INVESTMENTS (Tables)

3 Months Ended

Jun. 30, 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 June 30, 2025 and March 31, 2025:

	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)
June 30, 2025:
First lien loans (1)(2)	$	1,595,338	89.6	%	174.1	%	$	1,640,044	91.2	%
Second lien loans (2)	17,383		1.0		1.9		23,967		1.3
Subordinated debt (3)	1,264		0.1		0.1		1,462		0.1
Preferred equity	66,230		3.7		7.2		74,934		4.2
Common equity & warrants	96,526		5.4		10.5		54,574		3.0
Earnout	3,457		0.2		0.4		3,457		0.2
	$	1,780,198	100.0	%	194.2	%	$	1,798,438	100.0	%
March 31, 2025:
First lien loans (1)(2)	$	1,586,622	88.9	%	179.6	%	$	1,627,746	91.5	%
Second lien loans (2)	18,066		1.0		2.0		23,955		1.3
Subordinated debt (3)	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	%

(1)Included 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 June 30, 2025 and March 31, 2025, the fair value of the first lien last out loans was $23.5 million and $23.4 million, respectively.

(2)Included 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 June 30, 2025 and March 31, 2025, the fair value of the split lien term loans included in first lien loans was $59.7 million and $59.9 million, respectively. As of both June 30, 2025 and March 31, 2025, the fair value of the split lien term loans included in second lien loans was $15.9 million.

(3)Included in subordinated debt are unsecured convertible notes with a fair value of $0.3 million and $0.2 million as of June 30, 2025 and March 31, 2025, 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 June 30, 2025 and March 31, 2025:

	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)
June 30, 2025:
Healthcare Services	$	207,499	11.7	%	22.6	%	$	230,008	12.8	%
Consumer Products	156,589		8.8		17.1		154,796		8.6
Media & Marketing	147,986		8.3		16.1		146,885		8.2
Consumer Services	130,230		7.3		14.2		136,910		7.6
Food, Agriculture & Beverage	123,570		7.0		13.5		130,612		7.3
Financial Services	118,219		6.6		12.8		109,974		6.1
Transportation & Logistics	103,367		5.8		11.3		74,223		4.1
Business Services	89,181		5.0		9.7		92,089		5.1
Industrial Products	76,722		4.3		8.4		66,113		3.7
Industrial Machinery	75,764		4.3		8.3		75,603		4.2
Healthcare Equipment & Supplies	66,878		3.8		7.3		65,223		3.6
Commercial Services & Supplies	66,484		3.7		7.3		65,217		3.6
Environmental Services	54,216		3.1		5.9		57,197		3.2
Software & IT Services	52,498		2.9		5.7		53,413		3.0
Research & Consulting Services	46,255		2.6		5.0		45,424		2.5
Specialty Retail	38,549		2.2		4.2		36,913		2.1
Industrial Services	33,227		1.9		3.6		32,991		1.8
Healthcare Products	32,038		1.8		3.5		32,676		1.8
Education	28,549		1.6		3.1		40,454		2.3
Restaurants	25,593		1.4		2.8		25,291		1.4
Pharmaceuticals, Biotechnology & Life Sciences	24,549		1.4		2.7		34,171		1.9
Energy Services	22,513		1.3		2.5		22,367		1.2
Telecommunications	17,795		1.0		1.9		22,682		1.3
Distribution	11,571		0.6		1.3		12,033		0.7
Technology Products & Components	9,630		0.5		1.0		12,987		0.7
Movies & Entertainment	8,792		0.5		1.0		8,527		0.5
Building & Infrastructure Products	7,080		0.4		0.8		8,835		0.5
Aerospace & Defense	2,544		0.1		0.3		2,535		0.1
Data Processing & Outsourced Services	2,310		0.1		0.3		2,289		0.1
	$	1,780,198	100.0	%	194.2	%	$	1,798,438	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, 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	%

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 June 30, 2025 and March 31, 2025:

	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)
June 30, 2025:
Northeast	$	469,792	26.4	%	51.2	%	$	475,751	26.4	%
Southwest	362,580		20.4		39.6		353,754		19.7
West	338,640		19.0		36.9		331,234		18.4
Southeast	317,758		17.8		34.7		346,364		19.3
Midwest	244,068		13.7		26.6		249,346		13.9
International	47,360		2.7		5.2		41,989		2.3
	$	1,780,198	100.0	%	194.2	%	$	1,798,438	100.0	%
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	%