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INVESTMENTS (Tables) | 3 Months Ended
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Jun. 30, 2024
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, 2024 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)
June 30, 2024: |  |  |  |  |  |  |  |  |
First lien loans 1,2 | $ | 1,305,906 |  |  | 88.9 | % |  | 168.0 | % |  | $ | 1,344,782 |  |  | 90.6 | %
Second lien loans 2 | 28,093 |  |  | 1.9 |  |  | 3.6 |  |  | 38,746 |  |  | 2.6 |
Subordinated debt 3 | 1,280 |  |  | 0.1 |  |  | 0.2 |  |  | 1,484 |  |  | 0.1 |
Preferred equity | 72,886 |  |  | 5.0 |  |  | 9.4 |  |  | 58,511 |  |  | 4.0 |
Common equity & warrants | 59,961 |  |  | 4.1 |  |  | 7.7 |  |  | 40,555 |  |  | 2.7 |
| $ | 1,468,126 |  |  | 100.0 | % |  | 188.9 | % |  | $ | 1,484,078 |  |  | 100.0 | %
March 31, 2024: |  |  |  |  |  |  |  |  |
First lien loans 1,2 | $ | 1,309,449 |  |  | 88.7 | % |  | 173.3 | % |  | $ | 1,340,555 |  |  | 90.8 | %
Second lien loans 2 | 33,774 |  |  | 2.3 |  |  | 4.5 |  |  | 41,654 |  |  | 2.8 |
Subordinated debt 3 | 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 | %
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, 2024 and March 31, 2024, the fair value of the first lien last out loans are $35.2 million and $35.3 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, 2024 and March 31, 2024, the fair value of the split lien term loans included in first lien loans is $42.8 million and $43.7 million, respectively. As of June 30, 2024 and March 31, 2024, the fair value of the split lien term loans included in second lien loans is $20.6 million and $20.7 million, respectively. 3 Included in subordinated debt are unsecured convertible notes with a fair value of $0.3 million and $0.4 million as of June 30, 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 June 30, 2024 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)
June 30, 2024: |  |  |  |  |  |  |  |  |
Healthcare Services | $ | 183,687 |  |  | 12.5 | % |  | 23.5 | % |  | $ | 194,518 |  |  | 13.1 | %
Media & Marketing | 132,607 |  |  | 9.0 |  |  | 17.1 |  |  | 127,485 |  |  | 8.6 |
Food, Agriculture & Beverage | 130,770 |  |  | 8.9 |  |  | 16.8 |  |  | 139,833 |  |  | 9.4 |
Consumer Products | 117,704 |  |  | 8.0 |  |  | 15.1 |  |  | 117,676 |  |  | 7.9 |
Business Services | 100,274 |  |  | 6.8 |  |  | 12.9 |  |  | 101,014 |  |  | 6.8 |
Consumer Services | 96,423 |  |  | 6.6 |  |  | 12.4 |  |  | 96,475 |  |  | 6.5 |
Financial Services | 81,253 |  |  | 5.5 |  |  | 10.6 |  |  | 71,450 |  |  | 4.8 |
Transportation & Logistics | 67,819 |  |  | 4.6 |  |  | 8.7 |  |  | 59,577 |  |  | 4.0 |
Software & IT Services | 62,063 |  |  | 4.2 |  |  | 8.0 |  |  | 60,311 |  |  | 4.1 |
Environmental Services | 56,446 |  |  | 3.8 |  |  | 7.3 |  |  | 55,698 |  |  | 3.7 |
Industrial Products | 43,406 |  |  | 3.0 |  |  | 5.6 |  |  | 33,049 |  |  | 2.2 |
Healthcare Equipment & Supplies | 41,477 |  |  | 2.8 |  |  | 5.3 |  |  | 41,413 |  |  | 2.8 |
Industrial Machinery | 39,452 |  |  | 2.7 |  |  | 5.1 |  |  | 39,446 |  |  | 2.6 |
Specialty Retail | 38,710 |  |  | 2.6 |  |  | 5.0 |  |  | 37,023 |  |  | 2.5 |
Healthcare Products | 31,891 |  |  | 2.2 |  |  | 4.1 |  |  | 32,560 |  |  | 2.2 |
Energy Services | 27,927 |  |  | 1.9 |  |  | 3.6 |  |  | 27,573 |  |  | 1.9 |
Aerospace & Defense | 26,685 |  |  | 1.8 |  |  | 3.4 |  |  | 26,001 |  |  | 1.8 |
Pharmaceuticals, Biotechnology & Life Sciences | 26,330 |  |  | 1.8 |  |  | 3.4 |  |  | 34,284 |  |  | 2.3 |
Restaurants | 25,435 |  |  | 1.7 |  |  | 3.3 |  |  | 25,512 |  |  | 1.7 |
Telecommunications | 19,193 |  |  | 1.3 |  |  | 2.5 |  |  | 23,328 |  |  | 1.6 |
Technology Products & Components | 17,259 |  |  | 1.2 |  |  | 2.2 |  |  | 13,236 |  |  | 0.9 |
Building & Infrastructure Products | 16,986 |  |  | 1.2 |  |  | 2.2 |  |  | 16,210 |  |  | 1.1 |
Distribution | 15,698 |  |  | 1.1 |  |  | 2.0 |  |  | 18,537 |  |  | 1.2 |
Movies & Entertainment | 15,622 |  |  | 1.1 |  |  | 2.0 |  |  | 17,300 |  |  | 1.2 |
Specialty Chemicals | 14,413 |  |  | 1.0 |  |  | 1.9 |  |  | 14,238 |  |  | 1.0 |
Data Processing & Outsourced Services | 14,261 |  |  | 1.0 |  |  | 1.8 |  |  | 25,340 |  |  | 1.7 |
Education | 13,992 |  |  | 1.0 |  |  | 1.8 |  |  | 24,862 |  |  | 1.7 |
Industrial Services | 10,343 |  |  | 0.7 |  |  | 1.3 |  |  | 10,129 |  |  | 0.7 |
| $ | 1,468,126 |  |  | 100.0 | % |  | 188.9 | % |  | $ | 1,484,078 |  |  | 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 | 104,936 |  |  | 7.1 |  |  | 13.9 |  |  | 105,854 |  |  | 7.1 |
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 |
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 June 30, 2024 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)
June 30, 2024: |  |  |  |  |  |  |  |  |
Northeast | $ | 349,599 |  |  | 23.8 | % |  | 45.0 | % |  | $ | 338,264 |  |  | 22.8 | %
West | 347,834 |  |  | 23.7 |  |  | 44.8 |  |  | 346,413 |  |  | 23.3 |
Southeast | 245,915 |  |  | 16.8 |  |  | 31.6 |  |  | 257,364 |  |  | 17.3 |
Midwest | 244,393 |  |  | 16.6 |  |  | 31.4 |  |  | 247,336 |  |  | 16.7 |
Southwest | 230,627 |  |  | 15.7 |  |  | 29.7 |  |  | 247,176 |  |  | 16.7 |
International | 49,758 |  |  | 3.4 |  |  | 6.4 |  |  | 47,525 |  |  | 3.2 |
| $ | 1,468,126 |  |  | 100.0 | % |  | 188.9 | % |  | $ | 1,484,078 |  |  | 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 | %

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