Schedule of Investments in and Advances to Affiliates

12 Months Ended

Mar. 31, 2025

Investments in and Advances to Affiliates [Abstract]

Schedule of Investments in and Advances to Affiliates

SCHEDULE 12-14

Schedule of Investments in and Advances to Affiliates

(In thousands)

Portfolio Company	Type of Investment (1)	Industry	March 31, 2025 Principal Amount - Debt Investments		Amount of Interest or Dividends Credited in Income (2)		Fair Value at March 31, 2024		Gross Additions (3)		Gross Reductions (4)		Amount of Realized Gain/(Loss) (5)		Amount of Unrealized Gain/(Loss)		Fair Value at March 31, 2025
Control Investments
Brandner Design, LLC	Revolving Loan	Building & Infrastructure Products	$	100	$	11	$	—	$	88	$	—	$	—	$	(3)	$	85
	First Lien		8,750		1,287		—		8,636		—		—		(1,199)		7,437
	27,000 Class A Units		—		—		—		105		—		—		(105)		—
KMS, LLC	First Lien	Distribution	2,407		41		—		2,407		—		—		—		2,407
	Delayed Draw Term Loan		2,328		45		—		2,261		—		—		—		2,261
	19,395.96 Series A Preferred Units		—		—		—		6,305		—		—		—		6,305
National Credit Care, LLC	First lien - Term Loan A	Financial Services	11,875		210		—		11,790		—		—		(508)		11,282
	First lien - Term Loan B		11,875		227		—		9,414		—		—		86		9,500
	191,049.33 Class A-3 Preferred Units		—		—		—		539		—		—		1,468		2,007
	Warrants		—		—		—		92		—		—		—		92
Spectrum of Hope, LLC	First Lien - Superpriority Term Loan	Healthcare Services	2,284		49		—		2,284		—		—		—		2,284
	First Lien - Tranche A Term Loan		11,120		—		—		2,239		—		—		7,079		9,318
	First Lien - Tranche B Term Loan		11,120		—		—		11,120		—		—		(8,006)		3,114
	402,350 Common Units		—		—		—		—		—		—		—		—
Total Control Investments			$	61,859	$	1,870	$	—	$	57,280	$	—	$	—	$	(1,188)	$	56,092

Portfolio Company	Type of Investment (1)	Industry	March 31, 2025 Principal Amount - Debt Investments		Amount of Interest or Dividends Credited in Income (2)		Fair Value at March 31, 2024		Gross Additions (3)		Gross Reductions (4)		Amount of Realized Gain/(Loss) (5)		Amount of Unrealized Gain/(Loss)		Fair Value at March 31, 2025
Affiliate Investments
AAC New Holdco Inc.	First Lien	Healthcare Services	$	181	$	—	$	—	$	181	$	—	$	—	$	—	$	181
	First Lien - Term Loan A		2,933		1		—		2,933		—		—		—		2,933
	First Lien - Term Loan B		2,933		1		—		2,933		—		—		—		2,933
	6,257,941 shares of preferred stock		—		—		—		5,702		—		—		—		5,702
	617,803 shares of common stock		—		—		—		—		—		—		—		—
	Warrants		—		—		—		—		—		—		—		—
Air Conditioning Specialist, Inc.	Revolving Loan	Consumer Services	695		83		825		695		(825)		—		(10)		685
	First Lien		21,077		2,924		24,407		8,238		(11,590)		84		(378)		20,761
	Delayed Draw Term Loan		2,937		133		—		3,702		(765)		—		(44)		2,893
	1,006,045.85 Preferred Units		—		—		3,319		—		—		—		(378)		2,941
American Nuts Operations LLC	First Lien - Term Loan A	Food, Agriculture & Beverage	5,851		8		—		5,851		—		—		—		5,851
	First Lien - Term Loan B		5,851		8		—		5,851		—		—		(878)		4,973
	21,062.03 Class A Preferred Units		—		—		—		1,843		—		—		—		1,843
	28.16 Class C Common Units		—		—		—		—		—		—		—		—
ArborWorks, LLC	Revolving Loan	Environmental Services	886		220		1,569		211		(894)		—		—		886
	First Lien		3,515		388		3,123		392		—		—		(42)		3,473
	100 Class A Units		—		—		5		—		—		—		—		5
	13,898.32 Class A-1 Preferred Units		—		—		3,170		—		—		—		(138)		3,032
	13,898.32 Class B-1 Preferred Units		—		—		—		—		—		—		—		—
	1,666.67 Class A-1 Common Units		—		—		—		—		—		—		—		—

Portfolio Company	Type of Investment (1)	Industry	March 31, 2025 Principal Amount - Debt Investments	Amount of Interest or Dividends Credited in Income (2)	Fair Value at March 31, 2024	Gross Additions (3)	Gross Reductions (4)	Amount of Realized Gain/(Loss) (5)	Amount of Unrealized Gain/(Loss)	Fair Value at March 31, 2025
Catbird NYC, LLC	Revolving Loan	Specialty Retail	—	101	—	2,016	(2,000)	—	(16)	—
	First Lien		14,700	1,878	15,100	65	(400)	—	(65)	14,700
	1,000,000 Class A Units		—	26	1,781	—	—	—	24	1,805
	500,000 Class B Units		—	13	757	—	—	—	40	797
Central Medical Supply LLC	Revolving Loan	Healthcare Equipment & Supplies	1,450	171	700	752	—	—	(2)	1,450
	First Lien		18,540	1,628	7,540	11,007	—	—	(22)	18,525
	Delayed Draw Term Loan		101	26	101	6	—	—	(6)	101
	2,620,670 Preferred Units		—	—	1,360	—	—	—	1,803	3,163
Command Group Acquisition, LLC	First Lien	Healthcare Equipment & Supplies	6,000	802	5,882	18	—	—	(20)	5,880
	1,250,000 Preferred Units		—	—	1,250	—	—	—	(212)	1,038
Crafty Apes, LLC	First Lien	Movies & Entertainment	3,833	174	—	3,673	—	—	(20)	3,653
	Delayed Draw Term Loan		—	—	—	—	—	—	—	—
	1,519.07 Class A Common Units		—	—	—	4,730	—	—	307	5,037
Dynamic Communities, LLC	First Lien - Term Loan A	Business Services	4,766	511	4,249	520	—	—	(3)	4,766
	First Lien - Term Loan B		4,985	618	4,359	626	—	—	—	4,985
	250,000 Class A Preferred units		—	—	317	—	—	—	—	317
	5,435,211.03 Class B Preferred units		—	—	—	—	—	—	—	—
	255,984.22 Class C Preferred units		—	—	—	—	—	—	—	—
	2,500,000 Common units		—	—	—	—	—	—	—	—
GPT Industries, LLC	Revolving Loan	Industrial Products	—	27	—	11	—	—	(11)	—
	First lien		5,866	772	6,004	21	(138)	—	(21)	5,866
	1,000,000 Class A Preferred Units		—	—	2,064	—	—	—	683	2,747

Portfolio Company	Type of Investment (1)	Industry	March 31, 2025 Principal Amount - Debt Investments	Amount of Interest or Dividends Credited in Income (2)	Fair Value at March 31, 2024	Gross Additions (3)	Gross Reductions (4)	Amount of Realized Gain/(Loss) (5)	Amount of Unrealized Gain/(Loss)	Fair Value at March 31, 2025
GrammaTech, Inc.	Revolving Loan	Software & IT Services	—	—	—	(2)	—	—	2	—
	First Lien		563	135	1,000	2	(437)	—	(2)	563
	1,000 Class A units		—	—	—	—	—	—	336	336
	360.06 Class A-1 units		—	—	—	—	—	—	121	121
Gravitiq LLC	Revolving Loan	Consumer Products	—	7	—	(48)	—	—	48	—
	First Lien - Term Loan A		15,000	349	—	14,082	—	—	—	14,082
	First Lien - Term Loan B		15,000	409	—	14,082	—	—	—	14,082
	Warrants		—	—	—	1,597	—	—	—	1,597
ITA Holdings Group, LLC	Revolving Loan	Transportation & Logistics	3,525	573	2,468	1,767	(705)	—	(5)	3,525
	First Lien - Term Loan		13,356	2,342	13,038	776	—	—	(458)	13,356
	First Lien - Term Loan B		13,356	2,601	13,038	766	—	—	(448)	13,356
	Delayed Draw Term Loan - A		1,484	191	1,058	426	—	—	—	1,484
	Delayed Draw Term Loan - B		1,484	218	1,058	426	—	—	—	1,484
	Warrants		—	—	4,005	—	—	—	5,750	9,755
	Warrants		—	—	3,869	—	—	—	7,500	11,369
	9.25% Class A membership interest		—	383	2,374	—	—	—	6,402	8,776
iVueit, LLC	Revolving Loan	Business Services	—	1	—	(10)	—	—	10	—
	First lien		10,000	165	—	9,902	—	—	—	9,902
	Delayed Draw Term Loan		—	8	—	—	—	—	—	—
	2,000 Preferred Units		—	—	—	2,000	—	—	—	2,000

Portfolio Company	Type of Investment (1)	Industry	March 31, 2025 Principal Amount - Debt Investments	Amount of Interest or Dividends Credited in Income (2)	Fair Value at March 31, 2024	Gross Additions (3)	Gross Reductions (4)	Amount of Realized Gain/(Loss) (5)	Amount of Unrealized Gain/(Loss)	Fair Value at March 31, 2025
Lighting Retrofit International, LLC (DBA Envocore)	Revolving Loan	Environmental Services	729	63	714	469	(469)	—	(13)	701
	First Lien		5,039	386	4,984	—	(52)	—	(90)	4,842
	Second Lien		5,208	—	4,917	—	—	—	(4,917)	—
	208,333.3333 Series A Preferred units		—	—	—	—	—	—	—	—
	203,124.9999 Common units		—	—	—	—	—	—	—	—
Outerbox, LLC	Revolving Loan	Media & Marketing	—	2	—	1	—	18	(19)	—
	First Lien		—	350	14,522	8	(14,625)	149	(54)	—
	11,008.6744 Class A common units		—	—	581	—	(581)	—	—	—
Pool Service Partners, Inc.	Revolving Loan	Consumer Services	—	52	980	1,995	(3,000)	—	25	—
	First Lien		5,000	603	4,900	16	—	—	(151)	4,765
	Delayed Draw Term Loan		5,400	411	588	5,782	(1,000)	22	(246)	5,146
	10,667 Common units		—	—	1,384	150	—	—	(924)	610
Red Dog Operations Holding Company LLC	Revolving Loan	Consumer Services	—	5	—	(18)	—	—	18	—
	First Lien		7,500	315	—	7,429	—	—	(4)	7,425
	1,000 Class A Preferred Units		—	—	—	1,000	—	—	—	1,000
Roseland Management, LLC	Revolving Loan	Healthcare Services	—	7	—	(3)	—	—	3	—
	First Lien		14,598	1,826	14,906	18	(308)	—	(18)	14,598
	3,364 Class A-2 Units		—	—	762	—	—	—	40	802
	1,100 Class A-1 units		—	—	183	—	—	—	13	196
	16,084 Class A units		—	—	747	—	—	—	194	941
Sonobi, Inc.	500,000 Class A Common units	Media & Marketing	—	—	1,958	—	—	—	(1,958)	—

Portfolio Company	Type of Investment (1)	Industry	March 31, 2025 Principal Amount - Debt Investments		Amount of Interest or Dividends Credited in Income (2)		Fair Value at March 31, 2024		Gross Additions (3)		Gross Reductions (4)		Amount of Realized Gain/(Loss) (5)		Amount of Unrealized Gain/(Loss)		Fair Value at March 31, 2025
STATinMED, LLC	First Lien	Pharmaceuticals, Biotechnology & Life Sciences	7,560		—		4,914		—		—		—		(4,914)		—
	4,718.62 Class A Preferred Units		—		—		—		—		—		—		—		—
	39,097.96 Class B Preferred Units		—		—		—		—		—		—		—		—
Student Resource Center LLC	First Lien	Education	9,644		—		3,376		—		—		—		385		3,761
	355,555.56 Senior Preferred units		—		—		—		356		—		—		(356)		—
	10,502,487.46 Preferred units		—		—		—		—		—		—		—		—
	2,000,000 Preferred units		—		—		—		—		—		—		—		—
TalkNY Management Holdings, LLC	First Lien	Healthcare Services	7,500		735		—		7,401		—		—		(89)		7,312
	1,500,000 Class A-1 Preferred Units		—		—		—		1,500		—		—		(418)		1,082
Total Affiliate Investments			$	249,046	$	22,650	$	190,206	$	133,847	$	(37,789)	$	273	$	6,354	$	292,891
Total Control & Affiliate Investments			$	310,905	$	24,520	$	190,206	$	191,127	$	(37,789)	$	273	$	5,166	$	348,983

(1)The principal amount and ownership detail as shown in the Consolidated Schedules of Investments.

(2)Represents the total amount of interest or dividends credited to income for the portion of the year an investment was included in the Control or Affiliate categories, respectively.

(3)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments, accrued PIK interest, and accretion of OID. Gross additions also include movement of an existing portfolio company into this category and out of a different category.

(4)Gross reductions include decreases in the cost basis of investments resulting from principal repayments or sales and the exchange of one or more existing securities for one or more new securities. Gross reductions also include movement of an existing portfolio company out of this category and into a different category.

(5)The schedule does not reflect realized gains or losses on escrow receivables for investments which were previously exited and were not held during the period presented. Gains and losses on escrow receivables are classified in the Consolidated Statements of Operations according to the control classification at the time the investment was exited.