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INVESTMENTS (Tables)
 12 Months Ended
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,

20252024
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, 2025March 31, 2024March 31, 2025March 31, 2024
Secured first lien debt$514,334 $474,856 TEVEBITDA 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 debt90,956 113,703 TEVEBITDA 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 AnalysisDiscount Rate
20.7% – 20.7% /
20.7%

13.8% – 13.8% /
 13.8%
Preferred equity302,163 213,480 TEVEBITDA 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 TEVEBITDA 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, 2025March 31, 2024
CostFair ValueCostFair Value
Secured first lien debt$584,026 62.2 %$514,334 52.5 %$513,425 60.1 %$474,856 51.6 %
Secured second lien debt103,956 11.1 %103,580 10.6 %144,958 16.9 %138,703 15.0 %
Total debt687,982 73.3 %617,914 63.1 %658,383 77.0 %613,559 66.6 %
Preferred equity201,487 21.5 %302,163 30.9 %145,070 17.0 %213,480 23.2 %
Common equity/equivalents49,597 5.2 %59,243 6.0 %50,837 6.0 %93,465 10.2 %
Total equity/equivalents251,084 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, 2025March 31, 2024
Fair Value
Percentage of
Total Investments
Fair ValuePercentage of
Total Investments
Diversified/Conglomerate Services$170,360 17.4 %$264,535 28.7 %
Home and Office Furnishings, Housewares, and Durable Consumer Products159,236 16.3 %160,038 17.3 %
Aerospace and Defense107,869 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 Entertainment78,460 8.0 %39,350 4.3 %
Electronics71,573 7.2 %— — %
Oil and Gas69,589 7.1 %51,171 5.6 %
Buildings and Real Estate69,320 7.1 %60,431 6.6 %
Healthcare, Education, and Childcare51,501 5.3 %49,638 5.4 %
Mining, Steel, Iron and Non-Precious Metals41,010 4.2 %30,537 3.3 %
Cargo Transport12,624 1.3 %13,500 1.5 %
Printing and Publishing11,681 1.2 %14,238 1.5 %
Chemicals, Plastics, and Rubber11,612 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, 2025March 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 %
Midwest227,415 23.2 %141,925 15.4 %
West222,062 22.7 %223,871 24.3 %
Northeast182,669 18.7 %207,870 22.6 %
Canada29,880 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 
2027133,336 
2028105,409 
2029184,944 
2030159,506 
Thereafter— 
Total contractual repayments$687,982 
Investments in equity securities251,084 
Total cost basis of investments held as of March 31, 2025:
$939,066