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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2023
Fee income:      
Other income $ 2,369 $ 545 $ 121
Total investment income 204,439 178,135 119,300
Compensation 11,143 10,631 9,870
Share-based compensation 6,963 4,518 3,705
Interest 54,959 43,088 28,873
Professional fees 4,685 3,705 3,180
General and administrative 6,242 5,244 4,632
Total operating expenses 83,992 67,186 50,260
Income before taxes 120,447 110,949 69,040
Federal income, excise and other taxes 1,424 1,135 630
Deferred taxes 841 (191) (301)
Total income tax provision 2,265 944 329
Net investment income 118,182 110,005 68,711
Realized (loss) gain      
Income tax (provision) benefit (2,941) (286) (130)
Total net realized (loss) gain on investments, net of tax (49,650) (39,895) (17,029)
Net unrealized appreciation (depreciation) on investments      
Income tax (provision) benefit (3,659) 17 (6,514)
Total net unrealized appreciation (depreciation) on investments, net of tax 2,423 13,640 (18,589)
Net realized and unrealized (losses) gains on investments (47,227) (26,255) (35,618)
Realized loss on extinguishment of debt (387) (361) 0
Realized loss on disposal of fixed assets (20) 0 0
Net increase in net assets from operations $ 70,548 $ 83,389 $ 33,093
Pre-tax net investment income per share - basic (in usd per share) $ 2.50 $ 2.72 $ 2.30
Net investment income per share – basic (in usd per share) 2.46 2.70 2.29
Net increase in net assets from operations – basic (in usd per share) 1.47 2.05 1.10
Net increase in net assets from operations – diluted (in usd per share) $ 1.47 $ 2.05 $ 1.10
Weighted average common shares outstanding – basic (in shares) 47,448,093 40,727,133 30,015,533
Weighted average common shares outstanding – diluted (in shares) 51,187,714 40,727,133 30,015,533
Non-control/Non-affiliate investments      
Interest income:      
Interest income $ 152,952 $ 133,329 $ 87,982
Payment-in-kind interest income:      
Payment-in-kind interest income 9,819 7,737 2,382
Dividend income:      
Dividend income 4,125 3,533 1,824
Fee income:      
Fee income 8,340 4,257 4,057
Realized (loss) gain      
Realized (loss) gain (46,722) (18,062) (5,872)
Net unrealized appreciation (depreciation) on investments      
Net unrealized appreciation (depreciation) on investments 916 1,584 (6,942)
Affiliate investments      
Interest income:      
Interest income 20,015 17,209 11,658
Payment-in-kind interest income:      
Payment-in-kind interest income 2,214 2,471 3,060
Dividend income:      
Dividend income 421 230 141
Fee income:      
Fee income 2,179 759 638
Realized (loss) gain      
Realized (loss) gain 273 (6,500) (11,027)
Net unrealized appreciation (depreciation) on investments      
Net unrealized appreciation (depreciation) on investments 6,354 (6,688) 6,014
Control investments      
Interest income:      
Interest income 1,226 0 0
Payment-in-kind interest income:      
Payment-in-kind interest income 644 0 0
Dividend income:      
Dividend income 0 7,983 7,337
Fee income:      
Fee income 135 82 100
Realized (loss) gain      
Realized (loss) gain (260) (15,047) 0
Net unrealized appreciation (depreciation) on investments      
Net unrealized appreciation (depreciation) on investments $ (1,188) $ 18,727 $ (11,147)