XML 15 R4.htm IDEA: XBRL DOCUMENT v3.25.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Fee income:        
Other income $ 618 $ 491 $ 905 $ 1,033
Total investment income 56,945 48,706 112,892 100,060
Compensation 2,631 1,990 6,587 5,456
Share-based compensation 1,270 1,538 2,413 2,762
Interest 16,020 12,587 31,284 25,034
Professional fees 1,341 1,095 2,551 2,452
General and administrative 1,666 1,482 3,323 3,056
Total operating expenses 22,928 18,692 46,158 38,760
Income before taxes 34,017 30,014 66,734 61,300
Federal income, excise and other taxes 1,149 325 2,248 542
Deferred taxes 884 (1,476) 613 734
Total income tax provision (benefit) 2,033 (1,151) 2,861 1,276
Net investment income 31,984 31,165 63,873 60,024
Realized (loss) gain        
Income tax provision (759) 0 (6,988) 0
Total net realized (loss) gain on investments, net of tax (4,926) (10,289) 10,778 (9,578)
Net unrealized (depreciation) appreciation on investments        
Income tax (provision) benefit (1,058) 13 2,530 289
Total net unrealized (depreciation) appreciation on investments, net of tax (1,437) 1,808 (22,029) (13,727)
Net realized and unrealized (losses) gains on investments (6,363) (8,481) (11,251) (23,305)
Realized loss on disposal of fixed assets (2) 0 (2) 0
Net increase in net assets from operations $ 25,619 $ 22,684 $ 52,620 $ 36,719
Pre-tax net investment income per share - basic (in usd per share) $ 0.61 $ 0.64 $ 1.21 $ 1.32
Net investment income (in usd per share) 0.57 0.66 1.16 1.29
Net investment income per share – basic (in usd per share) 0.46 0.48 0.95 0.79
Net increase in net assets from operations - diluted (in usd per share) $ 0.44 $ 0.48 $ 0.92 $ 0.79
Weighted average common shares outstanding – basic (in shares) 55,544,095 47,242,863 54,536,084 46,458,435
Weighted average common shares outstanding – diluted (in shares) 64,830,413 47,242,863 63,809,345 46,458,435
Non-control/Non-affiliate investments        
Interest income:        
Interest income $ 40,746 $ 38,621 $ 81,984 $ 76,557
Payment-in-kind interest income:        
Payment-in-kind interest income 1,673 1,835 3,749 4,308
Dividend income:        
Dividend income 52 572 1,660 2,939
Fee income:        
Fee income 1,740 954 3,136 2,918
Realized (loss) gain        
Realized (loss) gain 3,485 (10,289) 21,331 (9,485)
Net unrealized (depreciation) appreciation on investments        
Net unrealized (depreciation) appreciation on investments (12,146) (1,866) (34,208) (14,226)
Affiliate investments        
Interest income:        
Interest income 6,831 4,727 12,087 9,486
Payment-in-kind interest income:        
Payment-in-kind interest income 912 563 1,865 1,141
Dividend income:        
Dividend income 2,690 0 4,735 51
Fee income:        
Fee income 770 584 959 918
Realized (loss) gain        
Realized (loss) gain (7,652) 0 (3,565) 167
Net unrealized (depreciation) appreciation on investments        
Net unrealized (depreciation) appreciation on investments 10,757 3,669 11,815 (552)
Control investments        
Interest income:        
Interest income 681 350 1,302 642
Payment-in-kind interest income:        
Payment-in-kind interest income 209 0 440 0
Dividend income:        
Dividend income 0 0 24 0
Fee income:        
Fee income 23 9 46 67
Realized (loss) gain        
Realized (loss) gain 0 0 0 (260)
Net unrealized (depreciation) appreciation on investments        
Net unrealized (depreciation) appreciation on investments $ 1,010 $ (8) $ (2,166) $ 762