v3.26.1
INVESTMENTS IN AND ADVANCES TO AFFILIATES (Tables)
 12 Months Ended
Mar. 31, 2026
Investments in and Advances to Affiliates [Abstract]  
Schedule of Investments in and Advances to Affiliates
Company and Investment(A)(B)(C)(D)(E)
Principal/
Shares/Units(F)(G)
Net
Realized
Gain
(Loss) for
Period(P)
Amount of
Investment
Income(H)
Value as of
March 31, 2025
Gross
Additions(I)
Gross
Reductions(J)
Net Unrealized
Appreciation
(Depreciation)
Value as of
March 31, 2026
AFFILIATE INVESTMENTS – 48.6%
Secured First Lien Debt – 29.4%
Diversified/Conglomerate Services – 10.6%
ImageWorks Display and Marketing Group, Inc. – Term Debt (SOFR +11.0%, 14.7% Cash, Due 11/2028)
$22,000 $— $3,671 $22,000 $— $— $— $22,000 
J.R. Hobbs Co. - Atlanta, LLC - Line of Credit (N)
— (2,998)— 3,036 — (5,000)1,964 — 
J.R. Hobbs Co. - Atlanta, LLC - Term Debt (N)
— (9,892)— 10,019 — (16,500)6,481 — 
J.R. Hobbs Co. - Atlanta, LLC – Term Debt (SOFR+6.0%, 10.0% Cash, Due 9/2030) (N)
20,000 (15,587)1,353 15,788 — (6,000)10,212 20,000 
J.R. Hobbs Co. - Atlanta, LLC – Term Debt (N)
— (1,461)— 1,480 — (2,438)958 — 
The Maids International, LLC – Term Debt (SOFR+10.5%, 14.2% Cash, Due 3/2028)
28,560 — 4,223 28,560 — — — 28,560 
(29,938)9,247 80,883 — (29,938)19,615 70,560 
Electronics – 7.2%
Nielsen-Kellerman Acquisition Corp.– Line of Credit (M)
— — 23 1,070 — (1,070)— — 
Nielsen-Kellerman Acquisition Corp. – Term Debt (SOFR+8.5%,13.5% Cash, Due 12/2029)
48,082 — 6,581 48,082 — — — 48,082 
— 6,604 49,152 — (1,070)— 48,082 
Home and Office Furnishings, Housewares, and Durable Consumer Products – 5.7%
Old World Christmas, Inc. – Term Debt (SOFR+9.5%, 13.2% Cash, Due 12/2028)
38,000 — 5,618 38,000 — — — 38,000 
Leisure, Amusement, Motion Pictures, and Entertainment – 3.0%
Pyrotek Special Effects, Inc.– Line of Credit (M)
— — 68 2,500 — (2,500)— — 
Pyrotek Special Effects, Inc. – Term Debt (SOFR+8.0%, 13.0% Cash, Due 11/2029)
20,120 — 2,652 20,120 — — — 20,120 
— 2,720 22,620 — (2,500)— 20,120 
Company and Investment(A)(B)(C)(D)(E)
Principal/
Shares/Units(F)(G)
Net
Realized
Gain
(Loss) for
Period(P)
Amount of
Investment
Income(H)
Value as of
March 31, 2025
Gross
Additions(I)
Gross
Reductions(J)
Net Unrealized
Appreciation
(Depreciation)
Value as of
March 31, 2026
Mining, Steel, Iron and Non-Precious Metals Total – 1.6%
UPB Acquisition, Inc. (SOFR+10.0%, 13.7% Cash, Due 7/2028)
$11,000 $— $2,376 $15,000 $— $(4,000)$— $11,000 
Telecommunications – 1.3%
B+T Group Acquisition, Inc. – Line of Credit, $0 available (SOFR+2.0%, 7.0% Cash, Due 12/2026) (K)
3,080 — — 3,080 — — — 3,080 
B+T Group Acquisition, Inc. – Line of Credit, $0 available (SOFR+2.0%, 7.0% Cash, Due 12/2026) (K)
1,050 — — 930 120 — — 1,050 
B+T Group Acquisition, Inc. – Term Debt (SOFR+2.0%, 7.0% Cash, Due 12/2026) (K)
14,000 — — 3,575 — — 237 3,812 
— — 7,585 120 — 237 7,942 
Total Secured First Lien Debt
$(29,938)$26,565 $213,240 $120 $(37,508)$19,852 $195,704 
Secured Second Lien Debt – 0.3%
Chemicals, Plastics, and Rubber – 0.3%
PSI Molded Plastics, Inc. – Line of Credit, $600 available (SOFR+1.0%, 7.0% Cash, Due 2/2028)
$1,400 $— $10 $— $1,400 $— $— $1,400 
PSI Molded Plastics, Inc. – Term Debt (SOFR+1.0%,7.0% Cash, Due 2/2028)
400 — 3 — 400 — — 400 
PSI Molded Plastics, Inc. – Term Debt (O)
— — — 10,616 — (10,616)— 
— 13 10,616 1,800 (10,616)— 1,800 
Total Secured Second Lien Debt
$— $13 $10,616 $1,800 $(10,616)$— $1,800 
Preferred Equity – 18.2%
Chemicals, Plastics, and Rubber – 0.7%
PSI Molded Plastics, Inc. – Preferred Stock(O)
428,773 $— $— $996 $10,616 $— $(6,684)$4,928 
Diversified/Conglomerate Services – 6.6%
ImageWorks Display and Marketing Group, Inc. – Preferred Stock
67,490 — 1,386 12,921 — — 17,532 30,453 
J.R. Hobbs Co. – Atlanta, LLC – Preferred Stock
10,920 — — — — — 9,236 9,236 
The Maids International, LLC - Preferred Stock
6,640 — — 8,410 — — (3,779)4,631 
— 1,386 21,331 — — 22,989 44,320 
Electronics – 2.2%
Nielsen-Kellerman Acquisition Corp.– Preferred Stock22,169 — — 22,421 — — (7,780)14,641 
Home and Office Furnishings, Housewares, and Durable Consumer Products – 4.4%
Old World Christmas, Inc. – Preferred Stock
6,180 3,481 917 23,539 — — 6,191 29,730 
Company and Investment(A)(B)(C)(D)(E)
Principal/
Shares/Units(F)(G)
Net
Realized
Gain
(Loss) for
Period(P)
Amount of
Investment
Income(H)
Value as of
March 31, 2025
Gross
Additions(I)
Gross
Reductions(J)
Net Unrealized
Appreciation
(Depreciation)
Value as of
March 31, 2026
Leisure, Amusement, Motion Pictures, and Entertainment – 0.3%
Pyrotek Special Effects, Inc. – Preferred Stock
7,060 $— $— $7,260 $— $— $(5,425)$1,835 
Mining, Steel, Iron and Non-Precious Metals - 4.0%
UPB Acquisition, Inc. - Preferred Stock6,000 — 2,402 26,010 — — 703 26,713 
Telecommunications – 0.0%
B+T Group Acquisition, Inc. – Preferred Stock
14,304 — — — — — — — 
Total Preferred Equity
$3,481 $4,705 $101,557 $10,616 $— $9,994 $122,167 
Common Equity/Equivalents – 0.7%
Diversified/Conglomerate Services – 0.7%
Gladstone Alternative Income Fund – Common Equity500,000 $— $344 $4,975 $— $— $30 $5,005 
Telecommunications - 0.0%
B+T Group Acquisition, Inc. - Common Stock Warrants
3.5 %— — — — — — — 
Total Common Equity/Equivalents
$— $344 $4,975 $— $— $30 $5,005 
TOTAL AFFILIATE INVESTMENTS$(26,457)$31,627 $330,388 $12,536 $(48,124)$29,876 $324,676 
CONTROL INVESTMENTS – 0.1%
Secured First Lien Debt – 0.1%
Diversified/Conglomerate Manufacturing – 0.1%
Edge Adhesives Holdings, Inc. – Term Debt (SOFR+5.5%, 9.2% Cash, Due 8/2026)(K)
$9,210 $— $— $343 $— $— $270 $613 
Total Secured First Lien Debt$— $— $343 $— $— $270 $613 
Preferred Equity – 0.0%
Diversified/Conglomerate Manufacturing – 0.0%
Edge Adhesives Holdings, Inc. – Preferred Stock
8,199 $— $— $— $— $— $— $— 
Total Preferred Equity$— $— $— $— $— $— $— 
TOTAL CONTROL INVESTMENTS$— $— $343 $— $— $270 $613 
TOTAL AFFILIATE AND CONTROL INVESTMENTS
$(26,457)$31,627 $330,731 $12,536 $(48,124)$30,146 $325,289 
(A)Certain of the listed securities are issued by affiliate(s) of the indicated portfolio company. The majority of the securities listed, together with certain non-control and non-affiliate investments, totaling $1.2 billion at fair value, are pledged as collateral to our revolving line of credit, as described further in Note 5—Borrowings in the accompanying Notes to Consolidated Financial Statements. Additionally, under Section 55 of the Investment Company Act of 1940, as amended (the “1940 Act”), we may not acquire any non-qualifying assets unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets.
(B)Common stock, warrants, options and, in some cases, preferred stock are generally non-income-producing and restricted.
(C)Unless indicated otherwise, all cash interest rates are indexed to 30-day Secured Overnight Financing Rate ("SOFR"), which was 3.7% as of March 31, 2026. If applicable, paid-in-kind interest rates are noted separately from the cash interest rate. Certain securities are subject to an interest rate floor. The cash interest rate is the greater of the floor or reference rate plus a spread. Due dates represent the contractual maturity date.
(D)Category percentages represent the fair value of each category and subcategory as a percentage of net assets as of March 31, 2026.
(E)Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the Financial Accounting Standards Board Accounting Standard Codification Topic 820, “Fair Value Measurement” fair value hierarchy. Refer to Note 3 — Investments in the accompanying Notes to Consolidated Financial Statements for additional information.
(F)Where applicable, aggregates all shares of a class of stock owned without regard to specific series owned within such class (some series of which may or may not be voting shares) or aggregates all warrants to purchase shares of a class of stock owned without regard to specific series of such class of stock such warrants allow us to purchase.
(G)Represents the principal balance, presented in thousands, for debt investments and the number of shares/units held for equity investments as of March 31, 2026. Warrants are represented as a percentage of ownership, as applicable, as of March 31, 2026.
(H)Represents the total amount of interest, dividend, success fee, or other investment income credited to income for the portion of the year ended March 31, 2026 an investment was an affiliate investment or control investment and on accrual status, as appropriate.
(I)Gross additions include increases in investments resulting from new portfolio investments, the amortization of discounts and fees, and the exchange of one or more existing securities for one or more new securities during the year ended March 31, 2026.
(J)Gross reductions include decreases in investments resulting from principal collections related to investment repayments or sales, the amortization of premiums and acquisition costs, and the exchange of one or more existing securities for one or more new securities during the year ended March 31, 2026.
(K)Debt security is on non-accrual status as of March 31, 2026.
(L)Reserved.
(M)Investment was exited/paid off during the year ended March 31, 2026.
(N)During the year ended March 31, 2026, we recognized a realized loss of $29.9 million on J.R. Hobbs Co. - Atlanta, LLC by restructuring our previously outstanding first lien term loans and line of credit into new first lien loan.
(O)During the year ended March 31, 2026, we restructured our investments in PSI Molded Plastics, Inc., which resulted in $10.6 million being converted from second lien debt to preferred equity.
(P)Net realized gain (loss) excludes amounts related to portfolio companies no longer in the portfolio for the periods presented.
**Information related to the amount of equity in the net profit and loss for the period for the investments listed has not been included in this schedule. This information is not considered to be meaningful due to the complex capital structures of the portfolio companies, with different classes of equity securities outstanding with different preferences in liquidation. These investments are not consolidated, nor are they accounted for under the equity method of accounting.