v3.26.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Fee income:        
Other income $ 696 $ 618 $ 998 $ 905
Total investment income 67,158 56,945 128,206 112,892
Operating expenses:        
Compensation 3,240 2,631 5,939 6,587
Share-based compensation 1,937 1,270 3,385 2,413
Interest 20,981 16,020 39,480 31,284
Professional fees 1,963 1,341 3,427 2,551
General and administrative 1,871 1,666 3,841 3,323
Total operating expenses 29,992 22,928 56,072 46,158
Income before taxes 37,166 34,017 72,134 66,734
Federal income, excise and other taxes 678 1,149 1,121 2,248
Deferred taxes 196 884 (958) 613
Total income tax provision 874 2,033 163 2,861
Net investment income 36,292 31,984 71,971 63,873
Realized gain (loss)        
Income tax provision (588) (759) (1,547) (6,988)
Total net realized gain (loss) on investments, net of tax 3,149 (4,926) 2,591 10,778
Net unrealized (depreciation) appreciation on investments        
Income tax benefit (provision) 66 (1,058) (65) 2,530
Total net unrealized (depreciation) appreciation on investments, net of tax (16,595) (1,437) (26,985) (22,029)
Net realized and unrealized (losses) gains on investments (13,446) (6,363) (24,394) (11,251)
Realized loss on extinguishment of debt (1,410) 0 (1,410) 0
Realized loss on disposal of fixed assets 0 (2) 0 (2)
Net increase in net assets from operations $ 21,436 $ 25,619 $ 46,167 $ 52,620
Pre-tax net investment income per share - basic (in usd per share) $ 0.58 $ 0.61 $ 1.14 $ 1.21
Net investment income per share – basic (in usd per share) 0.56 0.57 1.14 1.16
Net increase in net assets from operations – basic (in usd per share) 0.33 0.46 0.73 0.95
Net increase in net assets from operations - diluted (in usd per share) $ 0.33 $ 0.44 $ 0.73 $ 0.92
Weighted average common shares outstanding – basic (in shares) 63,648,525 55,544,095 62,401,982 54,536,084
Weighted average common shares outstanding – diluted (in shares) 73,036,538 64,830,413 71,777,799 63,809,345
Non-control/Non-affiliate investments        
Interest income:        
Interest income $ 47,216 $ 40,746 $ 89,613 $ 81,984
Payment-in-kind interest income:        
Payment-in-kind interest income 3,395 1,673 7,352 3,749
Dividend income:        
Dividend income 608 52 775 1,660
Fee income:        
Fee income 3,883 1,740 7,191 3,136
Realized gain (loss)        
Realized gain (loss) 3,734 3,485 4,067 21,331
Net unrealized (depreciation) appreciation on investments        
Net unrealized (depreciation) appreciation on investments (7,891) (12,146) (3,873) (34,208)
Affiliate investments        
Interest income:        
Interest income 7,445 6,831 14,640 12,087
Payment-in-kind interest income:        
Payment-in-kind interest income 1,051 912 1,924 1,865
Dividend income:        
Dividend income 345 2,690 1,556 4,735
Fee income:        
Fee income 473 770 870 959
Realized gain (loss)        
Realized gain (loss) 3 (7,652) 71 (3,565)
Net unrealized (depreciation) appreciation on investments        
Net unrealized (depreciation) appreciation on investments (3,120) 10,757 (14,566) 11,815
Control investments        
Interest income:        
Interest income 443 681 1,317 1,302
Payment-in-kind interest income:        
Payment-in-kind interest income 535 209 617 440
Dividend income:        
Dividend income 1,039 0 1,297 24
Fee income:        
Fee income 29 23 56 46
Net unrealized (depreciation) appreciation on investments        
Net unrealized (depreciation) appreciation on investments $ (5,650) $ 1,010 $ (8,481) $ (2,166)