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INVESTMENTS (Tables)
 6 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investments by Security Type at Fair Value and Investments Valued Using Level 3 Inputs
As of September 30, 2024 and March 31, 2024, 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 September 30, 2024:
Secured first lien debt
$469,480 $— $— $469,480 
Secured second lien debt
111,344 — — 111,344 
Preferred equity
228,528 — — 228,528 
Common equity/equivalents
43,955 — 

— 43,955 
Total Investments as of September 30, 2024
$853,307 $— $— $853,307 
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 as of March 31, 2024
$920,504 $— $18 $920,486 
(A)Fair value was determined based on the closing market price of shares of Funko, Inc. (our units in Funko could 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 September 30, 2024 and March 31, 2024, 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
September 30, 2024March 31, 2024
Non-Control/Non-Affiliate Investments
Secured first lien debt$322,601 $324,348 
Secured second lien debt92,748 93,340 
Preferred equity167,936 162,522 
Common equity/equivalents(A)
43,955 42,005 
Total Non-Control/Non-Affiliate Investments627,240 622,215 
Affiliate Investments
Secured first lien debt146,309 147,603 
Secured second lien debt18,596 45,363 
Preferred equity60,592 50,958 
Common equity/equivalents— 51,442 
Total Affiliate Investments225,497 295,366 
Control Investments
Secured first lien debt570 2,905 
Secured second lien debt— — 
Preferred equity— — 
Common equity/equivalents— — 
Total Control Investments570 2,905 
Total investments at fair value using Level 3 inputs$853,307 $920,486 
(A)Excludes our investment in Funko as of March 31, 2024 with a fair value of $18 thousand, which was valued using Level 2 inputs.
Schedule of Fair Value Measurement Inputs and Valuation Techniques 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 ofValuation
Technique/
Methodology		Unobservable
Input		Range / Weighted-Average as of
September 30,
2024		March 31,
2024		September 30,
2024		March 31,
2024
Secured first
lien debt		$469,480 $474,856 TEVEBITDA multiple
4.3x – 8.1x /
6.4x
4.2x – 8.8x /
6.4x
EBITDA
$1,010 – $22,396 /
$11,317
$1,091 – $23,547 / $10,509
Revenue multiple
0.2x – 0.6x /
0.4x
0.3x – 0.6x /
0.4x
Revenue
$6,336 – $95,392 /
$67,530
$31,586 – $93,916 / $77,580
Secured second
lien debt		98,936 113,703 TEVEBITDA multiple
5.2x – 7.0x /
 6.4x
5.1x – 15.0x /
7.0x
EBITDA
$5,363 – $21,194 /
$14,203
$5,648 – $23,003 / $14,192
12,408 25,000 Yield AnalysisDiscount Rate
16.9% – 16.9% / 16.9%
13.8% – 13.8% / 13.8%
Preferred
equity		228,528 213,480 TEVEBITDA multiple
4.3x – 8.1x /
6.1x
4.2x – 8.8x /
6.1x
EBITDA
$2,198 – $22,396 /
$10,053
$1,091 – $23,547 / $9,502
Revenue multiple
0.2x – 0.6x /
0.3x
0.3x – 0.6x /
0.4x
Revenue
$6,336 – $95,392 /
$50,054
$31,586 – $93,916 / $75,099
Common equity/
equivalents(A)
43,955 93,447 TEVEBITDA multiple
5.1x – 7.6x /
6.4x
5.0x – 15.0x /
6.4x
EBITDA
$1,010 – $21,194 /
$16,912
$1,154 – $63,269 / $23,615
Total$853,307 $920,486 
(A)Fair value as of March 31, 2024 excludes our investment in Funko with a fair value of $18 thousand, which was valued using Level 2 inputs.
Schedule of 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 six months ended September 30, 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
Three Months ended September 30, 2024:
Fair value as of June 30, 2024
$463,219 $137,827 $212,591 $85,501 $899,138 
Total gain (loss):
Net realized gain (loss)(A)
— — — 42,284 42,284 
Net unrealized appreciation (depreciation)(B)
(13,239)(1,483)15,937 2,701 3,916 
Reversal of previously recorded (appreciation) depreciation upon realization(B)
— — — (38,028)(38,028)
New investments, repayments and settlements(C):
Issuances / originations
19,500 — — — 19,500 
Settlements / repayments
— (25,000)— — (25,000)
Sales
— — — (48,503)(48,503)
Transfers
— — — — — 
Fair value as of September 30, 2024
$469,480 $111,344 $228,528 $43,955 $853,307 

Secured
First Lien
Debt		Secured
Second Lien
Debt
Preferred
Equity
Common
Equity/
Equivalents		Total
Six Months Ended September 30, 2024
Fair value as of March 31, 2024$474,856 $138,703 $213,480 $93,447 $920,486 
Total gain (loss):
Net realized gain (loss)(A)
— — — 42,284 42,284 
Net unrealized appreciation (depreciation)(B)
(22,474)(2,359)15,048 (5,245)(15,030)
Reversal of previously recorded (appreciation) depreciation upon realization(B)
— — — (38,028)(38,028)
New investments, repayments and settlements(C):
Issuances / originations
20,098 — — — 20,098 
Settlements / repayments
(3,000)(25,000)— — (28,000)
Sales
— — — (48,503)(48,503)
Transfers
— — — — — 
Fair value as of September 30, 2024
$469,480 $111,344 $228,528 $43,955 $853,307 
Secured
First Lien
Debt
Secured
Second Lien
Debt
Preferred
Equity
Common
Equity/
Equivalents
Total
Three Months ended September 30, 2023:
Fair value as of June 30, 2023
$452,215 $104,794 $214,258 $28,780 $800,047 
Total gain (loss):
Net realized gain (loss)(A)
— — — — — 
Net unrealized appreciation (depreciation)(B)
889 (2,047)41,925 7,987 48,754 
Reversal of previously recorded (appreciation) depreciation upon realization(B)
— — — — — 
New investments, repayments and settlements(C):
Issuances / originations
55,400 — 11,413 — 66,813 
Settlements / repayments
— — — — — 
Sales
— — — — — 
Transfers
— — — — — 
Fair value as of September 30, 2023
$508,504 $102,747 $267,596 $36,767 $915,614 
Secured
First Lien
Debt
Secured
Second Lien
Debt
Preferred
Equity
Common
Equity/
Equivalents
Total
Six Months Ended September 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)
887 2,013 30,323 14,800 48,023 
Reversal of previously recorded (appreciation) depreciation upon realization(B)
— — — (93)(93)
New investments, repayments and settlements(C):
Issuances / originations
70,100 25,000 14,688 5,000 114,788 
Settlements / repayments
— — — — — 
Sales(D)
— — (273)(1,502)(1,775)
Transfers
— — — — — 
Fair value as of September 30, 2023
$508,504 $102,747 $267,596 $36,767 $915,614 
Included in net realized gain (loss) on investments on our accompanying Consolidated Statements of Operations for the respective three and six months ended September 30, 2024 and 2023.
(B)Included in net unrealized appreciation (depreciation) of investments on our accompanying Consolidated Statements of Operations for the respective three and six months ended September 30, 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)The six months ended September 30, 2023 includes $0.3 million of proceeds from the recapitalization of Old World Christmas, Inc. ("Old World").
Schedule of Investment Concentrations
The following table summarizes our investments by security type as of September 30, 2024 and March 31, 2024:
September 30, 2024March 31, 2024
CostFair ValueCostFair Value
Secured first lien debt$530,522 63.1 %$469,480 55.0 %$513,425 60.1 %$474,856 51.6 %
Secured second lien debt119,958 14.3 %111,344 13.0 %144,958 16.9 %138,703 15.0 %
Total debt650,480 77.4 %580,824 68.0 %658,383 77.0 %613,559 66.6 %
Preferred equity145,070 17.3 %228,528 26.8 %145,070 17.0 %213,480 23.2 %
Common equity/equivalents44,597 5.3 %43,955 5.2 %50,837 6.0 %93,465 10.2 %
Total equity/equivalents189,667 22.6 %272,483 32.0 %195,907 23.0 %306,945 33.4 %
Total investments
$840,147 100.0 %$853,307 100.0 %$854,290 100.0 %$920,504 100.0 %
Investments at fair value consisted of the following industry classifications as of September 30, 2024 and March 31, 2024:
September 30, 2024March 31, 2024
Fair ValuePercentage of
Total Investments		Fair ValuePercentage of Total Investments
Home and Office Furnishings, Housewares, and Durable Consumer Products$164,994 19.3 %$160,038 17.3 %
Diversified/Conglomerate Services164,579 19.3 %264,535 28.7 %
Hotels, Motels, Inns, and Gaming98,852 11.6 %77,366 8.4 %
Machinery (Non-Agriculture, Non-Construction, and Non-Electronic)92,474 10.8 %92,781 10.1 %
Buildings and Real Estate61,749 7.2 %60,431 6.6 %
Oil and Gas56,379 6.6 %51,171 5.6 %
Healthcare, Education, and Childcare50,140 5.9 %49,638 5.4 %
Leisure, Amusement, Motion Pictures, and Entertainment42,381 5.0 %39,350 4.3 %
Mining, Steel, Iron and Non-Precious Metals33,523 3.9 %30,537 3.3 %
Aerospace and Defense31,821 3.7 %29,064 3.2 %
Chemicals, Plastics, and Rubber18,596 2.2 %20,363 2.2 %
Printing and Publishing13,500 1.6 %14,238 1.5 %
Cargo Transport12,408 1.5 %13,500 1.5 %
Telecommunications6,357 0.7 %9,002 1.0 %
Other < 2.0%5,554 0.7 %8,490 0.9 %
Total investments$853,307 100.0 %$920,504 100.0 %
Investments at fair value were included in the following geographic regions of the U.S. as of September 30, 2024 and March 31, 2024:
September 30, 2024March 31, 2024
LocationFair ValuePercentage of
Total Investments		Fair ValuePercentage of
Total Investments
South
$271,739 31.8 %$346,838 37.7 %
West
223,539 26.2 %223,871 24.3 %
Northeast
214,844 25.2 %207,870 22.6 %
Midwest
143,185 16.8 %141,925 15.4 %
Total investments$853,307 100.0 %$920,504 100.0 %
Schedule of 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 September 30, 2024:

Amount
For the remaining six months ending March 31, 2025
$64,060 
For the fiscal years ending March 31:
2026206,310 
2027213,485 
202866,231 
2029100,394 
Thereafter— 
Total contractual repayments$650,480 
Investments in equity securities189,667 
Total cost basis of investments held as of September 30, 2024:
$840,147