v3.26.3
FAIR VALUE MEASUREMENTS - Schedule of Valuation Techniques and Significant Level 3 Inputs (Details)
$ in Thousands
Sep. 30, 2026
USD ($)
Mar. 31, 2026
USD ($)
Fair Value    
Investments at fair value $ 2,410,129 [1],[2],[3],[4],[5] $ 2,097,446 [6],[7],[8],[9],[10]
Significant Unobservable Inputs (Level 3)    
Fair Value    
Investments at fair value 2,373,763 2,097,446
Significant Unobservable Inputs (Level 3) | First lien loans    
Fair Value    
Investments at fair value 2,155,196 1,890,406
Significant Unobservable Inputs (Level 3) | First lien loans | Income Approach | Discount Rate    
Fair Value    
Investments at fair value $ 1,882,827 $ 1,786,594
Significant Unobservable Inputs (Level 3) | First lien loans | Income Approach | Minimum | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.055 0.040
Significant Unobservable Inputs (Level 3) | First lien loans | Income Approach | Maximum | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.787 1.261
Significant Unobservable Inputs (Level 3) | First lien loans | Income Approach | Weighted Average | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.135 0.117
Significant Unobservable Inputs (Level 3) | First lien loans | Market Approach    
Fair Value    
Investments at fair value $ 236,651 $ 85,731
Significant Unobservable Inputs (Level 3) | First lien loans | Market Approach | Minimum | Cost    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.983 0.952
Significant Unobservable Inputs (Level 3) | First lien loans | Market Approach | Maximum | Cost    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.993 1.000
Significant Unobservable Inputs (Level 3) | First lien loans | Market Approach | Weighted Average | Cost    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.990 0.990
Significant Unobservable Inputs (Level 3) | First lien loans | Enterprise Value Waterfall Approach    
Fair Value    
Investments at fair value $ 35,718 $ 18,081
Significant Unobservable Inputs (Level 3) | First lien loans | Enterprise Value Waterfall Approach | Minimum | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.129 0.126
Significant Unobservable Inputs (Level 3) | First lien loans | Enterprise Value Waterfall Approach | Minimum | EBITDA Multiple    
Significant Unobservable Inputs    
Significant Level 3 Inputs 6.1 8.4
Significant Unobservable Inputs (Level 3) | First lien loans | Enterprise Value Waterfall Approach | Maximum | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.254 0.191
Significant Unobservable Inputs (Level 3) | First lien loans | Enterprise Value Waterfall Approach | Maximum | EBITDA Multiple    
Significant Unobservable Inputs    
Significant Level 3 Inputs 7.8 9.0
Significant Unobservable Inputs (Level 3) | First lien loans | Enterprise Value Waterfall Approach | Weighted Average | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.144 0.150
Significant Unobservable Inputs (Level 3) | First lien loans | Enterprise Value Waterfall Approach | Weighted Average | EBITDA Multiple    
Significant Unobservable Inputs    
Significant Level 3 Inputs 7.6 8.6
Significant Unobservable Inputs (Level 3) | Second lien loans    
Fair Value    
Investments at fair value $ 25,098 $ 24,931
Significant Unobservable Inputs (Level 3) | Second lien loans | Income Approach | Discount Rate    
Fair Value    
Investments at fair value $ 25,098 $ 24,931
Significant Unobservable Inputs (Level 3) | Second lien loans | Income Approach | Minimum | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.107 0.079
Significant Unobservable Inputs (Level 3) | Second lien loans | Income Approach | Maximum | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.178 0.170
Significant Unobservable Inputs (Level 3) | Second lien loans | Income Approach | Weighted Average | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.133 0.111
Significant Unobservable Inputs (Level 3) | Subordinated debt    
Fair Value    
Investments at fair value $ 1,214 $ 1,157
Significant Unobservable Inputs (Level 3) | Subordinated debt | Income Approach | Discount Rate    
Fair Value    
Investments at fair value $ 608 $ 600
Significant Unobservable Inputs (Level 3) | Subordinated debt | Income Approach | Minimum | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.125 0.109
Significant Unobservable Inputs (Level 3) | Subordinated debt | Income Approach | Maximum | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.125 0.109
Significant Unobservable Inputs (Level 3) | Subordinated debt | Income Approach | Weighted Average | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.125 0.109
Significant Unobservable Inputs (Level 3) | Subordinated debt | Market Approach    
Fair Value    
Investments at fair value $ 49  
Significant Unobservable Inputs (Level 3) | Subordinated debt | Market Approach | Minimum | Cost    
Significant Unobservable Inputs    
Significant Level 3 Inputs 1.000  
Significant Unobservable Inputs (Level 3) | Subordinated debt | Market Approach | Maximum | Cost    
Significant Unobservable Inputs    
Significant Level 3 Inputs 1.000  
Significant Unobservable Inputs (Level 3) | Subordinated debt | Market Approach | Weighted Average | Cost    
Significant Unobservable Inputs    
Significant Level 3 Inputs 1.000  
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach    
Fair Value    
Investments at fair value $ 557 $ 557
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach | Minimum | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.132 0.143
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach | Minimum | EBITDA Multiple    
Significant Unobservable Inputs    
Significant Level 3 Inputs 7.6 6.0
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach | Maximum | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.175 0.174
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach | Maximum | EBITDA Multiple    
Significant Unobservable Inputs    
Significant Level 3 Inputs 8.0 8.0
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach | Weighted Average | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.145 0.153
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach | Weighted Average | EBITDA Multiple    
Significant Unobservable Inputs    
Significant Level 3 Inputs 7.9 6.6
Significant Unobservable Inputs (Level 3) | Preferred equity    
Fair Value    
Investments at fair value $ 83,488 $ 74,638
Significant Unobservable Inputs (Level 3) | Preferred equity | Market Approach    
Fair Value    
Investments at fair value $ 2,286 $ 1,000
Significant Unobservable Inputs (Level 3) | Preferred equity | Market Approach | Minimum | Cost    
Significant Unobservable Inputs    
Significant Level 3 Inputs 1.000 1.000
Significant Unobservable Inputs (Level 3) | Preferred equity | Market Approach | Maximum | Cost    
Significant Unobservable Inputs    
Significant Level 3 Inputs 1.000 1.000
Significant Unobservable Inputs (Level 3) | Preferred equity | Market Approach | Weighted Average | Cost    
Significant Unobservable Inputs    
Significant Level 3 Inputs 1.000 1.000
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach    
Fair Value    
Investments at fair value $ 81,202 $ 73,638
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach | Minimum | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.123 0.115
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach | Minimum | EBITDA Multiple    
Significant Unobservable Inputs    
Significant Level 3 Inputs 4.5 4.0
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach | Maximum | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.481 0.476
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach | Maximum | EBITDA Multiple    
Significant Unobservable Inputs    
Significant Level 3 Inputs 17.6 13.8
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach | Weighted Average | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.170 0.178
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach | Weighted Average | EBITDA Multiple    
Significant Unobservable Inputs    
Significant Level 3 Inputs 7.6 7.2
Significant Unobservable Inputs (Level 3) | Common equity & warrants    
Fair Value    
Investments at fair value $ 106,876 $ 102,276
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Market Approach    
Fair Value    
Investments at fair value $ 10,600 $ 750
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Market Approach | Minimum | Cost    
Significant Unobservable Inputs    
Significant Level 3 Inputs 1.000 1.000
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Market Approach | Maximum | Cost    
Significant Unobservable Inputs    
Significant Level 3 Inputs 1.000 1.000
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Market Approach | Weighted Average | Cost    
Significant Unobservable Inputs    
Significant Level 3 Inputs 1.000 1.000
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Enterprise Value Waterfall Approach    
Fair Value    
Investments at fair value $ 96,276 $ 101,526
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Enterprise Value Waterfall Approach | Minimum | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.092 0.105
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Enterprise Value Waterfall Approach | Minimum | EBITDA Multiple    
Significant Unobservable Inputs    
Significant Level 3 Inputs 3.4 3.5
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Enterprise Value Waterfall Approach | Maximum | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.293 0.308
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Enterprise Value Waterfall Approach | Maximum | EBITDA Multiple    
Significant Unobservable Inputs    
Significant Level 3 Inputs 16.2 16.4
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Enterprise Value Waterfall Approach | Weighted Average | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.140 0.140
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Enterprise Value Waterfall Approach | Weighted Average | EBITDA Multiple    
Significant Unobservable Inputs    
Significant Level 3 Inputs 7.2 7.9
Significant Unobservable Inputs (Level 3) | Earnout    
Fair Value    
Investments at fair value $ 1,891 $ 4,038
Significant Unobservable Inputs (Level 3) | Earnout | Income Approach    
Fair Value    
Investments at fair value $ 1,891 $ 4,038
Significant Unobservable Inputs (Level 3) | Earnout | Income Approach | Minimum | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.344 0.334
Significant Unobservable Inputs (Level 3) | Earnout | Income Approach | Maximum | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.344 0.334
Significant Unobservable Inputs (Level 3) | Earnout | Income Approach | Weighted Average | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.344 0.334
[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.