222,329,343 (992,593)853,414 77,290 — 167,858 — 2,435,312 
        
Compensation Actually Paid vs. Total Shareholder Return    
The graph below reflects the relationship between "Compensation Actually Paid to CEO" to "Average Compensation Actually Paid to Non-CEO NEOs" and total shareholder return for the Company and S&P BDC Index Total Shareholder Return. For purposes of the graph below, the "Compensation Actually Paid to CEO" for 2025 reflects the compensation actually paid to Mr. Diehl as CEO for the period from April 1, 2024 through February 17, 2025 and the compensation actually paid to Mr. Sarner as CEO for the period from February 17, 2025 (when he succeeded Mr. Diehl as CEO) through March 31, 2025.
Picture1.jpg
        
Compensation Actually Paid vs. Net Income    
The graph below reflects the relationship between "Compensation Actually Paid to CEO" to "Average Compensation Actually Paid to Non-CEO NEOs" and net investment income. For purposes of the graph below, the "Compensation Actually Paid to CEO" for 2025 reflects the compensation actually paid to Mr. Diehl as CEO for the period from April 1, 2024 through February 17, 2025 and the compensation actually paid to Mr. Sarner as CEO for the period from February 17, 2025 (when he succeeded Mr. Diehl as CEO) through March 31, 2025.
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Compensation Actually Paid vs. Company Selected Measure    
The graph below reflects the relationship between "Compensation Actually Paid to CEO" to "Average Compensation Actually Paid to Non-CEO NEOs" and dividend yield on NAV per share. For purposes of the graph below, the "Compensation Actually Paid to CEO" for 2025 reflects the compensation actually paid to Mr. Diehl as CEO for the period from April 1, 2024 through February 17, 2025 and the compensation actually paid to Mr. Sarner as CEO for the period from February 17, 2025 (when he succeeded Mr. Diehl as CEO) through March 31, 2025.
Picture3.jpg
        
Total Shareholder Return Vs Peer Group    
The graph below reflects the relationship between "Compensation Actually Paid to CEO" to "Average Compensation Actually Paid to Non-CEO NEOs" and total shareholder return for the Company and S&P BDC Index Total Shareholder Return. For purposes of the graph below, the "Compensation Actually Paid to CEO" for 2025 reflects the compensation actually paid to Mr. Diehl as CEO for the period from April 1, 2024 through February 17, 2025 and the compensation actually paid to Mr. Sarner as CEO for the period from February 17, 2025 (when he succeeded Mr. Diehl as CEO) through March 31, 2025.
Picture1.jpg
        
Tabular List, Table     total distributions paid to shareholders;
•distributable net investment income;
•portfolio growth (based upon the fair value of investments);
•portfolio non-accruals; and
•operating leverage.
        
Total Shareholder Return Amount     $ 155.63 $ 299.30 300.18 215.67 247.81
Peer Group Total Shareholder Return Amount     78.76 179.56 180.56 157.73 191.41
Net Income (Loss)     $ 135,467,000 $ 118,182,000 $ 110,005,000 $ 68,711,000 $ 42,687,000
Company Selected Measure Amount     0.153 0.151 0.151 0.135 15.7
PEO Name Michael S. Sarner Bowen S. Diehl   Bowen S. Diehl Bowen S. Diehl Bowen S. Diehl Bowen S. Diehl
Additional 402(v) Disclosure     Total Shareholder Return represents the value of a hypothetical $100 investment beginning at market close on the last trading day of fiscal year ended March 31, 2021, assuming reinvestment of all dividends.
As described above, restrictions imposed by the 1940 Act restrict the Compensation Committee’s ability to use nondiscretionary or formulaic Company performance goals or criteria to determine executive incentive compensation. However, the Compensation Committee considers several financial performance metrics, along with other factors including operational goals and individual performance criteria, in determining the appropriate compensation for NEOs. Subject to the foregoing restrictions imposed by the 1940 Act, in the Company’s assessment, the following list of performance measures represent the most important performance measures used to link compensation actually paid to our NEOs, for the most recently completed fiscal year, to Company performance:
Other key metrics considered by the Compensation Committee when determining the appropriate compensation for NEOs include net origination activities, maintenance of liquidity and capital flexibility and individual contributions to corporate objectives.
        
Measure:: 1              
Pay vs Performance Disclosure              
Name     Dividend yield on NAV        
Non-GAAP Measure Description     Dividend yield on NAV per share is calculated by dividing total dividends paid by beginning NAV per share.        
Measure:: 2              
Pay vs Performance Disclosure              
Name     total distributions paid to shareholders        
Measure:: 3              
Pay vs Performance Disclosure              
Name     distributable net investment income        
Measure:: 4              
Pay vs Performance Disclosure              
Name     portfolio growth (based upon the fair value of investments)        
Measure:: 5              
Pay vs Performance Disclosure              
Name     portfolio non-accruals        
Measure:: 6              
Pay vs Performance Disclosure              
Name     operating leverage.        
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount $ (1,965,000) $ 0 $ (1,708,000)   $ (1,700,254) $ (1,347,186) $ (1,260,437)
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount 1,674,000 0 1,769,600   2,136,876 1,127,199 1,083,702
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount (202,343) 0 (19,442)   624,947 (435,486) 116,138
PEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount 0 0 0   0 0 0
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount 57,992 76,433 (46,259)   116,056 (144,498) 248,443
PEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount 0 0 0   0 0 0
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount (1,113,500) (1,768,500) (1,174,250)   (1,105,160) (865,544) (992,593)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount 948,600 1,506,600 1,216,600   1,388,962 724,206 853,414
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount (117,200) (187,682) (11,118)   427,257 (313,790) 77,290
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount 0 0 0   0 0 0
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount 31,508 51,553 (26,638)   79,449 (100,073) 167,858
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year              
Pay vs Performance Disclosure              
Adjustment to Compensation, Amount $ 0 $ 0 $ 0   $ 0 $ 0 $ 0