v3.26.1
INVESTMENTS
 12 Months Ended
Mar. 31, 2026
Schedule of Investments [Abstract]  
INVESTMENTS INVESTMENTS
The following table shows the composition of the investment portfolio, at fair value and cost (with corresponding percentage of total portfolio investments) as of March 31, 2026 and March 31, 2025:
Fair ValuePercentage of Total Portfolio
at Fair Value		Percentage of Net Assets
at Fair Value		CostPercentage of Total Portfolio
at Cost
(dollars in thousands)
March 31, 2026:
  First lien loans (1)(2)$1,890,406 90.1 %187.0 %$1,948,890 92.0 %
Second lien loans (2)24,931 1.2 2.5 26,064 1.2 
Subordinated debt (3)1,157 0.1 0.1 1,337 0.1 
Preferred equity74,638 3.5 7.4 82,020 3.8 
Common equity & warrants102,276 4.9 10.1 57,717 2.7 
Earnout4,038 0.2 0.4 3,457 0.2 
$2,097,446 100.0 %207.5 %$2,119,485 100.0 %
​
March 31, 2025:
First lien loans (1)(2)$1,586,622 88.9 %179.6 %$1,627,746 91.5 %
Second lien loans (2)18,066 1.0 2.0 23,955 1.3 
Subordinated debt (3)1,218 0.1 0.1 1,417 0.1 
Preferred equity102,918 5.7 11.6 77,451 4.4 
Common equity & warrants76,475 4.3 8.7 48,791 2.7 
$1,785,299 100.0 %202.0 %$1,779,360 100.0 %

(1)Included in first lien loans are loans structured as first lien last out loans. These loans may, in certain cases, be subordinated in payment priority to other senior secured lenders. As of March 31, 2026 and March 31, 2025, the fair value of the first lien last out loans was $23.5 million and $23.4 million, respectively.
(2)Included in first lien loans and second lien loans are loans structured as split lien term loans. These loans provide the Company with a first lien priority on certain assets of the obligor and a second lien priority on different assets of the obligor. As of March 31, 2026 and March 31, 2025, the fair value of the split lien term loans included in first lien loans was $55.9 million and $59.9 million, respectively. As of March 31, 2026 and March 31, 2025, the fair value of the split lien term loans included in second lien loans was $24.9 million and $15.9 million, respectively.
(3)Included in subordinated debt are unsecured convertible notes with a fair value of $0.2 million as of both March 31, 2026 and March 31, 2025.
The following tables show the composition of the investment portfolio by industry, at fair value and cost (with corresponding percentage of total portfolio investments) as of March 31, 2026 and March 31, 2025:
Fair ValuePercentage of Total Portfolio
at Fair Value		Percentage of Net Assets
at Fair Value		CostPercentage of Total Portfolio
at Cost
(dollars in thousands)
March 31, 2026:
Healthcare Services$287,375 13.7 %28.4 %$316,703 14.9 %
Media & Marketing199,723 9.5 19.8 198,800 9.4 
Consumer Services198,692 9.5 19.7 210,318 9.9 
Consumer Products 192,024 9.2 19.0 184,982 8.7 
Food, Agriculture & Beverage135,389 6.4 13.4 146,503 6.9 
Transportation & Logistics127,208 6.0 12.6 94,012 4.4 
Business Services92,635 4.4 9.2 97,504 4.6 
Research & Consulting Services87,119 4.2 8.6 86,466 4.1 
Financial Services81,007 3.9 8.0 71,424 3.4 
Industrial Machinery70,559 3.4 7.0 74,479 3.5 
Industrial Products55,961 2.7 5.5 43,912 2.1 
Software & IT Services55,835 2.7 5.5 56,130 2.6 
Industrial Services55,311 2.6 5.5 54,576 2.6 
Commercial Services & Supplies55,289 2.6 5.4 54,524 2.6 
Pharmaceuticals, Biotechnology & Life Sciences51,813 2.5 5.1 55,055 2.6 
Healthcare Equipment & Supplies47,519 2.3 4.7 48,621 2.3 
Environmental Services47,438 2.3 4.7 50,394 2.4 
Telecommunications46,094 2.2 4.6 48,458 2.3 
Specialty Retail40,052 1.9 4.0 38,175 1.8 
Healthcare Products36,248 1.7 3.6 36,891 1.7 
Education30,843 1.5 3.1 42,240 2.0 
Restaurants25,373 1.2 2.5 25,638 1.2 
Movies & Entertainment22,711 1.1 2.2 25,454 1.2 
Energy Services22,173 1.0 2.2 21,896 1.0 
Distribution17,643 0.8 1.7 13,505 0.6 
Technology Products & Components8,443 0.4 0.8 12,878 0.7 
Building & Infrastructure Products6,969 0.3 0.7 9,947 0.5 
$2,097,446 100.0 %207.5 %$2,119,485 100.0 %
Fair ValuePercentage of Total Portfolio
at Fair Value		Percentage of Net Assets
at Fair Value		CostPercentage of Total Portfolio
at Cost
(dollars in thousands)
March 31, 2025:
Healthcare Services$212,640 11.9 %24.1 %$228,935 12.9 %
Consumer Products 152,385 8.5 17.3 152,385 8.6 
Media & Marketing138,768 7.8 15.7 138,291 7.8 
Food, Agriculture & Beverage125,740 7.1 14.2 131,815 7.4 
Financial Services123,280 6.9 14.0 95,060 5.3 
Consumer Services117,117 6.6 13.3 123,084 6.9 
Business Services94,008 5.3 10.6 96,685 5.4 
Transportation & Logistics88,871 5.0 10.1 63,155 3.5 
Industrial Machinery76,874 4.3 8.7 75,647 4.3 
Industrial Products75,548 4.2 8.5 66,050 3.7 
Healthcare Equipment & Supplies66,144 3.7 7.5 65,057 3.7 
Commercial Services & Supplies58,340 3.3 6.6 57,633 3.2 
Aerospace & Defense55,051 3.1 6.2 54,097 3.0 
Software & IT Services52,422 2.9 5.9 52,553 3.0 
Environmental Services52,295 2.9 5.9 56,191 3.2 
Specialty Retail38,272 2.1 4.3 36,647 2.1 
Research & Consulting Services36,045 2.0 4.1 35,309 2.0 
Healthcare Products34,474 1.9 3.9 35,087 2.0 
Education29,495 1.7 3.3 41,443 2.3 
Restaurants25,656 1.4 2.9 25,329 1.4 
Energy Services25,022 1.4 2.8 25,362 1.4 
Pharmaceuticals, Biotechnology & Life Sciences24,877 1.4 2.8 34,199 1.9 
Industrial Services21,599 1.2 2.4 21,634 1.2 
Telecommunications19,920 1.1 2.3 23,504 1.3 
Distribution11,773 0.7 1.3 11,873 0.7 
Technology Products & Components10,378 0.6 1.2 13,031 0.7 
Movies & Entertainment8,690 0.5 1.0 8,403 0.5 
Building & Infrastructure Products7,522 0.4 0.9 8,830 0.5 
Data Processing & Outsourced Services2,093 0.1 0.2 2,071 0.1 
$1,785,299 100.0 %202.0 %$1,779,360 100.0 %
The following tables summarize the composition of the investment portfolio by geographic region of the United States, at fair value and cost (with corresponding percentage of total portfolio investments), as of March 31, 2026 and March 31, 2025:
Fair ValuePercentage of Total Portfolio
at Fair Value		Percentage of Net Assets
at Fair Value		CostPercentage of Total Portfolio
at Cost
(dollars in thousands)
March 31, 2026:
Northeast$576,279 27.5 %57.0 %$579,895 27.4 %
Southwest446,244 21.3 44.1 433,468 20.4 
Southeast421,730 20.1 41.8 460,151 21.7 
West358,529 17.1 35.5 351,246 16.6 
Midwest262,879 12.5 26.0 264,801 12.5 
International31,785 1.5 3.1 29,924 1.4 
$2,097,446 100.0 %207.5 %$2,119,485 100.0 %
March 31, 2025:
Northeast$469,271 26.3 %53.1 %$474,642 26.7 %
West388,772 21.8 44.0 359,986 20.2 
Southwest323,966 18.2 36.7 317,428 17.8 
Southeast315,033 17.6 35.6 338,866 19.1 
Midwest241,814 13.5 27.4 246,198 13.8 
International46,443 2.6 5.2 42,240 2.4 
$1,785,299 100.0 %202.0 %$1,779,360 100.0 %

CapTrin Partners LLC
On January 22, 2026, the Company and Trinity Capital Inc. ("Trinity") formed CapTrin Partners LLC ("CapTrin"), a joint venture established for the purpose of primarily investing in first out senior secured debt opportunities in the LMM. CapTrin is owned equally by the Company and Trinity, with each holding a 50% equity interest and making a $50 million capital commitment. All investment and operational decisions for CapTrin are made by CapTrin's board of managers, which consists of equal representation from both joint venture partners. Subsequent to fiscal year ended March 31, 2026, the Company funded a portion of its capital commitment to CapTrin and CapTrin entered into a special purpose vehicle financing credit facility. See Note 16 - Subsequent Events or more information.