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v3.25.3

INVESTMENTS (Tables) | 6 Months Ended
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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 | %

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