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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Fee income:        
Other income $ 193 $ 42 $ 332 $ 62
Total investment income 48,566 32,766 131,704 82,108
Compensation 3,919 3,381 8,762 7,177
Share-based compensation 1,188 992 3,387 2,873
Interest 11,473 7,937 31,635 20,050
Professional fees 919 666 2,863 2,325
General and administrative 1,301 1,111 3,877 3,396
Total operating expenses 18,800 14,087 50,524 35,821
Income before taxes 29,766 18,679 81,180 46,287
Federal income, excise and other taxes 392 217 841 468
Deferred taxes 515 (963) (270) (488)
Total income tax provision (benefit) 907 (746) 571 (20)
Net investment income 28,859 19,425 80,609 46,307
Realized (loss) gain        
Income tax benefit (provision) 7 (95) (286) (260)
Total net realized (loss) gain on investments, net of tax (7,842) (11,086) (20,234) (17,401)
Net unrealized appreciation (depreciation) on investments        
Income tax (provision) benefit (51) (3,437) 1,012 (6,012)
Total net unrealized appreciation (depreciation) on investments, net of tax 2,467 (5,390) 9,906 (13,989)
Net realized and unrealized (losses) gains on investments (5,375) (16,476) (10,328) (31,390)
Realized loss on extinguishment of debt 0 0 (361) 0
Net increase in net assets from operations $ 23,484 $ 2,949 $ 69,920 $ 14,917
Pre-tax net investment income per share - basic (in usd per share) $ 0.72 $ 0.60 $ 2.05 $ 1.64
Pre-tax net investment income per share - diluted (in usd per share) 0.72 0.60 2.05 1.64
Net investment income per share – basic (in usd per share) 0.70 0.62 2.04 1.64
Net investment income per share – diluted (in usd per share) 0.70 0.62 2.04 1.64
Net increase in net assets from operations – basic (in usd per share) 0.57 0.09 1.77 0.53
Net increase in net assets from operations – diluted (in usd per share) $ 0.57 $ 0.09 $ 1.77 $ 0.53
Weighted average shares outstanding – basic (in share) 41,513,773 31,381,360 39,610,643 28,304,309
Weighted average shares outstanding – diluted (in share) 41,513,773 31,381,360 39,610,643 28,304,309
Non-control/Non-affiliate investments        
Interest income:        
Interest income $ 33,627 $ 24,411 $ 97,924 $ 59,791
Payment-in-kind interest income:        
Payment-in-kind interest income 3,452 830 5,329 1,796
Dividend income:        
Dividend income 2,447 478 3,233 1,555
Fee income:        
Fee income 1,655 1,067 2,949 2,924
Realized (loss) gain        
Realized (loss) gain (7,849) (6,267) (13,445) (6,114)
Net unrealized appreciation (depreciation) on investments        
Unrealized gain (loss) 8,569 (2,244) 4,648 (4,186)
Affiliate investments        
Interest income:        
Interest income 4,214 3,228 12,691 8,227
Payment-in-kind interest income:        
Payment-in-kind interest income 621 671 1,926 1,776
Dividend income:        
Dividend income 96 0 187 101
Fee income:        
Fee income 115 110 632 362
Realized (loss) gain        
Realized (loss) gain 0 (4,724) (6,503) (11,027)
Net unrealized appreciation (depreciation) on investments        
Unrealized gain (loss) (6,829) 3,563 1,302 6,187
Control investments        
Dividend income:        
Dividend income 2,129 1,904 6,439 5,439
Fee income:        
Fee income 17 25 62 75
Net unrealized appreciation (depreciation) on investments        
Unrealized gain (loss) $ 778 $ (3,272) $ 2,944 $ (9,978)