v3.26.1
Debt
 3 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt
7. Debt
The Company’s debt consisted of the following:
As of June 30, 2026
As of March 31, 2026
Principal OutstandingCarrying ValueInterest RatePrincipal OutstandingCarrying ValueInterest Rate
Term loan$81,250 $80,973 5.50 %$84,375 $84,076 5.50 %
2020 multi-draw facility95,000 94,771 3.50 %96,250 96,005 3.50 %
Senior notes100,000 98,455 5.28 %100,000 98,339 5.28 %
Total Debt$276,250 $274,199 $280,625 $278,420 
The carrying value of the Company’s Term Loan with JPMorgan Chase Bank, N.A. as of June 30, 2026 and March 31, 2026 approximated fair value. The 2020 multi-draw facility had an estimated fair value of $89,680 and $91,768 as of June 30, 2026 and March 31, 2026, respectively. The Company’s Senior Notes had an estimated fair value of $92,629 and $94,641 as of June 30, 2026 and March 31, 2026, respectively. The estimated fair value of debt is based on then-current market rates for similar debt instruments and is classified as Level 2 within the fair value hierarchy.
On May 8, 2026, a Consolidated Fund, entered into a credit agreement with JPMorgan Chase Bank, N.A. providing for term loan commitments of up to $250,000 (the “Bridge Facility”) to fund the acquisition of portfolio investments in advance of anticipated capital calls to the fund’s limited partners. The Company has provided an unconditional guaranty of payment of the borrower’s obligations under the Bridge Facility, subject to a maximum liability of $250,000.
On June 29, 2026, the Fund drew $145,000 under the Bridge Facility to fund the acquisition of portfolio investments. Because the Fund is reported on a three-month lag and had not commenced operations or issued financial statements as of March 31, 2026, this borrowing and the related portfolio investments are not reflected in the Company’s Condensed Consolidated Balance Sheet as of June 30, 2026.