v3.26.3
CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($)
$ in Thousands
Sep. 30, 2026
Mar. 31, 2026
Assets    
Investments at fair value $ 2,410,129 [1],[2],[3],[4],[5] $ 2,097,446 [6],[7],[8],[9],[10]
Cash and cash equivalents 47,977 29,045
Restricted cash 4,480 400
Receivables:    
Dividends and interest 38,749 31,678
Escrow 613 612
Other 5,818 2,190
Income tax receivable 279 717
Debt issuance costs (net of accumulated amortization of $15,637 and $13,172, respectively) 8,723 6,870
Other assets 7,974 8,560
Total assets 2,524,742 2,177,518
Liabilities    
Credit Facilities 195,000 345,000
Other liabilities 19,743 21,629
Accrued restoration plan liability 519 529
Income tax payable 1,757 636
Deferred tax liability 11,792 12,507
Total liabilities 1,418,312 1,166,526
Commitments and contingencies (Note 12)
Net Assets    
Common stock, $0.25 par value: authorized, 135,000,000 shares at September 30, 2026 and 75,000,000 shares at March 31, 2026; issued, 66,491,300 shares at September 30, 2026 and 60,577,181 shares at March 31, 2026 16,623 15,144
Additional paid-in capital 1,203,681 1,074,854
Total distributable (loss) earnings (113,874) (79,006)
Total net assets 1,106,430 1,010,992
Total liabilities and net assets $ 2,524,742 $ 2,177,518
Net asset value per share (in usd per share) $ 16.64 $ 16.69
SBA Debentures    
Liabilities    
SBA Debentures (net of $7,336 and $5,333, respectively, of unamortized debt issuance costs) $ 281,664 $ 217,667
2029 Convertible Notes    
Liabilities    
Notes 225,326 224,587
September 2030 Notes    
Liabilities    
Notes 344,645 343,971
September 2031 Notes    
Liabilities    
Notes 337,866 0
Non-control/Non-affiliate investments    
Assets    
Investments at fair value 1,951,314 1,682,425
Affiliate investments    
Assets    
Investments at fair value 359,192 340,760
Control investments    
Assets    
Investments at fair value $ 99,623 $ 74,261
[1] All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.
[2] 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 September 30, 2026, the Company held $1,951.3 million of non-control/non-affiliate investments (at fair value), which represented approximately 81.0% of the Company’s total investments. The fair value of these investments as a percent of net assets is 176.3%.
[3] The Company's investment portfolio is comprised entirely of debt and equity securities, along with other financial instruments, of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not readily available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the valuation committee comprised of certain officers of the Company (the "Valuation Committee") as the valuation designee of the Board of Directors (the "Valuation Designee") pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the “1940 Act”), using significant unobservable Level 3 inputs. Refer to Note 4 - Fair Value Measurements for further discussion.
[4] 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.
[5] Unless otherwise noted, all portfolio company headquarters are based in the United States.
[6] 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, 2026, the Company held $1,682.4 million of non-control/non-affiliate investments, which represented approximately 80.2% of the Company’s investment assets. The fair value of these investments as a percent of net assets is 166.5%.
[7] The Company's investment portfolio is comprised entirely of debt and equity securities, along with other financial instruments, of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not readily available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the valuation committee comprised of certain officers of the Company (the "Valuation Committee") as the valuation designee of the Board of Directors (the "Valuation Designee") pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the “1940 Act”), using significant unobservable Level 3 inputs. Refer to Note 4 - Fair Value Measurements for further discussion.
[8] 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.
[9] Unless otherwise noted, all portfolio company headquarters are based in the United States.
[10] All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.