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INVESTMENTS
 9 Months Ended
Dec. 31, 2024
Schedule of Investments [Abstract]  
INVESTMENTS INVESTMENTS
The following table shows the composition of the investment portfolio, at fair value and cost (with corresponding percentage of total portfolio investments) as of December 31, 2024 and March 31, 2024:
Fair ValuePercentage of Total Portfolio
at Fair Value		Percentage of Net Assets
at Fair Value		CostPercentage of Total Portfolio
at Cost
(dollars in thousands)
December 31, 2024:
First lien loans1,2
$1,515,142 89.1 %182.4 %$1,572,938 91.8 %
Second lien loans2
26,160 1.5 3.2 28,073 1.6 
Subordinated debt3
1,222 0.1 0.1 1,414 0.1 
Preferred equity85,216 5.0 10.3 63,438 3.7 
Common equity & warrants73,546 4.3 8.9 47,419 2.8 
$1,701,286 100.0 %204.9 %$1,713,282 100.0 %
March 31, 2024:
First lien loans1,2
$1,309,449 88.7 %173.3 %$1,340,555 90.8 %
Second lien loans2
33,774 2.3 4.5 41,654 2.8 
Subordinated debt3
1,336 0.1 0.2 1,007 0.1 
Preferred equity71,127 4.8 9.4 56,708 3.8 
Common equity & warrants60,875 4.1 8.0 36,779 2.5 
$1,476,561 100.0 %195.4 %$1,476,703 100.0 %

1Included in first lien loans are loans structured as first lien last out loans. These loans may, in certain cases, be subordinated in payment priority to other senior secured lenders. As of December 31, 2024 and March 31, 2024, the fair value of the first lien last out loans are $23.3 million and $35.3 million, respectively.
2Included in first lien loans and second lien loans are loans structured as split lien term loans. These loans provide the Company with a first lien priority on certain assets of the obligor and a second lien priority on different assets of the obligor. As of December 31, 2024 and March 31, 2024, the fair value of the split lien term loans included in first lien loans was $61.4 million and $43.7 million, respectively. As of December 31, 2024 and March 31, 2024, the fair value of the split lien term loans included in second lien loans was $20.2 million and $20.7 million, respectively.
3Included in subordinated debt are unsecured convertible notes with a fair value of $0.2 million and $0.4 million as of December 31, 2024 and March 31, 2024, respectively.
The following tables show the composition of the investment portfolio by industry, at fair value and cost (with corresponding percentage of total portfolio investments) as of December 31, 2024 and March 31, 2024:
Fair ValuePercentage of Total Portfolio
at Fair Value		Percentage of Net Assets
at Fair Value		CostPercentage of Total Portfolio
at Cost
(dollars in thousands)
December 31, 2024:
Healthcare Services$216,390 12.7 %26.1 %$232,036 13.5 %
Media & Marketing129,861 7.6 15.6 118,916 6.9 
Food, Agriculture & Beverage124,065 7.3 14.9 139,083 8.1 
Consumer Services118,112 7.0 14.2 120,008 7.0 
Consumer Products 117,336 6.9 14.1 117,795 6.9 
Financial Services106,633 6.3 12.9 95,551 5.6 
Industrial Machinery85,782 5.1 10.3 85,503 5.0 
Transportation & Logistics85,719 5.0 10.3 62,765 3.7 
Business Services82,023 4.8 9.9 84,977 5.0 
Industrial Products73,973 4.3 8.9 64,473 3.8 
Healthcare Equipment & Supplies63,343 3.7 7.6 62,739 3.7 
Software & IT Services55,246 3.3 6.7 55,180 3.2 
Aerospace & Defense55,057 3.2 6.6 54,040 3.1 
Environmental Services54,747 3.2 6.6 55,401 3.2 
Specialty Retail37,366 2.2 4.5 35,956 2.1 
Research & Consulting Services35,876 2.1 4.3 35,276 2.1 
Education35,787 2.1 4.3 45,859 2.7 
Healthcare Products35,292 2.1 4.3 36,629 2.1 
Pharmaceuticals, Biotechnology & Life Sciences26,478 1.5 3.2 34,227 2.0 
Energy Services25,634 1.5 3.1 25,838 1.5 
Restaurants25,533 1.5 3.1 25,368 1.5 
Industrial Services19,656 1.2 2.4 19,624 1.1 
Telecommunications19,263 1.1 2.3 23,445 1.4 
Commercial Services & Supplies16,867 1.0 2.0 16,143 0.9 
Building & Infrastructure Products16,485 1.0 2.0 16,092 0.9 
Technology Products & Components11,679 0.7 1.4 13,075 0.8 
Distribution10,395 0.6 1.3 20,366 1.2 
Data Processing & Outsourced Services8,404 0.5 1.0 8,633 0.5 
Movies & Entertainment8,284 0.5 1.0 8,284 0.5 
$1,701,286 100.0 %204.9 %$1,713,282 100.0 %
Fair ValuePercentage of Total Portfolio
at Fair Value		Percentage of Net Assets
at Fair Value		CostPercentage of Total Portfolio
at Cost
(dollars in thousands)
March 31, 2024:
Healthcare Services$188,373 12.8 %24.9 %$190,674 12.9 %
Media & Marketing153,302 10.4 20.3 147,859 10.0 
Consumer Products 113,634 7.7 15.0 114,347 7.7 
Business Services86,098 5.8 11.4 87,196 5.8 
Consumer Services96,116 6.5 12.7 94,046 6.4 
Food, Agriculture & Beverage93,384 6.3 12.4 103,371 7.0 
Financial Services82,727 5.6 10.9 73,945 5.0 
Transportation & Logistics65,571 4.4 8.7 58,090 3.9 
Industrial Products61,324 4.2 8.1 50,276 3.4 
Software & IT Services59,409 4.0 7.9 57,702 3.9 
Environmental Services56,807 3.8 7.5 55,572 3.8 
Specialty Retail44,557 3.0 5.9 42,855 2.9 
Healthcare Equipment & Supplies41,377 2.8 5.5 40,928 2.8 
Healthcare Products31,942 2.2 4.2 32,978 2.2 
Pharmaceuticals, Biotechnology & Life Sciences29,308 2.0 3.9 34,304 2.3 
Energy Services27,488 1.9 3.6 27,131 1.8 
Aerospace & Defense26,715 1.8 3.5 25,995 1.8 
Restaurants25,556 1.7 3.4 25,553 1.7 
Telecommunications23,995 1.6 3.2 28,313 2.0 
Industrial Machinery23,356 1.6 3.1 23,174 1.6 
Industrial Services22,648 1.5 3.0 22,491 1.5 
Technology Products & Components18,969 1.3 2.5 13,277 0.9 
Research & Consulting Services18,838 1.3 2.5 18,658 1.3 
Distribution16,490 1.1 2.2 18,620 1.3 
Data Processing & Outsourced Services16,176 1.1 2.1 25,426 1.7 
Movies & Entertainment15,778 1.1 2.1 16,576 1.1 
Education14,627 1.0 1.9 25,481 1.7 
Specialty Chemicals14,269 1.0 1.9 14,222 1.0 
Building & Infrastructure Products7,727 0.5 1.0 7,643 0.5 
$1,476,561 100.0 %195.4 %$1,476,703 100.0 %
The following tables summarize the composition of the investment portfolio by geographic region of the United States, at fair value and cost (with corresponding percentage of total portfolio investments), as of December 31, 2024 and March 31, 2024:
Fair ValuePercentage of Total Portfolio
at Fair Value		Percentage of Net Assets
at Fair Value		CostPercentage of Total Portfolio
at Cost
(dollars in thousands)
December 31, 2024:
Northeast$448,665 26.4 %54.0 %$434,739 25.4 %
West360,362 21.2 43.4 358,255 20.9 
Southeast317,635 18.7 38.3 339,576 19.8 
Southwest311,483 18.3 37.5 306,613 17.9 
Midwest215,004 12.6 25.9 229,156 13.4 
International48,137 2.8 5.8 44,943 2.6 
$1,701,286 100.0 %204.9 %$1,713,282 100.0 %
March 31, 2024:
Northeast$381,897 25.9 %50.5 %$370,566 25.1 %
West325,666 22.1 43.1 322,616 21.8 
Southwest247,526 16.7 32.8 259,991 17.6 
Midwest241,828 16.4 32.0 243,971 16.5 
Southeast231,842 15.7 30.7 233,042 15.8 
International47,802 3.2 6.3 46,517 3.2 
$1,476,561 100.0 %195.4 %$1,476,703 100.0 %