XML 15 R2.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Pay vs Performance Disclosure
 12 Months Ended
Mar. 31, 2024
USD ($)
Mar. 31, 2023
USD ($)
Mar. 31, 2022
USD ($)
Mar. 31, 2021
USD ($)
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
In accordance with the final rule adopted by the SEC in August 2022 implementing Section 953(a) of the Dodd-Frank Act, we are providing the following table that sets forth certain compensation measures for certain of our officers alongside certain performance metrics for the Company and certain of its industry peers:
Fiscal YearSummary Compensation Table total for CEO
Compensation Actually Paid to CEO(1)
Average SCT Total for Non-CEO NEOs(2)
Average Compensation Actually Paid to Non-CEO NEOs(1)
Total Shareholder Return(3)
S&P BDC Index Total Shareholder ReturnNet Investment Income ($ in thousands)
Dividend Yield on NAV per Share(4)
2024$3,809,514 $5,420,396 $2,516,518 $3,596,070 $300.18 $180.56 $110,005 15.1 %
20233,479,216 3,011,429 2,241,018 1,913,038 215.67 157.73 68,711 13.5 
20223,164,276 3,685,798 2,329,343 2,672,054 247.81 191.41 42,687 15.7 
20212,581,472 4,088,358 2,058,181 3,321,782 212.00 174.09 31,671 13.5 
      
Company Selected Measure Name Dividend yield on NAV      
Named Executive Officers, Footnote The Non-CEO NEOs for 2024, 2023 and 2022 were Michael S. Sarner and Joshua S. Weinstein. The Non-CEO NEO for 2021 was Michael S. Sarner.      
PEO Total Compensation Amount $ 3,809,514 $ 3,479,216 $ 3,164,276 $ 2,581,472
PEO Actually Paid Compensation Amount $ 5,420,396 3,011,429 3,685,798 4,088,358
Adjustment To PEO Compensation, Footnote The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually earned, realized, or received by our CEO or Other NEOs. These amounts reflect the Summary Compensation Table Total (SCT) with certain adjustments as set forth in the following reconciliation table:
NameFiscal YearSCT TotalSCT Stock AwardsFair Value of Stock Awards Granted in the Covered YearChange in Fair Value of Unvested Stock Awards from Prior YearsFair Value of Stock Awards Granted and Vested in the Covered YearChange in Fair Value of Stock Awards from Prior Years that Vested in the Covered YearFair Value of Stock Awards ForfeitedValue of Dividends on Unvested Stock AwardsCompensation Actually Paid
CEO2024$3,809,514 $(1,700,254)$2,136,876 $624,947 $— $116,056 $— $433,257 $5,420,396 
20233,479,216 (1,347,186)1,127,199 (435,486)— (144,498)— 332,184 3,011,429 
20223,164,276 (1,260,437)1,083,702 116,138 — 248,443 — 333,676 3,685,798 
20212,581,472 (1,011,549)1,476,543 580,766 — 172,005 — 289,121 4,088,358 
NEO Average20242,516,518 (1,105,160)1,388,962 427,257 — 79,449 — 289,044 3,596,070 
20232,241,018 (865,544)724,206 (313,790)— (100,073)— 227,221 1,913,038 
20222,329,343 (992,593)853,414 77,290 — 167,858 — 236,742 2,672,054 
20212,058,181 (842,900)1,230,478 490,818 — 143,035 — 242,170 3,321,782 
      
Non-PEO NEO Average Total Compensation Amount $ 2,516,518 2,241,018 2,329,343 2,058,181
Non-PEO NEO Average Compensation Actually Paid Amount $ 3,596,070 1,913,038 2,672,054 3,321,782
Adjustment to Non-PEO NEO Compensation Footnote The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually earned, realized, or received by our CEO or Other NEOs. These amounts reflect the Summary Compensation Table Total (SCT) with certain adjustments as set forth in the following reconciliation table:
NameFiscal YearSCT TotalSCT Stock AwardsFair Value of Stock Awards Granted in the Covered YearChange in Fair Value of Unvested Stock Awards from Prior YearsFair Value of Stock Awards Granted and Vested in the Covered YearChange in Fair Value of Stock Awards from Prior Years that Vested in the Covered YearFair Value of Stock Awards ForfeitedValue of Dividends on Unvested Stock AwardsCompensation Actually Paid
CEO2024$3,809,514 $(1,700,254)$2,136,876 $624,947 $— $116,056 $— $433,257 $5,420,396 
20233,479,216 (1,347,186)1,127,199 (435,486)— (144,498)— 332,184 3,011,429 
20223,164,276 (1,260,437)1,083,702 116,138 — 248,443 — 333,676 3,685,798 
20212,581,472 (1,011,549)1,476,543 580,766 — 172,005 — 289,121 4,088,358 
NEO Average20242,516,518 (1,105,160)1,388,962 427,257 — 79,449 — 289,044 3,596,070 
20232,241,018 (865,544)724,206 (313,790)— (100,073)— 227,221 1,913,038 
20222,329,343 (992,593)853,414 77,290 — 167,858 — 236,742 2,672,054 
20212,058,181 (842,900)1,230,478 490,818 — 143,035 — 242,170 3,321,782 
      
Compensation Actually Paid vs. Total Shareholder Return
The graph below reflects the relationship between "Compensation Actually Paid to CEO" to "Average Compensation Actually Paid to Non-CEO NEOs" and total shareholder return for the Company and S&P BDC Index Total Shareholder Return:
Picture1.jpg
      
Compensation Actually Paid vs. Net Income
The graph below reflects the relationship between "Compensation Actually Paid to CEO" to "Average Compensation Actually Paid to Non-CEO NEOs" and net investment income per share:
Picture2.jpg
      
Compensation Actually Paid vs. Company Selected Measure
The graph below reflects the relationship between "Compensation Actually Paid to CEO" to "Average Compensation Actually Paid to Non-CEO NEOs" and dividend yield on NAV per share:
Picture3.jpg
      
Total Shareholder Return Vs Peer Group
The graph below reflects the relationship between "Compensation Actually Paid to CEO" to "Average Compensation Actually Paid to Non-CEO NEOs" and total shareholder return for the Company and S&P BDC Index Total Shareholder Return:
Picture1.jpg
      
Total Shareholder Return Amount $ 300.18 215.67 247.81 212.00
Peer Group Total Shareholder Return Amount 180.56 157.73 191.41 174.09
Net Income (Loss) $ 110,005,000 $ 68,711,000 $ 42,687,000 $ 31,671,000
Company Selected Measure Amount 0.151 0.135 15.7 13.5
Additional 402(v) Disclosure Total Shareholder Return represents the value of a hypothetical $100 investment beginning at market close on the last trading day of fiscal year ended March 31, 2020, assuming reinvestment of all dividends.
As described above, restrictions imposed by the 1940 Act restrict the Compensation Committee’s ability to use nondiscretionary or formulaic Company performance goals or criteria to determine executive incentive compensation. However, the Compensation Committee considers several financial performance metrics, along with other factors including operational goals and individual performance criteria, in determining the appropriate compensation for NEOs. Subject to the foregoing restrictions imposed by the 1940 Act, in the Company’s assessment, the following list of performance measures represent the most important performance measures used to link compensation actually paid to our NEOs, for the most recently completed fiscal year, to Company performance:
Other key metrics considered by the Compensation Committee when determining the appropriate compensation for NEOs include net origination activities, maintenance of liquidity and capital flexibility and individual contributions to corporate objectives.
      
Measure:: 1        
Pay vs Performance Disclosure        
Name Dividend yield on NAV      
Non-GAAP Measure Description Dividend yield on NAV per share is calculated by dividing total dividends paid by beginning NAV per share.      
Measure:: 2        
Pay vs Performance Disclosure        
Name total distributions paid to shareholders      
Measure:: 3        
Pay vs Performance Disclosure        
Name distributable net investment income      
Measure:: 4        
Pay vs Performance Disclosure        
Name portfolio growth (based upon the fair value of investments)      
Measure:: 5        
Pay vs Performance Disclosure        
Name portfolio non-accruals      
Measure:: 6        
Pay vs Performance Disclosure        
Name operating leverage.      
PEO | Equity Awards Reported Value [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (1,700,254) $ (1,347,186) $ (1,260,437) $ (1,011,549)
PEO | Equity Awards Granted in Current Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 2,136,876 1,127,199 1,083,702 1,476,543
PEO | Equity Awards Granted in Prior Years, Unvested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 624,947 (435,486) 116,138 580,766
PEO | Equity Awards Granted During the Year, Vested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
PEO | Equity Awards Granted in Prior Years, Vested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 116,056 (144,498) 248,443 172,005
PEO | Equity Awards, Value of Forfeited Awards Adjustment [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
PEO | Equity Awards, Value of Dividends and Other Earnings Paid Adjustment [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 433,257 332,184 333,676 289,121
Non-PEO NEO | Equity Awards Reported Value [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (1,105,160) (865,544) (992,593) (842,900)
Non-PEO NEO | Equity Awards Granted in Current Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,388,962 724,206 853,414 1,230,478
Non-PEO NEO | Equity Awards Granted in Prior Years, Unvested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 427,257 (313,790) 77,290 490,818
Non-PEO NEO | Equity Awards Granted During the Year, Vested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
Non-PEO NEO | Equity Awards Granted in Prior Years, Vested [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 79,449 (100,073) 167,858 143,035
Non-PEO NEO | Equity Awards, Value of Forfeited Awards Adjustment [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 0 0 0 0
Non-PEO NEO | Equity Awards, Value of Dividends and Other Earnings Paid Adjustment [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 289,044 $ 227,221 $ 236,742 $ 242,170