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INVESTMENTS (Tables)

12 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Fair Value, Assets Measured on Recurring Basis

As of March 31, 2024 and 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 March 31, 2024:
Secured first lien debt			$	474,856					$	—					$	—								$	474,856
Secured second lien debt			138,703						—						—									138,703
Preferred equity			213,480						—						—									213,480
Common equity/equivalents			93,465						—						18			(A)						93,447
Total Investments at March 31, 2024			$	920,504					$	—					$	18								$	920,486

									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 at 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 March 31, 2024 and 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
			March 31,
			2024						2023
Non-Control/Non-Affiliate Investments
Secured first lien debt			$	324,348					$	279,748
Secured second lien debt			93,340						50,842
Preferred equity			162,522						164,534
Common equity/equivalents(A)			42,005						1,724
Total Non-Control/Non-Affiliate Investments			622,215						496,848
Affiliate Investments
Secured first lien debt			147,603						157,769
Secured second lien debt			45,363						24,892
Preferred equity			50,958						58,051
Common equity/equivalents			51,442						15,243
Total Affiliate Investments			295,366						255,955
Control Investments
Secured first lien debt			2,905						—
Secured second lien debt			—						—
Preferred equity			—						—
Common equity/equivalents			—						713
Total Control Investments			2,905						713
Total investments at fair value using Level 3 inputs			$	920,486					$	753,516

(A)Excludes our investment in Funko with a fair value of $18 thousand and $27 thousand as of March 31, 2024 and 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

March 31, 2024

March 31, 2023

March 31, 2024

March 31, 2023

Secured first lien debt

$

474,856

$

432,126

TEV

EBITDA multiple

4.2x – 8.8x / 6.4x

4.4x – 7.7x / 6.4x

EBITDA

$1,091 – $23,547 / $10,509

$4,251 – $19,083 / $10,764

Revenue multiple

0.3x – 0.6x / 0.4x

0.3x – 0.6x / 0.3x

Revenue

$31,586 – $93,916 / $77,580

$15,483 – $109,615 / $94,957

—

5,391

Yield Analysis

Discount Rate

N/A

19.4% – 19.9% / 19.7%

Secured second lien debt

113,703

62,750

TEV

EBITDA multiple

5.1x – 15.0x / 7.0x

5.4x – 6.6x / 6.2x

EBITDA

$5,648 – $23,003 / $14,192

$4,112 – $6,379 / $5,501

25,000

12,984

Yield Analysis

Discount Rate

13.8% – 13.8% / 13.8%

14.0% – 14.0% /  14.0%

Preferred equity

213,480

222,585

TEV

EBITDA multiple

4.2x – 8.8x / 6.1x

4.4x – 7.7x / 5.9x

EBITDA

$1,091 – $23,547 / $9,502

$4,251 – $19,083 / $9,486

Revenue multiple

0.3x – 0.6x / 0.4x

0.3x – 0.6x / 0.4x

Revenue

$31,586 – $93,916 / $75,099

$15,483 – $109,615 / $69,247

Common equity/equivalents(A)

93,447

17,680

TEV

EBITDA multiple

5.0x – 15.0x / 6.4x

4.7x – 7.2x / 6.4x

EBITDA

$1,154 – $63,269 / $23,615

$1,105 – $30,833 / $6,273

Total

$

920,486

$

753,516

(A)Fair value as of both March 31, 2024 and 2023 excludes our investment in Funko with a fair value of $18 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 years ended March 31, 2024 and 2023 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
Year ended March 31, 2024:
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)			(4,550)						(3,200)						36,833						881						29,964
Net unrealized appreciation (depreciation)(B)			(7,859)						(1,031)						34,050						37,159						62,319
Reversal of previously recorded (appreciation) depreciation upon realization(B)			3,212						3,200						(35,329)						(92)						(29,009)
New investments, repayments and settlements(C):
Issuances / originations			74,536						64,000						14,688						30,700						183,924
Settlements / repayments			(28,000)						—						—						—						(28,000)
Sales(D)			—						—						(50,726)						(1,502)						(52,228)
Transfers(E)			—						—						(8,621)						8,621						—
Fair value as of March 31, 2024			$	474,856					$	138,703					$	213,480					$	93,447					$	920,486

			Secured First Lien Debt						Secured Second Lien Debt						Preferred Equity						Common Equity/ Equivalents						Total
Year ended March 31, 2023:
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)						20,778						—						10,778
Net unrealized appreciation (depreciation)(B)			(29,552)						(5,235)						11,216						13,622						(9,949)
Reversal of previously recorded (appreciation) depreciation upon realization(B)			—						10,001						(12,250)						—						(2,249)
New investments, repayments and settlements(C):
Issuances / originations			107,200						5,188						21,000						380						133,768
Settlements / repayments			(50,800)						(6,596)						—						—						(57,396)
Sales(D)			—						—						(35,758)						—						(35,758)
Transfers(E)			(14,418)						14,418						—						—						—
Fair value as of March 31, 2023			$	437,517					$	75,734					$	222,585					$	17,680					$	753,516

(A)Included in net realized gain (loss) on investments on our accompanying Consolidated Statements of Operations for the respective years ended March 31, 2024 and 2023.

(B)Included in net unrealized appreciation (depreciation) of investments on our accompanying Consolidated Statements of Operations for the respective years ended March 31, 2024 and 2023.

(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)2024: Includes $0.3 million of proceeds from the recapitalization of Old World Christmas, Inc. ("Old World")

2023: Includes $13.4 million of proceeds from the recapitalization of Old World and $12.3 million of proceeds from the recapitalization of Horizon Facilities Services, Inc ("Horizon").

(E)2024: Transfers represent preferred equity of SFEG Holdings, Inc. ("SFEG") with a total cost basis and fair value of $4.8 million and $8.6 million, respectively, which was converted to common equity in October 2023.

2023: 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.

Schedule of Investment Holdings

The following table summarizes our investments by security type as of March 31, 2024 and 2023:

			March 31, 2024																								March 31, 2023
			Cost												Fair Value												Cost												Fair Value
Secured first lien debt			$	513,425					60.1		%				$	474,856					51.6		%				$	471,439					65.4		%				$	437,517					58.1		%
Secured second lien debt			144,958						16.9		%				138,703						15.0		%				84,158						11.7		%				75,734						10.1		%
Total debt			658,383						77.0		%				613,559						66.6		%				555,597						77.1		%				513,251						68.2		%
Preferred equity			145,070						17.0		%				213,480						23.2		%				149,099						20.7		%				222,585						29.5		%
Common equity/equivalents			50,837						6.0		%				93,465						10.2		%				15,934						2.2		%				17,707						2.3		%
Total equity/equivalents			195,907						23.0		%				306,945						33.4		%				165,033						22.9		%				240,292						31.8		%
Total investments			$	854,290					100.0		%				$	920,504					100.0		%				$	720,630					100.0		%				$	753,543					100.0		%

Investments at fair value consisted of the following industry classifications as of March 31, 2024 and 2023:

			March 31, 2024												March 31, 2023
			Fair Value						Percentage of Total Investments						Fair Value						Percentage of Total Investments
Diversified/Conglomerate Services			$	264,535					28.7		%				$	268,954					35.7		%
Home and Office Furnishings, Housewares, and Durable Consumer Products			160,038						17.3		%				143,685						19.1		%
Machinery (Non-Agriculture, Non-Construction, and Non-Electronic)			92,781						10.1		%				20,088						2.7		%
Hotels, Motels, Inns, and Gaming			77,366						8.4		%				58,713						7.8		%
Buildings and Real Estate			60,431						6.6		%				60,571						8.0		%
Oil and Gas			51,171						5.6		%				—						—		%
Healthcare, Education, and Childcare			49,638						5.4		%				37,445						5.0		%
Leisure, Amusement, Motion Pictures, and Entertainment			39,350						4.3		%				47,616						6.3		%
Mining, Steel, Iron and Non-Precious Metals			30,537						3.3		%				25,998						3.5		%
Aerospace and Defense			29,064						3.2		%				22,215						2.8		%
Chemicals, Plastics, and Rubber			20,363						2.2		%				24,891						3.3		%
Printing and Publishing			14,238						1.5		%				—						—		%
Cargo Transport			13,500						1.5		%				14,707						2.0		%
Telecommunications			9,002						1.0		%				18,987						2.5		%
Other < 2.0%			8,490						0.9		%				9,673						1.3		%
Total investments			$	920,504					100.0		%				$	753,543					100.0		%

Investments at fair value were included in the following geographic regions of the U.S. as of March 31, 2024 and 2023:

						March 31, 2024												March 31, 2023
Location						Fair Value						Percentage of Total Investments						Fair Value						Percentage of Total Investments
South						$	346,838					37.7		%				$	171,056					22.7		%
West						223,871						24.3		%				197,989						26.3		%
Northeast						207,870						22.6		%				266,612						35.4		%
Midwest						141,925						15.4		%				117,886						15.6		%
Total investments						$	920,504					100.0		%				$	753,543					100		%

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.

Schedule of Investments Classified by Contractual Maturity Date

The following table summarizes the contractual principal repayment and maturity of our investment portfolio for the next five fiscal years and thereafter, assuming no voluntary prepayments, as of March 31, 2024:

												Amount
For the fiscal years ending March 31:						2025						$	72,770
						2026						236,193
						2027						185,776
						2028						38,250
						2029						100,394
						Thereafter						25,000
						Total contractual repayments						$	658,383
						Investments in equity securities						195,907
						Total cost basis of investments held as of March 31, 2024:						$	854,290

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