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INVESTMENTS (Tables)

3 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Fair Value, Assets Measured on Recurring Basis

As of June 30, 2023 and March 31, 2023, 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 June 30, 2023:
Secured first lien debt			$	452,215					$	—					$	—					$	452,215
Secured second lien debt			104,794						—						—						104,794
Preferred equity			214,258						—						—						214,258
Common equity/equivalents			28,811						—						31			(A)			28,780
Total Investments as of June 30, 2023			$	800,078					$	—					$	31					$	800,047

									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, 2023:
Secured first lien debt			$	437,517					$	—					$	—					$	437,517
Secured second lien debt			75,734						—						—						75,734
Preferred equity			222,585						—						—						222,585
Common equity/equivalents			17,707						—						27			(A)			17,680
Total Investments as of March 31, 2023			$	753,543					$	—					$	27					$	753,516

(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 June 30, 2023 and March 31, 2023, 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
			June 30, 2023						March 31, 2023
Non-Control/Non-Affiliate Investments
Secured first lien debt			$	292,700					$	279,748
Secured second lien debt			54,340						50,842
Preferred equity			167,220						164,534
Common equity/equivalents(A)			1,487						1,724
Total Non-Control/Non-Affiliate Investments			515,747						496,848
Affiliate Investments
Secured first lien debt			159,515						157,769
Secured second lien debt			50,454						24,892
Preferred equity			47,038						58,051
Common equity/equivalents			27,293						15,243
Total Affiliate Investments			284,300						255,955
Control Investments
Secured first lien debt			—						—
Secured second lien debt			—						—
Preferred equity			—						—
Common equity/equivalents			—						713
Total Control Investments			—						713
Total investments at fair value using Level 3 inputs			$	800,047					$	753,516

(A)Excludes our investment in Funko with a fair value of $31 thousand and $27 thousand as of June 30, 2023 and March 31, 2023, respectively, which was valued using Level 2 inputs.

Schedule of Fair Value Measurement Inputs and Valuation Techniques

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

June 30, 2023

March 31, 2023

June 30, 2023

March 31, 2023

Secured first lien debt

$

452,215

$

432,126

TEV

EBITDA multiple

4.8x – 7.8x / 6.5x

4.4x – 7.7x / 6.4x

EBITDA

$1,319–$19,886 / $9,876

$4,251 - $19,083/$10,764

Revenue multiple

0.3x – 0.6x / 0.3x

0.3x – 0.6x / 0.3x

Revenue

$15,375 – $103,488 / $89,768

$15,483 – $109,615/$94,957

—

5,391

Yield Analysis

Discount Rate

N/A

19.4% – 19.9% / 19.7%

Secured second lien debt

104,794

62,750

TEV

EBITDA multiple

5.3x – 9.0x /  6.3x

5.4x – 6.6x / 6.2x

EBITDA

$6,411 – $37,766 / $14,617

$4,112 – $6,379 / $5,501

—

12,984

Yield Analysis

Discount Rate

N/A

14.0% – 14.0% / 14.0%

Preferred equity

214,258

222,585

TEV

EBITDA multiple

5.1x – 7.8x / 6.1x

4.4x – 7.7x / 5.9x

EBITDA

$2,940 – $19,886 / $9,148

$4,251 – $19,083 / $9,486

Revenue multiple

0.3x – 0.6x / 0.4x

0.3x – 0.6x / 0.4x

Revenue

$15,375 – $103,488 / $65,701

$15,483 – $109,615 / $69,247

Common equity/ equivalents(A)

28,780

17,680

TEV

EBITDA multiple

4.8x – 9.0x / 5.7x

4.7x – 7.2x / 6.4x

EBITDA

$1,319 – $37,766 / $15,785

$1,105 – $30,833 / $6,273

Total

$

800,047

$

753,516

(A)Fair value as of both June 30, 2023 and March 31, 2023 excludes our investment in Funko with a fair value of $31 thousand and $27 thousand, respectively, which was valued using Level 2 inputs.

Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables provide our portfolio’s changes in fair value, broken out by security type, during the three months ended June 30, 2023 and 2022 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 June 30, 2023:
Fair value as of March 31, 2023			$	437,517					$	75,734					$	222,585					$	17,680					$	753,516
Total gain (loss):
Net realized gain (loss)(A)			—						—						273						882						1,155
Net unrealized appreciation (depreciation)(B)			(2)						4,060						(11,602)						6,813						(731)
Reversal of previously recorded (appreciation) depreciation upon realization(B)			—						—						—						(93)						(93)
New investments, repayments and settlements(C):
Issuances / originations			14,700						25,000						3,275						5,000						47,975
Settlements / repayments			—						—						—						—						—
Sales(D)			—						—						(273)						(1,502)						(1,775)
Transfers			—						—						—						—						—
Fair value as of June 30, 2023			$	452,215					$	104,794					$	214,258					$	28,780					$	800,047

			Secured First Lien Debt						Secured Second Lien Debt						Preferred Equity						Common Equity/ Equivalents						Total
Three Months ended June 30, 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)			—						—						4,728						—						4,728
Net unrealized appreciation (depreciation)(B)			(7,135)						(27)						17,216						2,394						12,448
Reversal of previously recorded (appreciation) depreciation upon realization(B)			—						—						(12,250)						—						(12,250)
New investments, repayments and settlements(C):
Issuances / originations			6,800						5						21,000						—						27,805
Settlements / repayments			(48,000)						—						—						—						(48,000)
Sales			—						—						(9,628)						—						(9,628)
Transfers			—						—						—						—						—
Fair value as of June 30, 2022			$	376,752					$	67,936					$	238,665					$	6,072					$	689,425

Included in net realized gain (loss) on investments on our accompanying Consolidated Statements of Operations for the respective periods ended June 30, 2023 and 2022.

(B)Included in net unrealized appreciation (depreciation) of investments on our accompanying Consolidated Statements of Operations for the respective periods ended June 30, 2023 and 2022.

(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 months ended June 30, 2023 includes $0.3 million of proceeds from the recapitalization of Old World Christmas, Inc. ("Old World").

Summary Investment Holdings

The following table summarizes our investments by security type as of June 30, 2023 and March 31, 2023:

			June 30, 2023																		March 31, 2023
			Cost									Fair Value									Cost									Fair Value
Secured first lien debt			$	486,139		63.3		%				$	452,215		56.5		%				$	471,439		65.4		%				$	437,517		58.1		%
Secured second lien debt			109,158			14.2		%				104,794			13.1		%				84,158			11.7		%				75,734			10.1		%
Total debt			595,297			77.5		%				557,009			69.6		%				555,597			77.1		%				513,251			68.2		%
Preferred equity			152,374			19.8		%				214,258			26.8		%				149,099			20.7		%				222,585			29.5		%
Common equity/equivalents			20,314			2.7		%				28,811			3.6		%				15,934			2.2		%				17,707			2.3		%
Total equity/equivalents			172,688			22.5		%				243,069			30.4		%				165,033			22.9		%				240,292			31.8		%
Total investments			$	767,985		100.0		%				$	800,078		100.0		%				$	720,630		100.0		%				$	753,543		100.0		%

Investments at fair value consisted of the following industry classifications as of June 30, 2023 and March 31, 2023:

			June 30, 2023												March 31, 2023
			Fair Value						Percentage of Total Investments						Fair Value						Percentage of Total Investments
Diversified/Conglomerate Services			$	296,479					37.1		%				$	268,954					35.7		%
Home and Office Furnishings, Housewares, and Durable Consumer Products			147,007						18.4		%				143,685						19.1		%
Hotels, Motels, Inns, and Gaming			61,185						7.6		%				58,713						7.8		%
Buildings and Real Estate			59,822						7.5		%				60,571						8.0		%
Leisure, Amusement, Motion Pictures, and Entertainment			39,948						5.0		%				47,616						6.3		%
Healthcare, Education, and Childcare			38,465						4.8		%				37,445						5.0		%
Mining, Steel, Iron and Non-Precious Metals			26,277						3.3		%				25,998						3.5		%
Aerospace and Defense			25,696						3.2		%				22,215						2.8		%
Chemicals, Plastics, and Rubber			25,454						3.1		%				24,891						3.3		%
Machinery (Non-Agriculture, Non-Construction, and Non-Electronic)			23,075						2.9		%				20,088						2.7		%
Telecommunications			16,800						2.1		%				18,987						2.5		%
Printing and Publishing			15,275						1.9		%				—						—		%
Cargo Transport			14,487						1.8		%				14,707						2.0		%
Diversified/Conglomerate Manufacturing			10,077						1.3		%				9,646						1.3		%
Other < 2.0%			31						0.0		%				27						0.0		%
Total investments			$	800,078					100.0		%				$	753,543					100.0		%

Investments at fair value were included in the following geographic regions of the U.S. as of June 30, 2023 and March 31, 2023:

			June 30, 2023												March 31, 2023
Location			Fair Value						Percentage of Total Investments						Fair Value						Percentage of Total Investments
Northeast			$	258,179					32.3		%				$	266,612					35.4		%
West			215,362						26.9		%				197,989						26.3		%
South			200,067						25.0		%				171,056						22.7		%
Midwest			126,470						15.8		%				117,886						15.6		%
Total investments			$	800,078					100.0		%				$	753,543					100.0		%

Schedule of Investments Classified by Contractual Maturity Date

The following table summarizes the contractual principal repayment and maturity of our investment portfolio by fiscal year, assuming no voluntary prepayments, as of June 30, 2023:

									Amount
For the remaining nine months ending March 31, 2024									$	81,418
For the fiscal years ending March 31:
			2025						89,614
			2026						204,919
			2027						144,096
			2028						38,250
			Thereafter						37,000
			Total contractual repayments						$	595,297
			Investments in equity securities						172,688
			Total cost basis of investments held as of June 30, 2023:						$	767,985

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