v3.25.4
INVESTMENTS (Tables)
 9 Months Ended
Dec. 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 December 31, 2025 and March 31, 2025:
Fair ValuePercentage of Total Portfolio
at Fair Value		Percentage of Net Assets
at Fair Value		CostPercentage of Total Portfolio
at Cost
(dollars in thousands)
December 31, 2025:
  First lien loans (1)(2)$1,812,469 90.0 %182.0 %$1,868,322 92.0 %
Second lien loans (2)16,850 0.8 1.7 23,993 1.2 
Subordinated debt (3)1,139 0.1 0.1 1,337 0.1 
Preferred equity69,048 3.4 6.9 77,030 3.7 
Common equity & warrants109,957 5.5 11.1 57,027 2.8 
Earnout3,742 0.2 0.4 3,457 0.2 
$2,013,205 100.0 %202.2 %$2,031,166 100.0 %
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 equity102,918 5.7 11.6 77,451 4.4 
Common equity & warrants76,475 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 December 31, 2025 and March 31, 2025, the fair value of the first lien last out loans was $23.8 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 December 31, 2025 and March 31, 2025, the fair value of the split lien term loans included in first lien loans was $58.8 million and $59.9 million, respectively. As of December 31, 2025 and March 31, 2025, the fair value of the split lien term loans included in second lien loans was $15.7 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 December 31, 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 December 31, 2025 and March 31, 2025:
Fair ValuePercentage of Total Portfolio
at Fair Value		Percentage of Net Assets
at Fair Value		CostPercentage of Total Portfolio
at Cost
(dollars in thousands)
December 31, 2025:
Healthcare Services$254,782 12.7 %25.6 %$283,630 14.0 %
Consumer Products 191,988 9.5 19.3 189,105 9.3 
Media & Marketing188,986 9.4 19.0 188,001 9.3 
Consumer Services180,100 8.9 18.1 190,087 9.4 
Transportation & Logistics122,634 6.1 12.3 86,480 4.3 
Food, Agriculture & Beverage120,559 6.0 12.1 131,443 6.5 
Business Services94,580 4.7 9.5 99,284 4.9 
Financial Services81,841 4.1 8.2 71,620 3.5 
Healthcare Equipment & Supplies71,118 3.5 7.1 64,894 3.2 
Industrial Machinery69,855 3.5 7.0 74,519 3.7 
Research & Consulting Services62,841 3.1 6.3 62,281 3.1 
Environmental Services55,907 2.8 5.6 60,399 3.0 
Commercial Services & Supplies55,533 2.8 5.6 54,502 2.7 
Industrial Products55,042 2.7 5.5 43,947 2.2 
Software & IT Services52,962 2.6 5.3 53,347 2.6 
Pharmaceuticals, Biotechnology & Life Sciences50,836 2.5 5.1 53,584 2.6 
Industrial Services48,178 2.4 4.8 46,924 2.3 
Specialty Retail39,744 2.0 4.0 37,496 1.8 
Telecommunications39,403 2.0 4.0 44,378 2.2 
Healthcare Products36,709 1.8 3.7 37,131 1.8 
Restaurants35,318 1.8 3.6 35,052 1.7 
Education30,244 1.5 3.0 42,227 2.1 
Energy Services22,505 1.1 2.3 22,189 1.1 
Movies & Entertainment21,998 1.1 2.2 25,288 1.2 
Distribution13,632 0.7 1.4 10,753 0.5 
Technology Products & Components8,666 0.4 0.9 12,899 0.6 
Building & Infrastructure Products7,244 0.3 0.7 9,706 0.4 
$2,013,205 100.0 %202.2 %$2,031,166 100.0 %
Fair ValuePercentage of Total Portfolio
at Fair Value		Percentage of Net Assets
at Fair Value		CostPercentage 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 & Marketing138,768 7.8 15.7 138,291 7.8 
Food, Agriculture & Beverage125,740 7.1 14.2 131,815 7.4 
Financial Services123,280 6.9 14.0 95,060 5.3 
Consumer Services117,117 6.6 13.3 123,084 6.9 
Business Services94,008 5.3 10.6 96,685 5.4 
Transportation & Logistics88,871 5.0 10.1 63,155 3.5 
Industrial Machinery76,874 4.3 8.7 75,647 4.3 
Industrial Products75,548 4.2 8.5 66,050 3.7 
Healthcare Equipment & Supplies66,144 3.7 7.5 65,057 3.7 
Commercial Services & Supplies58,340 3.3 6.6 57,633 3.2 
Aerospace & Defense55,051 3.1 6.2 54,097 3.0 
Software & IT Services52,422 2.9 5.9 52,553 3.0 
Environmental Services52,295 2.9 5.9 56,191 3.2 
Specialty Retail38,272 2.1 4.3 36,647 2.1 
Research & Consulting Services36,045 2.0 4.1 35,309 2.0 
Healthcare Products34,474 1.9 3.9 35,087 2.0 
Education29,495 1.7 3.3 41,443 2.3 
Restaurants25,656 1.4 2.9 25,329 1.4 
Energy Services25,022 1.4 2.8 25,362 1.4 
Pharmaceuticals, Biotechnology & Life Sciences24,877 1.4 2.8 34,199 1.9 
Industrial Services21,599 1.2 2.4 21,634 1.2 
Telecommunications19,920 1.1 2.3 23,504 1.3 
Distribution11,773 0.7 1.3 11,873 0.7 
Technology Products & Components10,378 0.6 1.2 13,031 0.7 
Movies & Entertainment8,690 0.5 1.0 8,403 0.5 
Building & Infrastructure Products7,522 0.4 0.9 8,830 0.5 
Data Processing & Outsourced Services2,093 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 December 31, 2025 and March 31, 2025:
Fair ValuePercentage of Total Portfolio
at Fair Value		Percentage of Net Assets
at Fair Value		CostPercentage of Total Portfolio
at Cost
(dollars in thousands)
December 31, 2025:
Northeast$557,141 27.7 %56.0 %$559,729 27.6 %
Southwest415,680 20.6 41.8 396,430 19.5 
Southeast394,013 19.6 39.6 433,060 21.3 
West349,268 17.3 35.0 341,668 16.8 
Midwest265,158 13.2 26.6 270,236 13.3 
International31,945 1.6 3.2 30,043 1.5 
$2,013,205 100.0 %202.2 %$2,031,166 100.0 %
March 31, 2025:
Northeast$469,271 26.3 %53.1 %$474,642 26.7 %
West388,772 21.8 44.0 359,986 20.2 
Southwest323,966 18.2 36.7 317,428 17.8 
Southeast315,033 17.6 35.6 338,866 19.1 
Midwest241,814 13.5 27.4 246,198 13.8 
International46,443 2.6 5.2 42,240 2.4 
$1,785,299 100.0 %202.0 %$1,779,360 100.0 %