v3.26.3
INVESTMENTS - Schedule Financial Information Balance Sheet (Details) - USD ($)
$ in Thousands
Sep. 30, 2026
Mar. 31, 2026
Sep. 30, 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Investments at fair value $ 2,410,129 [1],[2],[3],[4],[5] $ 2,097,446 [6],[7],[8],[9],[10]  
Cost 2,459,088 [1],[2],[4],[5],[11] 2,119,485 [6],[8],[9],[10],[12]  
Cash and cash equivalents 47,977 29,045 $ 87,429
Total assets 2,524,742 2,177,518  
Senior credit facility payable 195,000 345,000  
Other liabilities 19,743 21,629  
Total liabilities 1,418,312 1,166,526  
Total liabilities and net assets 2,524,742 $ 2,177,518  
CapTrin      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Investments at fair value 126,706    
Cost 126,507    
Cash and cash equivalents 2,492    
Interest receivable 1,398    
Deferred financing costs and other assets 1,791    
Total assets 132,387    
Senior credit facility payable 74,000    
Other liabilities 1,514    
Total liabilities 75,514    
Members' equity 56,873    
Total liabilities and net assets 132,387    
Desert Star      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Investments at fair value 128,183    
Cost 128,168    
Cash and cash equivalents 3,176    
Interest receivable 1,450    
Deferred financing costs and other assets 998    
Total assets 133,807    
Senior credit facility payable 70,000    
Other liabilities 341    
Total liabilities 70,341    
Members' equity 63,466    
Total liabilities and net assets $ 133,807    
[1] All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.
[2] Non-Control/Non-Affiliate investments are generally defined by the 1940 Act as investments that are neither control investments nor affiliate investments. Investments are classified as non-control/non-affiliate investments, unless otherwise noted. At September 30, 2026, the Company held $1,951.3 million of non-control/non-affiliate investments (at fair value), which represented approximately 81.0% of the Company’s total investments. The fair value of these investments as a percent of net assets is 176.3%.
[3] The Company's investment portfolio is comprised entirely of debt and equity securities, along with other financial instruments, of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not readily available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the valuation committee comprised of certain officers of the Company (the "Valuation Committee") as the valuation designee of the Board of Directors (the "Valuation Designee") pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the “1940 Act”), using significant unobservable Level 3 inputs. Refer to Note 4 - Fair Value Measurements for further discussion.
[4] Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.
[5] Unless otherwise noted, all portfolio company headquarters are based in the United States.
[6] Non-Control/Non-Affiliate investments are generally defined by the 1940 Act as investments that are neither control investments nor affiliate investments. Investments are classified as non-control/non-affiliate investments, unless otherwise noted. At March 31, 2026, the Company held $1,682.4 million of non-control/non-affiliate investments, which represented approximately 80.2% of the Company’s investment assets. The fair value of these investments as a percent of net assets is 166.5%.
[7] The Company's investment portfolio is comprised entirely of debt and equity securities, along with other financial instruments, of privately held companies for which quoted prices falling within the categories of Level 1 and Level 2 inputs are not readily available. Therefore, the Company values all of its portfolio investments at fair value, as determined in good faith by the valuation committee comprised of certain officers of the Company (the "Valuation Committee") as the valuation designee of the Board of Directors (the "Valuation Designee") pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the “1940 Act”), using significant unobservable Level 3 inputs. Refer to Note 4 - Fair Value Measurements for further discussion.
[8] Equity ownership may be held in shares or units of a company that is either wholly owned by the portfolio company or under common control by the same parent company to the portfolio company.
[9] Unless otherwise noted, all portfolio company headquarters are based in the United States.
[10] All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.
[11] As of September 30, 2026, the cumulative gross unrealized appreciation for U.S. federal income tax purposes was approximately $106.1 million; cumulative gross unrealized depreciation for federal income tax purposes was $166.8 million. Cumulative net unrealized depreciation was $60.7 million, based on a tax cost of $2,470.9 million.
[12] As of March 31, 2026, the cumulative gross unrealized appreciation for U.S. federal income tax purposes was approximately $109.0 million; cumulative gross unrealized depreciation for federal income tax purposes was $133.8 million. Cumulative net unrealized depreciation was $24.8 million, based on a tax cost of $2,122.3 million.