INVESTMENTS (Tables)

6 Months Ended

Sep. 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 September 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)
September 30, 2025:
First lien loans (1)(2)	$	1,687,942	89.9	%	178.3	%	$	1,735,351	91.5	%
Second lien loans (2)	17,170		0.9		1.8		23,980		1.3
Subordinated debt (3)	1,139		0.1		0.1		1,337		0.1
Preferred equity	66,474		3.5		7.0		76,408		4.0
Common equity & warrants	101,440		5.4		10.7		55,993		2.9
Earnout	3,742		0.2		0.4		3,457		0.2
	$	1,877,907	100.0	%	198.3	%	$	1,896,526	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 September 30, 2025 and March 31, 2025, the fair value of the first lien last out loans was $23.6 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 September 30, 2025 and March 31, 2025, the fair value of the split lien term loans included in first lien loans was $59.3 million and $59.9 million, respectively. As of September 30, 2025 and March 31, 2025, the fair value of the split lien term loans included in second lien loans was $16.0 million and $15.9 million, respectively.

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

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 September 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)
September 30, 2025:
Healthcare Services	$	214,522	11.4	%	22.7	%	$	243,566	12.8	%
Media & Marketing	163,592		8.7		17.3		162,998		8.6
Consumer Products	162,538		8.7		17.2		161,437		8.5
Consumer Services	144,666		7.7		15.3		153,527		8.1
Food, Agriculture & Beverage	120,282		6.4		12.7		130,125		6.9
Financial Services	119,261		6.4		12.6		108,981		5.7
Transportation & Logistics	113,860		6.0		12.0		77,443		4.1
Commercial Services & Supplies	92,620		4.9		9.8		91,164		4.8
Business Services	90,005		4.8		9.5		94,492		5.0
Industrial Machinery	72,603		3.9		7.7		74,560		3.9
Healthcare Equipment & Supplies	65,790		3.5		6.9		63,900		3.4
Industrial Products	59,344		3.1		6.3		52,058		2.7
Environmental Services	57,598		3.1		6.1		59,712		3.1
Software & IT Services	52,620		2.8		5.6		53,539		2.8
Research & Consulting Services	46,138		2.5		4.9		45,480		2.4
Industrial Services	44,002		2.3		4.6		43,651		2.3
Specialty Retail	39,379		2.1		4.2		37,318		2.0
Pharmaceuticals, Biotechnology & Life Sciences	38,481		2.0		4.1		41,435		2.2
Healthcare Products	38,164		2.0		4.0		38,552		2.0
Education	29,750		1.6		3.1		41,465		2.3
Restaurants	25,530		1.4		2.7		25,253		1.3
Telecommunications	24,455		1.3		2.6		29,458		1.6
Energy Services	22,065		1.2		2.3		21,895		1.2
Distribution	13,660		0.7		1.4		11,729		0.6
Movies & Entertainment	9,087		0.5		0.9		8,656		0.5
Technology Products & Components	8,975		0.5		0.9		12,942		0.7
Building & Infrastructure Products	6,610		0.4		0.7		8,899		0.4
Data Processing & Outsourced Services	2,310		0.1		0.2		2,291		0.1
	$	1,877,907	100.0	%	198.3	%	$	1,896,526	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 September 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)
September 30, 2025:
Northeast	$	524,249	27.9	%	55.4	%	$	531,394	28.0	%
Southwest	393,467		21.0		41.5		373,910		19.7
West	350,194		18.6		37.0		340,802		18.0
Southeast	314,205		16.7		33.2		352,045		18.5
Midwest	266,289		14.2		28.1		270,754		14.3
International	29,503		1.6		3.1		27,621		1.5
	$	1,877,907	100.0	%	198.3	%	$	1,896,526	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	%