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INVESTMENTS | 9 Months Ended
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Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
INVESTMENTS | INVESTMENTS Fair Value In accordance with ASC 820, we determine the fair value of our investments to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between willing market participants on the measurement date. This fair value definition focuses on exit price in the principal, or most advantageous, market and prioritizes, within a measurement of fair value, the use of market-based inputs over entity-specific inputs. ASC 820 also establishes the following three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of a financial instrument as of the measurement date. •Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical financial instruments in active markets; •Level 2 — inputs to the valuation methodology include quoted prices for similar financial instruments in active or inactive markets, and inputs that are observable for the financial instrument, either directly or indirectly, for substantially the full term of the financial instrument. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists, or instances where prices vary substantially over time or among brokered market makers; and •Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value measurement. Unobservable inputs are those inputs that reflect assumptions that market participants would use when pricing the financial instrument and can include the Valuation Team’s assumptions based upon the best available information. When a determination is made to classify our investments within Level 3 of the valuation hierarchy, such determination is based upon the significance of the unobservable factors to the overall fair value measurement. However, Level 3 financial instruments typically include, in addition to the unobservable, or Level 3, inputs, observable inputs (or components that are actively quoted and can be validated to external sources). The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. As of December 31, 2022 and March 31, 2022, all of our investments were valued using Level 3 inputs within the ASC 820 fair value hierarchy, except for our investment in Funko Acquisition Holdings, LLC (“Funko”), which was valued using Level 2 inputs. We transfer investments in and out of Level 1, 2 and 3 of the valuation hierarchy as of the beginning balance sheet date, based on changes in the use of observable and unobservable inputs utilized to perform the valuation for the period. There were no transfers in or out of Level 1, 2 and 3 during the nine months ended December 31, 2022 and 2021, respectively. As of December 31, 2022 and March 31, 2022, our investments, by security type, at fair value were categorized as follows within the ASC 820 fair value hierarchy:
|  |  | Fair Value Measurements
| Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
As of December 31, 2022: |  |  |  |  |  |  |
Secured first lien debt | $ | 447,491 |  |  | $ | — |  |  | $ | — |  |  | $ | 447,491 |
Secured second lien debt | 76,169 |  |  | — |  |  | — |  |  | 76,169 |
Preferred equity | 221,774 |  |  | — |  |  | — |  |  | 221,774 |
Common equity/equivalents | 15,029 |  |  | — |  |  | 31 |  | (A) | 14,998 |
Total Investments as of December 31, 2022 | $ | 760,463 |  |  | $ | — |  |  | $ | 31 |  |  | $ | 760,432 |
|  |  | Fair Value Measurements
| Fair Value |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
As of March 31, 2022: |  |  |  |  |  |  |
Secured first lien debt | $ | 425,087 |  |  | $ | — |  |  | $ | — |  |  | $ | 425,087 |
Secured second lien debt | 67,958 |  |  | — |  |  | — |  |  | 67,958 |
Preferred equity | 217,599 |  |  | — |  |  | — |  |  | 217,599 |
Common equity/equivalents | 3,752 |  |  | — |  |  | 74 |  | (A) | 3,678 |
Total Investments as of March 31, 2022 | $ | 714,396 |  |  | $ | — |  |  | $ | 74 |  |  | $ | 714,322 |
(A)Fair value was determined based on the closing market price of shares of Funko, Inc. (our units in Funko can be converted into common shares of Funko, Inc.) at the reporting date less a discount for lack of marketability, as our investment was subject to certain restrictions. The following table presents our investments, valued using Level 3 inputs within the ASC 820 fair value hierarchy, and carried at fair value as of December 31, 2022 and March 31, 2022, by caption on our accompanying Consolidated Statements of Assets and Liabilities, and by security type:
| Total Recurring Fair Value Measurements Reported in Consolidated Statements of Assets and Liabilities Valued Using Level 3 Inputs
| December 31, 2022 |  | March 31, 2022
Non-Control/Non-Affiliate Investments |  |  |
Secured first lien debt | $ | 283,344 |  |  | $ | 233,673 |
Secured second lien debt | 49,551 |  |  | 66,917 |
Preferred equity | 166,168 |  |  | 139,927 |
Common equity/equivalents(A) | 2,249 |  |  | 1,533 |
Total Non-Control/Non-Affiliate Investments | 501,312 |  |  | 442,050 |
Affiliate Investments |  |  |
Secured first lien debt | 164,147 |  |  | 191,414 |
Secured second lien debt | 26,618 |  |  | 1,041 |
Preferred equity | 55,606 |  |  | 77,672 |
Common equity/equivalents | 12,036 |  |  | 1,432 |
Total Affiliate Investments | 258,407 |  |  | 271,559 |
Control Investments |  |  |
Secured first lien debt | — |  |  | — |
Secured second lien debt | — |  |  | — |
Preferred equity | — |  |  | — |
Common equity/equivalents | 713 |  |  | 713 |
Total Control Investments | 713 |  |  | 713 |
Total investments at fair value using Level 3 inputs | $ | 760,432 |  |  | $ | 714,322 |
(A)Excludes our investment in Funko with a fair value of $31 thousand and $74 thousand as of December 31, 2022 and March 31, 2022, respectively, which was valued using Level 2 inputs. In accordance with ASC 820, the following table provides quantitative information about our investments valued using Level 3 fair value measurements as of December 31, 2022 and March 31, 2022. The table below is not intended to be all-inclusive, but rather provides information on the significant Level 3 inputs as they relate to our fair value measurements. The weighted-average calculations in the table below are based on the principal balances for all debt-related calculations and on the cost basis for all equity-related calculations for the particular input.
| Quantitative Information about Level 3 Fair Value Measurements
| Fair Value as of |  | Valuation Technique/ Methodology |  | Unobservable Input |  | Range / Weighted-Average as of
| December 31, 2022 |  | March 31, 2022 |  |  |  | December 31, 2022 |  | March 31, 2022
Secured first lien debt | $ | 442,028 |  |  | $ | 411,023 |  |  | TEV |  | EBITDA multiple |  | 3.1x – 7.9x / 6.2x |  | 3.4x – 9.3x / 7.0x
|  |  |  |  |  |  | EBITDA |  | $3,973–$18,548 / $10,962 |  | $3,990 - $13,707/$8,221
|  |  |  |  |  |  | Revenue multiple |  | 0.3x – 0.6x / 0.3x |  | 0.7x – 0.7x / 0.7x
|  |  |  |  |  |  | Revenue |  | $12,461 – $107,907 / $88,029 |  | $14,072 – $14,072/$14,072
| 5,463 |  |  | 14,064 |  |  | Yield Analysis |  | Discount Rate |  | 15.1% – 18.9% / 17.2% |  | 11.3% – 15.2% / 14.6%
Secured second lien debt | 63,153 |  |  | 39,637 |  |  | TEV |  | EBITDA multiple |  | 5.6x – 7.8x / 6.7x |  | 5.6x – 6.8x / 6.0x
|  |  |  |  |  |  | EBITDA |  | $3,221 – $6,669 / $5,113 |  | $3,953 – $5,488 / $4,959
|  |  |  |  |  |  | Revenue multiple |  | 0.5x –0.5x / 0.5x |  | 0.7x – 0.7x /0.7x
|  |  |  |  |  |  | Revenue |  | $12,461 – $12,461 / $12,461 |  | $14,072 – $14,072 / $14,072
| 13,016 |  |  | 28,321 |  |  | Yield Analysis |  | Discount Rate |  | 13.3% – 13.3% / 13.3% |  | 10.0% – 12.2% / 11.6%
Preferred equity | 221,774 |  |  | 217,599 |  |  | TEV |  | EBITDA multiple |  | 3.1x – 7.9x / 5.9x |  | 3.4x – 9.3x / 6.8x
|  |  |  |  |  |  | EBITDA |  | $3,973 – $18,548 / $9,640 |  | $1,210 – $13,707 / $6,926
|  |  |  |  |  |  | Revenue multiple |  | 0.3x – 0.6x / 0.4x |  | 0.7x – 0.7x / 0.7x
|  |  |  |  |  |  | Revenue |  | $12,461 – $107,907 / $53,486 |  | $14,072 – $14,072 / $14,072
Common equity/ equivalents(A) | 14,998 |  |  | 3,678 |  |  | TEV |  | EBITDA multiple |  | 4.3x – 7.8x / 7.2x |  | 4.8x – 8.4x / 5.8x
|  |  |  |  |  |  | EBITDA |  | $969 – $27,118 / $5,302 |  | $829 – $13,707 / $5,709
|  |  |  |  |  |  | Revenue multiple |  | 0.5x – 0.5x / 0.5x |  | 0.7x – 0.7x / 0.7x
|  |  |  |  |  |  | Revenue |  | $12,461 – $12,461 / $12,461 |  | $14,072 – $14,072 / $14,072
Total | $ | 760,432 |  |  | $ | 714,322 |  |  |  |  |  |  |  |  |
(A)Fair value as of both December 31, 2022 and March 31, 2022 excludes our investment in Funko with a fair value of $31 thousand and $74 thousand, respectively, which was valued using Level 2 inputs. Fair value measurements can be sensitive to changes in one or more of the valuation inputs. Changes in discount rates, EBITDA or EBITDA multiples (or revenue or revenue multiples), each in isolation, may change the fair value of certain of our investments. Generally, an increase/(decrease) in discount rates or a (decrease)/increase in EBITDA or EBITDA multiples (or revenue or revenue multiples) may result in a (decrease)/increase in the fair value of certain of our investments. Changes in Level 3 Fair Value Measurements of Investments The following tables provide our portfolio’s changes in fair value, broken out by security type, during the three and nine months ended December 31, 2022 and 2021 for all investments for which the Adviser determines fair value using unobservable (Level 3) inputs. Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
| Secured First Lien Debt |  | Secured Second Lien Debt |  | Preferred Equity |  | Common Equity/ Equivalents |  | Total
Three Months ended December 31, 2022: |  |  |  |  |  |  |  |  |
Fair value as of September 30, 2022 | $ | 420,907 |  |  | $ | 76,751 |  |  | $ | 229,430 |  |  | $ | 10,789 |  |  | $ | 737,877 |
Total gain (loss): |  |  |  |  |  |  |  |  |
Net realized gain (loss)(A) | — |  |  | (10,000) |  |  | 13,372 |  |  | — |  |  | 3,372 |
Net unrealized appreciation (depreciation)(B) | (2,516) |  |  | (266) |  |  | (7,656) |  |  | 3,829 |  |  | (6,609) |
Reversal of previously recorded (appreciation) depreciation upon realization(B) | — |  |  | 10,001 |  |  | — |  |  | — |  |  | 10,001 |
New investments, repayments and settlements(C): |  |  |  |  |  |  |  |  |
Issuances / originations | 29,900 |  |  | 1,183 |  |  | — |  |  | 380 |  |  | 31,463 |
Settlements / repayments | (800) |  |  | (1,500) |  |  | — |  |  | — |  |  | (2,300) |
Sales(D) | — |  |  | — |  |  | (13,372) |  |  | — |  |  | (13,372) |
Transfers(E) | — |  |  | — |  |  | — |  |  | — |  |  | — |
Fair value as of December 31, 2022 | $ | 447,491 |  |  | $ | 76,169 |  |  | $ | 221,774 |  |  | $ | 14,998 |  |  | $ | 760,432 |
| Secured First Lien Debt |  | Secured Second Lien Debt |  | Preferred Equity |  | Common Equity/ Equivalents |  | Total
Nine Months Ended December 31, 2022 |  |  |  |  |  |  |  |  |
Fair value as of March 31, 2022 | $ | 425,087 |  |  | $ | 67,958 |  |  | $ | 217,599 |  |  | $ | 3,678 |  |  | $ | 714,322 |
Total gain (loss): |  |  |  |  |  |  |  |  |
Net realized gain (loss)(A) | — |  |  | (10,000) |  |  | 20,318 |  |  | — |  |  | 10,318 |
Net unrealized appreciation (depreciation)(B) | (21,328) |  |  | (4,800) |  |  | 10,405 |  |  | 10,940 |  |  | (4,783) |
Reversal of previously recorded (appreciation) depreciation upon realization(B) | — |  |  | 10,001 |  |  | (12,250) |  |  | — |  |  | (2,249) |
New investments, repayments and settlements(C): |  |  |  |  |  |  |  |  |
Issuances / originations | 106,950 |  |  | 5,188 |  |  | 21,000 |  |  | 380 |  |  | 133,518 |
Settlements / repayments | (48,800) |  |  | (6,596) |  |  | — |  |  | — |  |  | (55,396) |
Sales(D) | — |  |  | — |  |  | (35,298) |  |  | — |  |  | (35,298) |
Transfers(E) | (14,418) |  |  | 14,418 |  |  | — |  |  | — |  |  | — |
Fair value as of December 31, 2022 | $ | 447,491 |  |  | $ | 76,169 |  |  | $ | 221,774 |  |  | $ | 14,998 |  |  | $ | 760,432 |
| Secured First Lien Debt |  | Secured Second Lien Debt |  | Preferred Equity |  | Common Equity/ Equivalents |  | Total
Three Months ended December 31, 2021: |  |  |  |  |  |  |  |  |
Fair value as of September 30, 2021 | $ | 431,413 |  |  | $ | 68,489 |  |  | $ | 228,931 |  |  | $ | 7,592 |  |  | $ | 736,425 |
Total gain (loss): |  |  |  |  |  |  |  |  |
Net realized gain (loss)(A) | — |  |  | — |  |  | 21,939 |  |  | — |  |  | 21,939 |
Net unrealized appreciation (depreciation)(B) | (1,741) |  |  | (200) |  |  | 12,427 |  |  | (5,166) |  |  | 5,320 |
Reversal of previously recorded (appreciation) depreciation upon realization(B) | — |  |  | — |  |  | (25,425) |  |  | — |  |  | (25,425) |
New investments, repayments and settlements(C): |  |  |  |  |  |  |  |  |
Issuances / originations | 37,000 |  |  | 5 |  |  | — |  |  | — |  |  | 37,005 |
Settlements / repayments | (32,838) |  |  | — |  |  | — |  |  | — |  |  | (32,838) |
Sales | — |  |  | — |  |  | (41,768) |  |  | — |  |  | (41,768) |
Transfers(E) | — |  |  | — |  |  | — |  |  | — |  |  | — |
Fair value as of December 31, 2021 | $ | 433,834 |  |  | $ | 68,294 |  |  | $ | 196,104 |  |  | $ | 2,426 |  |  | $ | 700,658 |
| Secured First Lien Debt |  | Secured Second Lien Debt |  | Preferred Equity |  | Common Equity/ Equivalents |  | Total
Nine Months Ended December 31, 2021: |  |  |  |  |  |  |  |  |
Fair value as of March 31, 2021 | $ | 368,688 |  |  | $ | 102,897 |  |  | $ | 159,478 |  |  | $ | 2,671 |  |  | $ | 633,734 |
Total gain (loss): |  |  |  |  |  |  |  |  |
Net realized gain (loss)(A) | — |  |  | — |  |  | 23,725 |  |  | — |  |  | 23,725 |
Net unrealized appreciation (depreciation)(B) | 1,491 |  |  | 3,925 |  |  | 91,782 |  |  | (16,279) |  |  | 80,919 |
Reversal of previously recorded (appreciation) depreciation upon realization(B) | 60 |  |  | — |  |  | (26,053) |  |  | — |  |  | (25,993) |
New investments, repayments and settlements(C): |  |  |  |  |  |  |  |  |
Issuances / originations | 65,450 |  |  | 6,515 |  |  | 12,600 |  |  | — |  |  | 84,565 |
Settlements / repayments | (46,898) |  |  | — |  |  | — |  |  | — |  |  | (46,898) |
Sales | — |  |  | — |  |  | (49,394) |  |  | — |  |  | (49,394) |
Transfers(E) | 45,043 |  |  | (45,043) |  |  | (16,034) |  |  | 16,034 |  |  | — |
Fair value as of December 31, 2021 | $ | 433,834 |  |  | $ | 68,294 |  |  | $ | 196,104 |  |  | $ | 2,426 |  |  | $ | 700,658 |
(A)Included in net realized gain (loss) on investments on our accompanying Consolidated Statements of Operations for the respective periods ended December 31, 2022 and 2021. (B)Included in net unrealized appreciation (depreciation) of investments on our accompanying Consolidated Statements of Operations for the respective periods ended December 31, 2022 and 2021. (C)Includes increases in the cost basis of investments resulting from new portfolio investments, the amortization of discounts and other non-cash disbursements to portfolio companies, as well as decreases in the cost basis of investments resulting from principal repayments or sales, the amortization of premiums and acquisition costs, and other cost-basis adjustments. (D)The three and nine months ended December 31, 2022, includes $13.4 million of proceeds from the recapitalization of Old World Christmas, Inc. ("Old World"). The nine months ended December 31, 2022 also includes $12.3 million of proceeds from the recapitalization of Horizon Facilities Services, Inc. (E)There were no transfers in the three months ended December 31, 2022. For the nine months ended December 31, 2022, transfers include (1) secured second lien debt of Ginsey with a total cost basis and fair value of $12.2 million, which was converted into secured first lien debt in August 2022 and (2) secured first lien debt of PSI Molded Plastics, Inc. with a total cost basis and fair value of $26.6 million, which was converted into secured second lien debt in September 2022. For the three and nine months ended December 31, 2021, transfers include preferred equity of SOG Specialty Knives & Tools, LLC with a total cost and fair value of $0.6 million and $0.0 million, respectively, which was converted into common equity of Gladstone SOG Investments, Inc. in December 2021. For the nine months ended December 31, 2021, transfers also include (1) secured second lien debt of J.R. Hobbs with a total cost basis and fair value of $52.5 million and $52.4 million, respectively, which was converted into secured first lien debt in June 2021, (2) secured first lien debt of D.P.M.S., Inc. with a total cost basis and fair value of $12.3 million and $7.3 million, respectively, which was converted into secured second lien debt of Galaxy Technologies Holdings, Inc. (“Galaxy Technologies Holdings”) in September 2021, and (3) preferred equity of Galaxy Technologies, Inc. with a total cost basis and fair value of $11.5 million and $16.0 million, respectively, which was converted into common equity of Galaxy Technologies Holdings in September 2021. Investment Activity During the nine months ended December 31, 2022, the following significant transactions occurred: •In May 2022, we invested an additional $6.4 million in the form of secured first lien debt in Nocturne Villa Rentals, Inc. ("Nocturne") to fund an add-on acquisition. •In June 2022, we sold our investment in Bassett Creek Services, Inc. ("Bassett Creek"), which resulted in success fee income of $3.0 million and a realized gain on preferred equity of $4.7 million. In connection with the sale, we received net cash proceeds of $57.6 million, including the repayment of our debt investment of $48.0 million at par. •In June 2022, we invested $21.0 million in a new portfolio company, Dema/Mai Holdings, Inc. (“Dema/Mai”), in the form of preferred equity to acquire Mai Mechanical, LLC, a leading provider of plumbing and mechanical services focused on multi-family residential construction headquartered in Denver, Colorado, from J.R. Hobbs, an existing portfolio company. In July 2022, we invested an additional $39.1 million in the form of secured first lien debt in Dema/Mai to fund the acquisition of Dema Plumbing, a plumbing and mechanical systems installation and service provider to single-family residential homebuilders. •In July 2022, we recapitalized our investment in Horizon and invested an additional $30.0 million in the form of secured first lien debt. In connection with this investment, we received equity proceeds of $12.3 million, which were recognized as a $10.1 million return of preferred equity cost basis and a realized gain of $2.2 million, as well as dividend income of $3.1 million and success fee income of $1.7 million. •In August 2022, in conjunction with a refinancing at Ginsey, our $13.3 million secured second lien debt investment was reduced to $12.2 million and converted to secured first lien debt. The reduction in our cost basis was the result of a $5.1 million payment made by Ginsey to extinguish our secured borrowing liability, which was partially offset by an additional investment in Ginsey of $4.0 million. Refer to Note 5 - Borrowings for discussion of the secured borrowing liability. •In October 2022, we invested an additional $8.4 million in the form of secured first lien debt in Nocturne to fund an add-on acquisition. •In November 2022, our $1.5 million secured second lien debt investment in Country Club Enterprises, LLC ("CCE") was repaid at par. In connection with the repayment, we received success fee income of $1.1 million and our $1.0 million guaranty was released. Refer to Note 10 - Commitments and Contingencies for discussion of the guaranty. •In December 2022, we recapitalized our investment in Old World and invested an additional $15.5 million in the form of secured first lien debt. In connection with this investment, we received proceeds of $17.9 million, of which $13.4 million was recognized as a realized gain and $4.5 million was recognized as dividend income. •In December 2022, we entered into a new $3.2 million secured second lien term loan with The Mountain, replacing our previously outstanding second lien term loan and second lien delayed draw term loan with an aggregate cost basis of $13.2 million, which resulted in a realized loss of $10.0 million. Investment Concentrations As of December 31, 2022, our investment portfolio consisted of investments in 25 portfolio companies located in 19 states across 14 different industries with an aggregate fair value of $760.5 million. Our investments in Old World, Horizon, Dema/Mai, Brunswick Bowling Products, Inc., and Nocturne represented our five largest portfolio investments at fair value and collectively comprised $328.7 million, or 43.2%, of our total investment portfolio at fair value as of December 31, 2022. The following table summarizes our investments by security type as of December 31, 2022 and March 31, 2022:
| December 31, 2022 |  | March 31, 2022
| Cost |  | Fair Value |  | Cost |  | Fair Value
Secured first lien debt | $ | 473,189 |  | 65.5 | % |  | $ | 447,491 |  | 58.8 | % |  | $ | 429,457 |  | 64.2 | % |  | $ | 425,087 |  | 59.5 | %
Secured second lien debt | 84,158 |  | 11.7 | % |  | 76,169 |  | 10.0 | % |  | 81,147 |  | 12.1 | % |  | 67,958 |  | 9.5 | %
Total debt | 557,347 |  | 77.2 | % |  | 523,660 |  | 68.8 | % |  | 510,604 |  | 76.3 | % |  | 493,045 |  | 69.0 | %
Preferred equity | 149,099 |  | 20.6 | % |  | 221,774 |  | 29.2 | % |  | 143,079 |  | 21.4 | % |  | 217,599 |  | 30.5 | %
Common equity/equivalents | 15,934 |  | 2.2 | % |  | 15,029 |  | 2.0 | % |  | 15,565 |  | 2.3 | % |  | 3,752 |  | 0.5 | %
Total equity/equivalents | 165,033 |  | 22.8 | % |  | 236,803 |  | 31.2 | % |  | 158,644 |  | 23.7 | % |  | 221,351 |  | 31.0 | %
Total investments | $ | 722,380 |  | 100.0 | % |  | $ | 760,463 |  | 100.0 | % |  | $ | 669,248 |  | 100.0 | % |  | $ | 714,396 |  | 100.0 | %
Investments at fair value consisted of the following industry classifications as of December 31, 2022 and March 31, 2022:
| December 31, 2022 |  | March 31, 2022
| Fair Value |  | Percentage of Total Investments |  | Fair Value |  | Percentage of Total Investments
Diversified/Conglomerate Services | $ | 269,749 |  |  | 35.5 | % |  | $ | 307,403 |  |  | 43.0 | %
Home and Office Furnishings, Housewares, and Durable Consumer Products | 147,533 |  |  | 19.4 | % |  | 125,440 |  |  | 17.6 | %
Buildings and Real Estate | 63,127 |  |  | 8.3 | % |  | — |  |  | — | %
Hotels, Motels, Inns, and Gaming | 59,308 |  |  | 7.8 | % |  | 37,923 |  |  | 5.3 | %
Leisure, Amusement, Motion Pictures, and Entertainment | 48,146 |  |  | 6.3 | % |  | 46,514 |  |  | 6.5 | %
Healthcare, Education, and Childcare | 37,638 |  |  | 5.0 | % |  | 39,252 |  |  | 5.5 | %
Chemicals, Plastics, and Rubber | 26,618 |  |  | 3.5 | % |  | 26,618 |  |  | 3.7 | %
Mining, Steel, Iron and Non-Precious Metals | 23,044 |  |  | 3.0 | % |  | 24,250 |  |  | 3.4 | %
Aerospace and Defense | 20,891 |  |  | 2.7 | % |  | 25,296 |  |  | 3.5 | %
Telecommunications | 19,453 |  |  | 2.6 | % |  | 32,467 |  |  | 4.6 | %
Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) | 18,109 |  |  | 2.4 | % |  | 13,823 |  |  | 1.9 | %
Cargo Transport | 15,265 |  |  | 2.0 | % |  | 14,533 |  |  | 2.0 | %
Diversified/Conglomerate Manufacturing | 9,140 |  |  | 1.2 | % |  | 14,064 |  |  | 2.0 | %
Other < 2.0% | 2,442 |  |  | 0.3 | % |  | 6,813 |  |  | 1.0 | %
Total investments | $ | 760,463 |  |  | 100.0 | % |  | $ | 714,396 |  |  | 100.0 | %
Investments at fair value were included in the following geographic regions of the U.S. as of December 31, 2022 and March 31, 2022:
| December 31, 2022 |  | March 31, 2022
Location | Fair Value |  | Percentage of Total Investments |  | Fair Value |  | Percentage of Total Investments
Northeast | $ | 273,897 |  |  | 36.0 | % |  | $ | 194,100 |  |  | 27.2 | %
West | 198,589 |  |  | 26.1 | % |  | 158,607 |  |  | 22.2 | %
South | 173,259 |  |  | 22.8 | % |  | 188,978 |  |  | 26.4 | %
Midwest | 114,718 |  |  | 15.1 | % |  | 172,711 |  |  | 24.2 | %
Total investments | $ | 760,463 |  |  | 100.0 | % |  | $ | 714,396 |  |  | 100.0 | %
The geographic region indicates the location of the headquarters for our portfolio companies. A portfolio company may have additional business locations in other geographic regions. Investment Principal Repayments The following table summarizes the contractual principal repayment and maturity of our investment portfolio by fiscal year, assuming no voluntary prepayments, as of December 31, 2022:
|  |  | Amount
For the remaining three months ending March 31, 2023 |  | $ | 27,500 |
For the fiscal years ending March 31: |  |
| 2024 |  | 55,468 |
| 2025 |  | 89,614 |
| 2026 |  | 202,419 |
| 2027 |  | 144,096 |
| Thereafter |  | 38,250 |
| Total contractual repayments |  | $ | 557,347 |
| Investments in equity securities |  | 165,033 |
| Total cost basis of investments held as of December 31, 2022: |  | $ | 722,380 |
Receivables from Portfolio Companies Receivables from portfolio companies represent non-recurring costs that we incurred on behalf of portfolio companies. Such receivables, net of any allowance for uncollectible receivables, are included in Other assets, net on our accompanying Consolidated Statements of Assets and Liabilities. We generally maintain an allowance for uncollectible receivables from portfolio companies when the receivable balance becomes 90 days or more past due or if it is determined, based upon management’s judgment, that the portfolio company is unable to pay its obligations. We write off accounts receivable when we have exhausted collection efforts and have deemed the receivables uncollectible. As of December 31, 2022 and March 31, 2022, we had gross receivables from portfolio companies of $2.5 million and $1.7 million, respectively. As of December 31, 2022 and March 31, 2022, the allowance for uncollectible receivables was $1.5 million and $1.3 million, respectively.

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