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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Fee income:      
Other income $ 545 $ 121 $ 17
Total investment income 178,135 119,300 82,215
Compensation 10,631 9,870 8,838
Share-based compensation 4,518 3,705 3,585
Interest 43,088 28,873 19,924
Professional fees 3,705 3,180 2,489
General and administrative 5,244 4,632 4,077
Total operating expenses 67,186 50,260 38,913
Income before taxes 110,949 69,040 43,302
Federal income, excise and other taxes 1,135 630 181
Deferred taxes (191) (301) 434
Total income tax provision 944 329 615
Net investment income 110,005 68,711 42,687
Realized (loss) gain      
Income tax provision (286) (130) (1,442)
Total net realized (loss) gain on investments, net of tax (39,895) (17,029) 5,834
Net unrealized appreciation (depreciation) on investments      
Income tax benefit (provision) 17 (6,514) (1,968)
Total net unrealized appreciation (depreciation) on investments, net of tax 13,640 (18,589) 11,467
Net realized and unrealized (losses) gains on investments (26,255) (35,618) 17,301
Realized loss on extinguishment of debt (361) 0 (17,087)
Realized loss on disposal of fixed assets 0 0 (86)
Net increase in net assets from operations $ 83,389 $ 33,093 $ 42,815
Pre-tax net investment income per share - basic (in usd per share) $ 2.72 $ 2.30 $ 1.90
Pre-tax net investment income per share - diluted (in usd per share) 2.72 2.30 1.90
Net investment income per share – basic (in usd per share) 2.70 2.29 1.87
Net investment income per share – diluted (in usd per share) 2.70 2.29 1.87
Net increase in net assets from operations – basic (in usd per share) 2.05 1.10 1.87
Net increase in net assets from operations – diluted (in usd per share) $ 2.05 $ 1.10 $ 1.87
Weighted average shares outstanding – basic (in share) 40,727,133 30,015,533 22,839,835
Weighted average shares outstanding – diluted (in share) 40,727,133 30,015,533 22,839,835
Non-control/Non-affiliate investments      
Interest income:      
Interest income $ 133,329 $ 87,982 $ 58,136
Payment-in-kind interest income:      
Payment-in-kind interest income 7,737 2,382 2,051
Dividend income:      
Dividend income 3,533 1,824 1,654
Fee income:      
Fee income 4,257 4,057 4,833
Realized (loss) gain      
Realized (loss) gain (18,062) (5,872) 7,136
Net unrealized appreciation (depreciation) on investments      
Unrealized gain (loss) 1,584 (6,942) 20,940
Affiliate investments      
Interest income:      
Interest income 17,209 11,658 7,122
Payment-in-kind interest income:      
Payment-in-kind interest income 2,471 3,060 1,160
Dividend income:      
Dividend income 230 141 28
Fee income:      
Fee income 759 638 494
Realized (loss) gain      
Realized (loss) gain (6,500) (11,027) 140
Net unrealized appreciation (depreciation) on investments      
Unrealized gain (loss) (6,688) 6,014 (4,750)
Control investments      
Dividend income:      
Dividend income 7,983 7,337 6,720
Fee income:      
Fee income 82 100 0
Realized (loss) gain      
Realized (loss) gain (15,047) 0 0
Net unrealized appreciation (depreciation) on investments      
Unrealized gain (loss) $ 18,727 $ (11,147) $ (2,755)