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INVESTMENTS | 6 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
INVESTMENTS | INVESTMENTS Fair Value In accordance with ASC 820, the fair value of our investments is determined to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between willing market participants on the measurement date. This fair value definition focuses on exit price in the principal, or most advantageous, market and prioritizes, within a measurement of fair value, the use of market-based inputs over entity-specific inputs. ASC 820 also establishes the following three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of a financial instrument as of the measurement date. •Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical financial instruments in active markets; •Level 2 — inputs to the valuation methodology include quoted prices for similar financial instruments in active or inactive markets, and inputs that are observable for the financial instrument, either directly or indirectly, for substantially the full term of the financial instrument. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists, or instances where prices vary substantially over time or among brokered market makers; and •Level 3 — inputs to the valuation methodology are unobservable and significant to the fair value measurement. Unobservable inputs are those inputs that reflect assumptions that market participants would use when pricing the financial instrument and can include the Valuation Team’s assumptions based upon the best available information. When a determination is made to classify our investments within Level 3 of the valuation hierarchy, such determination is based upon the significance of the unobservable factors to the overall fair value measurement. However, Level 3 financial instruments typically include, in addition to the unobservable, or Level 3, inputs, observable inputs (or components that are actively quoted and can be validated to external sources). The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. As of September 30, 2025 and March 31, 2025, all of our investments were valued using Level 3 inputs within the ASC 820 fair value hierarchy, except for our investment in money market funds, which was valued using Level 1 inputs, and our investment in Gladstone Alternative Income Fund ("Gladstone Alternative"), which was valued using NAV as a practical expedient. We transfer investments in and out of Level 1, 2 and 3 of the valuation hierarchy as of the beginning balance sheet date, based on changes in the use of observable and unobservable inputs utilized to perform the valuation for the period. There were no transfers in or out of Level 1, 2 and 3 during the three and six months ended September 30, 2025 and 2024, respectively. As of September 30, 2025 and March 31, 2025, 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 September 30, 2025: |  |  |  |  |  |  |
Secured first lien debt | $ | — |  |  | $ | — |  |  | $ | 593,979 |  |  | $ | 593,979 |
Secured second lien debt | — |  |  | — |  |  | 90,633 |  |  | 90,633 |
Preferred equity | — |  |  | — |  |  | 365,278 |  |  | 365,278 |
Common equity/equivalents | — |  |  | — |  |  | 75,894 |  |  | 75,894 |
Total | $ | — |  |  | $ | — |  |  | $ | 1,125,784 |  |  | $ | 1,125,784 |
Investments measured at NAV (A) | — |  |  | — |  |  | — |  |  | 5,075 |
Total Investments | $ | — |  |  | $ | — |  |  | $ | 1,125,784 |  |  | $ | 1,130,859 |
Cash equivalents | 1,217 |  |  | — |  |  | — |  |  | 1,217 |
Total Investments and Cash Equivalents as of September 30, 2025 | $ | 1,217 |  |  | $ | — |  |  | $ | 1,125,784 |  |  | $ | 1,132,076 |
| 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 | $ | — |  |  | $ | — |  |  | $ | 974,345 |  |  | $ | 979,320 |
Cash equivalents | 1,354 |  |  | — |  |  | — |  |  | 1,354 |
Total Investments and Cash Equivalents as of March 31, 2025 | $ | 1,354 |  |  | $ | — |  |  | $ | 974,345 |  |  | $ | 980,674 |
(A)Includes our investment in Gladstone Alternative as of September 30, 2025 and 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 Quarterly Report. 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, 2025 and March 31, 2025, 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, 2025 |  | March 31, 2025
Non-Control/Non-Affiliate Investments |  |  |
Secured first lien debt | $ | 393,766 |  |  | $ | 300,751 |
Secured second lien debt | 90,633 |  |  | 92,964 |
Preferred equity | 252,245 |  |  | 200,606 |
Common equity/equivalents | 75,894 |  |  | 54,268 |
Total Non-Control/Non-Affiliate Investments | 812,538 |  |  | 648,589 |
Affiliate Investments |  |  |
Secured first lien debt | 199,443 |  |  | 213,240 |
Secured second lien debt | — |  |  | 10,616 |
Preferred equity | 113,033 |  |  | 101,557 |
Common equity/equivalents | — |  |  | — |
Total Affiliate Investments | 312,476 |  |  | 325,413 |
Control Investments |  |  |
Secured first lien debt | 770 |  |  | 343 |
Secured second lien debt | — |  |  | — |
Preferred equity | — |  |  | — |
Common equity/equivalents | — |  |  | — |
Total Control Investments | 770 |  |  | 343 |
Total investments at fair value using Level 3 inputs | $ | 1,125,784 |  |  | $ | 974,345 |
In accordance with ASC 820, the following table provides quantitative information about our investments valued using Level 3 fair value measurements as of September 30, 2025 and March 31, 2025. 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 of |  | Valuation Technique/ Methodology |  | Unobservable Input |  | Range / Weighted-Average as of
| September 30, 2025 |  | March 31, 2025 |  |  |  | September 30, 2025 |  | March 31, 2025
Secured first lien debt | $ | 593,979 |  |  | $ | 514,334 |  |  | TEV |  | EBITDA multiple |  | 3.5x – 8.0x / 6.2x |  | 3.7x – 7.9x / 6.0x
|  |  |  |  |  |  | EBITDA |  | $538 – $23,126 / $11,372 |  | $1,208 – $25,038 / $12,162
|  |  |  |  |  |  | Revenue multiple |  | 0.3x – 0.6x / 0.5x |  | 0.3x – 0.6x / 0.4x
|  |  |  |  |  |  | Revenue |  | $21,649 – $104,790 / $65,258 |  | $6,690 – $102,791 / $72,303
Secured second lien debt | 90,633 |  |  | 90,956 |  |  | TEV |  | EBITDA multiple |  | 5.0x – 7.3x / 6.6x |  | 6.1x – 7.2x / 6.8x
|  |  |  |  |  |  | EBITDA |  | $5,130 – $31,248 / $20,921 |  | $3,637 – $24,234 / $16,900
| — |  |  | 12,624 |  |  | Yield Analysis |  | Discount Rate |  | N/A |  | 20.7% – 20.7% / 20.7%
Preferred equity | 365,278 |  |  | 302,163 |  |  | TEV |  | EBITDA multiple |  | 3.5x – 8.0x / 6.2x |  | 3.7x – 7.9x / 6.1x
|  |  |  |  |  |  | EBITDA |  | $538 – $23,126 / $9,778 |  | $2,153 – $25,038 / $11,029
|  |  |  |  |  |  | Revenue multiple |  | 0.3x – 0.6x / 0.4x |  | 0.3x – 0.6x / 0.4x
|  |  |  |  |  |  | Revenue |  | $21,649 – $104,790 / $79,691 |  | $6,690 – $102,791 / $53,604
Common equity/ equivalents | 75,894 |  |  | 54,268 |  |  | TEV |  | EBITDA multiple |  | 5.0x – 7.3x / 6.9x |  | 5.5x – 7.2x / 6.8x
|  |  |  |  |  |  | EBITDA |  | $714 – $31,248 / $22,994 |  | $1,208 – $24,234 / $18,562
Total | $ | 1,125,784 |  |  | $ | 974,345 |  |  |  |  |  |  |  |  |
Fair value measurements can be sensitive to changes in one or more of the valuation inputs. Changes in discount rates, EBITDA or EBITDA multiples (or revenue or revenue multiples), each in isolation, may change the fair value of certain of our investments. Generally, an increase/(decrease) in market yields or discount rates or a (decrease)/increase in EBITDA or EBITDA multiples (or revenue or revenue multiples) may result in a (decrease)/increase in the fair value of certain of our investments. 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, 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
Three Months Ended September 30, 2025: |  |  |  |  |  |  |  |  |
Fair value as of June 30, 2025 | $ | 557,057 |  |  | $ | 93,340 |  |  | $ | 325,997 |  |  | $ | 55,341 |  |  | $ | 1,031,735 |
Total gain (loss): |  |  |  |  |  |  |  |  |
Net realized gain (loss)(A) | (29,938) |  |  | — |  |  | — |  |  | — |  |  | (29,938) |
Net unrealized (depreciation) appreciation(B) | (744) |  |  | (2,707) |  |  | 18,181 |  |  | 20,553 |  |  | 35,283 |
Reversal of previously recorded depreciation upon realization(B) | 19,104 |  |  | — |  |  | — |  |  | — |  |  | 19,104 |
New investments, repayments and settlements(C): |  |  |  |  |  |  |  |  |
Issuances / originations | 49,936 |  |  | — |  |  | 21,100 |  |  | — |  |  | 71,036 |
Settlements / repayments | (1,436) |  |  | — |  |  | — |  |  | — |  |  | (1,436) |
Sales | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers | — |  |  | — |  |  | — |  |  | — |  |  | — |
Fair value as of September 30, 2025 | $ | 593,979 |  |  | $ | 90,633 |  |  | $ | 365,278 |  |  | $ | 75,894 |  |  | $ | 1,125,784 |
| Secured First Lien Debt |  | Secured Second Lien Debt |  | Preferred Equity |  | Common Equity/ Equivalents |  | Total
Six Months Ended September 30, 2025 |  |  |  |  |  |  |  |  |
Fair value as of March 31, 2025 | $ | 514,334 |  |  | $ | 103,580 |  |  | $ | 302,163 |  |  | $ | 54,268 |  |  | $ | 974,345 |
Total gain (loss): |  |  |  |  |  |  |  |  |
Net realized gain (loss)(A) | (29,938) |  |  | — |  |  | — |  |  | — |  |  | (29,938) |
Net unrealized appreciation (depreciation)(B) | 409 |  |  | (2,331) |  |  | 14,497 |  |  | 21,626 |  |  | 34,201 |
Reversal of previously recorded depreciation upon realization(B) | 19,104 |  |  | — |  |  | — |  |  | — |  |  | 19,104 |
New investments, repayments and settlements(C): |  |  |  |  |  |  |  |  |
Issuances / originations | 95,876 |  |  | — |  |  | 38,002 |  |  | — |  |  | 133,878 |
Settlements / repayments | (5,806) |  |  | — |  |  | — |  |  | — |  |  | (5,806) |
Sales | — |  |  | — |  |  | — |  |  | — |  |  | — |
Transfers(D) | — |  |  | (10,616) |  |  | 10,616 |  |  | — |  |  | — |
Fair value as of September 30, 2025 | $ | 593,979 |  |  | $ | 90,633 |  |  | $ | 365,278 |  |  | $ | 75,894 |  |  | $ | 1,125,784 |
| 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 (depreciation) appreciation (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 |
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, 2025 and 2024. (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, 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)Transfers represent secured second lien debt of PSI Molded Plastics, Inc. ("PSI Molded") with a total cost basis of $10.6 million, which was converted to preferred equity in June 2025. Investment Activity During the six months ended September 30, 2025, the following significant transactions occurred: •In May 2025, we invested $49.5 million in a new portfolio company, Smart Chemical Solutions, LLC ("Smart Chemical"), in the form of $35.7 million of secured first lien debt and $13.8 million of preferred equity. Smart Chemical, headquartered in Midland, Texas, is a provider of production chemicals for onshore oil and gas operators throughout the United States. •In May 2025, we invested $12.8 million in a new portfolio company, Sun State Nursery and Landscaping, LLC ("Sun State"), in the form of $9.8 million of secured first lien debt and $3.1 million of preferred equity. Sun State, headquartered in Jacksonville, Florida, is a commercial landscaping installation and maintenance provider in the Jacksonville area. •In June 2025, we restructured our investment in PSI Molded. As a result of the restructuring, we converted debt with a cost basis of $10.6 million into preferred equity. •In July 2025, we invested $67.6 million in a new portfolio company, Global GRAB Technologies, Inc. ("Global GRAB"), in the form of $46.5 million of secured first lien debt and $21.1 million of preferred equity. Global GRAB, headquartered in Franklin, Tennessee, is a provider of turnkey perimeter security and hostile vehicle mitigation systems, serving various government and commercial organizations. •In September 2025, we entered into a new $20.0 million secured first lien term loan with J.R. Hobbs, restructuring our previously outstanding first lien term loans and line of credit with an aggregate total cost basis of $49.9 million, which resulted in a realized loss of $29.9 million. Investment Concentrations As of September 30, 2025, our investment portfolio consisted of investments in 28 portfolio companies located in 20 states and Canada across 16 different industries with an aggregate fair value of approximately $1.1 billion. Our investments in SFEG Holdings, Inc., The E3 Company, LLC, Detroit Defense, Inc., Dema/Mai Holdings, Inc. and Brunswick Bowling Products, Inc. represented our five largest portfolio investments at fair value and collectively comprised $437.4 million, or 38.7%, of our total investment portfolio at fair value as of September 30, 2025. The following table summarizes our investments by security type as of September 30, 2025 and March 31, 2025:
| September 30, 2025 |  | March 31, 2025
| Cost |  | Fair Value |  | Cost |  | Fair Value
Secured first lien debt | $ | 644,158 |  | 62.1 | % |  | $ | 593,979 |  | 52.5 | % |  | $ | 584,026 |  | 62.2 | % |  | $ | 514,334 |  | 52.5 | %
Secured second lien debt | 93,340 |  | 9.0 | % |  | 90,633 |  | 8.0 | % |  | 103,956 |  | 11.1 | % |  | 103,580 |  | 10.6 | %
Total debt | 737,498 |  | 71.1 | % |  | 684,612 |  | 60.5 | % |  | 687,982 |  | 73.3 | % |  | 617,914 |  | 63.1 | %
Preferred equity | 250,105 |  | 24.1 | % |  | 365,278 |  | 32.3 | % |  | 201,487 |  | 21.5 | % |  | 302,163 |  | 30.9 | %
Common equity/equivalents | 49,597 |  | 4.8 | % |  | 80,969 |  | 7.2 | % |  | 49,597 |  | 5.2 | % |  | 59,243 |  | 6.0 | %
Total equity/equivalents | 299,702 |  | 28.9 | % |  | 446,247 |  | 39.5 | % |  | 251,084 |  | 26.7 | % |  | 361,406 |  | 36.9 | %
Total investments | $ | 1,037,200 |  | 100.0 | % |  | $ | 1,130,859 |  | 100.0 | % |  | $ | 939,066 |  | 100.0 | % |  | $ | 979,320 |  | 100.0 | %
Investments at fair value consisted of the following industry classifications as of September 30, 2025 and March 31, 2025:
| September 30, 2025 |  | March 31, 2025
| Fair Value |  | Percentage of Total Investments |  | Fair Value |  | Percentage of Total Investments
Diversified/Conglomerate Services | $ | 189,018 |  |  | 16.7 | % |  | $ | 170,360 |  |  | 17.4 | %
Aerospace and Defense | 172,193 |  |  | 15.2 | % |  | 107,869 |  |  | 10.9 | %
Home and Office Furnishings, Housewares, and Durable Consumer Products | 152,666 |  |  | 13.6 | % |  | 159,236 |  |  | 16.3 | %
Machinery (Non-Agriculture, Non-Construction, and Non-Electronic) | 130,538 |  |  | 11.6 | % |  | 105,432 |  |  | 10.8 | %
Leisure, Amusement, Motion Pictures, and Entertainment | 84,102 |  |  | 7.4 | % |  | 78,460 |  |  | 8.0 | %
Oil and Gas | 83,054 |  |  | 7.3 | % |  | 69,589 |  |  | 7.1 | %
Buildings and Real Estate | 73,492 |  |  | 6.5 | % |  | 69,320 |  |  | 7.1 | %
Electronics | 71,875 |  |  | 6.4 | % |  | 71,573 |  |  | 7.2 | %
Chemicals, Plastics, and Rubber | 51,182 |  |  | 4.5 | % |  | 11,612 |  |  | 1.2 | %
Healthcare, Education, and Childcare | 45,767 |  |  | 4.0 | % |  | 51,501 |  |  | 5.3 | %
Mining, Steel, Iron and Non-Precious Metals | 38,304 |  |  | 3.4 | % |  | 41,010 |  |  | 4.2 | %
Printing and Publishing | 11,325 |  |  | 1.0 | % |  | 11,681 |  |  | 1.2 | %
Cargo Transport | 10,293 |  |  | 0.9 | % |  | 12,624 |  |  | 1.3 | %
Other < 2.0% | 17,050 |  |  | 1.5 | % |  | 19,053 |  |  | 2.0 | %
Total investments | $ | 1,130,859 |  |  | 100.0 | % |  | $ | 979,320 |  |  | 100.0 | %
Investments at fair value were included in the following geographic regions of the U.S. and Canada as of September 30, 2025 and March 31, 2025:
| September 30, 2025 |  | March 31, 2025
Location | Fair Value |  | Percentage of Total Investments |  | Fair Value |  | Percentage of Total Investments
United States |  |  |  |  |  |  |
South | $ | 485,593 |  |  | 42.9 | % |  | $ | 317,294 |  |  | 32.4 | %
West | 223,709 |  |  | 19.8 | % |  | 222,062 |  |  | 22.7 | %
Midwest | 211,483 |  |  | 18.7 | % |  | 227,415 |  |  | 23.2 | %
Northeast | 183,216 |  |  | 16.2 | % |  | 182,669 |  |  | 18.7 | %
Canada | 26,858 |  |  | 2.4 | % |  | 29,880 |  |  | 3.0 | %
Total investments | $ | 1,130,859 |  |  | 100.0 | % |  | $ | 979,320 |  |  | 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. 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, 2025:
|  |  | Amount
For the remaining six months ending March 31, 2026 |  | $ | 15,000 |
For the fiscal years ending March 31: |  |
| 2027 |  | 61,186 |
| 2028 |  | 120,282 |
| 2029 |  | 269,844 |
| 2030 |  | 159,506 |
| Thereafter |  | 111,680 |
| Total contractual repayments |  | $ | 737,498 |
| Investments in equity securities |  | 299,702 |
| Total cost basis of investments held as of September 30, 2025: |  | $ | 1,037,200 |
Receivables from Portfolio Companies Receivables from portfolio companies represent non-recurring costs that we incurred on behalf of portfolio companies. Such receivables, net of any allowance for uncollectible receivables, are included in Other assets, net on our accompanying Consolidated Statements of Assets and Liabilities. We generally maintain an allowance for uncollectible receivables from portfolio companies when the receivable balance becomes 90 days or more past due or if it is determined, based upon management’s judgment, that the portfolio company is unable to pay its obligations. We write off accounts receivable when we have exhausted collection efforts and have deemed the receivables uncollectible. As of September 30, 2025 and March 31, 2025, we had gross receivables from portfolio companies of $2.4 million and $2.3 million, respectively. As of September 30, 2025 and March 31, 2025, the allowance for uncollectible receivables was $1.4 million and $1.7 million, respectively.

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org/321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org/325/tableOfContent + Details
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