INVESTMENTS (Tables)

12 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments by Security Type at Fair Value and Investments Valued Using Level 3 Inputs

As of March 31, 2026 and 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 March 31, 2026:
Secured first lien debt	$	—	$	—	$	570,602	$	570,602
Secured second lien debt	—		—		99,197		99,197
Preferred equity	—		—		426,949		426,949
Common equity/equivalents	—		—		207,495		207,495
Total	$	—	$	—	$	1,304,243	$	1,304,243
Investments measured at NAV(A)	—		—		—		5,005
Total Investments	$	—	$	—	$	1,304,243	$	1,309,248
Cash equivalents	25		—		—		25
Total Investments and Cash Equivalents as of March 31, 2026	$	25	$	—	$	1,304,243	$	1,309,273


	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 March 31, 2026 and 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.

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, 2026 and 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
	March 31,
	2026		2025
Non-Control/Non-Affiliate Investments
Secured first lien debt	$	374,285	$	300,751
Secured second lien debt	97,397		92,964
Preferred equity	304,782		200,606
Common equity/equivalents	207,495		54,268
Total Non-Control/Non-Affiliate Investments	983,959		648,589

Affiliate Investments
Secured first lien debt	195,704		213,240
Secured second lien debt	1,800		10,616
Preferred equity	122,167		101,557
Common equity/equivalents(A)	—		—
Total Affiliate Investments	319,671		325,413

Control Investments
Secured first lien debt	613		343
Secured second lien debt	—		—
Preferred equity	—		—
Common equity/equivalents	—		—
Total Control Investments	613		343

Total investments at fair value using Level 3 inputs	$	1,304,243	$	974,345

(A)Excludes our investment in Gladstone Alternative as of March 31, 2026 and 2025 with a fair value of $5.0 million and $5.0 million, respectively, 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, 2026

March 31, 2025

March 31, 2026

March 31, 2025

Secured first lien debt

570,602

514,334

TEV

EBITDA multiple

3.6x – 8.7x /

6.4x

3.7x – 7.9x /

6.0x

EBITDA

$430 – $28,973 /

$11,991

$1,208 – $25,038 /

$12,162

Revenue multiple

0.3x – 0.6x /

0.5x

0.3x – 0.6x /

0.4x

Revenue

$21,768 – $99,974 /

$62,789

$6,690 – $102,791 / $72,303

Secured second lien debt

99,197

90,956

TEV

EBITDA multiple

5.0x – 10.3x /

7.6x

6.1x – 7.2x /

6.8x

EBITDA

$3,000 – $44,315 /

$19,510

$3,637 – $24,234 /

$16,900

—

12,624

Yield Analysis

Discount Rate

N/A

20.7% – 20.7% /

20.7%

Preferred equity

426,949

302,163

TEV

EBITDA multiple

3.6x – 8.7x /

6.4x

3.7x – 7.9x /

6.1x

EBITDA

$430 – $28,973 /

$9,870

$2,153 – $25,038 /

$11,029

Revenue multiple

0.3x – 0.6x /

0.4x

0.3x – 0.6x /

0.4x

Revenue

$21,768 – $99,974 /

$76,364

$6,690 – $102,791 /

$53,604

Common equity/equivalents

207,495

54,268

TEV

EBITDA multiple

5.0x – 10.3x /

9.0x

5.5x – 7.2x /

6.8x

EBITDA

$1,210 – $44,315 /

$32,353

$1,208 – $24,234 /

$18,562

Total

1,304,243

974,345

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 years ended March 31, 2026 and 2025 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, 2026:
Fair value as of March 31, 2025	$	514,334	$	103,580	$	302,163	$	54,268	$	974,345
Total gain (loss):
Net realized (loss) gain(A)	(29,938)		—		3,481		—		(26,457)
Net unrealized (depreciation) appreciation(B)	(3,127)		(21,958)		68,870		153,227		197,012
Reversal of previously recorded depreciation upon realization(B)	19,104		—		—		—		19,104
New investments, repayments and settlements(C):
Issuances / originations	126,516		1,800		45,300		—		173,616
Settlements / repayments	(29,896)		—		—		—		(29,896)
Sales(D)	—		—		(3,481)		—		(3,481)
Transfers(E)	(26,391)		15,775		10,616		—		—
Fair value as of March 31, 2026	$	570,602	$	99,197	$	426,949	$	207,495	$	1,304,243


	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 (loss) gain(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 depreciation (appreciation) 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

(A)Included in net realized (loss) gain on investments on our accompanying Consolidated Statements of Operations for the respective years ended March 31, 2026 and 2025.

(B)Included in net unrealized (depreciation) appreciation of investments on our accompanying Consolidated Statements of Operations for the respective years ended March 31, 2026 and 2025.

(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)2026: Includes $3.5 million of proceeds from the equity distribution recognized as realized gain from Old World Christmas, Inc.

(E)2026: Transfers include (1) 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 and (2) secured first lien debt of Horizon Facilities Services, Inc. with a total cost basis of $57.7 million and fair value of $26.4 million, which was converted to secured second lien debt in March 2026.

2025: Transfers represent secured second lien debt of PSI Molded with a total cost basis of $16.4 million and $9.8 million, which was converted to preferred equity in January 2025.

Schedule of Investment Concentrations

The following table summarizes our investments by security type as of March 31, 2026 and 2025:


	March 31, 2026								March 31, 2025
	Cost				Fair Value				Cost				Fair Value
Secured first lien debt	$	593,008	56.3	%	$	570,602	43.6	%	$	584,026	62.2	%	$	514,334	52.5	%
Secured second lien debt	152,840		14.5	%	99,197		7.6	%	103,956		11.1	%	103,580		10.6	%
Total debt	745,848		70.8	%	669,799		51.2	%	687,982		73.3	%	617,914		63.1	%

Preferred equity	257,403		24.5	%	426,949		32.6	%	201,487		21.5	%	302,163		30.9	%
Common equity/equivalents	49,597		4.7	%	212,500		16.2	%	49,597		5.2	%	59,243		6.0	%
Total equity/equivalents	307,000		29.2	%	639,449		48.8	%	251,084		26.7	%	361,406		36.9	%
Total investments	$	1,052,848	100.0	%	$	1,309,248	100.0	%	$	939,066	100.0	%	$	979,320	100.0	%

Investments at fair value consisted of the following industry classifications as of March 31, 2026 and 2025:


	March 31, 2026				March 31, 2025
	Fair Value		Percentage of Total Investments		Fair Value		Percentage of Total Investments
Machinery (Non-Agriculture, Non-Construction, and Non-Electronic)	$	258,692	19.8	%	$	105,432	10.8	%
Diversified/Conglomerate Services	189,148		14.4	%	170,360		17.4	%
Aerospace and Defense	174,542		13.4	%	107,869		10.9	%
Home and Office Furnishings, Housewares, and Durable Consumer Products	166,553		12.7	%	159,236		16.3	%
Oil and Gas	125,605		9.6	%	69,589		7.1	%
Leisure, Amusement, Motion Pictures, and Entertainment	105,339		8.0	%	78,460		8.0	%
Buildings and Real Estate	68,987		5.3	%	69,320		7.1	%
Electronics	62,723		4.8	%	71,573		7.2	%
Chemicals, Plastics, and Rubber	49,715		3.8	%	11,612		1.2	%
Healthcare, Education, and Childcare	41,630		3.2	%	51,501		5.3	%
Mining, Steel, Iron and Non-Precious Metals	37,713		2.9	%	41,010		4.2	%
Printing and Publishing	8,379		0.6	%	11,681		1.2	%
Telecommunications	7,942		0.6	%	7,585		0.8	%
Diversified/Conglomerate Manufacturing	6,763		0.5	%	6,493		0.7	%
Other < 2.0%	5,517		0.4	%	17,599		1.8	%
Total investments	$	1,309,248	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 March 31, 2026 and 2025:


	March 31, 2026				March 31, 2025
Location	Fair Value		Percentage of Total Investments		Fair Value		Percentage of Total Investments
United States
South	$	649,436	49.6	%	$	317,294	32.4	%
West	227,294		17.3	%	222,062		22.7	%
Midwest	216,726		16.6	%	227,415		23.2	%
Northeast	193,837		14.8	%	182,669		18.7	%
Canada	21,955		1.7	%	29,880		3.0	%
Total investments	$	1,309,248	100.0	%	$	979,320	100.0	%

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, 2026:


		Amount
For the fiscal years ending March 31:	2027	$	46,490
	2028	110,842
	2029	291,540
	2030	159,506
	2031	137,470
	Thereafter	—
	Total contractual repayments	$	745,848
	Investments in equity securities	307,000
	Total cost basis of investments held as of March 31, 2026:	$	1,052,848

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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