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INVESTMENTS (Tables)
6 Months Ended
Sep. 30, 2024
Schedule of Investments [Abstract]  
Schedule of 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 September 30, 2024 and March 31, 2024:
Fair ValuePercentage of Total Portfolio
at Fair Value
Percentage of Net Assets
at Fair Value
CostPercentage of Total Portfolio
at Cost
(dollars in thousands)
September 30, 2024:
First lien loans1,2
$1,345,389 89.2 %170.0 %$1,390,973 91.3 %
Second lien loans2
27,372 1.8 3.4 28,261 1.9 
Subordinated debt3
1,280 0.1 0.2 1,486 0.1 
Preferred equity74,552 4.9 9.4 60,266 4.0 
Common equity & warrants59,914 4.0 7.6 41,678 2.7 
$1,508,507 100.0 %190.6 %$1,522,664 100.0 %
March 31, 2024:
First lien loans1,2
$1,309,449 88.7 %173.3 %$1,340,555 90.8 %
Second lien loans2
33,774 2.3 4.5 41,654 2.8 
Subordinated debt3
1,336 0.1 0.2 1,007 0.1 
Preferred equity71,127 4.8 9.4 56,708 3.8 
Common equity & warrants60,875 4.1 8.0 36,779 2.5 
$1,476,561 100.0 %195.4 %$1,476,703 100.0 %

1Included 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 September 30, 2024 and March 31, 2024, the fair value of the first lien last out loans are $34.4 million and $35.3 million, respectively.
2Included 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 September 30, 2024 and March 31, 2024, the fair value of the split lien term loans included in first lien loans was $49.2 million and $43.7 million, respectively. As of September 30, 2024 and March 31, 2024, the fair value of the split lien term loans included in second lien loans was $20.3 million and $20.7 million, respectively.
3Included in subordinated debt are unsecured convertible notes with a fair value of $0.3 million and $0.4 million as of September 30, 2024 and March 31, 2024, respectively.
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 September 30, 2024 and March 31, 2024:
Fair ValuePercentage of Total Portfolio
at Fair Value
Percentage of Net Assets
at Fair Value
CostPercentage of Total Portfolio
at Cost
(dollars in thousands)
September 30, 2024:
Healthcare Services$193,959 12.9 %24.5 %$205,470 13.5 %
Food, Agriculture & Beverage131,238 8.7 16.6 141,807 9.3 
Consumer Products 123,145 8.2 15.5 123,867 8.1 
Consumer Services110,500 7.3 14.0 111,804 7.4 
Financial Services106,862 7.0 13.5 95,934 6.3 
Media & Marketing105,715 7.0 13.4 98,929 6.5 
Business Services99,385 6.6 12.5 100,667 6.6 
Transportation & Logistics73,439 4.9 9.3 60,944 4.0 
Software & IT Services61,583 4.1 7.8 60,445 4.0 
Environmental Services56,886 3.7 7.2 56,121 3.7 
Healthcare Equipment & Supplies49,815 3.3 6.3 49,885 3.3 
Industrial Machinery47,924 3.2 6.1 47,334 3.1 
Industrial Products42,141 2.8 5.3 32,245 2.1 
Specialty Retail39,417 2.6 5.0 37,965 2.5 
Healthcare Products30,983 2.1 3.9 32,145 2.1 
Energy Services28,334 1.8 3.6 28,015 1.8 
Pharmaceuticals, Biotechnology & Life Sciences26,844 1.7 3.4 34,256 2.2 
Restaurants25,310 1.7 3.2 25,408 1.7 
Aerospace & Defense25,064 1.7 3.2 24,443 1.6 
Industrial Services20,117 1.3 2.5 19,913 1.3 
Telecommunications19,065 1.3 2.4 23,379 1.5 
Building & Infrastructure Products16,883 1.1 2.1 16,126 1.1 
Distribution13,602 0.9 1.7 18,537 1.2 
Education13,466 0.9 1.7 24,168 1.6 
Technology Products & Components13,000 0.9 1.6 13,194 0.9 
Movies & Entertainment11,734 0.8 1.5 17,300 1.1 
Data Processing & Outsourced Services11,566 0.8 1.5 11,920 0.8 
Commercial Services & Supplies10,530 0.7 1.3 10,443 0.7 
$1,508,507 100.0 %190.6 %$1,522,664 100.0 %
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, 2024:
Healthcare Services$188,373 12.8 %24.9 %$190,674 12.9 %
Media & Marketing153,302 10.4 20.3 147,859 10.0 
Consumer Products 113,634 7.7 15.0 114,347 7.7 
Business Services104,936 7.1 13.9 105,854 7.1 
Consumer Services96,116 6.5 12.7 94,046 6.4 
Food, Agriculture & Beverage93,384 6.3 12.4 103,371 7.0 
Financial Services82,727 5.6 10.9 73,945 5.0 
Transportation & Logistics65,571 4.4 8.7 58,090 3.9 
Industrial Products61,324 4.2 8.1 50,276 3.4 
Software & IT Services59,409 4.0 7.9 57,702 3.9 
Environmental Services56,807 3.8 7.5 55,572 3.8 
Specialty Retail44,557 3.0 5.9 42,855 2.9 
Healthcare Equipment & Supplies41,377 2.8 5.5 40,928 2.8 
Healthcare Products31,942 2.2 4.2 32,978 2.2 
Pharmaceuticals, Biotechnology & Life Sciences29,308 2.0 3.9 34,304 2.3 
Energy Services27,488 1.9 3.6 27,131 1.8 
Aerospace & Defense26,715 1.8 3.5 25,995 1.8 
Restaurants25,556 1.7 3.4 25,553 1.7 
Telecommunications23,995 1.6 3.2 28,313 2.0 
Industrial Machinery23,356 1.6 3.1 23,174 1.6 
Industrial Services22,648 1.5 3.0 22,491 1.5 
Technology Products & Components18,969 1.3 2.5 13,277 0.9 
Distribution16,490 1.1 2.2 18,620 1.3 
Data Processing & Outsourced Services16,176 1.1 2.1 25,426 1.7 
Movies & Entertainment15,778 1.1 2.1 16,576 1.1 
Education14,627 1.0 1.9 25,481 1.7 
Specialty Chemicals14,269 1.0 1.9 14,222 1.0 
Building & Infrastructure Products7,727 0.5 1.0 7,643 0.5 
$1,476,561 100.0 %195.4 %$1,476,703 100.0 %
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 September 30, 2024 and March 31, 2024:
Fair ValuePercentage of Total Portfolio
at Fair Value
Percentage of Net Assets
at Fair Value
CostPercentage of Total Portfolio
at Cost
(dollars in thousands)
September 30, 2024:
Northeast$361,935 24.0 %45.7 %$349,600 23.0 %
West317,125 21.0 40.1 318,731 20.9 
Southeast289,067 19.2 36.5 305,222 20.0 
Midwest246,835 16.4 31.2 253,767 16.7 
Southwest242,016 16.0 30.6 247,201 16.2 
International51,529 3.4 6.5 48,143 3.2 
$1,508,507 100.0 %190.6 %$1,522,664 100.0 %
March 31, 2024:
Northeast$381,897 25.9 %50.5 %$370,566 25.1 %
West325,666 22.1 43.1 322,616 21.8 
Southwest247,526 16.7 32.8 259,991 17.6 
Midwest241,828 16.4 32.0 243,971 16.5 
Southeast231,842 15.7 30.7 233,042 15.8 
International47,802 3.2 6.3 46,517 3.2 
$1,476,561 100.0 %195.4 %$1,476,703 100.0 %