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Investments (Tables)
 12 Months Ended
Feb. 28, 2023
Investments [Abstract]  
Schedule of fair value measurements of investments, by major class
   Fair Value Measurements   Valued Using
Net Asset		     
   Level 1   Level 2   Level 3   Value*   Total 
First lien term loans  $
-
   $
-
   $798,534   $-   $798,534 
Second lien term loans   
-
    
-
    14,936    
-
    14,936 
Unsecured loans   
-
    
-
    20,661    
-
    20,661 
Structured finance securities   
-
    
-
    41,362    
-
    41,362 
Equity interests   
-
    
-
    83,990    13,107    97,097 
Total  $   -   $
             -
   $959,483   $13,107   $972,590 

 

*The Company’s equity investment in SLF JV is measured using the proportionate share of the NAV, or equivalent, as a practical expedient and thus has not been classified in the fair value hierarchy.

 

   Fair Value Measurements   Valued Using
Net Asset		     
   Level 1   Level 2   Level 3   Value*   Total 
First lien term loans  $
-
   $
-
   $631,572   $
-
   $631,572 
Second lien term loans   
-
    
-
    44,386    
-
    44,386 
Unsecured loans   
-
    
-
    15,931    
-
    15,931 
Structured finance securities   
-
    
-
    38,030    
-
    38,030 
Equity interests   
-
    
-
    75,632    12,016    87,648 
Total  $
    -
   $
   -
   $805,551   $12,016   $817,567 

 
Schedule of reconciliation of beginning and ending balances for investments
   First lien
term loans		   Second lien
term loans		   Unsecured
term loans		   Structured
finance
securities		   Equity
interests		   Total 
Balance as of February 28, 2022  $631,572   $44,386   $15,931   $38,030   $75,632   $805,551 
Payment-in-kind and other adjustments to cost   391    283    238    (3,329)   535    (1,882)
Net accretion of discount on investments   1,831    (14)   -    
-
    
-
    1,817 
Net change in unrealized appreciation (depreciation) on investments   (10,465)   (703)   (167)   (4,731)   4,215    (11,851)
Purchases   345,955    4,950    4,659    11,392    13,660    380,616 
Sales and repayments   (170,913)   (33,966)   
-
    -    (17,336)   (222,215)
Net realized gain (loss) from investments   163    
-
    
-
    
-
    7,284    7,447 
Balance as of February 28, 2023  $798,534   $14,936   $20,661   $41,362   $83,990   $959,483 
Net change in unrealized appreciation (depreciation) for the year relating to those Level 3 assets that were still held by the Company at the end of the year  $(10,575)  $(892)  $(167)  $(4,731)  $6,111   $(10,254)

 

   First lien
term loans		   Second lien
term loans		   Unsecured
term loans		   Structured
finance
securities		   Equity
interests		   Total 
Balance as of February 28, 2021  $440,456   $24,930   $2,141   $49,779   $37,007   $554,313 
Payment-in-kind and other adjustments to cost   (546)   111    718    (1,574)   943    (348)
Net accretion of discount on investments   2,008    35    
-
    
-
    
-
    2,043 
Net change in unrealized appreciation (depreciation) on investments   1,670    (515)   (54)   (1,676)   18,703    18,128 
Purchases   364,216    19,825    13,126    
-
    47,783    444,950 
Sales and repayments   (176,264)   
-
    
-
    (8,359)   (42,309)   (226,932)
Net realized gain (loss) from investments   32    
-
    
-
    (140)   13,505    13,397 
Balance as of February 28, 2022  $631,572   $44,386   $15,931   $38,030   $75,632   $805,551 
Net change in unrealized appreciation (depreciation) for the year relating to those Level 3 assets that were still held by the Company at the end of the year  $2,605   $(515)  $(54)  $(1,222)  $21,361   $22,175 

 
Schedule of valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets
   Fair Value  Valuation Technique  Unobservable Input  Range  Weighted
Average*		 
First lien term loans  $798,534  Market Comparables  Market Yield (%)  10.5% - 23.1%  12.8% 
          Revenue Multiples (x)  4.1x  4.1x 
          EBITDA Multiples (x)  8.0x  8.0x 
Second lien term loans   14,936  Market Comparables  Market Yield (%)  15.6% - 61.8%  45.8% 
Unsecured term loans   20,661  Market Comparables  Market Yield (%)  10.0% - 28.8%  12.6% 
       Market Comparables  Market Quote (%)  100.0%  100% 
       Collateral Value Coverage  Net Asset Value (%)  100.0%  100% 
Structured finance securities   41,362  Discounted Cash Flow  Discount Rate (%)  12.0% - 22.0%  17.6% 
          Recovery Rate (%)  35.0% - 70.0%  70.0% 
          Prepayment Rate (%)  20.0%  20.0% 
Equity interests   83,990  Enterprise Value Waterfall  EBITDA Multiples (x)  5.5x - 28.6x  11.0x 
          Revenue Multiples (x)  1.3x - 11.2x  6.4x 
Total  $959,483             

 

* The weighted average in the table above is calculated based on each investment’s fair value weighting, using the applicable unobservable input.

 

   Fair Value  Valuation Technique  Unobservable Input  Range  Weighted
Average*		 
First lien term loans  $631,572  Market Comparables  Market Yield (%)  6.0% - 11.3%  8.4% 
          Revenue Multiples (x)  3.5x  3.5x 
Second lien term loans   44,386  Market Comparables  Market Yield (%)  8.9% - 32.9%  15.6% 
          EBITDA Multiples (x)  7.5x  7.5x 
Unsecured term loans   15,931  Market Comparables  Market Yield (%)  22.3%  22.3% 
          Net Asset Value  100.0%  100.0% 
Structured finance securities   38,030  Discounted Cash Flow  Discount Rate (%)  10.0% - 15.0%  14,2% 
          Recovery Rate (%)  35.0% - 70.0%  70.0% 
          Prepayment Rate (%)  20.0%  20.0% 
Equity interests   75,632  Enterprise Value Waterfall  EBITDA Multiples (x)  4.0x - 28.6x  9.3x 
          Revenue Multiples (x)  1.0x - 11.7x  6.6x 
          Third-party bid  100.0%  100.0% 
Total  $805,551             

 

* The weighted average in the table above is calculated based on each investment’s fair value weighting, using the applicable unobservable input.

 
Schedule of investments at amortized cost and fair value
   Investments at Amortized Cost   Amortized Cost Percentage of Total Portfolio   Investments at Fair Value   Fair Value Percentage of Total Portfolio 
First lien term loans  $808,464    83.7%  $798,534    82.1%
Second lien term loans   21,114    2.2    14,936    1.5 
Unsecured loans   21,001    2.2    20,661    2.1 
Structured finance securities   49,711    5.1    41,362    4.3 
Equity interests   66,199    6.8    97,097    10.0 
Total  $966,489    100.0%  $972,590    100.0%

   Investments at Amortized Cost   Amortized Cost Percentage of Total Portfolio   Investments at Fair Value   Fair Value Percentage of Total Portfolio 
First lien term loans  $631,037    79.3%  $631,572    77.3%
Second lien term loans   49,862    6.3    44,386    5.4 
Unsecured loans   16,104    2.0    15,931    1.9 
Structured finance securities   41,648    5.2    38,030    4.7 
Equity interests   57,597    7.2    87,648    10.7 
Total  $796,248    100.0%  $817,567    100.0%