v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Fee income:      
Other income $ 2,028 $ 2,369 $ 545
Total investment income 232,105 204,439 178,135
Operating expenses:      
Compensation 11,925 11,143 10,631
Share-based compensation 4,977 6,963 4,518
Interest 66,617 54,959 43,088
Professional fees 5,044 4,685 3,705
General and administrative 6,954 6,242 5,244
Total operating expenses 95,517 83,992 67,186
Income before taxes 136,588 120,447 110,949
Federal income, excise and other taxes 2,949 1,424 1,135
Deferred taxes (1,828) 841 (191)
Total income tax provision 1,121 2,265 944
Net investment income 135,467 118,182 110,005
Realized gain (loss)      
Income tax provision (8,312) (2,941) (286)
Total net realized gain (loss) on investments, net of tax 5,518 (49,650) (39,895)
Net unrealized (depreciation) appreciation on investments      
Income tax benefit (provision) 2,146 (3,659) 17
Total net unrealized (depreciation) appreciation on investments, net of tax (25,832) 2,423 13,640
Net realized and unrealized (losses) gains on investments (20,314) (47,227) (26,255)
Realized loss on extinguishment of debt (2,156) (387) (361)
Realized loss on disposal of fixed assets (2) (20) 0
Net increase in net assets from operations $ 112,995 $ 70,548 $ 83,389
Pre-tax net investment income per share - basic (in usd per share) $ 2.39 $ 2.50 $ 2.72
Net investment income per share – basic (in usd per share) 2.37 2.46 2.70
Net increase in net assets from operations – basic (in usd per share) 1.98 1.47 2.05
Net increase in net assets from operations - diluted (in usd per share) $ 1.90 $ 1.47 $ 2.05
Weighted average common shares outstanding – basic (in shares) 56,529,604 47,448,093 40,727,133
Weighted average common shares outstanding – diluted (in shares) 65,828,805 51,187,714 40,727,133
Non-control/Non-affiliate investments      
Interest income:      
Interest income $ 163,124 $ 152,952 $ 133,329
Payment-in-kind interest income:      
Payment-in-kind interest income 9,841 9,819 7,737
Dividend income:      
Dividend income 1,934 4,125 3,533
Fee income:      
Fee income 9,000 8,340 4,257
Realized gain (loss)      
Realized gain (loss) 20,822 (46,722) (18,062)
Net unrealized (depreciation) appreciation on investments      
Net unrealized (depreciation) appreciation on investments (39,307) 916 1,584
Affiliate investments      
Interest income:      
Interest income 26,283 20,015 17,209
Payment-in-kind interest income:      
Payment-in-kind interest income 3,948 2,214 2,471
Dividend income:      
Dividend income 10,750 421 230
Fee income:      
Fee income 1,849 2,179 759
Realized gain (loss)      
Realized gain (loss) (6,992) 273 (6,500)
Net unrealized (depreciation) appreciation on investments      
Net unrealized (depreciation) appreciation on investments 14,454 6,354 (6,688)
Control investments      
Interest income:      
Interest income 2,613 1,226 0
Payment-in-kind interest income:      
Payment-in-kind interest income 622 644 0
Dividend income:      
Dividend income 24 0 7,983
Fee income:      
Fee income 89 135 82
Realized gain (loss)      
Realized gain (loss) 0 (260) (15,047)
Net unrealized (depreciation) appreciation on investments      
Net unrealized (depreciation) appreciation on investments $ (3,125) $ (1,188) $ 18,727