INVESTMENTS (Tables)

12 Months Ended

Mar. 31, 2025

Schedule of Investments [Abstract]

Schedule of 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 March 31, 2025 and March 31, 2024:

	Fair Value		Percentage of Total Portfolio at Fair Value		Percentage of Net Assets at Fair Value		Cost		Percentage of Total Portfolio at Cost
	(dollars in thousands)
March 31, 2025:
First lien loans1,2	$	1,586,622	88.9	%	179.6	%	$	1,627,746	91.5	%
Second lien loans2	18,066		1.0		2.0		23,955		1.3
Subordinated debt3	1,218		0.1		0.1		1,417		0.1
Preferred equity	102,918		5.7		11.6		77,451		4.4
Common equity & warrants	76,475		4.3		8.7		48,791		2.7
	$	1,785,299	100.0	%	202.0	%	$	1,779,360	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 equity	71,127		4.8		9.4		56,708		3.8
Common equity & warrants	60,875		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 March 31, 2025 and March 31, 2024, the fair value of the first lien last out loans are $23.4 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 March 31, 2025 and March 31, 2024, the fair value of the split lien term loans included in first lien loans was $59.9 million and $43.7 million, respectively. As of March 31, 2025 and March 31, 2024, the fair value of the split lien term loans included in second lien loans was $15.9 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 March 31, 2025 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 March 31, 2025 and March 31, 2024:

	Fair Value		Percentage of Total Portfolio at Fair Value		Percentage of Net Assets at Fair Value		Cost		Percentage of Total Portfolio at Cost
	(dollars in thousands)
March 31, 2025:
Healthcare Services	$	212,640	11.9	%	24.1	%	$	228,935	12.9	%
Consumer Products	152,385		8.5		17.3		152,385		8.6
Media & Marketing	138,768		7.8		15.7		138,291		7.8
Food, Agriculture & Beverage	125,740		7.1		14.2		131,815		7.4
Financial Services	123,280		6.9		14.0		95,060		5.3
Consumer Services	117,117		6.6		13.3		123,084		6.9
Business Services	94,008		5.3		10.6		96,685		5.4
Transportation & Logistics	88,871		5.0		10.1		63,155		3.5
Industrial Machinery	76,874		4.3		8.7		75,647		4.3
Industrial Products	75,548		4.2		8.5		66,050		3.7
Healthcare Equipment & Supplies	66,144		3.7		7.5		65,057		3.7
Commercial Services & Supplies	58,340		3.3		6.6		57,633		3.2
Aerospace & Defense	55,051		3.1		6.2		54,097		3.0
Software & IT Services	52,422		2.9		5.9		52,553		3.0
Environmental Services	52,295		2.9		5.9		56,191		3.2
Specialty Retail	38,272		2.1		4.3		36,647		2.1
Research & Consulting Services	36,045		2.0		4.1		35,309		2.0
Healthcare Products	34,474		1.9		3.9		35,087		2.0
Education	29,495		1.7		3.3		41,443		2.3
Restaurants	25,656		1.4		2.9		25,329		1.4
Energy Services	25,022		1.4		2.8		25,362		1.4
Pharmaceuticals, Biotechnology & Life Sciences	24,877		1.4		2.8		34,199		1.9
Industrial Services	21,599		1.2		2.4		21,634		1.2
Telecommunications	19,920		1.1		2.3		23,504		1.3
Distribution	11,773		0.7		1.3		11,873		0.7
Technology Products & Components	10,378		0.6		1.2		13,031		0.7
Movies & Entertainment	8,690		0.5		1.0		8,403		0.5
Building & Infrastructure Products	7,522		0.4		0.9		8,830		0.5
Data Processing & Outsourced Services	2,093		0.1		0.2		2,071		0.1
	$	1,785,299	100.0	%	202.0	%	$	1,779,360	100.0	%

	Fair Value		Percentage of Total Portfolio at Fair Value		Percentage of Net Assets at Fair Value		Cost		Percentage of Total Portfolio at Cost
	(dollars in thousands)
March 31, 2024:
Healthcare Services	$	188,373	12.8	%	24.9	%	$	190,674	12.9	%
Media & Marketing	153,302		10.4		20.3		147,859		10.0
Consumer Products	113,634		7.7		15.0		114,347		7.7
Business Services	86,098		5.8		11.4		87,196		5.8
Consumer Services	96,116		6.5		12.7		94,046		6.4
Food, Agriculture & Beverage	93,384		6.3		12.4		103,371		7.0
Financial Services	82,727		5.6		10.9		73,945		5.0
Transportation & Logistics	65,571		4.4		8.7		58,090		3.9
Industrial Products	61,324		4.2		8.1		50,276		3.4
Software & IT Services	59,409		4.0		7.9		57,702		3.9
Environmental Services	56,807		3.8		7.5		55,572		3.8
Specialty Retail	44,557		3.0		5.9		42,855		2.9
Healthcare Equipment & Supplies	41,377		2.8		5.5		40,928		2.8
Healthcare Products	31,942		2.2		4.2		32,978		2.2
Pharmaceuticals, Biotechnology & Life Sciences	29,308		2.0		3.9		34,304		2.3
Energy Services	27,488		1.9		3.6		27,131		1.8
Aerospace & Defense	26,715		1.8		3.5		25,995		1.8
Restaurants	25,556		1.7		3.4		25,553		1.7
Telecommunications	23,995		1.6		3.2		28,313		2.0
Industrial Machinery	23,356		1.6		3.1		23,174		1.6
Industrial Services	22,648		1.5		3.0		22,491		1.5
Technology Products & Components	18,969		1.3		2.5		13,277		0.9
Research & Consulting Services	18,838		1.3		2.5		18,658		1.3
Distribution	16,490		1.1		2.2		18,620		1.3
Data Processing & Outsourced Services	16,176		1.1		2.1		25,426		1.7
Movies & Entertainment	15,778		1.1		2.1		16,576		1.1
Education	14,627		1.0		1.9		25,481		1.7
Specialty Chemicals	14,269		1.0		1.9		14,222		1.0
Building & Infrastructure Products	7,727		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 March 31, 2025 and March 31, 2024:

	Fair Value		Percentage of Total Portfolio at Fair Value		Percentage of Net Assets at Fair Value		Cost		Percentage of Total Portfolio at Cost
	(dollars in thousands)
March 31, 2025:
Northeast	$	469,271	26.3	%	53.1	%	$	474,642	26.7	%
West	388,772		21.8		44.0		359,986		20.2
Southwest	323,966		18.2		36.7		317,428		17.8
Southeast	315,033		17.6		35.6		338,866		19.1
Midwest	241,814		13.5		27.4		246,198		13.8
International	46,443		2.6		5.2		42,240		2.4
	$	1,785,299	100.0	%	202.0	%	$	1,779,360	100.0	%
March 31, 2024:
Northeast	$	381,897	25.9	%	50.5	%	$	370,566	25.1	%
West	325,666		22.1		43.1		322,616		21.8
Southwest	247,526		16.7		32.8		259,991		17.6
Midwest	241,828		16.4		32.0		243,971		16.5
Southeast	231,842		15.7		30.7		233,042		15.8
International	47,802		3.2		6.3		46,517		3.2
	$	1,476,561	100.0	%	195.4	%	$	1,476,703	100.0	%