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INVESTMENTS (Tables) | 12 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Schedule of Fair Value, Assets Measured on Recurring Basis | As of March 31, 2025 and 2024, our investments, by security type, at fair value were categorized as follows within the ASC 820 fair value hierarchy:
| Fair Value Measurements |  |
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Fair Value
As of March 31, 2025: |  |  |  |  |  |  |
Secured first lien debt | $ | — |  |  | $ | — |  |  | $ | 514,334 |  |  | $ | 514,334 |
Secured second lien debt | — |  |  | — |  |  | 103,580 |  |  | 103,580 |
Preferred equity | — |  |  | — |  |  | 302,163 |  |  | 302,163 |
Common equity/equivalents | — |  |  | — |  |  | 54,268 |  |  | 54,268 |
Total | — |  |  | — |  |  | 974,345 |  |  | 974,345 |
Investments measured at NAV (A) | — |  |  | — |  |  | — |  |  | 4,975 |
Total Investments at March 31, 2025 | $ | — |  |  | $ | — |  |  | $ | 974,345 |  |  | $ | 979,320 |
| Fair Value Measurements |  |
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  | Fair Value
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 | — |  |  | 18 |  | (B) |  | 93,447 |  |  | 93,465 |
Total | — |  |  | 18 |  |  |  | 920,486 |  |  | 920,504 |
Investments measured at NAV | — |  |  | — |  |  |  | — |  |  | — |
Total Investments at March 31, 2024 | $ | — |  |  | $ | 18 |  |  |  | $ | 920,486 |  |  | $ | 920,504 |
(A)Includes our investment in Gladstone Alternative as of March 31, 2025. Investments that are measured at fair value using NAV as a practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented elsewhere in this Annual Report. (B)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, 2025 and 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
| March 31,
| 2025 |  | 2024
Non-Control/Non-Affiliate Investments |  |  |
Secured first lien debt | $ | 300,751 |  |  | $ | 324,348 |
Secured second lien debt | 92,964 |  |  | 93,340 |
Preferred equity | 200,606 |  |  | 162,522 |
Common equity/equivalents(A) | 54,268 |  |  | 42,005 |
Total Non-Control/Non-Affiliate Investments | 648,589 |  |  | 622,215 |
Affiliate Investments |  |  |
Secured first lien debt | 213,240 |  |  | 147,603 |
Secured second lien debt | 10,616 |  |  | 45,363 |
Preferred equity | 101,557 |  |  | 50,958 |
Common equity/equivalents(B) | — |  |  | 51,442 |
Total Affiliate Investments | 325,413 |  |  | 295,366 |
Control Investments |  |  |
Secured first lien debt | 343 |  |  | 2,905 |
Secured second lien debt | — |  |  | — |
Preferred equity | — |  |  | — |
Common equity/equivalents | — |  |  | — |
Total Control Investments | 343 |  |  | 2,905 |
Total investments at fair value using Level 3 inputs | $ | 974,345 |  |  | $ | 920,486 |
(A)Excludes our investment in Funko with a fair value of $18 thousand as of March 31, 2024, which was valued using Level 2 inputs. (B)Excludes our investment in Gladstone Alternative as of March 31, 2025 with a fair value of $5.0 million, which was valued using NAV as a practical expedient.
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, 2025 |  | March 31, 2024 |  |  |  | March 31, 2025 |  | March 31, 2024
Secured first lien debt | $ | 514,334 |  |  | $ | 474,856 |  |  | TEV |  | EBITDA multiple |  | 3.7x – 7.9x / 6.0x |  | 4.2x – 8.8x / 6.4x
|  |  |  |  |  |  | EBITDA |  | $1,208 – $25,038 / $12,162 |  | $1,091 – $23,547 / $10,509
|  |  |  |  |  |  | Revenue multiple |  | 0.3x – 0.6x / 0.4x |  | 0.3x – 0.6x / 0.4x
|  |  |  |  |  |  | Revenue |  | $6,690 – $102,791 / $72,303 |  | $31,586 – $93,916 / $77,580
Secured second lien debt | 90,956 |  |  | 113,703 |  |  | TEV |  | EBITDA multiple |  | 6.1x – 7.2x / 6.8x |  | 5.1x – 15.0x / 7.0x
|  |  |  |  |  |  | EBITDA |  | $3,637 – $24,234 / $16,900 |  | $5,648 – $23,003 / $14,192
| 12,624 |  |  | 25,000 |  |  | Yield Analysis |  | Discount Rate |  | 20.7% – 20.7% / 20.7% |  | 13.8% – 13.8% / 13.8%
Preferred equity | 302,163 |  |  | 213,480 |  |  | TEV |  | EBITDA multiple |  | 3.7x – 7.9x / 6.1x |  | 4.2x – 8.8x / 6.1x
|  |  |  |  |  |  | EBITDA |  | $2,153 – $25,038 / $11,029 |  | $1,091 – $23,547 / $9,502
|  |  |  |  |  |  | Revenue multiple |  | 0.3x – 0.6x / 0.4x |  | 0.3x – 0.6x / 0.4x
|  |  |  |  |  |  | Revenue |  | $6,690 – $102,791 / $53,604 |  | $31,586 – $93,916 / $75,099
Common equity/equivalents(A)(B) | 54,268 |  |  | 93,447 |  |  | TEV |  | EBITDA multiple |  | 5.5x – 7.2x / 6.8x |  | 5.0x – 15.0x / 6.4x
|  |  |  |  |  |  | EBITDA |  | $1,208 – $24,234 / $18,562 |  | $1,154 – $63,269 / $23,615
Total | $ | 974,345 |  |  | $ | 920,486 |  |  |  |  |  |  |  |  |
(A)Fair value as of March 31, 2025 excludes our investment in Gladstone Alternative with a fair value of $5.0 million, which was valued using NAV as a practical expedient. (B)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 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, 2025 and 2024 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, 2025: |  |  |  |  |  |  |  |  |
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) | — |  |  | — |  |  | 19,790 |  |  | 43,373 |  |  | 63,163 |
Net unrealized (depreciation) appreciation(B) | (31,122) |  |  | (733) |  |  | 63,210 |  |  | 5,068 |  |  | 36,423 |
Reversal of previously recorded (appreciation) depreciation upon realization(B) | — |  |  | — |  |  | (24,334) |  |  | (38,028) |  |  | (62,362) |
New investments, repayments and settlements(C): |  |  |  |  |  |  |  |  |
Issuances / originations | 169,200 |  |  | 400 |  |  | 46,617 |  |  | — |  |  | 216,217 |
Settlements / repayments | (98,600) |  |  | (25,000) |  |  | — |  |  | — |  |  | (123,600) |
Sales | — |  |  | — |  |  | (26,390) |  |  | (49,592) |  |  | (75,982) |
Transfers(E) | — |  |  | (9,790) |  |  | 9,790 |  |  | — |  |  | — |
Fair value as of March 31, 2025 | $ | 514,334 |  |  | $ | 103,580 |  |  | $ | 302,163 |  |  | $ | 54,268 |  |  | $ | 974,345 |
| 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 (loss) gain(A) | (4,550) |  |  | (3,200) |  |  | 36,833 |  |  | 881 |  |  | 29,964 |
Net unrealized (depreciation) appreciation(B) | (7,859) |  |  | (1,031) |  |  | 34,050 |  |  | 37,159 |  |  | 62,319 |
Reversal of previously recorded depreciation (appreciation) 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 |
(A)Included in net realized gain (loss) on investments on our accompanying Consolidated Statements of Operations for the respective years ended March 31, 2025 and 2024. (B)Included in net unrealized (depreciation) appreciation of investments on our accompanying Consolidated Statements of Operations for the respective years ended March 31, 2025 and 2024. (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. (E)2025: Transfers represent secured second lien debt of PSI Molded Plastics, Inc. ("PSI Molded") with a total cost basis of $16.4 million and $9.8 million, which was converted to preferred equity in January 2025. 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.
Schedule of Investment Holdings | The following table summarizes our investments by security type as of March 31, 2025 and 2024:
| March 31, 2025 |  | March 31, 2024
| Cost |  | Fair Value |  | Cost |  | Fair Value
Secured first lien debt | $ | 584,026 |  |  | 62.2 | % |  | $ | 514,334 |  |  | 52.5 | % |  | $ | 513,425 |  |  | 60.1 | % |  | $ | 474,856 |  |  | 51.6 | %
Secured second lien debt | 103,956 |  |  | 11.1 | % |  | 103,580 |  |  | 10.6 | % |  | 144,958 |  |  | 16.9 | % |  | 138,703 |  |  | 15.0 | %
Total debt | 687,982 |  |  | 73.3 | % |  | 617,914 |  |  | 63.1 | % |  | 658,383 |  |  | 77.0 | % |  | 613,559 |  |  | 66.6 | %
Preferred equity | 201,487 |  |  | 21.5 | % |  | 302,163 |  |  | 30.9 | % |  | 145,070 |  |  | 17.0 | % |  | 213,480 |  |  | 23.2 | %
Common equity/equivalents | 49,597 |  |  | 5.2 | % |  | 59,243 |  |  | 6.0 | % |  | 50,837 |  |  | 6.0 | % |  | 93,465 |  |  | 10.2 | %
Total equity/equivalents | 251,084 |  |  | 26.7 | % |  | 361,406 |  |  | 36.9 | % |  | 195,907 |  |  | 23.0 | % |  | 306,945 |  |  | 33.4 | %
Total investments | $ | 939,066 |  |  | 100.0 | % |  | $ | 979,320 |  |  | 100.0 | % |  | $ | 854,290 |  |  | 100.0 | % |  | $ | 920,504 |  |  | 100.0 | %
Investments at fair value consisted of the following industry classifications as of March 31, 2025 and 2024:
| March 31, 2025 |  | March 31, 2024
| Fair Value |  | Percentage of Total Investments |  | Fair Value |  | Percentage of Total Investments
Diversified/Conglomerate Services | $ | 170,360 |  |  | 17.4 | % |  | $ | 264,535 |  |  | 28.7 | %
Home and Office Furnishings, Housewares, and Durable Consumer Products | 159,236 |  |  | 16.3 | % |  | 160,038 |  |  | 17.3 | %
Aerospace and Defense | 107,869 |  |  | 10.9 | % |  | 29,064 |  |  | 3.2 | %
Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) | 105,432 |  |  | 10.8 | % |  | 92,781 |  |  | 10.1 | %
Leisure, Amusement, Motion Pictures, and Entertainment | 78,460 |  |  | 8.0 | % |  | 39,350 |  |  | 4.3 | %
Electronics | 71,573 |  |  | 7.2 | % |  | — |  |  | — | %
Oil and Gas | 69,589 |  |  | 7.1 | % |  | 51,171 |  |  | 5.6 | %
Buildings and Real Estate | 69,320 |  |  | 7.1 | % |  | 60,431 |  |  | 6.6 | %
Healthcare, Education, and Childcare | 51,501 |  |  | 5.3 | % |  | 49,638 |  |  | 5.4 | %
Mining, Steel, Iron and Non-Precious Metals | 41,010 |  |  | 4.2 | % |  | 30,537 |  |  | 3.3 | %
Cargo Transport | 12,624 |  |  | 1.3 | % |  | 13,500 |  |  | 1.5 | %
Printing and Publishing | 11,681 |  |  | 1.2 | % |  | 14,238 |  |  | 1.5 | %
Chemicals, Plastics, and Rubber | 11,612 |  |  | 1.2 | % |  | 20,363 |  |  | 2.2 | %
Hotels, Motels, Inns, and Gaming | — |  |  | — | % |  | 77,366 |  |  | 8.4 | %
Other < 2.0% | 19,053 |  |  | 2.0 | % |  | 17,492 |  |  | 1.9 | %
Total investments | $ | 979,320 |  |  | 100.0 | % |  | $ | 920,504 |  |  | 100.0 | %
Investments at fair value were included in the following geographic regions of the U.S. and Canada as of March 31, 2025 and 2024:
|  | March 31, 2025 |  | March 31, 2024
Location |  | Fair Value |  | Percentage of Total Investments |  | Fair Value |  | Percentage of Total Investments
United States |  |  |  |  |  |  |  |
South |  | $ | 317,294 |  |  | 32.4 | % |  | $ | 346,838 |  |  | 37.7 | %
Midwest |  | 227,415 |  |  | 23.2 | % |  | 141,925 |  |  | 15.4 | %
West |  | 222,062 |  |  | 22.7 | % |  | 223,871 |  |  | 24.3 | %
Northeast |  | 182,669 |  |  | 18.7 | % |  | 207,870 |  |  | 22.6 | %
Canada |  | 29,880 |  |  | 3.0 | % |  | — |  |  | — | %
Total investments |  | $ | 979,320 |  |  | 100.0 | % |  | $ | 920,504 |  |  | 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.
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, 2025:
|  |  |  | Amount
For the fiscal years ending March 31: |  | 2026 |  | $ | 104,787 |
|  | 2027 |  | 133,336 |
|  | 2028 |  | 105,409 |
|  | 2029 |  | 184,944 |
|  | 2030 |  | 159,506 |
|  | Thereafter |  | — |
|  | Total contractual repayments |  | $ | 687,982 |
|  | Investments in equity securities |  | 251,084 |
|  | Total cost basis of investments held as of March 31, 2025: |  | $ | 939,066 |

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