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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Fee income:        
Other income $ 491 $ 82 $ 1,033 $ 139
Total investment income 48,706 42,777 100,060 83,138
Compensation 1,990 2,333 5,456 4,843
Share-based compensation 1,538 1,236 2,762 2,199
Interest 12,587 10,481 25,034 20,162
Professional fees 1,095 989 2,452 1,944
General and administrative 1,482 1,327 3,056 2,576
Total operating expenses 18,692 16,366 38,760 31,724
Income before taxes 30,014 26,411 61,300 51,414
Federal income, excise and other taxes 325 (150) 542 449
Deferred taxes (1,476) (633) 734 (785)
Total income tax (benefit) provision (1,151) (783) 1,276 (336)
Net investment income 31,165 27,194 60,024 51,750
Realized (loss) gain        
Income tax provision 0 28 0 (293)
Total net realized (loss) gain on investments, net of tax (10,289) 390 (9,578) (12,392)
Net unrealized appreciation (depreciation) on investments        
Income tax benefit (provision) 13 1,083 289 1,063
Total net unrealized appreciation (depreciation) on investments, net of tax 1,808 (4,599) (13,727) 7,439
Net realized and unrealized (losses) gains on investments (8,481) (4,209) (23,305) (4,953)
Realized loss on extinguishment of debt 0 (361) 0 (361)
Net increase in net assets from operations $ 22,684 $ 22,624 $ 36,719 $ 46,436
Pre-tax net investment income per share - basic (in usd per share) $ 0.64 $ 0.67 $ 1.32 $ 1.33
Pre-tax net investment income per share - diluted (in usd per share) 0.64 0.67 1.32 1.33
Net investment income per share – basic (in usd per share) 0.66 0.69 1.29 1.34
Net investment income per share – diluted (in usd per share) 0.66 0.69 1.29 1.34
Net increase in net assets from operations – basic (in usd per share) 0.48 0.57 0.79 1.20
Net increase in net assets from operations – diluted (in usd per share) $ 0.48 $ 0.57 $ 0.79 $ 1.20
Weighted average shares outstanding – basic (in shares) 47,242,863 39,698,396 46,458,435 38,653,879
Weighted average shares outstanding – diluted (in shares) 47,242,863 39,698,396 46,458,435 38,653,879
Non-control/Non-affiliate investments        
Interest income:        
Interest income $ 38,621 $ 33,657 $ 76,557 $ 64,297
Payment-in-kind interest income:        
Payment-in-kind interest income 1,835 963 4,308 1,877
Dividend income:        
Dividend income 572 287 2,939 786
Fee income:        
Fee income 954 349 2,918 1,294
Realized (loss) gain        
Realized (loss) gain (10,289) 210 (9,485) (5,596)
Net unrealized appreciation (depreciation) on investments        
Net unrealized appreciation (depreciation) on investments (1,866) (6,204) (14,226) (3,921)
Affiliate investments        
Interest income:        
Interest income 4,727 4,298 9,486 8,477
Payment-in-kind interest income:        
Payment-in-kind interest income 563 563 1,141 1,305
Dividend income:        
Dividend income 0 31 51 91
Fee income:        
Fee income 584 360 918 517
Realized (loss) gain        
Realized (loss) gain 0 152 167 (6,503)
Net unrealized appreciation (depreciation) on investments        
Net unrealized appreciation (depreciation) on investments 3,669 (1,038) (552) 8,131
Control investments        
Interest income:        
Interest income 350 0 642 0
Dividend income:        
Dividend income 0 2,166 0 4,310
Fee income:        
Fee income 9 21 67 45
Realized (loss) gain        
Realized (loss) gain 0 0 (260) 0
Net unrealized appreciation (depreciation) on investments        
Net unrealized appreciation (depreciation) on investments $ (8) $ 1,560 $ 762 $ 2,166