XML 53 R42.htm IDEA: XBRL DOCUMENT v3.24.2.u1
FAIR VALUE MEASUREMENTS - Measurement Inputs and Valuation Techniques (Details)
$ in Thousands
Jun. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Fair Value    
Investments at fair value $ 1,468,126 [1],[2],[3],[4],[5],[6],[7] $ 1,476,561 [8],[9],[10],[11],[12],[13],[14]
Significant Unobservable Inputs (Level 3)    
Fair Value    
Investments at fair value 1,468,126 1,476,561
Significant Unobservable Inputs (Level 3) | First lien loans | Income Approach    
Fair Value    
Investments at fair value $ 1,255,410 $ 1,211,447
Significant Unobservable Inputs (Level 3) | First lien loans | Income Approach | Minimum | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.057 0.055
Significant Unobservable Inputs (Level 3) | First lien loans | Income Approach | Minimum | Third Party Broker Quote    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.408 0.383
Significant Unobservable Inputs (Level 3) | First lien loans | Income Approach | Maximum | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.716 0.438
Significant Unobservable Inputs (Level 3) | First lien loans | Income Approach | Maximum | Third Party Broker Quote    
Significant Unobservable Inputs    
Significant Level 3 Inputs 1.000 1.000
Significant Unobservable Inputs (Level 3) | First lien loans | Income Approach | Weighted Average | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.139 0.134
Significant Unobservable Inputs (Level 3) | First lien loans | Income Approach | Weighted Average | Third Party Broker Quote    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.928 0.924
Significant Unobservable Inputs (Level 3) | First lien loans | Market Approach    
Fair Value    
Investments at fair value $ 32,077 $ 98,002
Significant Unobservable Inputs (Level 3) | First lien loans | Market Approach | Minimum | Cost    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.985 0.980
Significant Unobservable Inputs (Level 3) | First lien loans | Market Approach | Maximum | Cost    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.990 0.990
Significant Unobservable Inputs (Level 3) | First lien loans | Market Approach | Weighted Average | Cost    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.988 0.981
Significant Unobservable Inputs (Level 3) | First lien loans | Enterprise Value Waterfall Approach    
Fair Value    
Investments at fair value $ 18,419  
Significant Unobservable Inputs (Level 3) | First lien loans | Enterprise Value Waterfall Approach | Minimum | EBITDA Multiple    
Significant Unobservable Inputs    
Significant Level 3 Inputs 6.9  
Significant Unobservable Inputs (Level 3) | First lien loans | Enterprise Value Waterfall Approach | Maximum | EBITDA Multiple    
Significant Unobservable Inputs    
Significant Level 3 Inputs 6.9  
Significant Unobservable Inputs (Level 3) | First lien loans | Enterprise Value Waterfall Approach | Weighted Average | EBITDA Multiple    
Significant Unobservable Inputs    
Significant Level 3 Inputs 6.9  
Significant Unobservable Inputs (Level 3) | Second lien loans | Income Approach    
Fair Value    
Investments at fair value $ 28,093 $ 33,774
Significant Unobservable Inputs (Level 3) | Second lien loans | Income Approach | Minimum | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.126 0.134
Significant Unobservable Inputs (Level 3) | Second lien loans | Income Approach | Minimum | Third Party Broker Quote    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.038 0.280
Significant Unobservable Inputs (Level 3) | Second lien loans | Income Approach | Maximum | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.353 0.333
Significant Unobservable Inputs (Level 3) | Second lien loans | Income Approach | Maximum | Third Party Broker Quote    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.038 0.280
Significant Unobservable Inputs (Level 3) | Second lien loans | Income Approach | Weighted Average | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.156 0.156
Significant Unobservable Inputs (Level 3) | Second lien loans | Income Approach | Weighted Average | Third Party Broker Quote    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.038 0.280
Significant Unobservable Inputs (Level 3) | Subordinated debt | Income Approach    
Fair Value    
Investments at fair value $ 591 $ 568
Significant Unobservable Inputs (Level 3) | Subordinated debt | Income Approach | Minimum | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.170 0.187
Significant Unobservable Inputs (Level 3) | Subordinated debt | Income Approach | Minimum | Third Party Broker Quote    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.258 0.233
Significant Unobservable Inputs (Level 3) | Subordinated debt | Income Approach | Maximum | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.170 0.187
Significant Unobservable Inputs (Level 3) | Subordinated debt | Income Approach | Maximum | Third Party Broker Quote    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.258 0.233
Significant Unobservable Inputs (Level 3) | Subordinated debt | Income Approach | Weighted Average | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.170 0.187
Significant Unobservable Inputs (Level 3) | Subordinated debt | Income Approach | Weighted Average | Third Party Broker Quote    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.258 0.233
Significant Unobservable Inputs (Level 3) | Subordinated debt | Market Approach    
Fair Value    
Investments at fair value $ 131 $ 210
Significant Unobservable Inputs (Level 3) | Subordinated debt | Market Approach | Minimum | Cost    
Significant Unobservable Inputs    
Significant Level 3 Inputs 1.000 0.940
Significant Unobservable Inputs (Level 3) | Subordinated debt | Market Approach | Maximum | Cost    
Significant Unobservable Inputs    
Significant Level 3 Inputs 1.000 1.000
Significant Unobservable Inputs (Level 3) | Subordinated debt | Market Approach | Weighted Average | Cost    
Significant Unobservable Inputs    
Significant Level 3 Inputs 1.000 0.961
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach    
Fair Value    
Investments at fair value $ 558 $ 558
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach | Minimum | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.131 0.132
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach | Minimum | EBITDA Multiple    
Significant Unobservable Inputs    
Significant Level 3 Inputs 5.5 5.7
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach | Maximum | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.185 0.186
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach | Maximum | EBITDA Multiple    
Significant Unobservable Inputs    
Significant Level 3 Inputs 7.7 7.9
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach | Weighted Average | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.148 0.148
Significant Unobservable Inputs (Level 3) | Subordinated debt | Enterprise Value Waterfall Approach | Weighted Average | EBITDA Multiple    
Significant Unobservable Inputs    
Significant Level 3 Inputs 6.2 6.4
Significant Unobservable Inputs (Level 3) | Preferred equity | Market Approach    
Fair Value    
Investments at fair value $ 1,500 $ 2,250
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 $ 71,386 $ 68,877
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach | Minimum | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.105 0.103
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach | Minimum | EBITDA Multiple    
Significant Unobservable Inputs    
Significant Level 3 Inputs 4.3 4.3
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach | Maximum | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.380 0.380
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach | Maximum | EBITDA Multiple    
Significant Unobservable Inputs    
Significant Level 3 Inputs 16.6 17.0
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach | Weighted Average | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.152 0.167
Significant Unobservable Inputs (Level 3) | Preferred equity | Enterprise Value Waterfall Approach | Weighted Average | EBITDA Multiple    
Significant Unobservable Inputs    
Significant Level 3 Inputs 9.3 9.9
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Market Approach    
Fair Value    
Investments at fair value $ 1,257 $ 500
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 $ 58,704 $ 60,375
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Enterprise Value Waterfall Approach | Minimum | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.105 0.103
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Enterprise Value Waterfall Approach | Minimum | EBITDA Multiple    
Significant Unobservable Inputs    
Significant Level 3 Inputs 4.9 4.7
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Enterprise Value Waterfall Approach | Maximum | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.264 0.302
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Enterprise Value Waterfall Approach | Maximum | EBITDA Multiple    
Significant Unobservable Inputs    
Significant Level 3 Inputs 15.0 15.6
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Enterprise Value Waterfall Approach | Weighted Average | Discount Rate    
Significant Unobservable Inputs    
Significant Level 3 Inputs 0.150 0.16
Significant Unobservable Inputs (Level 3) | Common equity & warrants | Enterprise Value Waterfall Approach | Weighted Average | EBITDA Multiple    
Significant Unobservable Inputs    
Significant Level 3 Inputs 8.5 8.6
[1] 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.
[2] Unless otherwise noted, all portfolio company headquarters are based in the United States.
[3] Affiliate investments are generally defined by the 1940 Act as investments in which between 5% and 25% of the voting securities are owned and the investments are not classified as control investments. At June 30, 2024, the Company held $184.2 million of affiliate investments, which represented approximately 12.6% of the Company’s investment assets. The fair value of these investments as a percent of net assets is 23.7%.
[4] All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.
[5] Control investments are generally defined by the 1940 Act as investments in which more than 25% of the voting securities are owned. At June 30, 2024, the Company held $9.4 million of control investments, which represented approximately 0.6% of the Company's investment assets. The fair value of these investments as a percent of net assets is 1.2%.
[6] Non-Control/Non-Affiliate investments are generally defined by the 1940 Act, as investments that are neither control investments nor affiliate investments. At June 30, 2024, the Company held $1,274.6 million of non-control/non-affiliate investments, which represented approximately 86.8% of the Company’s investment assets. The fair value of these investments as a percent of net assets is 164.0%.
[7] The Company's investment portfolio is comprised entirely of debt and equity securities 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] Affiliate investments are generally defined by the 1940 Act as investments in which between 5% and 25% of the voting securities are owned and the investments are not classified as control investments. At March 31, 2024, the Company held $190.2 million of affiliate investments, which represented approximately 12.9% of the Company’s investment assets. The fair value of these investments as a percent of net assets is 25.2%.
[11] All debt investments are income-producing, unless otherwise noted. Equity investments are non-income producing, unless otherwise noted.
[12] Control investments are generally defined by the 1940 Act as investments in which more than 25% of the voting securities are owned. At March 31, 2024, the Company did not hold any control investments.
[13] Non-Control/Non-Affiliate investments are generally defined by the 1940 Act, as investments that are neither control investments nor affiliate investments. At March 31, 2024, the Company held $1,286.4 million of non-control/non-affiliate investments, which represented approximately 87.1% of the Company’s investment assets. The fair value of these investments as a percent of net assets is 170.2%.
[14] The Company's investment portfolio is comprised entirely of debt and equity securities 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.